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Set-up automatic payments from your bank account for painless payments and an easy boost to your credit rating!
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Credit cards do offer convenience, and if you use them responsibly, they can also help you build a solid credit history.
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Limit yourself to one or two credit cards, max. |
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Beware of retail credit cards! Their interest rates are typically higher than those charged by the major credit card companies.
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Know what your credit report says about you. |
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There are two credit-reporting agencies in Canada: Equifax and Trans Union of Canada Inc. They keep track of your credit history and behaviour.
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Don’t use your credit card to supplement your monthly cash flow. |
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Use your debit card instead, as it limits your spending to what you can actually afford.
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Don’t lose track of your payments. |
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Your credit card company can turn you over to a collection agency. They can also increase your interest rate, lower your credit limit or even close your account.
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Don’t spend more than your budget allows for. |
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Credit is not "free money"!
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Don’t be afraid to ask for help. |
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Let someone know - many campuses have free and confidential credit counseling services
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Don’t apply for other credit cards to pay off other debt! |
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