How to Get a Credit Card in Canada

How to Get a Credit Card In Canada, Types of Credit Cards, Classification of Credit Cards, and Difference Between Visa and MasterCard

There are three types of credit cards in use in Canada: In this article, we will discuss the types of credit cards and their uses, as well as how to get a credit card in Canada.

How to Get a Credit Card in Canada

There are three types of credit card accounts:

Credit cards issued by banks (such as Visa and MasterCard)
Store or priority cards (for example, Bay and Sears)
Travel and entertainment cards, also known as American Express or Diner’s Club

Different types of credit cards in Canada

They are as follows:

Rewards Credit Cards
Premium Rewards Cards
Credit Cards for Big Purchases or Transferring Debt
Credit Cards for Students, Bad Credit or Establishing Credit
Retail Credit Cards
Charge Cards
Business Credit Cards

What do I need to open a bank account in Canada as an international student?

When going to open an account, you will need two forms of ID out of the following:

Things to you need to open a bank account in Canada as an international student

Passport
Letter of acceptance
Study permit
Temporal permit (IMM Form 1442, 1208, 1102)
Canadian or US driver’s license
Canadian government identification card
Traveler’s cheques.

What are the Classifications of Credit?

Credit can be classified on the basis of time, purpose, security, lenders, and borrowers. The classification on the basis of time classifies credit into three major areas: short-term, medium-term, and long-term.

Types of credit

Installment
Open credit
Revolving credit.

How can I get a credit card for the first time?

How to get a Credit for the first time:

See if you have a credit report and score
Determine whether student credit cards are an option
Compare your secure to cards with the lowest fees
Limit your search to cards with the lowest fees
select the best remaining offer for your requirements
Submit your credit card application

Difference between a MasterCard and a debit card:

Many types of debit and credit cards have similar features. Normally both cards carry the logo of a major credit card company, such as Visa or MasterCard, and both can be swiped at retailers to purchase goods and services. A debit card uses funds from your bank account.

What is the difference between a debit card and a credit card?

Debit Cards: allow you to use money by drawing on funds you have deposited at the bank
Credit cards allow you to borrow money from the card issuer up to a certain limit in order to purchase items or withdraw cash.