Credit Card

[J_u_n_i_o_r_3]

I am going to get a credit card when i turn 18 in january
I want to know how the intrest works?
How can i bulid my credit?
Do i pay intrest the day i buy the item off my credit card
Or does intrest start after 30 days
Thankz alot

[MadCow]

I am going to get a credit card when i turn 18 in january
I want to know how the intrest works?
How can i bulid my credit?
Do i pay intrest the day i buy the item off my credit card
Or does intrest start after 30 days
Thankz alot

There are lots of threads regarding this.

Here's how it goes:

You build credit by keeping your credit low (not using much of it), and paying at least the minimum payment on time.

Interest only starts if you carry a balance forward to the next billing cycle. The only time interest starts right away is when you take out a cash advance from your credit card.

[schnitzer]

are you in quebec? otherwise you have to be 19 to get a credit card..

[matradley]

are you in quebec? otherwise you have to be 19 to get a credit card..
It really depends on where he is in Canada. 19 is not the "average" age across Canada other than in Quebec or in Alberta, for instance, but 18 is the legal age. This is quoted from CIC Canada:

In Canada, each province and territory decides the age of majority. Anyone under the age of majority is considered to be a ‘minor child’.
Province Age of Majority
Alberta 18
British Columbia 19
Manitoba 18
New Brunswick 19
Newfoundland and Labrador 19
Northwest Territories 19
Nova Scotia 19
Nunavut 19
Ontario 18
Prince Edward Island 18
Quebec 18
Saskatchewan 18
Yukon Territory 19

Source - http://www.cic.gc.ca/english/study/minors.html