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Canada’s greatest bank cards for newcomers
In Canada, having a very good credit score rating may help you safe a rental and get a mortgage or a mortgage, nevertheless it’s exhausting to know the place to begin while 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 vital for newcomers to get a bank card, even with out a longtime historical past.
On this record, we’ve damaged down the perfect bank cards for newcomers relying in your spending habits and necessities. Need money again? We’ve bought a card for that—and for vacationers and those that eat in eating places, too. There are even just a few playing cards you will get by banking bundles for newcomers that supply useful extras, so dive in and discover the perfect card for you.
Our picks for the perfect 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 skilled journalists works carefully with main private finance specialists in Canada. That can assist you discover the perfect monetary merchandise, we examine 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.
Greatest 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 price for the primary three months, after which period it reverts to the common 3% for groceries, the very best price for a no-fee card. Even higher, you should use your rewards everytime you need. While you apply for the BMO NewStart Program, you’ll obtain money again bonuses on different merchandise, like a chequing account, investments and even a mortgage, and you may open the BMO CashBack Mastercard and not using a credit score examine. The 20.99% buy rate of interest is pretty commonplace, however in the event you begin accumulating a steadiness, curiosity prices can actually add up. Plus, if there’s an opportunity you received’t have the ability to make the minimal fee in time for the following assertion twice in a single 12 months, your buy rate of interest will rise to 24.99%. Should you assume this might apply to you, contemplate a low-interest or secured card from this record, as an alternative.
Annual payment: $0 Earn price: 3% money again on groceries; 1% money again on recurring invoice funds; 0.5% again on every part elseWelcome supply: You’ll be able to 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 steadiness 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 harm waiver on rental automobiles; BMO Concierge service
Greatest no-fee rewards bank card for newcomers
Simplii Monetary Money Again Visa
While 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’ll be able to 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. While 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 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. Should you additionally join the Simplii Monetary no-fee chequing account, you’ll be able to earn a $450 money bonus. Word that you simply should be a Canadian resident to qualify for the newcomer program.
Annual payment: $0Earn price: 4% money again on eating places and bars; 1.5% again on gasoline, grocery and drugstore and pre-authorized funds; 0.5% on every part elseWelcome supply: You’ll be able to earn 10% money again eligible restaurant, meals supply and bar purchases for the primary 4 months (as much as $500) till December 5, 2023.Rates of interest: 19.99% on purchases, 22.99% on money advances, and 22.99% on steadiness transfersAnnual earnings requirement: $15,000Credit rating/ credit score historical past required: No Canadian credit score historical past required in case you are a part of the New to Canada Banking ProgramPerks: Charge-free International Cash Transfers; prolonged safety and buy safety
Greatest low-interest card for newcomers
MBNA True Line Gold Mastercard*
The MBNA True Line Gold Mastercard has an excellent low buy rate of interest, which may help you save some huge cash on curiosity costs in the event you can’t repay your steadiness in full every month. Plus, though it doesn’t supply any rewards and few perks, the flexibility to save lots of on curiosity costs with this card simply outweighs the worth of rewards you’d earn in the event you can’t repay your steadiness. MBNA does say, although, that your credit score historical past will issue into your means to get the cardboard, and also you should be a Canadian resident to be eligible. If that doesn’t apply to you, contemplate one of many different playing cards on this record.
Annual payment: $39Welcome supply: N/AInterest charges: 8.99% on purchases, 24.99% on money advances, 8.99% on steadiness transfersAnnual earnings requirement: N/ACredit rating/ credit score historical past required: Not specifiedPerks: Financial savings on automotive leases with Avis and Funds, misplaced baggage insurance coverage
Greatest credit score constructing secured bank card for newcomers
House Belief Secured Visa*
For many who haven’t any Canadian credit score historical past, the House Belief Secured Visa Card affords the flexibility to construct up a credit score rating, for no annual payment. Alternatively, you will get a decrease 14.90% buy rate of interest in the event you pay a $59 annual payment. You set your personal spending restrict by making a minimal deposit of $500 to $10,000. The cardboard is straightforward to acquire—you should be a everlasting Canadian resident with a supply of earnings and never in chapter—nevertheless it’s not out there to worldwide college students, overseas employees, or residents of Quebec. The cardboard is accepted wherever you should use Visa (in over 200 nations world wide, in-store and on-line) and you should use it to arrange invoice funds as with every different bank card. There usually are not many perks out there with this card, and their newcomer affords are pretty restricted when it comes to bundles, banking reductions, assist or monetary recommendation, however in case you are focussed on constructing your credit score rating and dwelling inside your means, this can be a strong choice for you.
