The 7 greatest bank cards for newcomers to Canada for 2023

Finest 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 price for the primary three months, after which era it reverts to the common 3% for groceries, the best price for a no-fee card. Even higher, you should use your rewards everytime you need. If 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’ll open the BMO CashBack Mastercard with out a credit score verify. 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 gained’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 the event you assume there’s an opportunity this might apply to you, contemplate a low-interest or secured card from this record, as an alternative. 

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

Finest no-fee rewards bank card for newcomers who like eating out

Simplii Monetary Money Again Visa

If 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 possibly can 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. If 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 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. New clients get an attention grabbing 20% money again on gasoline, 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, nevertheless, you gained’t pay any curiosity costs. In the event you additionally join the Simplii Monetary no-fee chequing account, you possibly can earn a $450 money bonus. Observe that you simply have to be a Canadian resident to qualify for the newcomer program.

• Annual charge: $0
• Earn price: 4% money again on eating places and bars; 5% again on gasoline, grocery and drugstore and pre-authorized funds; 0.5% on every little thing else
• Welcome supply: You possibly can earn 20% money again on gasoline, 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 earnings 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 World Cash Transfers; prolonged safety and buy safety

Finest credit score constructing secured bank card for newcomers

House Belief Secured Visa*

For individuals who don’t have any Canadian credit score historical past, the House Belief Secured Visa Card gives the power to construct up a credit score rating, for no annual charge. Alternatively, you may get a decrease 14.90% buy rate of interest in case 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 staff, or residents of Quebec. The cardboard is accepted wherever 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 usually are not many perks obtainable 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 stable choice for you.

• Annual charge: $59
• Earn price: N/A
• Welcome supply: This card doesn’t have a welcome bonus presently.
• 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

Finest rewards secured bank card for newcomers

Neo Secured Credit score*

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 supply 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, makes Neo a powerful card for these beginning out. Plus, the power to earn rewards on secured bank cards is pretty uncommon. Do have 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 fee may add up.  

• Annual charge: $0
• Earn price: A median 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 price 
• 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: Means to earn money again; Insights instruments that can assist you price range; entry to Perks to tailor your rewards

Finest journey rewards card for newcomers

Scotiabank Passport Visa Infinite*

The Scotiabank Passport Visa Infinite helps 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 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 pals or household again house, or like to journey basically, this card has some promising rewards choices. Although it has a better earnings requirement and annual charge than others on this record, you possibly can qualify with out a 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, contemplate one other bank card obtainable via the StartRight program, just like the Scotia Momentum No-Charge Visa or the Scene+ Visa. 

• Annual charge: $150
• Earn price: 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 each day transit choices together with rideshare, buses, taxis and subway.
• Welcome supply: You possibly can 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/injury insurance coverage; no international change charges; sic complimentary airport lounge passes; Visa Infinite privileges   

Finest bank card with a newcomer checking account bundle supply

RBC Money Again Mastercard

If you be a part of the RBC Newcomer Benefit program, you possibly can 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 12 months, and even qualify for a mortgage. Below 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 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 if 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 charge: $0
• Earn price: As much as 2% money again on grocery purchases and as much as 1% money again on every little thing else
• Welcome supply: You possibly can 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 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 Affords; 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 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 may be authorized 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 telephone quantity. You’ll get entry to a staff of specialists seven days every 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 charge 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 in 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 every little thing else
• Welcome supply: You would earn as much as $135 money again, in case 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: 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 in case you are 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

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