Should I close my Canadian credit cards...

[SapphireDreams 71]

The Cdn banks or institutions may actually require that you close them if you're no longer a Cdn resident - you should check with each of them.

TD was iffy and let me use my parents address - I still have it 2 yrs later - frankly it's a card I've had for 15 yrs and I wasn't about to give it up. Extra peace of mind

Keep in mind - your credit score in Canada isn't really going to have much activity ever again unless you move back - if you want it to have some activity keep a card and use it occasionally. Will it be difficult to make a payment on that card from the US - you may wish to take that into consideration. You won't be doing loans in Canada or buying a house up in Canada (2 good reasons to worry about your credit score) so I doubt you have anything to be concerned about.

You will start fresh in the US with no credit score or history - so closing those Canadian cards does nothing to affect your US score. On rare occasions people have found a bank that is willing to check your Cdn score - but these are few and far between. (see all the threads about establishing credit).

Read up on how to establish credit in the US by perusing those threads

That's strange that TD had that requirement with you. They just mailed me a new card in my new name to my new US address and changed the address on the credit card no problem. Maybe it's a different card.

Anywho - I kept my credit card and accounts open. Like Krikit said, even though my long term plan is to live in the US, you never know where life will lead you... so having a Canadian card might come in handy some day.

The only thing I would recommend is to not keep them in your wallet. I thought I lost my wallet a few weeks ago and cancelling from the US and having a new card resent was a bit of a pain. This is especially true for a Canadian debit card because once it's reported lost, the only way to get a new debit card is to go into a branch and have the pin reset... and it freezes online banking too!! It was a pain.

[Udella&Wiz 325]

Yes - I think the banks are loosey goosey with how they apply teh rules - depends who you get on the phone.

I too leave my Cdn cards at home in the safe unless I'm travelling to Canada or going to use them down here(which I seldom do)

[Hugglebuggles 60]

I left my Canadian bank account with Scotiabank and my Scotiabank visa card open for a couple reasons. First, I left some money in my Canadian account to pay lingering Canadian bills, and occasionally my dad will put money into that account for that reason, so If I needed to access the money for emergency purposes, I can just use the credit card and use the funds from my Canadian account to pay it later. Since most places will not take a Canadian debit card and accessing an ATM usually results in ridiculous service charges, it seemed the best way to go. Second, our US bank charges service fees to use our debit/credit card when traveling to Canada. It's not a lot, just enough to be a little inconvenient. So the Canadian credit card is a better option for when we want to make Canadian purchases either in Canada, or online from a Canadian company. And last, you never know what life is going to bring! We may end back up in Canada down the road, who knows. It will be easier to get established with a Canadian account, an active credit card and decent credit. I say decent because my Canadian credit was never great. I wasn't really sad to abandon it when I moved to the US, and I don't ask people if they can check it!

With that said I have a Staples in store credit card that I didn't close when I moved and really wished I did. I keep meaning to cancel it but I haven't yet. Its basically useless to me now.

[Darnell 8,478]

I would call the Canadien companies and ask which USA companies they have reciprocity agreements with, then either transfer your accounts to the USA company, or order new cards from the USA companies.

You may have a nice surprise if you do that (more credit ! )

GOOD LUCK !

[Sam and Ben 2]

Thanks for the advice everyone. Guess I've got a bunch of phone calls to make to my cc companies and see what's what.

Thankfully, if I do keep them open and they won't switch addresses, my old address is still my parents' house, so they can receive whatever bills, etc. We shall see.

[bradcanuck 1]

I have 2 canadian cards with 0 balances with annual fees. I basically pay $10 a month (exploded thats what it works out to) for insurance. Never know...

[trailmix 77]

I have 2 canadian cards with 0 balances with annual fees. I basically pay $10 a month (exploded thats what it works out to) for insurance. Never know...

Tell me you don't pay insurance for your credit cards of $10 per month....

[SapphireDreams 71]

Tell me you don't pay insurance for your credit cards of $10 per month....

No I think he means his annual fee is $120 and he keeps them to use for emergencies. So it's like having "insurance"

[Marilyn. 340]

I don't have any credit cards in Canada but I did leave my bank account open.. my mom likes it because she can deposit money in the account for me for Birthdays etc...

one word of advice though make sure your account doesn't take out monthly service fees.. after a few months of living here I got my mom to put my money in my savings account and close down my checking account.. now they only charge service fees if I take out money...

Edited January 4, 2010 by Marilyn.

[trailmix 77]

No I think he means his annual fee is $120 and he keeps them to use for emergencies. So it's like having "insurance"

Ahh got it, I thought he said 'no' annual fee - not annual fee. Still, that's 120 a year out the window for no particular reason!

[Kathryn41 3,205]

I left my TD Canada Trust account open and I still have my TD Canada Trust Visa card. I have had my renewal card sent here to me in the States and it has been over 5 1/2 years now since I've been here. It has never been a problem. TD was very accommodating with helping me set up the account so I could access it over the internet from the States. I changed the account into one with the lowest fees - I think it is around $3 a month, but since I also keep overdraft protection on that account (for emergency use if necessary) it works out a bit more. They mail me my statements every month.

One other consideration for someone who has just arrived in the US - you still need to prepare and file a Canadian Tax Return for this year. You will do that using the form for the Province you just left and you will file it by the normal April 15 filing date but to the International Tax Office in Quebec. If you have any rebates coming you can have them do a direct deposit into the account you still have in Canada and avoid the hassle of trying to get a Canadian cheque honoured in the US. As well, if you ever decide to return to Canada, you will have an active account available to use to re-establish yourself.

I generally use my Canadian account to pay for things I buy in Canada and to transfer money to pay my Canadian visa account. Some things only are available in Canada so it just makes it much easier to do business.

Edited January 5, 2010 by Kathryn41

[Carlawarla 1]

I have a Canadian bank account open, that I use to move money around between the U.S. and Canada at RBC. I have a Visa associated with that account as well. I kept it open so that I can order things on-line in Canada, to send to my siblings, parents and my kids. I pay the balance on-line from that Canadian account. I was recently in Canada, and used my Canadian Visa while visiting, and it was so nice. No added charges, no currency calculations. Just paid off that balance as well from that account when I returned.

Personally, I'd keep one card.

[lgg 2]

I am actually totally GUTTED by the fact that our Canadian credit rating is not applicable in the US. Or at least offer us the option to use it anyway. My credit score is perfect for the first time ever and now I'm not even going to be able to use that to my advantage.

Oh well...

[Krikit 1,164]

I am actually totally GUTTED by the fact that our Canadian credit rating is not applicable in the US. Or at least offer us the option to use it anyway. My credit score is perfect for the first time ever and now I'm not even going to be able to use that to my advantage.

Oh well...

The US financial institutions will use it if they want to.

[Wyatt's Torch 45]

The US financial institutions will use it if they want to.

Yeah, I'm hoping so too. I've also got a perfect credit score now, and would love to have that carry over. I'm with RBC, so I'm thinking they could honor that sort of thing, since they've also got a solid base in the Southeast U.S. now.