What Credit Card can I apply for?

Question

I just turned 18 and live in Toronto, Canada. I work part time at McDonalds and starting University.

I was wondering what kind of credit cards can I apply for? Can I apply for Master Card? If so which kind? Also can I only apply for Student Credit Card? I heard bad things about student cards. I'm working part time, so can't I apply for normal card?

Answer 1

Hi there,

I am in Ottawa not far from you.

I think it is great to be starting to build your 'credit name'.  The chances are at this point MC and VISA will probably turn you down.

Do what I did you need to start smaller - I started with a Sears card - they give the card easier and it gives you time to use the card (responsibiliy) and build a POSITIVE credit history.

Don't waste your time going for the big wig card dealers right now - start smaller and work your way up and that way you won't get turned out.

As a side note - just be so careful ok - Your good name (financially) is one of the most important things you own and if you s***w it up it will huant you for years and years and effect everything you do. House, car , loans...they will all be a big NO if you don't pay your credit card bills etc.

Good luck.

Answer 2

You should be able to apply for any credit card you wish. Whether you get it depends on your credit standing and the credit card issuer's requirement. You might want to apply for a store card first. It is my understanding they are easier to get. After establishing a history of on time payments, you can then apply for a Mastercard or Visa.

You can also apply for a secured credit card which is a Visa or Mastercard backed by a deposit you make with the issuing company. The amount you deposit then becomes your line of credit. Once again, after establishing a history of on time payments, you can then apply for a regular Visa or Mastercard.

Answer 3

Here's some advice for you - don't be so eager to get a credit card.  You should get yourself a checking/savings account that also gives you a checkcard.  This will give you the credit card options but when you buy something, it will be taken directly out of your checking account.  You should also look into joining a credit union instead of a bank.  There are many advantages for being a member of a credit union - most which cost a lot less than banks charge.

Try to always use the practice of not buying things unless you have the money for it.  If you are truly desparate for a credit card, Citibank offers some reasonable Student cards which include lower interest rates.  JUST BE CAREFUL!

Answer 4

if you want that credit card for identifcation purposes only then go to the bank in your neigborhood....otherwise stay away from credit.