Options for Individual Customers

by admin on October 8, 2014

Financial institutions in Canada accept applications by residents and citizens of the age of majority. Banks are unlikely to approve your application if you have late payments. The interest rate offered depends on your credit rating. Some banks require a minimum annual income of $20,000 while others require a total income, including spousal and own income of $60,000 or higher. Some issuers also allow holders to add up to 2 – 5 authorized users. Some cards go with exclusive rewards and experiences and are offered to customers with solid credit. Different cards are offered to students, and issuers request contact and personal information as well as school information such as class year, enrollment status (part- or full-time), and school name, city, and state. Issuers that offer student cards also request information such as family member or alternative contact information, and financial details such as outstanding loans and balances, types of accounts held, additional income, annual wages and salary, and monthly rent or mortgage payments. If you need an additional card, you will be asked whether it is for your child, partner or spouse, or another party.  cr-ca

Banks offer rewards, airmiles, cashback, and other cards to business owners. As a rule, Canadian issuers request financial information such as occupation, business phone number, tax identification number, name of business, and others. Financial institutions require information such as monthly housing payments, social insurance number, and other details. Banks ask whether the applicant has a savings or checking account with them. Many issuers are also interested in whether the company is non-profit or for-profit and if it is publicly traded. Some banks allow more than 1 balance transfer. Many issuers require that the owner or authorized officer specifies their country of citizenship and residency, monthly housing payment, and occupation. Some financial institutions allow businesses to add between 1 and 9 employees. The application also includes details such as interest on convenience checks, international transactions and quasi cash, overdraft protection, and penalty fees.

There is a wide array of cards offered by Chase, Laurentian, Canadian Tire, and other establishments. The choice of card depends on many factors, for example, whether you meet the minimum or pay the full balance. Look at factors such as minimums, expiry dates, billing cycles, and others.

Related Articles: http://canadian-credit-cards.creditcardreview.ca/

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