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Canada’s finest bank cards for newcomers
In Canada, having a superb credit score rating can assist you safe a rental and get a mortgage or a mortgage, however it’s laborious to know the place to begin whenever you don’t have a Canadian credit score historical past or a bank card. One of many quickest methods to begin constructing your Canadian credit score rating is to make use of a bank card responsibly, as a result of banks and monetary establishments report again to the credit score bureaus that decide your rating. Because of this, it’s essential for newcomers to get a bank card, even with out a longtime historical past.
On this checklist, we’ve damaged down the very best bank cards for newcomers relying in your spending habits and necessities. Need money again? We’ve obtained a card for that—and for vacationers and those that eat in eating places, too. There are even a couple of playing cards you will get by way of banking bundles for newcomers that provide precious extras, so dive in and discover the very best card for you.
Our picks for the very best bank cards for newcomers to Canada
Why belief us
MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial workforce of educated journalists works carefully with main private finance specialists in Canada. That can assist you discover the very best monetary merchandise, we evaluate the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Be taught extra about our promoting and trusted companions.
Finest money again card for newcomers
BMO CashBack Mastercard*
The BMO CashBack Mastercard is a no-fee card that permits you to earn money again in your grocery purchases. New candidates get a boosted 5% money again charge for the primary three months, after which period it reverts to the common 3% for groceries, the very best charge for a no-fee card. Even higher, you should utilize your rewards everytime you need. Once you apply for the BMO NewStart Program, you’ll obtain bonuses on different merchandise, like a chequing account, investments and even a mortgage, and you may open the BMO CashBack Mastercard with out a credit score test. The 20.99% buy rate of interest is pretty customary, however when you begin accumulating a stability, curiosity prices can actually add up. Plus, if there’s an opportunity you received’t be capable to make the minimal cost in time for the subsequent assertion twice in a single 12 months, your buy rate of interest will rise to 24.99%. If you happen to assume there’s an opportunity this might apply to you, contemplate a low-interest or secured card from this checklist, as an alternative.
Annual price: $0 Earn charge: 3% money again on groceries; 1% money again on recurring invoice funds; 0.5% again on every part elseWelcome provide: You may earn as much as 5% money again in your first 3 months. Situations apply.Rates of interest: 20.99% on purchases, 22.99% on money advances (21.99% for Quebec residents), 22.99% on stability transfersAnnual earnings requirement: $15,000Credit rating/ credit score historical past required: None, if applicant is a part of the BMO NewStart ProgramPerks: Some journey insurance coverage together with 8 days of out-of-province/out-of-country emergency medical protection as much as $5 million; collision injury waiver on rental vehicles; BMO Concierge service
Finest no-fee rewards bank card for newcomers who like eating out
Simplii Monetary Money Again Visa
Once you signal as much as the Simplii Monetary New to Canada Banking Program, you may apply for the Simplii Monetary Money Again Visa with none Canadian credit score historical past. You may apply for this system as much as one 12 months earlier than you arrive in Canada, or as much as 5 years after you arrive. Once you use this card you’ll earn a beneficiant 4% money again on spends in eating places and bars as much as $5,000 yearly, plus 1.5% again on fuel, grocery, drugstore and pre-authorized funds as much as the primary $15,000 yearly. There’s a base charge of 0.5% money again on another purchases, and also you’ll nonetheless earn 0.5% when you’ve hit the annual restrict on eating places and the on a regular basis buy classes. New prospects get an attention-grabbing 20% money again on fuel, groceries, drugstore and pre-authorized funds for the primary three months, as much as a $500 spend. You’ll additionally profit from a decrease buy rate of interest of 9.99% for the primary three months of getting the account, however remember that after this, the speed goes again to a reasonably excessive 19.99%. If you happen to repay your card in full every month, nevertheless, you received’t pay any curiosity expenses. If you happen to additionally join the Simplii Monetary no-fee chequing account, you may earn a $450 money bonus. Observe that you just have to be a Canadian resident to qualify for the newcomer program.
