Vancouver Forum: Any Prepaid Credit Cards Available? - Vancouver Forum

I am 19 and have no credit history at all. Basically the only way to get a history is to either have a cosigner, or use a secured visa. I have no one to cosign and the secure card requires a $500-1000 minimum deposit. So I figured I was pretty much screwed. I have already been declined from Visa, MC, and Amex. Even though I work full-time and make a decent salary. Then I read that in the US, people can get prepaid mastercards that basically work the same as a debit card. You pay ahead of time and then use the card until it runs out. I have not been able to find a similar service here in Canada with the exception of Capital One which requires $75 up front. I have already contacted them and they said they are unable to send out applications upon request (??????). Anyway, I am wondering if anyone else knows of any other prepaid or cheap secured cards that are available. Or if anyone knows of another easy way to start up credit, I would appreciate the advice. Thanks.

http://www.hometrust...securedvisa.asp

AzmodieN...I remember when I was 19 and got my first credit card and thought I was on top of the world. Four years later I owed over $20,000 in credit card debt and lines of credit which I took out in order to pay the credit card debt due to high interest. Now, thank god, I no longer use the plastic and opt for cash as I realized the hell I put myself through for about 6 years. I suggest that yes you should get a credit card (regular or prepaid) but be very careful. The debt accumulates fast and so does the compound interest rate. Next thing you know, you will be in total shock. If you want to start up some credit maybe you should get a gas card or department store card but use it specifically for building up your credit. When you use these cards make sure the second after you make a purchase that you pay off the exact amount. Don't even wait for the bill. In this way you will definately gain some good points on your credit history and will avoid paying the 28%+ interest for using money that is not yours. If you are no good with finances, the plastic will ruin your life. Start saving towards a specific item that it is you need instead of opting for the plastic. Society has taught us about the false sense of "Instant Gratification" by becoming needy and in the end society has become obese, in debt, depressed and a so much more. Do yourself a favour, learn to save cash, keep yourself stress free and help out the economy at the same time by not plunging into debt. Good Luck!!!

hometrust is not an option. They need a minimum of $1000 for a secured card. That is rediculous.

Wow! has it gotten that stringent?!! Only a few years ago even a 5yr could get a card. Of course the bank totally fk'd up with its snail mail spam. Seriously tho. I remember getting my first CC at 19 (15yrs ago). I think I had to get my boss to co-sign. No problems. Credit limit was only $1000, which was fine cuz that's all my monthly net pay was in 1990. God that seemed like a lot at time esp. coming from a PT grocery job in high school. I recommend applying for the card with the branch of the bank you deal with. Hopefully you've been a long time customer and that may help - I won't guarantee it tho. Also go here www.redflagdeals.com There's a great write-up on no-fee CC's and their point options. If you can qualify for one of the 1% cash back cards - go for it. And to everyone else that has cut up the credit card because of bad history - you pay a service charge in one form or another when you use your debit card unless you are banking with a Credit Union like Vancity. With a CC the merchant has to pay SC's. If you get a CC with cash back then its a double savings bonus - money back in your pocket.

Psst AzmodieN... since you're working full-time, can you not save $625 to put down as a collateral for a $500 limit, no fee CC? That's how I got my first CC a few years back.

start with a zellers card - keep the balance low and pay it off and soon you will qualify for a visa or master card credit cards are evil anyway

apply for a student visa. i had one before. the interest is high. like 18%

18% is a pretty standard rate. I am also not a student

> The problem with the down payment is that I probably wont see it for at least a year. True. But you can put that money to work by depositing it into a high interest savings account, so in essence you'd be making the bank pay you for every month they want to hold on to your money. (Granted, current savings acc. rates are not the greatest, but still you get something back, or at least preserve its original value, so it's not money sitting idle and eroding with inflation.) You can view this as your "forced savings plan". [:D] > The bank makes you sign a waver and they decide when you will get your deposit back. This is not necessarily true. You should be able to get your collateral back either a) when they're convinced that you're "creditworthy" or b) when you cancel the card. > Its actually $1000 deposit at my Canada Trust, and you only get a $500 limit. Heh... 200% collateral. And I thought my bank was being unreasonable by asking 125% collateral from me. One good news I can give you is that, within a year of obtaining a CC, * any * CC (collateralized or not), if you've been paying your bills on time, you'll start receiving "pre-approved" offers in the mail from competing issuers. Or, you can choose your own issuer, and apply directly for their card. Since you would've already been using a CC for at least a year, they'll have something to judge you by... that, and plus your existing cash flow should allow you to get a normal card without much difficulty. BTW, that's how I obtained my second CC. [:)]

