Being a student in Canada can be hard enough, however when it comes to being a foreigner studying in Canada, especially one studying long-term, well that’s a whole other ball game of difficult. While a regular student can likely phone Mom or Dad and ask them for money, foreign students don’t have that privilege. Sure they can still get Ma or Pa back in their home country to transfer money to their Canadian bank account, but then there are fees, wait times, currency conversions and the whole hassle of it all. And we all know too well that college kids love random spur of the moment road trips, visits to Toronto or even heading to the slopes in Montreal to catch some fresh powder. So what can a visiting student do? Honestly, getting a credit card will solve all the financial problems you could face. Plus it’s easier than one may think.
Where You Can Apply
Step 1 is knowing what offers are out there for foreign students. There are a ton of Canadian banks and financial organizations that offer all kinds of help. From immediate unsecured loans and financial assistance to a slew of different accounts with various rewards and partnerships. The offerings available to foreign students are just as plentiful as those on offer to the home grown citizens.
Finding A Reward Program
Step 2 is finding an offer that suits your lifestyle. As a student you want to find one with low interest and a good rewards program that you will actually use. For example some banks bundle offers like free coffee, no annual fees, warranty on new purchases, discounted movies, cash back for flights and so on. Finding one that actually appeals to your interests is a good plan.
What You Need To Apply
Step 3 is time you learn what you need in order to apply for a credit card. Most people fail in life for not knowing and never asking what they need to achieve that next step. It’s relatively simple. All that most foreign students need is:
– Five minutes
– An internet or phone connection
– Study Visa or Residential Permit
– Passport or Canadian driving license (if you have one)
– Student ID from your college or university
That’s it, like I said simple. Chances are you already carry around most of this stuff with you every day anyway.
Time To Apply!
Step 4 is finally fixing your money problem by making the application. By now you should have picked a reward program that will work for you, so all that’s left to do is log on to the banks website or give them a call and actually apply for the card. But don’t be afraid! Sure, while at first the thought of trying may have seemed a little daunting, you can see there really isn’t a need to worry. Banks and credit companies have seen every possible scenario imaginable. So even if you do encounter a small bump in the road, they will be there with you, helping throughout the whole process. So go for it!
The best part is you’ll know in just minutes if you’re eligible. Thus well on your way to not needing all the stress of worrying about asking dear old Mom and Dad for more money to throw your very own Canadian Day college party!
No one actually ever tells you about all the benefits of having a credit card while you’re young and living in Canada. Believe me, they’re phenomenal! You get a chance to build a credit history on regular purchases you’d otherwise be making anyway. Those purchases go a long way toward helping your lending score down the track, for example when you want to buy a house, apply for a small business loan, car loan or what have you. So what are you waiting for? Apply for a student credit card today and stop stressing about scraping enough dollars together for dinner.