Annual price: $0Earn charge: 4% money again on eating places and bars; 5% again on fuel, grocery and drugstore and pre-authorized funds; 0.5% on every part elseWelcome provide: You may earn 20% money again on fuel, groceries, drugstore and pre-authorized funds for the primary 3 months (as much as $500)Rates of interest: 19.99% on purchases, 22.99% on money advances, and 22.99% on stability transfersAnnual earnings requirement: $15,000Credit rating/ credit score historical past required: No Canadian credit score historical past required if you’re a part of the New to Canada Banking ProgramPerks: Price-free World Cash Transfers; prolonged safety and buy safety
Finest credit score constructing secured bank card for newcomers
Residence Belief Secured Visa*
For individuals who haven’t any Canadian credit score historical past, the Residence Belief Secured Visa Card affords the flexibility to construct up a credit score rating, for no annual price. Alternatively, you will get a decrease 14.90% buy rate of interest when you pay a $59 annual price. You set your individual spending restrict by making a minimal deposit of $500 to $10,000. The cardboard is straightforward to acquire—you have to be a everlasting Canadian resident with a supply of earnings and never in chapter—however it’s not obtainable to worldwide college students, international employees, or residents of Quebec. The cardboard is accepted anyplace you should utilize Visa (in over 200 international locations around the globe, in-store and on-line) and you should utilize it to arrange invoice funds as with all different bank card. There will not be many perks obtainable with this card, and their newcomer affords are pretty restricted by way of bundles, banking reductions, assist or monetary recommendation, however if you’re focussed on constructing your credit score rating and residing inside your means, this can be a stable possibility for you.
Annual price: $59Earn charge: N/AWelcome provide: This card doesn’t have a welcome bonus right now.Rates of interest: 14.9% on purchasesAnnual earnings requirement: N/A ($500 minimal deposit)Credit score rating/ credit score historical past required: Should have a supply of earnings and never be in bankruptcyPerks: Visa Zero Legal responsibility; digital pockets prepared
Finest rewards secured bank card for newcomers
Neo Secured Credit score*
The Neo Secured Credit score Card is a no-annual-fee secured card that may allow you to construct a credit score historical past whereas incomes money again. You’re assured approval so long as you’re a Canadian resident, of the age of majority in your province, and supply a safety deposit. There are not any credit score rating necessities, and also you don’t must pay an annual price. This, together with the flexibility to earn limitless money rewards, makes Neo a robust card for these beginning out. Plus, the flexibility to earn rewards on secured bank cards is pretty uncommon. Do be mindful, although, that the rate of interest is reasonably excessive in comparison with different playing cards on this checklist, so when you carry a stability, the fee may add up.
Annual price: $0Earn charge: A median of 5% again at Neo associate shops, as much as 15% again in your first buy at some shops, and a assured 0.5% base charge Welcome provide: You may earn $25 money again. Rates of interest: 19.99% on purchases (19.99% to 25.49% for Quebec residents), 24.99% on money advancesAnnual earnings requirement: N/ACredit rating/ credit score historical past required: NonePerks: Capacity to earn money again; Insights instruments that can assist you funds; entry to Perks to tailor your rewards
Finest journey rewards card for newcomers
Scotiabank Passport Visa Infinite*
The Scotiabank Passport Visa Infinite allows you to earn precious Scene+ Rewards factors you may redeem for journey and extra, and contains perks for wanderlusters like journey insurance coverage, no international trade charges for purchases made in different currencies, financial savings on automobile leases, and 6 complimentary airport lounge visits per 12 months. If you’re planning to go to pals or household again residence, or like to journey normally, this card has some promising rewards choices. Although it has a better earnings requirement and annual price than others on this checklist, you may qualify with out a Canadian credit score historical past when you’re a part of the StartRight program for newcomers. If this card isn’t best for you, contemplate one other bank card obtainable by way of the StartRight program, just like the Scotia Momentum No-Price Visa or the Scene+ Visa.
