A credit card allows you to purchase things by borrowing money from your bank. If you decide to get a credit card you will be given a credit limit. This is the total amount you have available to spend using the credit card. If you do not pay off your entire balance each month, you will be charged interest on the rest of the amount that you owe.
A credit card is different from a debit card, which works using your own money in your bank account.
You will have a credit history if you have taken out a loan or used a credit card before. Your credit history will tell the bank whether or not you have previously paid back your debt on time by making regular payments.
Most banks in Canada will not provide a credit card if you do not have any Canadian credit history. However, there are several options available and you can contact you bank for more information.
Applying for a credit card
You can apply for credit cards at most banks. Cornwall is home to a number of financial institutions including CIBC, RBC Royal Bank, TD Canada Trust, Scotiabank and BMO Bank of Montreal.