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ChasingAmy · 03-30-2004, 10:18 PM

Hey man,

I work @ the Royal Bank (I am not a personal banker or anything, but have been here for 7 ears so I know a bit about alot, I think) and it seems that almost anyone can get a Visa as long as you are old enough. Also if you are a student that makes things even easier!

You say you have the income, then as long as you havent had any (or very little) bad credit at all you should have no problem getting a card.

Visas are very easy to get it seems b/c banks love em. Charging 18.5% on outstanding balances they are making HUGE coin offa these things. Thats why they are pretty content if you are making the minimum payments. In the long run it pays off huge for them. I am sure thats how they can offer point rewards etc for them.

Why do you want a secured Visa? Sounds like they may be easier to get, but then again you have to pay a "deposit"? I guess thats a good idea for some. Its hard to say. The first thing I thought of when you said "secured" visa I thought you may be looking for the lower rate of interest, and different monthly payment options. A secured Credit Line (not visa) with the Royal Bank, you get a lower interest rate and minimum monthly payments of just the interest accrued that month (but with all credit lines with the Royal the only payments are intererst unless you specify what you want to make each month). A secured Credit Line @ the TD Canada Trust allows the same incentives. A non secured is like a visa with the monthly payments, something like 3% of the outstanding balance. (Secured credit lines do require collateral usually a house.)

Anyways. Probably too much info, but hope it will give you some help with what you are looking to find!

Visas are a good way to build a credit rating, but a small loan $5K with monthly payments for 6~12 months then paying it off is even better. It seems from what I have heard. Please dont quote me! lol.

Any questions? No probs. I will do my best.

Later.

03-30-2004, 10:18 PM	#4 (permalink)
ChasingAmy Single :) FFA Location: Prince George, British Columbia	Hey man, I work @ the Royal Bank (I am not a personal banker or anything, but have been here for 7 ears so I know a bit about alot, I think) and it seems that almost anyone can get a Visa as long as you are old enough. Also if you are a student that makes things even easier! You say you have the income, then as long as you havent had any (or very little) bad credit at all you should have no problem getting a card. Visas are very easy to get it seems b/c banks love em. Charging 18.5% on outstanding balances they are making HUGE coin offa these things. Thats why they are pretty content if you are making the minimum payments. In the long run it pays off huge for them. I am sure thats how they can offer point rewards etc for them. Why do you want a secured Visa? Sounds like they may be easier to get, but then again you have to pay a "deposit"? I guess thats a good idea for some. Its hard to say. The first thing I thought of when you said "secured" visa I thought you may be looking for the lower rate of interest, and different monthly payment options. A secured Credit Line (not visa) with the Royal Bank, you get a lower interest rate and minimum monthly payments of just the interest accrued that month (but with all credit lines with the Royal the only payments are intererst unless you specify what you want to make each month). A secured Credit Line @ the TD Canada Trust allows the same incentives. A non secured is like a visa with the monthly payments, something like 3% of the outstanding balance. (Secured credit lines do require collateral usually a house.) Anyways. Probably too much info, but hope it will give you some help with what you are looking to find! Visas are a good way to build a credit rating, but a small loan $5K with monthly payments for 6~12 months then paying it off is even better. It seems from what I have heard. Please dont quote me! lol. Any questions? No probs. I will do my best. Later. __________________ Don't you know about the bird?