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5 Mistakes Newcomers Make With Credit Cards

Written By

rdsouza

May 11, 2024

Building Credit

[et_pb_section fb_built=”1″ admin_label=”Section” _builder_version=”4.26.1″ _module_preset=”default” background_color=”#f4f4f4″ width=”100%” max_width=”100%” custom_padding=”||35px|||” custom_css_free_form=”padding: 0;||” da_disable_devices=”off|off|off” box_shadow_style=”preset6″ box_shadow_vertical=”4px” box_shadow_blur=”9px” global_colors_info=”{}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_heading title=”BANKING & FINANCE” _builder_version=”4.26.1″ _module_preset=”default” title_font=”Heebo||||||||” title_text_color=”#676767″ title_font_size=”20px” custom_margin=”||1px|||” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_heading title=”5 Mistakes newcomers make with credit cards” _builder_version=”4.26.1″ _module_preset=”default” title_font=”Poppins|800|||||||” title_text_color=”#b8322f” title_font_size=”42px” custom_margin=”||-6px|||” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” module_id=”sticky-banking” _builder_version=”4.27.0″ _module_preset=”default” custom_padding=”0px||0px||false|false” sticky_position=”top” sticky_offset_top=”60px” sticky_offset_surrounding=”off” sticky_offset_top_tablet=”0px” sticky_offset_top_phone=”0px” sticky_offset_top_last_edited=”on|tablet” custom_css_free_form=”top: ” da_disable_devices=”off|off|off” global_colors_info=”{}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_menu menu_id=”14147″ menu_style=”centered” active_link_color=”#FFFFFF” dropdown_menu_bg_color=”#FFFFFF” dropdown_menu_text_color=”#E02B20″ dropdown_menu_active_link_color=”#E02B20″ mobile_menu_bg_color=”gcid-primary-color” mobile_menu_text_color=”#FFFFFF” _builder_version=”4.27.0″ _module_preset=”default” menu_text_color=”#FFFFFF” menu_font_size=”16px” background_color=”RGBA(255,255,255,0)” background_layout=”dark” custom_css_free_form=”.mobile_menu_bar:before {|| color: #fff!important;||}||.et_pb_menu_0 .mobile_nav .mobile_menu_bar:before{|| color: #fff!important;||}||.et_pb_menu_0.et_pb_menu .et_mobile_menu{|| background-color: #be352f!important;||}” global_colors_info=”{%22gcid-primary-color%22:%91%22mobile_menu_bg_color%22%93}” theme_builder_area=”post_content”][/et_pb_menu][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.2″ _module_preset=”default” background_color=”#FFFFFF” da_disable_devices=”off|off|off” locked=”off” collapsed=”on” global_colors_info=”{}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”3_4,1_4″ _builder_version=”4.26.1″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”3_4″ _builder_version=”4.26.1″ _module_preset=”default” custom_padding=”|20px|||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]

by  | Oct 15, 2024

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Getting a credit card when you arrive in Canada is a great way to build a credit history, but you must avoid making common mistakes. From spending more than your credit limit, to only paying the minimum monthly payment, these mistakes can damage your credit score and make it difficult to achieve your financial goals. Learn how to avoid these financial mistakes and what you can do to stay in good standing.

[/et_pb_text][/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_code _builder_version=”4.27.0″ _module_preset=”default” sticky_position=”top” sticky_offset_top=”85px” sticky_limit_bottom=”row” global_colors_info=”{}” theme_builder_area=”post_content”]
[/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row column_structure=”3_4,1_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”3_4″ _builder_version=”4.26.1″ _module_preset=”default” custom_padding=”|20px|||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_heading title=”1. Only making the minimum monthly payment on your credit card bill” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_image src=”https://www.prepareforcanada.com/wp-content/uploads/5-Mistakes-Newcomers-Make-with-Credit-Cards-Image-2.png” alt=”A shopper is comparing shopping prices on their mobile phone to look for cost saving ideas” title_text=”5-Mistakes-Newcomers-Make-with-Credit-Cards-Image-2″ force_fullwidth=”on” _builder_version=”4.27.0″ _module_preset=”default” max_height=”442px” border_radii=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_image][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]

Credit card issuers make it easy for you to repay your balance by allowing you to make minimum monthly payments. Sometimes you may only afford to make the minimum monthly payment, but avoid making this a habit. When you only pay the minimum payment each month it increases the amount of time it takes to pay off your balance and you’ll pay much more interest. It also means that you will likely never pay off the full amount of your card.

