Canada’s greatest bank cards for newcomers
In Canada, having a superb credit score rating will help you safe a rental and get a mortgage or a mortgage, but it surely’s laborious to know the place to start out while you don’t have a Canadian credit score historical past or a bank card. One of many quickest methods to start out 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 listing, we’ve damaged down the most effective bank cards for newcomers relying in your spending habits and necessities. Need money again? We’ve acquired a card for that—and for vacationers and people who eat in eating places, too. There are even a number of playing cards you may get by way of banking bundles for newcomers that provide worthwhile extras, so dive in and discover the most effective card for you.
Our picks for the most effective 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 staff of skilled journalists works carefully with main private finance consultants in Canada. That will help you discover the most effective monetary merchandise, we evaluate the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Study extra about our promoting and trusted companions.
Greatest money again card for newcomers
BMO CashBack Mastercard*
The BMO CashBack Mastercard is a no-fee card that allows you to earn money again in your grocery purchases. New candidates get a boosted 5% money again price for the primary three months, after which period it reverts to the common 3% for groceries, the best price for a no-fee card. Even higher, you need to use your rewards everytime you need. If 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’ll open the BMO CashBack Mastercard with no credit score verify. The 20.99% buy rate of interest is pretty commonplace, however when you begin accumulating a stability, curiosity prices can actually add up. Plus, if there’s an opportunity you gained’t have the ability to make the minimal cost in time for the following assertion twice in a single 12 months, your buy rate of interest will rise to 24.99%. In case you suppose there’s an opportunity this might apply to you, take into account a low-interest or secured card from this listing, as an alternative.
Annual charge: $0 Earn price: 3% money again on groceries; 1% money again on recurring invoice funds; 0.5% again on every thing elseWelcome provide: You possibly can earn as much as 5% money again in your first 3 months. Circumstances 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 automobiles; BMO Concierge service
Greatest no-fee rewards bank card for newcomers who like eating out
Simplii Monetary Money Again Visa
If you signal as much as the Simplii Monetary New to Canada Banking Program, you’ll be able to apply for the Simplii Monetary Money Again Visa with none Canadian credit score historical past. You possibly can 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. If 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 gasoline, grocery, drugstore and pre-authorized funds as much as the primary $15,000 yearly. There’s a base price of 0.5% money again on every other 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 clients get an attention grabbing 20% money again on gasoline, 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 needless to say after this, the speed goes again to a reasonably excessive 19.99%. In case you repay your card in full every month, nevertheless, you gained’t pay any curiosity fees. In case you additionally join the Simplii Monetary no-fee chequing account, you’ll be able to earn a $450 money bonus. Word that you just have to be a Canadian resident to qualify for the newcomer program.
Annual charge: $0Earn price: 4% money again on eating places and bars; 5% again on gasoline, grocery and drugstore and pre-authorized funds; 0.5% on every thing elseWelcome provide: You possibly can earn 20% money again on gasoline, 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 International Cash Transfers; prolonged safety and buy safety
Greatest credit score constructing secured bank card for newcomers
Residence Belief Secured Visa*
For many who haven’t any Canadian credit score historical past, the Residence Belief Secured Visa Card provides the power to construct up a credit score rating, for no annual charge. Alternatively, you may get a decrease 14.90% buy rate of interest when you pay a $59 annual charge. 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—but it surely’s not obtainable to worldwide college students, international staff, or residents of Quebec. The cardboard is accepted wherever you need to use Visa (in over 200 nations all over the world, in-store and on-line) and you need to use it to arrange invoice funds as with every different bank card. There usually are not many perks obtainable with this card, and their newcomer provides are pretty restricted when it comes to bundles, banking reductions, help or monetary recommendation, however if you’re focussed on constructing your credit score rating and residing inside your means, this can be a strong choice for you.
Annual charge: $59Earn price: 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: Will need to have a supply of earnings and never be in bankruptcyPerks: Visa Zero Legal responsibility; digital pockets prepared
Greatest rewards secured bank card for newcomers
Neo Secured Credit score*
The Neo Secured Credit score Card is a no-annual-fee secured card that can 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 also you present a safety deposit. There aren’t any credit score rating necessities, and also you don’t need to pay an annual charge. This, together with the power to earn limitless money rewards with Neo Companions, makes Neo a robust card for these beginning out. Plus, the power to earn rewards on secured bank cards is pretty uncommon. Do take into account, although, that the rate of interest is reasonably excessive in comparison with different playing cards on this listing, so when you carry a stability, the price may add up.
