The best credit cards for newcomers to Canada for 2024

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 charge for the primary three months, after which period it reverts to the common 3% for groceries, the best charge for a no-fee card. Even higher, you should use your rewards everytime you need. Once 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’ll open the BMO CashBack Mastercard with no credit score test. The 20.99% buy rate of interest is pretty customary, however in case you begin accumulating a stability, curiosity prices can actually add up. Plus, if there’s an opportunity you received’t be capable of 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%. Should you suppose this might apply to you, think about a low-interest or secured card from this record, as an alternative. 

• Annual charge: $0
• Earn charge: 3% money again on groceries; 1% money again on recurring invoice funds; 0.5% again on every part else
• Welcome supply: You’ll be able to 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 transfers
• Annual earnings requirement: $15,000
• Credit score rating/ credit score historical past required: None, if applicant is a part of the BMO NewStart Program
• Perks: 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

Simplii Monetary Money Again Visa

Once you signal as much as the Simplii Monetary New to Canada Banking Program, you possibly can 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. 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. Should you additionally join the Simplii Financial no-fee chequing account, you possibly can earn a $450 money bonus. Word that you simply have to be a Canadian resident to qualify for the newcomer program.

• Annual charge: $0
• Earn charge: 4% money again on eating places and bars; 1.5% again on fuel, grocery and drugstore and pre-authorized funds; 0.5% on every part else
• Welcome 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 stability transfers
• Annual earnings requirement: $15,000
• Credit score rating/ credit score historical past required: No Canadian credit score historical past required if you’re a part of the New to Canada Banking Program
• Perks: Payment-free World 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 a brilliant low buy rate of interest, which will help you save some huge cash on curiosity fees in case you 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 fees with this card simply outweighs the worth of rewards you’d earn in case you 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 have to be a Canadian resident to be eligible. If that doesn’t apply to you, think about one of many different playing cards on this record.

• Annual charge: $39
• Welcome supply: N/A
• Rates of interest: 8.99% on purchases, 24.99% on money advances, 8.99% on stability transfers
• Annual earnings requirement: N/A
• Credit score rating/ credit score historical past required: Not specified
• Perks: Financial savings on automotive leases with Avis and Price range, misplaced baggage insurance coverage

Greatest credit score constructing secured bank card for newcomers

Home Trust Secured Visa*

For many who haven’t any Canadian credit score historical past, the Residence Belief Secured Visa Card affords the power to construct up a credit score rating, for no annual charge. Alternatively, you will get a decrease 14.90% buy rate of interest in case 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—however it’s not out there to worldwide college students, international employees, or residents of Quebec. The cardboard is accepted anyplace you should use Visa (in over 200 international locations all over the world, in-store and on-line) and you should use it to arrange invoice funds as with all different bank card. There usually are not many perks out there with this card, and their newcomer affords are pretty restricted by way of bundles, banking reductions, help or monetary recommendation, however if you’re focussed on constructing your credit score rating and dwelling inside your means, this can be a strong choice for you.

• Annual charge: $59
• Earn charge: N/A
• Welcome supply: This card doesn’t have a welcome bonus right now.
• Rates of interest: 14.9% on purchases
• Annual 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 chapter
• Perks: Visa Zero Legal responsibility; digital pockets prepared

Greatest rewards secured bank card for newcomers

Neo Secured Credit*

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 must 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. The power to earn rewards on secured bank cards is pretty uncommon, though you might be solely eligible for money again with Neo-affiliated shops and providers. Do bear in mind, although, that the rate of interest is reasonably excessive in comparison with different playing cards on this record, so in case you carry a stability, the associated fee might add up.  

• Annual charge: $0
• Earn charge: A median of 5% again at Neo accomplice shops, as much as 15% again in your first buy at some shops, and a assured 0.5% base charge 
• 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 advances
• Annual earnings requirement: N/A
• Credit score rating/ credit score historical past required: None
• Perks: Potential to earn money again; Insights instruments that can assist you finances; 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 precious Scene+ Rewards factors you possibly can redeem for journey and extra, and contains perks for wanderlusters like journey insurance coverage, no international transaction charges for purchases made in different currencies, financial savings on automotive leases, and 6 complimentary airport lounge visits per 12 months. In case you are planning to go to associates or household again residence, or like to journey basically, this card has some promising rewards choices. Although it has the next earnings requirement and annual charge than others on this record, you possibly can qualify with no Canadian credit score historical past in case you’re a part of the StartRight program for newcomers. If this card isn’t best for you, think about one other Scotiabank bank card out there by means of the StartRight program, just like the Scotia Momentum No-Payment Visa or the Scene+ Visa. 

• Annual charge: $150
• Earn 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 day by day transit choices together with rideshare, buses, taxis and subway.
• Welcome supply: You’ll be able to earn as much as $1,300 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors and first 12 months annual charge waived. Provide ends July 1, 2024.
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
• Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
• Credit score 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 automotive collision loss/injury insurance coverage; no international trade charges; sic complimentary airport lounge passes; Visa Infinite privileges   

Greatest bank card with a newcomer checking account bundle supply

RBC Money Again Mastercard

Once you be part of the RBC Newcomer Benefit program, you possibly can qualify for a bank card with no 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. Beneath the newcomer benefit program, you will 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 short-term 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 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 in case you carry a stability or can’t repay your card in full each month, the prices can add up.

• Annual charge: $0
• Earn charge: As much as 2% money again on grocery purchases and as much as 1% money again on every part else
• Welcome supply: You may get a 0.99% introductory rate of interest on money advances and stability transfers for the primary 10 months in case you apply by December sixth 2023.
• Rates of interest: 20.99% on purchases, 22.99% on money advances, and 22.99% on stability transfers
• Annual earnings requirement: None
• Credit score rating/ credit score historical past required: None for newcomers within the StartRight program
• Perks: 3 cents per litre gas financial savings at Petro-Canada; RBC Provides; free DoorDash deliveries for 3 months

Runner up greatest bank card with a newcomer checking account bundle supply 

National Bank mycredit Mastercard*

Whereas Nationwide Financial institution affords some glorious help 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 will be accredited for the bank card with no 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 telephone 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 12 months. Plus, you possibly can obtain further financing help. With the newcomer banking supply, you get to make use of a chequing account with no month-to-month charge for as much as three years, with further banking reductions in years two and three of this system. What’s extra, the supply is legitimate on your first 5 years in Canada, which is beneficiant in comparison with different newcomer playing cards on this record.

• 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 else
• Welcome supply: You would earn as much as $135 money again, in case you make a minimum of $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: 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.

Ceaselessly requested questions

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