A better approach is to pay the full balance. If that’s not possible, pay more than the minimum monthly payment to accrue less credit card interest and pay your debt faster.

[/et_pb_text][et_pb_heading title=”2. Missing credit card payments” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_image src=”https://www.prepareforcanada.com/wp-content/uploads/5-Mistakes-Newcomers-Make-with-Credit-Cards-Image-3.png” alt=”A shopper is comparing shopping prices on their mobile phone to look for cost saving ideas” title_text=”5-Mistakes-Newcomers-Make-with-Credit-Cards-Image-3″ force_fullwidth=”on” _builder_version=”4.27.0″ _module_preset=”default” max_height=”442px” border_radii=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_image][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]

Missing payments means that you will have to pay a late payment fee. And late payment fees can add up quickly. To avoid late payment fees, you can set up an automatic payment to your debit card. Remember, you should pay off the full balance each month. Falling behind in your payments can lead to higher credit card interest charges and your credit score will suffer. Meeting your monthly payments shows creditors that you manage your money well.

[/et_pb_text][/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_code _builder_version=”4.27.0″ _module_preset=”default” sticky_position=”top” sticky_offset_top=”85px” sticky_limit_bottom=”row” global_colors_info=”{}” theme_builder_area=”post_content”]
[/et_pb_code][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” admin_label=”Features” _builder_version=”4.25.1″ _module_preset=”default” background_color=”gcid-9fa4a1b6-767d-41ca-984c-a6f10449c843″ da_disable_devices=”off|off|off” collapsed=”on” global_colors_info=”{%22gcid-9fa4a1b6-767d-41ca-984c-a6f10449c843%22:%91%22background_color%22%93}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_heading title=”Arrive in Canada Financially Prepared” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|800|||||||” title_text_color=”#b8322f” title_font_size=”64px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.27.0″ _module_preset=”_initial” text_font=”Heebo|700|||||||” text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.8em” text_font_size_tablet=”15px” text_font_size_phone=”14px” text_font_size_last_edited=”on|desktop” global_colors_info=”{}” theme_builder_area=”post_content”]

Building a strong financial foundation is vital to your success. Join this webinar to start your banking journey in Canada on the right foot!

[/et_pb_text][et_pb_button button_url=”https://www.prepareforcanada.com/finance-webinar/” button_text=”Sign up for a FREE webinar” _builder_version=”4.27.0″ _module_preset=”default” custom_button=”on” button_text_size=”16px” button_text_color=”#FFFFFF” button_bg_color=”#be352f” button_border_width=”0px” button_border_color=”RGBA(255,255,255,0)” button_border_radius=”6px” button_font=”Heebo|800|||||||” button_icon=”5||divi||400″ button_icon_color=”#FFFFFF” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_button][/et_pb_column][et_pb_column type=”1_2″ specialty_columns=”2″ _builder_version=”4.16″ _module_preset=”default” custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_row_inner use_custom_gutter=”on” gutter_width=”1″ _builder_version=”4.20.0″ _module_preset=”default” locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column_inner saved_specialty_column_type=”1_2″ _builder_version=”4.20.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_image src=”https://www.prepareforcanada.com/wp-content/uploads/shaking-hands.png” title_text=”shaking-hands” _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_image][/et_pb_column_inner][/et_pb_row_inner][/et_pb_column][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.2″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”0px||0px|||” da_disable_devices=”off|off|off” collapsed=”on” global_colors_info=”{}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”3_4,1_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”3_4″ _builder_version=”4.26.1″ _module_preset=”default” custom_padding=”|20px|||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_heading title=”3. Not reading your monthly statement” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]

If you don’t open your credit card billing statement, you risk missing your payment due date or paying less than you should be. Ignoring your statement could cause you to miss important announcements about changes to your credit card terms. Review the monthly transactions to ensure that there are no purchases that you did not make or approve. If there are any errors, contact the credit card company immediately to discuss the transaction.

Missing payments will also cause your credit score to decrease. Missed payments can remain on your credit report for up to six years.

    [/et_pb_text][et_pb_heading title=”4. Not reporting a lost or stolen credit card” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]

    If you lose your card, the first thing that you should do is report it to your financial institution. The longer it takes you to report a lost or stolen card, the greater the chance of fraudulent activities. Reporting a lost credit card quickly shows the bank that you are responsible.