Annual charge: $0Earn price: A median of 5% again at Neo companion shops, as much as 15% again in your first buy at some shops, and a assured 0.5% base price Welcome provide: You possibly can 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: Capability to earn money again; Insights instruments that can assist you price range; entry to Perks to tailor your rewards
Greatest journey rewards card for newcomers
Scotiabank Passport Visa Infinite*
The Scotiabank Passport Visa Infinite permits you to earn worthwhile Scene+ Rewards factors you’ll be able to redeem for journey and extra, and consists of perks for wanderlusters like journey insurance coverage, no international change charges for purchases made in different currencies, financial savings on automotive leases, and 6 complimentary airport lounge visits per 12 months. If you’re planning to go to associates or household again dwelling, or like to journey generally, this card has some promising rewards choices. Although it has the next earnings requirement and annual charge than others on this listing, you’ll be able to qualify with no Canadian credit score historical past when you’re a part of the StartRight program for newcomers. If this card isn’t best for you, take into account one other bank card obtainable by way of the StartRight program, just like the Scotia Momentum No-Price Visa or the Scene+ Visa.
Annual charge: $150Earn price: 3 Scene+ factors per $1 spent at Sobeys, Safeway, IGA, Foodland and collaborating Co-ops; 2 Scene+ factors per $1 on eating and at different eligible grocery shops; 2 Scene+ factors on eligible leisure purchases and day by day transit choices together with rideshare, buses, taxis and subway.Welcome provide: You possibly can 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; lodge/motel housebreaking insurance coverage; rental automotive collision loss/injury insurance coverage; no international change charges; sic complimentary airport lounge passes; Visa Infinite privileges
Greatest bank card with a newcomer checking account bundle provide
RBC Money Again Mastercard
If you be a part of the RBC Newcomer Benefit program, you’ll be able to qualify for a bank card with no 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 could be eligible for the RBC Money Again Mastercard, which is out there 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 non permanent resident staff who arrived within the final two years. With this card you’ll additionally earn limitless money again in your purchases and obtain reductions on gasoline while you use a Petro Factors card at Petro-Canada—nice perks for a no-fee card. Simply needless to say 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 charge: $0Earn price: As much as 2% money again on grocery purchases and as much as 1% money again on every thing elseWelcome provide: You possibly can 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 gasoline financial savings at Petro-Canada; RBC Affords; free DoorDash deliveries for 3 months
Runner up greatest bank card with a newcomer checking account bundle provide
Nationwide Financial institution mycredit Mastercard
Whereas Nationwide Financial institution provides some wonderful help and bundling choices for newcomers, the money again price is barely decrease than different playing cards contemplating the acquisition rate of interest is decently excessive—though the money again earnings are limitless. You could be accredited for the bank card with no 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 cellphone quantity. You’ll get entry to a staff of specialists seven days per week to assist with immigration questions, specialised recommendation on housing, jobs, healthcare and extra for one 12 months. Plus, obtain extra financing help get to make use of a chequing account with no month-to-month charge for as much as three years, with extra banking reductions in years two and three of this system. What’s extra, the provide is legitimate to your first 5 years in Canada, which is beneficiant in comparison with different newcomer playing cards on this listing.
Earn price: As much as 1% money again at eating places and on recurring pre-authorized invoice funds, 0.5% money again on every thing elseWelcome provide: You could possibly earn as much as $135 money again, when you make at the very least $400 in purchases within the first 3 months after opening the account, and in addition join the Credit score Card Cost Safety Plan.Rate of interest: 20.99% on purchases, 22.49% on money advances, 22.49% 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.
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Our methodology: How we decided the most effective bank cards
The MoneySense editorial staff selects the most effective bank cards by assessing the worth they supply to newcomers throughout varied classes. Our greatest bank cards for newcomers rating is predicated on an in depth listing of options, together with credit score historical past necessities, rates of interest, welcome provides, 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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