How to Get a Credit Card In Canada, Types of Credit Cards, Classification of Credit Cards, and Difference Between Visa and MasterCard
What Employers Are Offering
- ✔ Employer-provided health & medical insurance
- ✔ Visa sponsorship & legal work authorization
- ✔ Relocation assistance & settlement support
- ✔ Long-term employment & benefit coverage
- ✔ Permanent residency pathways (eligible roles)
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.