Annual price: $150Earn charge: 3 Scene+ factors per $1 spent at Sobeys, Safeway, IGA, Foodland and taking part Co-ops; 2 Scene+ factors per $1 on eating and at different eligible grocery shops; 2 Scene+ factors on eligible leisure purchases and each day transit choices together with rideshare, buses, taxis and subway.Welcome provide: You may earn as much as $1,100+ in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. Provide ends 31 October 2023.Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfersAnnual earnings requirement: Private earnings of $60,000 or family earnings of $100,000Credit rating/ credit score historical past required: Not required for newcomers within the StartRight program
Perks: Journey insurance coverage together with journey emergency medical, journey interruption/cancellation, flight delay, delayed or misplaced baggage, and journey accident protection; resort/motel housebreaking insurance coverage; rental automobile collision loss/injury insurance coverage; no international trade charges; sic complimentary airport lounge passes; Visa Infinite privileges
Finest bank card with a newcomer checking account bundle provide
RBC Money Again Mastercard
Once you be part of the RBC Newcomer Benefit program, you may qualify for a bank card with out a Canadian credit score historical past, obtain a beneficiant welcome provide, save on banking charges on the RBC Benefit Banking account for one 12 months, and even qualify for a mortgage. Below the newcomer benefit program, you might be eligible for the RBC Money Again Mastercard, which is offered to eligible everlasting residents and worldwide college students who arrived in Canada within the final 12 months earlier than making use of, in addition to momentary resident employees who arrived within the final two years. With this card you’ll additionally earn limitless money again in your purchases and obtain reductions on gas whenever you use a Petro Factors card at Petro-Canada—nice perks for a no-fee card. Simply remember that the acquisition rate of interest is pretty excessive, so when you carry a stability or can’t repay your card in full each month, the prices can add up.
Annual price: $0Earn charge: As much as 2% money again on grocery purchases and as much as 1% money again on every part elseWelcome provide: You may earn as much as 12% money again on eligible purchases for the primary 3 monthsInterest charges: 20.99% on purchases, 22.99% on money advances, and 22.99% on stability transfersAnnual earnings requirement: NoneCredit rating/ credit score historical past required: None for newcomers within the StartRight programPerks: 3 cents per litre gas financial savings at Petro-Canada; RBC Gives; free DoorDash deliveries for 3 months
Runner up finest bank card with a newcomer checking account bundle provide
Nationwide Financial institution mycredit Mastercard
Whereas Nationwide Financial institution affords some wonderful assist and bundling choices for newcomers, the money again charge is barely decrease than different playing cards contemplating the acquisition rate of interest is decently excessive—though the money again earnings are limitless. You might be authorized for the bank card with out a Canadian credit score historical past. To use for this system, all you want is a legitimate passport out of your nation of origin or a Canadian everlasting resident card and a Canadian telephone quantity. You’ll get entry to a workforce of specialists seven days every week to assist with immigration questions, specialised recommendation on housing, jobs, healthcare and extra for one 12 months. Plus, obtain further financing assist get to make use of a chequing account with no month-to-month price for as much as three years, with further banking reductions in years two and three of this system. What’s extra, the provide is legitimate in your first 5 years in Canada, which is beneficiant in comparison with different newcomer playing cards on this checklist.
Earn charge: As much as 1% money again at eating places and on recurring pre-authorized invoice funds, 0.5% money again on every part elseWelcome provide: You possibly can earn as much as $135 money again, when you make no less than $400 in purchases within the first 3 months after opening the account, and likewise join the Credit score Card Fee Safety Plan.Rate of interest: 0.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
Annual earnings requirement: None
Credit score rating/ credit score historical past required: None if you’re a part of Nationwide Financial institution’s newcomer program
Perks: Cellular theft/ injury safety; prolonged guarantee; buy safety; contactless funds and fraud safety.
Incessantly requested questions
Our methodology: How we decided the very best bank cards
The MoneySense editorial workforce selects the very best bank cards by assessing the worth they supply to newcomers throughout numerous classes. Our greatest bank cards for newcomers rating is predicated on an in depth checklist of options, together with credit score historical past necessities, rates of interest, welcome affords, and perks like money again or rewards. Our rankings are an unbiased supply of knowledge for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes cash.
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