Canada’s greatest bank cards for newcomers
In Canada, having an excellent credit score rating may also help you safe a rental and get a mortgage or a mortgage, nevertheless it’s onerous 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 vital for newcomers to get a bank card, even with out a longtime historical past.
On this record, we’ve damaged down the very best 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 a couple of playing cards you will get via banking bundles for newcomers that provide useful 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 crew of educated journalists works carefully with main private finance specialists in Canada. That can assist you discover the very best 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
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BMO CashBack Mastercard
- Annual payment: $0
- Earn charges: 3% money again on groceries (on the primary $500 per thirty days), 1% on recurring payments; 0.5% on all the things else
- Welcome bonus: earn as much as 5% money again in your first 3 months. Situations apply.
- Annual earnings requirement: None
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 era it reverts to the common 3% for groceries, the very best price for a no-fee card. Even higher, you should utilize your rewards everytime you need. Whenever 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 with out a credit score examine. The 20.99% buy rate of interest is pretty customary, however for those who 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 fee in time for the following assertion twice in a single yr, your buy rate of interest will rise to 24.99%. In the event you assume this might apply to you, take into account a low-interest or secured card from this record, as an alternative.
Greatest no-fee rewards bank card for newcomers
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Simplii Monetary Money Again Visa
- Annual payment: $0
- Earn charges: 4% money again on eating at eating places, bars and occasional retailers; 1.5% again on gasoline, groceries, drugstores and recurring invoice funds; and 0.5% on all different purchases
- Welcome supply: Earn as much as $150 of worth in your first 4 months, together with 10% money again on eligible eating places, bars and takeout (on the primary $500 spent).
- Annual earnings requirement: Private or family earnings of $15,000
Whenever 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’ll be able to apply for this system as much as one yr earlier than you arrive in Canada, or as much as 5 years after you arrive. Whenever 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. In the event you additionally join the Simplii Monetary no-fee chequing account, you may earn a $450 money bonus. Word that you simply should be a Canadian resident to qualify for the newcomer program.
Greatest low-interest card for newcomers
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MBNA True Line Gold Mastercard
- Annual payment: $39
- Buy rate of interest: 10.99%
- Welcome supply: This card doesn’t have a welcome supply at the moment.
- Earn charges: None
- Annual earnings requirement: None
The MBNA True Line Gold Mastercard has an excellent low buy rate of interest, which may also help you save some huge cash on curiosity costs for those who can’t repay your stability in full every month. Plus, though it doesn’t supply any rewards and few perks, the power to avoid wasting on curiosity costs with this card simply outweighs the worth of rewards you’d earn for those who can’t repay your stability. MBNA does say, although, that your credit score historical past will issue into your capacity to get the cardboard, and also you should be a Canadian resident to be eligible. If that doesn’t apply to you, take into account one of many different playing cards on this record.
Greatest credit score constructing secured bank card for newcomers
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Residence Belief Secured Visa
- Annual payment: $0
- Earn charges: None
- Welcome supply: This card doesn’t have a welcome bonus at the moment.
- Annual earnings requirement: None
For individuals who haven’t any Canadian credit score historical past, the Residence Belief Secured Visa Card presents the power to construct up a credit score rating, for no annual payment. Alternatively, you will get a decrease 14.90% buy rate of interest for those who pay a $59 annual payment. You set your individual spending restrict by making a minimal deposit of $500 to $10,000. The cardboard is simple to acquire—you should be a everlasting Canadian resident with a supply of earnings and never in chapter—nevertheless it’s not obtainable to worldwide college students, overseas staff, or residents of Quebec. The cardboard is accepted anyplace you should utilize Visa (in over 200 international locations world wide, in-store and on-line) and you should utilize it to arrange invoice funds as with every different bank card. There aren’t many perks obtainable with this card, and their newcomer presents are pretty restricted when it comes to bundles, banking reductions, assist or monetary recommendation, however if you’re focussed on constructing your credit score rating and dwelling inside your means, this can be a strong possibility for you.
Greatest rewards secured bank card for newcomers
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Neo Secured Credit score
- Annual payment: $0
- Earn charges: A minimal of 0.5% money again and a mean of 5% money again on purchases at companions
- Welcome supply: earn $25 money again.
- Annual earnings requirement: Private or family earnings of $50,000
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 are not any credit score rating necessities, and also you don’t should pay an annual payment. This, together with the power to earn limitless money rewards with Neo Companions, makes Neo a powerful card for these beginning out. The flexibility to earn rewards on secured bank cards is pretty uncommon, though you’re solely eligible for money again with Neo-affiliated shops and companies. Do consider, although, that the rate of interest is reasonably excessive in comparison with different playing cards on this record, so for those who carry a stability, the associated fee might add up.
Greatest journey rewards card for newcomers
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Scotiabank Passport Visa Infinite
- Annual payment: $150
- Earn price: 3 Scene+ factors per $1 spent at Sobeys shops; 2 factors per $1 on groceries, eating, leisure and transit; 1 level per $1 on all the things else. Plus, pay no FX charges
- Welcome supply: earn as much as $1,100 in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. To qualify, apply by October 31, 2024.
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
The Scotiabank Passport Visa Infinite permits you to earn useful Scene+ Rewards factors you may 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 automobile leases, and 6 complimentary airport lounge visits per yr. If you’re planning to go to buddies or household again dwelling, or like to journey generally, this card has some promising rewards choices. Although it has a better earnings requirement and annual payment than others on this record, you may qualify with out a Canadian credit score historical past for those who’re a part of the StartRight program for newcomers. If this card isn’t best for you, take into account one other Scotiabank bank card obtainable via the StartRight program, just like the Scotia Momentum No-Payment Visa or the Scene+ Visa.
Greatest bank card with a newcomer checking account bundle supply
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RBC Money Again Mastercard
- Annual payment: $0
- Earn price: 2% money again on groceries and 1% again on all different purchases
- Welcome bonus:
- Annual earnings requirement: None
Whenever 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 supply, save on banking charges on the RBC Benefit Banking account for one yr, and even qualify for a mortgage. Beneath the newcomer benefit program, you might be eligible for the RBC Money Again Mastercard, which is on the market 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 short-term 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 gas whenever you use a Petro Factors card at Petro-Canada—nice perks for a no-fee card. Simply understand that the acquisition rate of interest is pretty excessive, so for those who carry a stability or can’t repay your card in full each month, the prices can add up.
Runner up greatest bank card with a newcomer checking account bundle supply
Nationwide Financial institution mycredit Mastercard*
Whereas Nationwide Financial institution presents some glorious 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 might be permitted 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 cellphone quantity. You’ll get entry to a crew of specialists seven days every week to assist with immigration questions, specialised recommendation on housing, jobs, healthcare and extra for one yr. Plus, you may 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 all the things else
- Welcome supply: You may earn as much as $135 money again, for those who make not less than $400 in purchases within the first 3 months after opening the account, and likewise 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: Cell theft/ injury safety; prolonged guarantee; buy safety; contactless funds and fraud safety.
Regularly requested questions
How we decide the very best bank cards
The MoneySense editorial crew selects the very best bank cards by assessing the worth they supply to newcomers throughout numerous classes. Our greatest bank cards for newcomers rating relies on an in depth record of options, together with credit score historical past necessities, rates of interest, welcome presents, 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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