Annual payment: $59Earn price: N/AWelcome supply: This card doesn’t have a welcome bonus at the moment.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 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 also you present a safety deposit. There aren’t any credit score rating necessities, and also you don’t should pay an annual payment. This, together with the flexibility to earn limitless money rewards with Neo Companions, makes Neo a robust card for these beginning out. The flexibility to earn rewards on secured bank cards is pretty uncommon, though you might be solely eligible for money again with Neo-affiliated shops and companies. Do remember, although, that the rate of interest is reasonably excessive in comparison with different playing cards on this record, so in the event you carry a steadiness, the associated fee may add up.
Annual payment: $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 supply: You’ll be able to 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 will help you funds; 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 useful Scene+ Rewards factors you’ll be able to redeem for journey and extra, and contains perks for wanderlusters like journey insurance coverage, no overseas transaction 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 pals or household again dwelling, or like to journey typically, this card has some promising rewards choices. Although it has the next earnings requirement and annual payment than others on this record, you’ll be able to qualify and not using a Canadian credit score historical past in the event you’re a part of the StartRight program for newcomers. If this card isn’t best for you, contemplate one other Scotiabank bank card out there by the StartRight program, just like the Scotia Momentum No-Charge Visa or the Scene+ Visa.
Annual payment: $150Earn price: 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 day by day transit choices together with rideshare, buses, taxis and subway.Welcome supply: You’ll be able to earn as much as $1,100+ in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. Supply ends January 3, 2024.Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness 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/harm insurance coverage; no overseas change charges; sic complimentary airport lounge passes; Visa Infinite privileges
Greatest bank card with a newcomer checking account bundle supply
RBC Money Again Mastercard
While you be a part of the RBC Newcomer Benefit program, you’ll be able to qualify for a bank card and not using a Canadian credit score historical past, obtain a beneficiant welcome supply, save on banking charges on the RBC Benefit Banking account for one 12 months, and even qualify for a mortgage. Underneath the newcomer benefit program, you could be eligible for the RBC Money Again Mastercard, which is accessible 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 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 gasoline while you use a Petro Factors card at Petro-Canada—nice perks for a no-fee card. Simply take into account that the acquisition rate of interest is pretty excessive, so in the event you carry a steadiness or can’t repay your card in full each month, the prices can add up.
Annual payment: $0Earn price: As much as 2% money again on grocery purchases and as much as 1% money again on every part elseWelcome supply: You may get a 0.99% introductory rate of interest on money advances and steadiness transfers for the primary 10 months in the event you apply by December sixth 2023.Rates of interest: 20.99% on purchases, 22.99% on money advances, and 22.99% on steadiness 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 Gives; free DoorDash deliveries for 3 months
Runner up greatest bank card with a newcomer checking account bundle supply
Nationwide Financial institution mycredit Mastercard*
Whereas Nationwide Financial institution affords some wonderful assist 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 permitted for the bank card and not using a Canadian credit score historical past. To use for this system, all you want is a sound passport out of your nation of origin or a Canadian everlasting resident card and a Canadian cellphone quantity. You’ll get entry to a workforce of specialists seven days per week to assist with immigration questions, specialised recommendation on housing, jobs, healthcare and extra for one 12 months. Plus, you’ll be able to obtain extra financing assist. With the newcomer banking supply, you get to make use of a chequing account with no month-to-month payment for as much as three years, with extra banking reductions in years two and three of this system. What’s extra, the supply is legitimate to your first 5 years in Canada, which is beneficiant in comparison with different newcomer playing cards on this record.
Earn price: As much as 1% money again at eating places and on recurring pre-authorized invoice funds, 0.5% money again on every part elseWelcome supply: You might earn as much as $135 money again, in the event 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 Fee Safety Plan.Rate of interest: 20.99% on purchases, 22.49% on money advances, 22.49% on steadiness transfers
Annual earnings requirement: None
Credit score rating/ credit score historical past required: None in case you are a part of Nationwide Financial institution’s newcomer program
Perks: Cell theft/ harm safety; prolonged guarantee; buy safety; contactless funds and fraud safety.
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Our methodology: How we decided the perfect bank cards
The MoneySense editorial workforce selects the perfect 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 record 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 data 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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