    [/et_pb_text][et_pb_heading title=”5. Maxing out your credit card limit” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_code _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” custom_css_main_element_last_edited=”on|tablet” custom_css_main_element_tablet=”display: none;” custom_css_main_element_phone=”display: none;” theme_builder_area=”post_content”]
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    This credit card mistake is important to avoid. As a newcomer, in your first few months, you will likely have some unexpected expenses you didn’t budget for. A credit card can be a short-term solution but you should never max out a card to its limit. When you max out your credit limit, it indicates to creditors that you are living beyond your means.

    It’s better to spend less than 30% of your credit limit. This is known as the credit utilization ratio to assess how much credit you have versus how much you use. This ratio is also about 30% of your credit score calculation. Getting close to your credit limit puts you at risk for over-the-limit fees and penalty interest rates you’ll have to pay when you exceed your credit limit. Maintain a low balance on your card for a healthy credit score and manageable payment amount.

    Avoiding these credit card mistakes will help you reduce financial stress, increase your credit score, and build credit history.

    [/et_pb_text][/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_code _builder_version=”4.27.0″ _module_preset=”default” sticky_position=”top” sticky_offset_top=”85px” sticky_limit_bottom=”row” global_colors_info=”{}” theme_builder_area=”post_content”]
    [/et_pb_code][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” _builder_version=”4.27.0″ _module_preset=”default” background_color=”#f4f4f4″ width=”100%” da_disable_devices=”off|off|off” collapsed=”off” global_colors_info=”{}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_heading title=”Related articles” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#767676″ text_font_size=”18px” global_colors_info=”{}” theme_builder_area=”post_content”]

    Read more about your financial first steps in Canada.

     

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row module_class=”swiper mySwiper” _builder_version=”4.27.0″ _module_preset=”default” width=”90%” max_width=”1440px” module_alignment=”center” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ module_class=”swiper-wrapper” _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_blurb title=” Building Credit History in Canada as a Newcomer” image=”https://www.prepareforcanada.com/wp-content/uploads/Why-Credit-History-is-Important-When-You-Rent-a-Home-1.jpg” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/building-credit-history-in-canada-as-a-newcomer” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]

    A lesson many newcomers learn when they arrive in Canada is that you need credit to pay for large expenses, buy a car, or purchase a home. However, it’s difficult to borrow without a credit history in Canada. 

    [/et_pb_blurb][et_pb_blurb title=”Open a Bank Account Before Arriving in Canada” image=”https://www.prepareforcanada.com/wp-content/uploads/Smiling-woman-with-a-blue-ceramic-piggy-money-with-funds-for-her-bank-account-1.png” alt=”Smiling woman with a ceramic piggy bank with funds for her Canadian bank account” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/open-a-bank-account-before-arriving-in-canada” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]

    Opening a bank account before you arrive in Canada offers many benefits including transferring funds before you travel to Canada. 

    [/et_pb_blurb][et_pb_blurb title=”Inflation in Canada and What it Means for Newcomers” image=”https://www.prepareforcanada.com/wp-content/uploads/Inflation-1.png” alt=”A for rent price sign hangs in front of a rental property. Rental prices are affecting inflation in Canada.” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/inflation-in-canada-and-what-it-means-for-newcomers” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]

    For newcomers and international students arriving in record numbers, it’s helpful to understand how the currect inflation rate in Canada can affect how much you pay for housing, groceries, transportation, and other expenses.

    [/et_pb_blurb][et_pb_blurb title=”Insurance in Canada: What Newcomers Need to Know” image=”https://www.prepareforcanada.com/wp-content/uploads/image-20.png” alt=”Insurance in Canada protects your property. Interior of a home with several feet of water.” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/insurance-in-canada-what-newcomers-need-to-know” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]

    Protecting yourself and your family against unexpected danger and risk is what insurance in Canada is all about for newcomers to Canada and international students.

    [/et_pb_blurb][et_pb_blurb title=”Do Newcomers Need to File an Income Tax Return?” image=”https://www.prepareforcanada.com/wp-content/uploads/Do-Newcomers-Need-to-File-Income-Tax.png” alt=”Father completing income taxes online with wife and young children in the background.” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/do-newcomers-need-to-file-an-income-tax-return” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]

    If you became a permanent resident and lived in Canada, even for a short period, filing your first income tax return with the Canada Revenue Agency (CRA) can provide financial benefits.

    [/et_pb_blurb][/et_pb_column][/et_pb_row][/et_pb_section]

    WRITTEN BY

    rdsouza

    © Prepare for Canada 2025

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