One of the best bank cards for newcomers to Canada for 2024

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 period it reverts to the common 3% for groceries, the best price for a no-fee card. Even higher, you should utilize your rewards everytime you need. Whenever 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 and not using a credit score examine. The 20.99% buy rate of interest is pretty commonplace, however when 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%. For those who assume this might apply to you, think about a low-interest or secured card from this checklist, as a substitute. 

• Annual charge: $0
• Earn price: 3% money again on groceries; 1% money again on recurring invoice funds; 0.5% again on all the things else
• Welcome provide: You’ll be able to 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 harm waiver on rental vehicles; BMO Concierge service

Finest no-fee rewards bank card for newcomers

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 price 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. For those who additionally join the Simplii Monetary no-fee chequing account, you’ll be able to earn a $450 money bonus. Word that you just should be a Canadian resident to qualify for the newcomer program.

• Annual charge: $0
• Earn price: 4% money again on eating places and bars; 1.5% again on fuel, grocery and drugstore and pre-authorized funds; 0.5% on all the things else
• Welcome provide: 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: Charge-free World Cash Transfers; prolonged safety and buy safety

Finest low-interest card for newcomers

MBNA True Line Gold Mastercard*

The MBNA True Line Gold Mastercard has an excellent low buy rate of interest, which can assist you save some huge cash on curiosity expenses when you can’t repay your stability in full every month. Plus, though it doesn’t provide any rewards and few perks, the flexibility to avoid wasting on curiosity expenses with this card simply outweighs the worth of rewards you’d earn when you can’t repay your stability. MBNA does say, although, that your credit score historical past will issue into your skill to get the cardboard, and also you should be a Canadian resident to be eligible. If that doesn’t apply to you, think about one of many different playing cards on this checklist.

• Annual charge: $39
• Welcome provide: 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 Finances, misplaced baggage insurance coverage

Finest credit score constructing secured bank card for newcomers

House Belief Secured Visa*

For individuals 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 charge. Alternatively, you will get a decrease 14.90% buy rate of interest when 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 simple to acquire—you should be a everlasting Canadian resident with a supply of earnings and never in chapter—nevertheless it’s not out there to worldwide college students, international employees, or residents of Quebec. The cardboard is accepted wherever you should utilize Visa (in over 200 international locations around the globe, in-store and on-line) and you should utilize it to arrange invoice funds as with every different bank card. There will not be many perks out there with this card, and their newcomer gives are pretty restricted when it comes to 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 possibility for you.

• Annual charge: $59
• Earn price: 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: Should 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 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 flexibility 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 providers. Do take into accout, although, that the rate of interest is reasonably excessive in comparison with different playing cards on this checklist, so when you carry a stability, the price may add up.  

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

Finest journey rewards card for newcomers

Scotiabank Passport Visa Infinite*

The Scotiabank Passport Visa Infinite enables you to earn helpful Scene+ Rewards factors you’ll be able to 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 buddies or household again residence, or like to journey generally, this card has some promising rewards choices. Although it has the next earnings requirement and annual charge than others on this checklist, you’ll be able to qualify and not using a Canadian credit score historical past when 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 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 every day transit choices together with rideshare, buses, taxis and subway.
• Welcome provide: 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. Provide ends January 3, 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; lodge/motel housebreaking insurance coverage; rental automotive collision loss/harm insurance coverage; no international change charges; sic complimentary airport lounge passes; Visa Infinite privileges   

Finest bank card with a newcomer checking account bundle provide

RBC Money Again Mastercard

Whenever you be a part of the RBC Newcomer Benefit program, you’ll be able to 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. Beneath the newcomer benefit program, you may be eligible for the RBC Money Again Mastercard, which is accessible 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 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 remember the fact that the acquisition rate of interest is pretty excessive, so when 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 all the things else
• Welcome provide: You will get a 0.99% introductory rate of interest on money advances and stability transfers for the primary 10 months when 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 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 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 accepted 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 every week to assist with immigration questions, specialised recommendation on housing, jobs, healthcare and extra for one 12 months. Plus, you’ll be able to obtain extra financing help. With the newcomer banking provide, you 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 provide is legitimate to your first 5 years in Canada, which is beneficiant in comparison with different newcomer playing cards on this checklist.

• Earn price: 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 provide: You might earn as much as $135 money again, when you make a minimum of $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 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: Cellular theft/ harm safety; prolonged guarantee; buy safety; contactless funds and fraud safety.

Incessantly requested questions

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