When I moved to Canada, I continued to use my U.S. credit cards and had the permanent address associated with those cards changed to my father's address in Oklahoma. However, I'm now a permanent resident and I'm planning to stay here for the duration. I wanted Canadian credit cards--or at least credit cards that recognized my Canadian address as my permanent residence, which my one of my major U.S. credit cards couldn't handle.
I applied for every credit card offer I received in the mail. I applied through the two Canadian banks (Bank of Montreal and RBC) where I have accounts. I even applied through the bank affiliated with Investor's Group, where I have a large balance (for me) of money invested. No deal. I have no credit history in Canada, and I'm self-employed. Basically, Canada didn't know me from Adam and nobody would take a chance on me.
That was true even for cards with branches in both the U.S. and Canada--my extensive, excellent credit in the U.S. and card with these companies might as well have been someone else's.
I could have had my partner co-sign for a card with me, but I did have one card that I could use, and besides, not everyone who moves here has a partner. What avenues would that person have?
So about 18 months ago, I finally got one of those cards where you send a check (or up here, cheque) and they let you borrow against it. I figured I would at least establish credit this way. I've been using this card for business purchases (a ream of paper here, a computer battery there) and paying it off every month (as I do all my credit cards). I have a whopping $200 credit limit. Seriously--tens of thousands in credit in the U.S, but here, $200 secured with my own money.
Meanwhile, I have a U.S. card that I've been using, still, for "real" purchases. This card has a higher limit, which is convenient, but it charges me a percentage as a service fee for each transaction in a foreign currency. It's small, but annoying.
Then my father passed away. In June, I went to close out the Canadian bank account we were joint owners of and open a new account to take care of our family property here. As part of that changeover, the bank offered me a credit card with $10,000 credit on it. It helped, I'm sure, that I have had a year of paying income taxes and income as a self-employed person. It also helped that the old account was established with this bank about 60 years ago. For whatever reason, I am finally deemed worthy of credit. I feel like a real person.
About the same time, a "membership fee" charge appeared on the other card. It seemed egregious to charge me for the privilege of using my own money, so I called to cancel the card (though I was willing to eat the membership fee). However, they bumped me up a level to a supervisor customer service rep, who said that she would waive the membership fee (and, I hastened to ask, the $2 interest that had built up) if I would keep the card open. I said fine.
Of course, I had to make a second call today to have them actually waive the fee--somehow it "didn't happen" before, and yes, they're supposed to waive the now-$4 in interest that's built up. This time, I wrote down the guy's name ("Jason") and the date of the call. We'll see if they follow through. I can call every month--it's an 800 number--if I have to. But hey, I shouldn't have to.
Canada claims to want immigrants, especially in some industries in some parts of the country. But Canadian financial services companies sure don't make it easy on the self-employed person.