Here's a tip that worked for me when I was dealing with those sh.theads refusing to issue me a card on the grounds that I had no prior credit history: Don't deal with the issuing bank. They'll keep you begging and still they won't give you a CC. Instead, call the CC company that deals with the bank and start grilling them about how you can obtain one of their cards... Ask questions, learn how their system works. Eventually you'll be referred to either a loans officer, or better, a supervisor. Those are the people (and in fact THE only people) that can make or break your deal, so be very careful with them. Some loans officers are just drones, they follow a script and there's very little activity between their ears. So if you feel you're not getting anywhere with a LO, ask to speak with their supervisor.) Once you get the supervisor, explain your situation, mention your full time job, inquire about the possibility of getting a collateralized CC. (Pretend you don't know about 200% requirement they mentioned at the bank... inquire how much you should put down for a card with $500 limit) If you have any finance background and are familiar with its terminology, toss around jargon like "personal net worth", "existing cash flow", "equity" in any assets you might have... during your conversation. (Make sure you know what you're talking about or skip this all together.) Don't be surprised if you start hearing different figures... Let the supervisor be your guide, ask what your next step should be. (Your goal is to get the supervisor to call the branch and instruct them to issue you a CC with the collateral you two agreed on. ) Alternatively, you can direct the conversation by suggesting whether you should go to your branch now and get someone there (usually a loans officer) to give the supervisor a call to verify CC company's approval of your application. So at this point unless you have a very bad record at your branch, once you've convinced the supervisor that you have the means as well as the determination to pay your bills on time, there isn't much the bank can do to prevent the CC company from issuing you the card. This, in a nutshell, was the saga I went through to get my first CC. Hope it helped. [:)]

hey there.. i hear that in the summer time like june or july that western union at the money mart stores are going to have prepaid credit cards... so that will be good :)

I dont know which bank you belong to but TD gave me a visa card when I was like 19 and I didnt even ask for one and I had less than $1000 in my account(I was just a student at the time with no job or anything). I just went in oneday to make a transaction and they asked if I would like a credit card. But I had an account with them for a little over 5 years so that could have something to do with it.

Try Capital One...call their Customer service line at 1-800-481-3239. When you get to an agent, tell them you want a secured card. For a small deposit (ie. $200) you can get a secured credit card that will help you establish a credit rating. Also, you can always send in more $$ to have your credit limit increased.

When I was 18 I opened a chequing account with RBC. They offered me the student banking package and shoved a Student Visa application in my face. I told them that I wasn't legal age and they said they would gladly hold the filled form until the day of my birthday to process immediately. Sure enough, two weeks after I turned 19 I got a Visa in the mail. Wierd.

Hi Shoebeanie.. that's a good idea :) I will try... do they have capital one bank locations in Vancouver? It seems new

I have outstanding student laons- where can I get a credit card?

I have outstanding student laons- where can I get a credit card?

Although anyone who spells loans "laons" might be more hard-pressed...

Oh great this forum is doubling my messages, doubling my messages, and saying everything twice, and saying everything twice. I guess I'll just go to the Carbon Copy (cc) forum, instead of the credit card (cc) forum, where I'll feel more at home. Where I'll feel more at home.

if u tell a bank u want a credit card they will  automaticly give u one. i curently have 6 with a total limit of  $100,000. i have no job no credit history no cosighner and am only 16. my parents couldnt help me caus they owe like $200,000 and already sold our house. i hope this helps. the cards are capital 1, visa ,mastercard,american express and presidents choice.

^ Unreal. 

Are you saying that you applied and they issued you credit cards with average credit limit of $20,000 on each from the get go?

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Careful that you're not credit seeking...that will drop your beacon score.

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Try Capital One...call their Customer service line at 1-800-481-3239. When you get to an agent, tell them you want a secured card. For a small deposit (ie. $200) you can get a secured credit card that will help you establish a credit rating. Also, you can always send in more $$ to have your credit limit increased.
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You need an invitation from Capital One. They will only send you an invitation if you have good credit. twits

Be careful of the latest credit card interest twist.  It seems some banks are charging interest before others.  You can find and explaination here