Before applying for your first credit card, make sure you meet the eligibility requirements.
1- You are at least 18 years old
Most credit card issuers require that the main cardholder be at least 18 years old.
2- You have a good credit rating
If your bank account has ever been “in the red,” or you’ve ever made payments late, you might be denied a credit card.
Other points to consider:
Not all cards are alike
What is the interest rate? Will you have to pay an annual fee? Is there a rewards program? Does it offer travel insurance for outside Québec? Shop around to find out which card suits you best.
Setting your limit
You are not required to accept the credit limit that you are offered. Keep in mind that this is a debt, and you need to have the means to pay it back.
Determine in advance how high a credit limit you can afford. Use the credit card calculator to see how much you’ll have to pay every month if you use your entire credit limit and whether you’ll still be able to pay your other expenses.
Knowing how to avoid problems
Here are a few tips:
- Pay your bills on time
- Check all your statements for errors or possible fraud
- Don’t go over your credit limit
- Pay the full amount owing as often as possible, ideally every month