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Сайт рассылки: http://arbetov.ca
Открыта: 26-03-2010

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Михаил Арбетов

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The way to get a first credit card




Dear readers,

I would like to share with you my thoughts on investing, and my knowledge and experience on how to get a first credit card. Besides, there's an interesting article about Resident Care Aides perspectives in British Columbia.


The way to get a first credit card

“Credit history“, “credit card” – these words being heard from friends, attract the newcomers. They want just the same. And right they are.

Credit card is a valuable and usable thing. It allows you to make a purchase today and pay for it 5-6 weeks later. It enables you to automatically pay for utility and other services on a regular basis; there is no need to remember this every month. Many people take advantage of a card to shop online or by phone. This payment method is increasingly embedded in our lives.

But there is a “tail”. You may overestimate your abilities, buy more than your income allows and get in debt up to your neck. Interest rates will grow like a snowball, and there exists a probability of becoming bankrupt. In such case, the credit history will be spoiled for at least 5 years. This happened to one of my friends a few years ago. I had just started my financial activities in Canada at that time, and he was one of my first clients. I was seriously puzzled by the presence of increasing debt on his loans and at the same time, a certain amount on a bank deposit. I criticized his strategy and advised him to cool down the ardor of purchases and immediately pay some debts trough deferred funds. He did not follow my advice, and after a while I found out that he was declared insolvent and all his credit cards had been canceled..

To ensure that nothing similar is going to happen to you, the bank will not immediately provide a credit card. You have to live in Canada for some time, earn money and learn to spend it. Different banks vary these requirements. For example, Bank of Montreal gives the card only to those people who have an account there, which is not required in other banks. Living in Canada for half a year and working there for 3 months is a usual requirement for the obtainment of a credit card. The most available are the credit cards at Royal Bank, Citibank and Capital One.

If you don’t want to wait, and you are sure not to ask for social assistance, you can get a credit card right away, making a bail in the bank for 1-2 years (“security” deposit) not less than 1,000. I’ll introduce you to what cards are better to choose in the next article.

Michael Arbetov, CFP, FMA
Investment and Insurance Advisor

The way to get a first credit card (Russian)


Investing (thinking aloud)

Money is never too much or out of place. However, if you still acquire spare money, it’s a good rule to invest it – to convert from a “money” condition into other states: stocks, bonds, precious metals, feedstock, real estate, investment trust stocks and other forms of sophisticated financial instruments.

You are the very person to hold an interest in the investment of money ultimate result. That’s why first of all you have to define the aim of an investment correctly: whether it is a wealth accumulation for providing yourself with a well-off senility, or for children’s education, whether you’d like to save the money from remaining still by means of speculating in it for a certain period of time.

It is important to remember that any investment involves a risk and the more money you want to make on your investments, the greater is the investment risk you are to take.

If you have spare time (several hours a day) in your disposal, you can try to invest money by yourself. You may not achieve a good result though, especially if you don’t possess at least basic knowledge. Moreover, knowledge itself is not enough. It is necessary to constantly monitor the economic background, take into account your personal and family financial situation and financial needs.

Only the one who does nothing doesn’t make mistakes. And those who do, especially in the sphere of investment, are doomed for making errors.

The role of a regular financial advisor is not to avoid mistakes while investing (as we understand, they are inevitable), but to reduce the construction of the investment portfolio to such a form that the portfolio would meet the demands and needs of the client who invests as much as possible. This resembles playing chess, when you are to consider multiple scenarios. However there are much more active factors in real life…

If money is not invested, its purchasing power decreases due to inflation.

Michael Arbetov, CFP, FMA
Investment and Insurance Advisor

Investing in Canada (Russian)


British Columbia Labour Market Information: Resident Care Aides

When we are speaking about RCA we mean the most front-line challenging position in the healthcare sector.

Statistically, RCA sounds like an excellent choice. There is  no doubt about growth of demand for these specialists as population ages.

The greatest difficulty in the future for RCAs we relate not to growth of positions but to the salaries and benefits.

Employed by hospitals RCA earn nearly 22/hour while the same specialist can earn maximum 15 dollars per our in a private setting. Besides that thee is high possibility that health authorities will begin to contract out RCA services to private, non-union companies.

As of today, the possibility of getting the RCA position in the hospital for newly graduates  is very limited and is pretty much a pipe-dream. Most graduates find part-time placements in smaller communities.

There is one important factor for consideration at play. RCA is a great career choice when viewed as a step on the path towards becoming licensed practical nurse, registered nurse, psychiatric nurse, physical therapist.  Additional training should be obtained for that.

AS we look around BC Province, you will note in the year of 2008 there were 23, 500 RCAs and BC Stats is projecting the creation of 610 new positions every year between 2008 and 2013.

Despite the significant growth of demand for this occupation, limited government funds will put pressure on RCAs salaries and benefits.

Compare demand growth rate for Resident Care Aides in different regions of British Columbia >>

(According to BC Labour Market Report: May, 2010)

British Columbia Labour Market Information: Civil Engineers
British Columbia Labour Market Information: Accountants


Credit Card Rates

InstitutionTypeInterest RateAnnual FeeBrand NameGrace Days
Amex Bank of Canada Platinum Air Mile 19.99 $50.00 Amex 21
  Air Miles 19.99 NONE   21
  Holt Renfrew 19.99 NONE    
Bank of Montreal Gold Air Miles 19.50 $99.00 Mastercard 19
  Air Miles 19.50 NONE    
  CashBack 19.50 NONE    
  US Dollar 19.50 $25.00 U.S.   19
Bank of Nova Scotia Scene 19.50 NONE Visa 21
  No-fee Money Back 19.50 NONE   21
  Gold Passport 19.50 $110.00   21
  Value 11.49 $29.00   21
  No-fee Value 14.99 NONE   21
Canadian Tire Bank Options 19.99 NONE Mastercard 21
CIBC Classic 19.50 NONE Visa 21
  Gold 19.50 $99.00   21
  Aerogold 19.50 $120.00   17
  Select Visa 11.50 $29.00   21
  U.S. Visa 19.50 $35.00 U.S.   21
Citibank Canada Driver's Edge 19.99 $59.00 Mastercard 21
  Low Rate Gold 12.90 $25.00   21
  Gold 19.99 NONE   21
  Platinum 19.99 NONE   21
Home Trust Company Secured 19.99 $49.00 Visa 21
Laurentian Bank Black 19.49 NONE Visa 21
  Black - Low Rate 11.49 $25.00   21
  Gold Passport 19.49 $90.00   21
MBNA Gold 9.99 NONE Mastercard 25
National Bank Platinum 19.50 $125.00 Mastercard 21
  Allure 19.50 NONE    
  Ovation Gold 19.50 $95.00   21
President's Choice PC MasterCard 19.97 NONE Mastercard 17
Royal Bank Esso Classic 19.99 NONE Visa 21
  Classic 2 19.99 $35.00   21
  Gold Preferred 19.99 $110.00   21
  Rewards Gold 19.99 NONE   21
  Low Option 11.99 $20.00   21
  U.S. Dollar 19.99 $65.00 U.S.   21
TD Canada Trust TD Green 19.99 NONE Visa 21
  TD Gold Select 19.99 NONE   21
  GM Visa 19.99 NONE   21
  FirstClass Travel 19.99 $120.00   21
  TD Emerald 12.75 $25.00   21
  TD Gold Elite 19.99 $99.00   21
  TD U.S. Dollar 19.99 $39.00 U.S.   21
           
           
           
DEPARTMENT STORES          
The Bay - HBC Card   28.80     21
Sears Club Card   29.90     25
           

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