The 7 finest bank cards for newcomers to Canada for 2023

Canada’s finest bank cards for newcomers

By Keph Senett on August 11, 2023
Estimated studying time: 15 minutes

In Canada, having a great credit score rating can assist you safe a rental and get a mortgage or a mortgage, but it surely’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. For that reason, it’s vital for newcomers to get a bank card, even with out a longtime historical past.

On this checklist, we’ve damaged down the perfect 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 number of playing cards you may get by way of banking bundles for newcomers that provide beneficial 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 staff of skilled journalists works intently with main private finance specialists in Canada. That will help you discover the perfect 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 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 need to use your rewards everytime you need. While 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 and not using a credit score test. The 20.99% buy rate of interest is pretty commonplace, however if you happen to begin accumulating a stability, curiosity prices can actually add up. Plus, if there’s an opportunity you received’t have the ability 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%. In case you assume there’s an opportunity this might apply to you, think about a low-interest or secured card from this checklist, as a substitute. 

• Annual payment: $0
• Earn charge: 3% money again on groceries; 1% money again on recurring invoice funds; 0.5% again on every little thing else
• Welcome provide: You may earn as much as 5% money again in your first Three 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 eight 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 who like eating out

Simplii Monetary Money Again Visa

While 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. 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 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 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 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 understand that after this, the speed goes again to a reasonably excessive 19.99%. In case you repay your card in full every month, nonetheless, you received’t pay any curiosity costs. In case you additionally join the Simplii Monetary no-fee chequing account, you may earn a $450 money bonus. Notice that you just have to be a Canadian resident to qualify for the newcomer program.

• Annual payment: $0
• Earn charge: 4% money again on eating places and bars; 5% again on fuel, grocery and drugstore and pre-authorized funds; 0.5% on every little thing else
• Welcome provide: You may earn 20% money again on fuel, groceries, drugstore and pre-authorized funds for the primary Three months (as much as $500)
• 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 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 gives the flexibility to construct up a credit score rating, for no annual payment. Alternatively, you may get a decrease 14.90% buy rate of interest if you happen to pay a $59 annual payment. 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 around the globe, in-store and on-line) and you need to use it to arrange invoice funds as with all different bank card. There aren’t many perks obtainable with this card, and their newcomer gives 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 residing inside your means, this can be a stable possibility for you.

• Annual payment: $59
• Earn charge: N/A
• Welcome provide: This card doesn’t have a welcome bonus at the moment.
• Rates of interest: 14.9% on purchases
• Annual 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 chapter
• Perks: 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 supply 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 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 consider, although, that the rate of interest is reasonably excessive in comparison with different playing cards on this checklist, so if you happen to carry a stability, the associated fee might add up.  

• Annual payment: $0
• Earn charge: A mean 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 advances
• Annual earnings requirement: N/A
• Credit score rating/ credit score historical past required: None
• Perks: Capability to earn money again; Insights instruments that will help 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 beneficial Scene+ Rewards factors you may 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. In case you are planning to go to mates or household again house, or like to journey basically, this card has some promising rewards choices. Although it has the next earnings requirement and annual payment than others on this checklist, you may qualify and not using a Canadian credit score historical past if you happen to’re a part of the StartRight program for newcomers. If this card isn’t best for you, think about one other bank card obtainable by way of the StartRight program, just like the Scotia Momentum No-Payment Visa or the Scene+ Visa. 

• Annual payment: $150
• Earn charge: Three 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 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 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/harm 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

While you be a part of the RBC Newcomer Benefit program, you may qualify for a bank card and not using 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. Underneath 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 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 if you happen to carry a stability or can’t repay your card in full each month, the prices can add up.

• Annual payment: $0
• Earn charge: As much as 2% money again on grocery purchases and as much as 1% money again on every little thing else
• Welcome provide: You may earn as much as 12% money again on eligible purchases for the primary Three months
• 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: Three cents per litre gas financial savings at Petro-Canada; RBC Affords; 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 gives 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 could be authorised 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 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 payment 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 on 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 little thing else
• Welcome provide: You would earn as much as $135 money again, if you happen to make at the very least $400 in purchases within the first Three months after opening the account, and likewise join the Credit score Card Cost 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: Cell theft/ harm safety; prolonged guarantee; buy safety; contactless funds and fraud safety.

Continuously requested questions

Our methodology: How we decided the perfect bank cards

The MoneySense editorial staff 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 checklist of options, together with credit score historical past necessities, rates of interest, welcome gives, 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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