Cibc Credit Card

cibc credit card

Pros And Cons Of Obtaining A Student Credit Card With Cosigner

There are plenty of benefits to having a student credit card, such as enabling cardholders to pay their gas and food bills, textbooks, furniture, and more. College students benefit from holding a credit card, and their chances of approval increase if they have a cosigner.

What should you do now? You first need to find someone close who agrees to cosign for you. This can be a guardian, parent, or another relative. You do not have to be related to the person who will cosign for you; so, you can ask a colleague or a friend as well. Find a person with an excellent or very good credit score and outstanding payment history who has one or more credit cards. Ask this person to become your cosigner but be sure to make it perfectly clear that he or she will be responsible for debt repayment in case of default. Do your best to convince your friend or relative that this will not happen. Discuss your sense of financial responsibility and maturity.

If you have found a person to cosign for you already, look at various credit cards for students. Check with the big banks (CIBC, Bank of Nova Scotia) and your local bank. When checking credit card offers, look at two things – whether you meet the requirements and whether the card in question meets your needs. You should also compare interest rates, annual fees, rewards plans, etc. Ideally, you will choose a credit card with no annual fee. Even if you do not find such a card, some credit card issuers will waive the annual fee, provided that you are charging items on the card within a period of one year. Be sure you understand all fees that go with your credit card of choice. Most credit card companies impose late fees and over-the-limit fees. You should avoid cards with unfair fees like an account maintenance fee.

With these details in mind, back to applying. Applying for a college credit card is not different than applying for another credit card. The difference is that your cosigner has to call customer service, dialing the number on the back of their credit card. The cosigner has to inform customer service that they want to cosign for you.

Bear in mind that only some credit card companies let clients apply with a cosigner. Some companies do not service joint accounts. Other issuers will ask that you have a cosigner, even when they have mailed you an offer. But do you need a guarantor? This will make you charge in a more responsible manner. Thus, you are more likely to pay off your balance knowing that a friend or relative of yours would have to pay the bill instead of you.

What else to consider? It is a good idea to have a low credit limit with college credit cards in the beginning. This way, you will learn not to overcharge. When the credit limit is high, you may be tempted to charge way more than you can actually afford, leading to debt.

Thibeault – Question Period – CIBC Visa Debit & Voluntary Code of Conduct

Which bank do you recommend for getting credit card for a student? CIBC or TD?

I am a graduate student here and I look for a bank that has good customer support without any annual charge and without freezing money.

CIBC