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| Subject: Credit card line as proof of funds |
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Maybe this is a silly question. I just wonder.
Having a US credit card with something like $20,000 credit limit is considered valid for proof of funds ?
Of course it is not the money YOU HAVE but it is money you can use to pay bills and all to survive in Canada if you don´t have a job. And that is what they worry.
I guess the answer is NO it is not valid, just checking. Any comments ?
[08-09-2007,22:23]
[**.56.54.87]
CBV333 |
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(in reply to: Credit card line as proof of funds)
In my opinion credit cards are not acceptable UNENCUMBERED FUNDS. CIC wants you to have funds in the bank that is unencumbered, that is there must be no lien on those funds.
Credit card funds are considered as loans, you have to pay interest on it. Plus, how can the officer verify the balance of funds available? The latest printout of your balance will not work, because with credit cards you can withdraw your funds immediately or spend it.
Why not draw out the money on the credit card and walk with the cash, when you arrive in Canada deposit it back into your credit card account.
www.canadaimmigrationbpa.com
[08-09-2007,22:38]
[***.80.24.5]
Balwant Persaud |
(in reply to: Credit card line as proof of funds)
thanks for answering the question balwant.
You gave a good suggestion. We are just close to the minimum limit with our funds that is why I asked. We are waiting for PP request so I guess by the time we land we should have enough.
Thanks again for your answer
[08-09-2007,23:23]
[**.56.54.87]
CBV333 |
(in reply to: Credit card line as proof of funds)
Very good question. A credit card really satisfies the spirit of the requirement, because they don´t want you to be a charge for the public. A credit card is perfect to settle down. Especially those interest free 15 month introductory cards.
[09-09-2007,00:30]
[**.138.130.241]
guest |
(in reply to: Credit card line as proof of funds)
However, beaware that if credit card is not paid shortly, you can end up with HORRENDOUS loans increasing EXPONENTIALLY.
[09-09-2007,05:48]
[**.149.246.114]
Nikolai |
(in reply to: Credit card line as proof of funds)
Advising someone to take out a cash advance on a credit card to satisfy the proof of funds requirement seems dangerous and unprofessional. Cash advances are charged the highest interest rate (probably over 20% apr) from the moment the charge appears on the account, not at the end of the monthly cycle or after a 15-month promotional period.
If you decide to do this, please read the fine print in your credit card agreement.
[10-09-2007,03:03]
[**.131.90.119]
Anonymous |
(in reply to: Credit card line as proof of funds)
I have explained to CBV333 about the credit card and unencumbered funds. The funds on his credit card is his, and he is free to do whatever he wants with it, he should know about the interest and the fine prints on the card when he signed up for it. There is nothing unprofessional or illegal in my suggestions. Please read my suggestion to him again where I mentioned that Credit Card is a loan and cannot be considered UNENCUMBERED FUNDS. In real life business you have to manipulate or shuffle finances to meet your requirements, provided it is legal.I do not think any advice or suggestions on this forum has any legal consequences because there is no client/adviser relationship.No Consideration has passed and I do not want to get into details on Contractual or Tort law to prove my point.Imagine someone take Sharon or Roy´s advice on this forum and then they get spooked, can they sue Roy or Sharon for negligence? Everyone is Anonymous here except Roy and me and I think I will be going Anonymous from now on. This will be my last posting using my real name. Sometimes in this real world it does not pay to be real.
Balwant
[10-09-2007,06:19]
[***.80.24.5]
Balwant Persaud |
(in reply to: Credit card line as proof of funds)
I didn´t say it was illegal, but it is against CIC policy. The CIC website says these funds must not be borrowed from another person. A cash advance is borrowing from the bank, except this "person" charges a lot of interest. You even contradict yourself about money from a credit card ("cannot be considered UNENCUMBERED FUNDS" or "funds on his credit card is his, and he is free to do whatever he wants with it").
It is dangerous because not everyone reads the fine print. Going into credit card debt for what amounts to living expenses is unwise (in any scenario). If a person doesn´t have the funds, the best option is to wait until the funds have been raised. The purpose of these funds is to provide living expenses until a job is found. If part of these funds came from a credit card advance, then the person comes into Canada owing money. If the person returns the cash advance, they still owe the finance charges which still generates more finance charges. Now they have even less money than when they started. This is not a good way to start.
If you didn´t have your business website in your post, I would have left "unprofessional" out of my post. As an immigration consultant, suggesting something against the CIC policy is unprofessional. Otherwise, I would have written the same thing. I couldn´t care less what name you choose. Apparently this is your personal issue.
[10-09-2007,17:44]
[**.131.90.119]
Anonymous |
Union Credit (in reply to: Credit card line as proof of funds)
This is a wonderful opinion. The things mentioned are unanimous and
needs to be appreciated by everyone.
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Union Credit
[29-08-2010,20:38]
[***.161.57.157]
john abraham |
