{"id":15866,"date":"2024-05-11T09:11:00","date_gmt":"2024-05-11T13:11:00","guid":{"rendered":"https:\/\/www.2026-pfc.reviewyoursite.ca\/blog\/?p=15866"},"modified":"2025-03-07T10:26:50","modified_gmt":"2025-03-07T15:26:50","slug":"5-mistakes-newcomers-credit-cards","status":"publish","type":"post","link":"https:\/\/2026-pfc.reviewyoursite.ca\/blog\/managing-money\/5-mistakes-newcomers-credit-cards","title":{"rendered":"5 Mistakes Newcomers Make With Credit Cards"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<div style=\"height:24px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/www.2026-pfc.reviewyoursite.ca\/blog\/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\" class=\"wp-image-231869\" title=\"5-Mistakes-Newcomers-Make-with-Credit-Cards-Image-2\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2024\/05\/16161310\/5-Mistakes-Newcomers-Make-with-Credit-Cards-Image-2.png 600w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2024\/05\/16161310\/5-Mistakes-Newcomers-Make-with-Credit-Cards-Image-2-300x200.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-only-making-the-minimum-monthly-payment-on-your-credit-card-bill\"><strong>1. Only making the minimum monthly payment on your credit card bill<\/strong><\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Credit card issuers make it easy for you to repay your balance by allowing you to make minimum monthly payments. Sometimes you can only afford to make the minimum monthly payment, but avoid making this a habit. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>When you only pay the minimum payment each month it increases the amount of time it takes to pay off your balance and you\u2019ll 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\u2019s not possible, pay more than the minimum monthly payment to accrue less credit card interest and pay your debt faster.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/www.2026-pfc.reviewyoursite.ca\/blog\/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\" class=\"wp-image-231870\" title=\"5-Mistakes-Newcomers-Make-with-Credit-Cards-Image-3\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2024\/05\/16161312\/5-Mistakes-Newcomers-Make-with-Credit-Cards-Image-3.png 600w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2024\/05\/16161312\/5-Mistakes-Newcomers-Make-with-Credit-Cards-Image-3-300x200.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-missing-credit-card-payments\"><strong>2. Missing credit card payments<\/strong><\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Missing payments means you will have to pay a late payment fee and it 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.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<section class=\"rounded-btn border-b-2 border-light-grey bg-off-white lg:grid lg:grid-cols-3 gap-2\">\n    <article class=\"lg:col-span-2 flex flex-col gap-4 p-6 lg:p-12\">\n        <h3 class=\"text-2xl\">Arrive in Canada Financially Prepared<\/h3>\n        <p>Ready to take control of your financial journey in Canada? Join our expert-led online webinar! Learn essential banking tips to build a strong financial foundation. Hear from David Frattini, Managing Partner at Prepare for Canada, and Neil Dhanani, Financial Advisor at Scotiabank, as they guide you through everything you need to know.<\/p>\n                    <a class=\"flex flex-row w-fit gap-2 rounded-btn btn-secondary p-5 transition ease-in-out text-lg font-bold\"\n               href=\"https:\/\/2026-pfc.reviewyoursite.ca\/blog\/webinars\/finance-webinar\">REGISTER FOR THE WEBINAR                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"28\" height=\"28\" viewBox=\"0 0 28 28\" fill=\"none\">\n                    <path\n                        d=\"M13.1752 20.175L14.8248 21.8247L22.6497 13.9999L14.8248 6.17505L13.1752 7.82472L18.1837 12.8332H7V15.1665H18.1837L13.1752 20.175Z\"\n                        fill=\"white\"\/>\n                <\/svg>\n            <\/a>\n            <\/article>\n    <div class=\"relative lg:col-span-1\">\n                    <video src=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2025\/01\/18123708\/Banking_In_Canada_webinar_for_newcomers.mp4\" autoplay loop playsinline muted\n                   class=\"absolute inset-0 h-full w-full object-cover rounded-3xl\"><\/video>\n            <\/div>\n<\/section>\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. Not reading your monthly statement<\/strong><\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>If you don\u2019t 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. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>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.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Missing payments will also lower your credit score. Missed payments can remain on your credit report for up to six years.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">4. Not reporting a lost or stolen credit card<\/mark><\/strong><\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>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.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-maxing-out-your-credit-card-limit\"><strong>5. Maxing out your credit card limit<\/strong><\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>This credit card mistake is important to avoid. As a newcomer, you may have unexpected expenses you didn\u2019t budget for. A credit card can be a short-term solution but you should never max out a card to its limit. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>When you max out your credit limit, it indicates to creditors that you are living beyond your means.<\/p>\n\n\n\n<p>It\u2019s better to spend less than 30% of your credit limit. This is known as the credit utilization ratio which assesses 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\u2019ll 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.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Avoiding these credit card mistakes will help you reduce financial stress, increase your credit score, and build credit history.<br><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":246866,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[313,26],"tags":[44],"class_list":["post-15866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-building-credit","category-managing-money","tag-spending"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Credit Card Mistakes Newcomers Should Avoid | Prepare for Canada<\/title>\n<meta name=\"description\" content=\"Building credit in Canada is vital. 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