Personal Finance

Recommend me a Credit Card

  • Last Updated:
  • Jun 22nd, 2010 9:52 am
Newbie
Jun 21, 2009
26 posts
Toronto

Recommend me a Credit Card

Here are my requirements:
- No annual fee.
- At least 1% cash back on the first dollar (no tiers).
- Available without income (or allowed to have co-signer, but preferred not to).

The credit card selector on RFD is missing some cards/info (eg. Scotia No-Fee card is tiered, but shows as "1%").


Thank you.
17 replies
Newbie
Jun 21, 2009
26 posts
Toronto
Thanks for the reply angel_wing0. How do secured cards work? Is it essentially a prepaid credit card? Or do you mean the ones with a collateral attached?

I'm looking into one of the big ones (from the Big 5), but wouldn't mind one of the smaller guys (mbna seems popular with the RFD crowd right now).

Any other suggestions?
Deal Addict
User avatar
Apr 10, 2010
1398 posts
208 upvotes
Hilarious...

You want it at least 1% no tier return. You want it no fee. You want it with no income. Yet you want it from the big 5.

Your requirements just contradict with one another.
Newbie
Jun 21, 2009
26 posts
Toronto
OK, nevermind the big 5 then. Any bank/financial institution will do. Just at least 1% (I'm guessing 1% is the most I could ask for) non-tiered cash back. What do you have for me? List all options if possible.

Thank you.
Member
May 1, 2010
242 posts
2 upvotes
your not gonna get cash back with no income... your best bet is TD, they give you a secured card lets say put $500 on it. and it works just like a credit card , no one will know its a pre paid card..after 6 months they usually turn it into a real credit card, or u can ask them to do it. then after a while u can upgrade the card to lets say a cash back one
Deal Addict
User avatar
Feb 17, 2005
4995 posts
2427 upvotes
Markham
How is 1% cashback going to matter if you have no income to spend?
Deal Expert
May 17, 2008
15134 posts
160 upvotes
If your a student you can generally get around a lot of the income requirements for lower end cards.
Newbie
Jun 13, 2010
1 posts
USA
According to TD you can get a rewards card that is secured:

What TD Canada Trust Credit Cards can I choose from?
You can secure any one of our wide range of TD Canada Trust Credit Cards. If you choose one of our Reward Cards, you will earn the same rewards as any other Cardholder while still being able to establish or rebuild your credit.

How do I qualify?
Even if you have no credit rating or if your credit history could be better, you should still consider a secured credit card. Because you deposit the funds to secure the card in advance, you are almost guaranteed to be approved. The amount you deposit must be at least as much as the minimum credit limit for the card you choose.
Newbie
Jun 21, 2009
26 posts
Toronto
Yes, I am a college student. And yes, no income, but I have money saved up from previous jobs which is what I intend to use to pay off the credit card.
Also note that the APR is not important as I do not plan on keeping a balance on the credit card. I just need it for convenience and to build up my credit history.
Deal Addict
User avatar
Jan 6, 2009
2290 posts
772 upvotes
Toronto
braveblade wrote: PC master card.
You don't get cash back with that card, just points for free grocery but heck it'll take him forever to redeem anything with minimum spending.
Jr. Member
Jul 28, 2008
197 posts
Mississauga/Toronto
JustinGreene7 wrote: Yes, I am a college student. And yes, no income, but I have money saved up from previous jobs which is what I intend to use to pay off the credit card.
Also note that the APR is not important as I do not plan on keeping a balance on the credit card. I just need it for convenience and to build up my credit history.
you call MBNA and say your a student and you'd like the fee waived for the cash back card. Although i signed up w/ MBNA when i was in university and honestly wasn't using the card, called to cancel it b/c i really didn't want it anymore but they offered to switch me to the Platinum Plus card with 1% cash back and waive the annual fee indefinately.

so i said ok i'll keep it based on that and then switched primary credit cards. before that i used PCF which is also not bad.
Sr. Member
Apr 23, 2009
901 posts
87 upvotes
braveblade wrote: PC master card.
I got denied multiple times as a student from PC MC. I had an income at the time, with a large balance in my PCF savings, but no credit history, so I got denied repeatedly.

Do you have a credit history at all?

I got the TD Rewards visa last summer, started with a $500 limit and had to wait 6 months to be able to bump it up. It provides a tiered cash back system. It's not much, but better than nothing (also no fee).

As for the Secured CC, you basically pay a bond up front for the limit you want. Say you want a $1000 limit, you will have to give them $1k up front, which they will secure against your card (I think they invest it in a low rate GIC, but you don't get any of the interest from it). Once you build up enough of a credit rating, you can ask for your initial deposit to be refunded or put towards your last bill, close the card, and then apply for an actual CC from a major bank.
Jr. Member
Jun 23, 2005
194 posts
18 upvotes
Toronto
I was in your situation a year ago. Apply for the Smart Cash from MBNA, you should get it even with no income.
Jr. Member
Jul 28, 2008
197 posts
Mississauga/Toronto
Adams06 wrote: I got denied multiple times as a student from PC MC. I had an income at the time, with a large balance in my PCF savings, but no credit history, so I got denied repeatedly.

Do you have a credit history at all?
DANG!!!
i forgot about that... i had applied way back..i think it was when i just started university or a year later and i got denied too!!!

*shakes fist in air at them* :)

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