Credit Cards

Canada Immigration Forum (discussion group)            
Subject: Credit Cards
  For those who are in Canada,

Do you have an idea of the average APR for credit cards over there? This is an important piece of information for immigrants, so that they make a decision on cancelling or continuining business with US cards.

The cards I hold in the US charge 8 - 9 %. Are the Candian rates competitive?


Ozz future Buffalo immigration officer
(in reply to: Credit Cards)
Not really, Canadian Banks are not as competitive as US banks. If you can then you should continue to use of US Cards. We have an average 18% interest. There are some that may offer 8-9% but majority of the rates are very high.


(in reply to: Credit Cards)
18% is crazy!!! I might lose some money in the exchange rate premium US cards charge, but I´m better off keeping my business with them.

Yes, they are willing to keep my business, already discussed the possibility with them.

Thanks Moe!

Ozz future Buffalo immigration officer
(in reply to: Credit Cards)
the only downside is paying the US cards from Canada. Draft or money order (unless you maintain a US funds account) is the only way you can pay them and the exchange rate is often a pain. If you are not carrying a balance... then the benefits are equal. All that said, I would keep the US cards until you are well established with your Canadian credit.
(in reply to: Credit Cards)
I have an account in the US. and I have Us credit cards too... I use them in Canada...

If you want lower APR canadian credit cards then you will have to pay a hefty annual fees...

There are about 5-6 major banks in Canada unlike US that has like 10,000 banks... so you have to understand the monopoly market in Canada...

Banks are a rip-off in Canada...

(in reply to: Credit Cards)
why you wanna cancel your US card, You gonna go back to US sometime, not like leave forever.8%--9% rate is business credit card rate, I think it´s same thing in here, my business visa card´s APR is general plus 5%, almost 8%.

Personal one has a little bid higher interest.

(in reply to: Credit Cards)
Yijie, mine are personal cards... I think even after the exchange rate fluctuations, I am better off with US cards. The exchange rate fluctuations are small and do not occur instantaneously, so that gives you some tome to adjust your balances and pay. The lower and fixed APR in the US card is particularly favorable when high balances are carried. You can always pay the minimum and choose to pay the whole balance when the Canadian dollar weakens

I´m keeping my US cards. Thanks for the info.!

Ozz future Buffalo immigration officer
Credit Cards (in reply to: Credit Cards)
If you got US credit cards, keep them. My experience is that I´m better off as rates are more competitive there as opposed to here.
(in reply to: Credit Cards)
In Canada, you get first a credit card intrest free for 1 year and then slowly your intrest goes up every year.
Mine was interest free first year and now, 5 yrs later its 18.5%.
It´s pain in butt but hey.....

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