The 7 greatest bank cards for newcomers to Canada for 2023

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 very best charge for a no-fee card. Even higher, you should use your rewards everytime you need. Whenever 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 with no credit score examine. The 20.99% buy rate of interest is pretty commonplace, however in case you 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 fee in time for the subsequent assertion twice in a single 12 months, your buy rate of interest will rise to 24.99%. In the event you suppose there’s an opportunity this might apply to you, think about a low-interest or secured card from this record, as an alternative. 

• Annual price: $0
• Earn charge: 3% money again on groceries; 1% money again on recurring invoice funds; 0.5% again on every little thing 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 revenue 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 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

Whenever 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. 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 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 some 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 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 remember the fact that after this, the speed goes again to a reasonably excessive 19.99%. In the event you repay your card in full every month, nonetheless, you received’t pay any curiosity prices. In the event 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 price: $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 supply: You’ll be able to earn 20% money again on fuel, 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 transfers
• Annual revenue requirement: $15,000
• Credit score 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 Program
• Perks: Charge-free International Cash Transfers; prolonged safety and buy safety

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 gives the flexibility to construct up a credit score rating, for no annual price. Alternatively, you may get a decrease 14.90% buy rate of interest in case you pay a $59 annual price. You set your personal 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 revenue and never in chapter—however it’s not out there to worldwide college students, overseas staff, or residents of Quebec. The cardboard is accepted wherever you should use Visa (in over 200 international locations around the globe, in-store and on-line) and you should use it to arrange invoice funds as with every different bank card. There are usually not many perks out there with this card, and their newcomer gives are pretty restricted by way of bundles, banking reductions, help or monetary recommendation, however in case you are focussed on constructing your credit score rating and residing inside your means, this can be a strong possibility for you.

• Annual price: $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 revenue requirement: N/A ($500 minimal deposit)
• Credit score rating/ credit score historical past required: Should have a supply of revenue 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 aren’t any credit score rating necessities, and also you don’t should pay an annual price. This, together with the flexibility to earn limitless money rewards, makes Neo a powerful 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 record, so in case you carry a stability, the price may add up.  

• Annual price: $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 revenue requirement: N/A
• Credit score rating/ credit score historical past required: None
• Perks: Capability to earn money again; Insights instruments that can assist you funds; entry to Perks to tailor your rewards

Greatest journey rewards card for newcomers

Scotiabank Passport Visa Infinite*

The Scotiabank Passport Visa Infinite helps you to earn invaluable Scene+ Rewards factors you’ll be able to redeem for journey and extra, and consists of perks for wanderlusters like journey insurance coverage, no overseas alternate 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 residence, or like to journey basically, this card has some promising rewards choices. Although it has the next revenue requirement and annual price than others on this record, you’ll be able to 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 bank card out there by the StartRight program, just like the Scotia Momentum No-Charge Visa or the Scene+ Visa. 

• Annual price: $150
• Earn charge: 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 each 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 31 October 2023.
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers
• Annual revenue requirement: Private revenue of $60,000 or family revenue 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; lodge/motel housebreaking insurance coverage; rental automotive collision loss/harm insurance coverage; no overseas alternate charges; sic complimentary airport lounge passes; Visa Infinite privileges   

Greatest bank card with a newcomer checking account bundle supply

RBC Money Again Mastercard

Whenever you be 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 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 may 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 momentary 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 remember the fact that 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 price: $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 supply: You’ll be able to earn as much as 12% money again on eligible purchases for the primary 3 months
• Rates of interest: 20.99% on purchases, 22.99% on money advances, and 22.99% on stability transfers
• Annual revenue 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 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 gives some wonderful 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 may be permitted 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 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 further financing help get to make use of a chequing account with no month-to-month price 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 in 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 little thing else
• Welcome supply: You may earn as much as $135 money again, in case you make at the 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: 0.99% on purchases, 22.99% on money advances, 22.99% on stability transfers

• Annual revenue 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.

Often requested questions

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