This Canadian Credit Forum is awfully quiet. But to answer your question, what you're looking at isn't a credit card but a prepaid debit card. If it's like similar products in the U.S., it won't do anything to help build a credit record or banking relationship. I think you would be better off inquiring at whatever Canadian bank you have an account with (I'm assuming it's Bank of Montreal) and see if you can get a debit card (Visa or MasterCard) linked to your checking account. I'm unsure of the reason why you think a regular credit card is out of reach, but I'm guessing it's previous credit problems. Hopefully if you can maintain a good checking/debit relationship with your bank and can start cleaning up previous credit issues, a regular bank credit card can be in your future. Maybe a deposit secured credit card. Good luck.
Also, PayPal (that you mentioned) has a free debit card linked to your PayPal account. Unfortunately, in reading PayPal's site, it looks to be no longer available in Canada.
Thanks for replying.
You're right, it's a purchase card. I've always seen it referred to as a prepaid credit card so that's how I've come to call it. I do realize that I place my own money on to it and that it does not effect my credit rating.
At the moment I'm unemployed and looking for a job (I was in school and various job workshops up until recently), so that's the reason I'm thinking I'd be unable to obtain a credit card at the moment. I have no debt or anything like that so far. As for getting a debit card with the MasterCard or Visa logo, my bank isn't actually BMO (they just happened to have the best prepaid card) and does not offer such a debit card. Although they do offer a credit card.
And thanks for the luck! Hopefully the card is a good substitute until I can get a real credit card.
