One of the best bank 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 fee for the primary three months, after which era it reverts to the common 3% for groceries, the best fee 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 verify. The 20.99% buy rate of interest is pretty commonplace, however should you begin accumulating a steadiness, 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 subsequent assertion twice in a single yr, your buy rate of interest will rise to 24.99%. If you happen to assume this might apply to you, think about a low-interest or secured card from this record, as a substitute. 

• Annual charge: $0
• Earn fee: 3% money again on groceries; 1% money again on recurring invoice funds; 0.5% again on all the things else
• Welcome supply: You possibly can 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 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 harm waiver on rental vehicles; 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 may apply for the Simplii Monetary Money Again Visa with none Canadian credit score historical past. You possibly can apply for this system as much as one yr 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 gasoline, grocery, drugstore and pre-authorized funds as much as the primary $15,000 yearly. There’s a base fee 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. If you happen to additionally join the Simplii Monetary no-fee chequing account, you may 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 fee: 4% money again on eating places and bars; 1.5% again on gasoline, grocery and drugstore and pre-authorized funds; 0.5% on all the things else
• Welcome supply: You possibly can 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 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: 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 a brilliant low buy rate of interest, which may also help you save some huge cash on curiosity expenses should you can’t repay your steadiness in full every month. Plus, though it doesn’t supply any rewards and few perks, the power to save lots of on curiosity expenses with this card simply outweighs the worth of rewards you’d earn should you can’t repay your steadiness. 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 steadiness transfers
• Annual earnings requirement: N/A
• Credit score rating/ credit score historical past required: Not specified
• Perks: Financial savings on automobile leases with Avis and Price range, misplaced baggage insurance coverage

Greatest credit score constructing secured bank card for newcomers

Dwelling Belief Secured Visa*

For many who haven’t any Canadian credit score historical past, the Dwelling Belief Secured Visa Card provides 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 should you pay a $59 annual charge. You set your personal spending restrict by making a minimal deposit of $500 to $10,000. The cardboard is simple to acquire—you have to be a everlasting Canadian resident with a supply of earnings and never in chapter—however it’s not obtainable 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 every different bank card. There aren’t many perks obtainable with this card, and their newcomer provides 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 charge: $59
• Earn fee: N/A
• Welcome supply: 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 also you present a safety deposit. There are not 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 powerful card for these beginning out. The power 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 take into account, although, that the rate of interest is reasonably excessive in comparison with different playing cards on this record, so should you carry a steadiness, the fee may add up.  

• Annual charge: $0
• Earn fee: A mean 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 fee 
• Welcome supply: You possibly can 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: Capacity 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 enables you to earn useful Scene+ Rewards factors you may 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 automobile leases, and 6 complimentary airport lounge visits per yr. If you’re planning to go to mates or household again house, or like to journey usually, this card has some promising rewards choices. Although it has the next earnings requirement and annual charge than others on this record, you may qualify with no Canadian credit score historical past should 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 obtainable by the StartRight program, just like the Scotia Momentum No-Charge Visa or the Scene+ Visa. 

• Annual charge: $150
• Earn fee: 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 possibly can 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 yr annual charge waived. Provide ends July 1, 2024.
• Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness 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; lodge/motel housebreaking insurance coverage; rental automobile 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 supply

RBC Money Again Mastercard

Once you be a part of the RBC Newcomer Benefit program, you may 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 yr, and even qualify for a mortgage. Below the newcomer benefit program, you might be eligible for the RBC Money Again Mastercard, which is offered 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 gasoline once 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 should you carry a steadiness or can’t repay your card in full each month, the prices can add up.

• Annual charge: $0
• Earn fee: As much as 2% money again on grocery purchases and as much as 1% money again on all the things else
• Welcome supply: You will get a 0.99% introductory rate of interest on money advances and steadiness transfers for the primary 10 months should you apply by December sixth 2023.
• Rates of interest: 20.99% on purchases, 22.99% on money advances, and 22.99% on steadiness 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 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 provides some wonderful help and bundling choices for newcomers, the money again fee 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 accepted 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 group of specialists seven days per week to assist with immigration questions, specialised recommendation on housing, jobs, healthcare and extra for one yr. Plus, you may 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 to your first 5 years in Canada, which is beneficiant in comparison with different newcomer playing cards on this record.

• Earn fee: 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 can earn as much as $135 money again, should you make no less than $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 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.

Ceaselessly requested questions

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