Are you a new immigrant in Canada? Do you wish to grab an affordable credit card? Here we have discussed the Best 10 Credit Cards for New Immigrants to Canada.
Applying for Credit Cards in Canada
Are you just starting a new life in Canada? One of the most vital decisions to make is managing your finances and this includes credit cards. This is important especially if you need a loan for a big ticket purchase or other needs.
However, financial institutions might require your credit history to determine your creditworthiness. And being a newcomer, you probably don’t have a credit history in Canada to present. Well, the good news is there are still some credit cards you can access that will help you build a great credit history.
While applying for a credit card, also know How many Credit cards should You have in Canada?
Best 10 Credit Cards in Canada for New Immigrants
We have put together the list of the popular newcomer credit cards to help you get off to a great start financially.
1. Scotia Momentum No-Fee Visa
As the name suggests, this is a no- annual fee credit card. Plus, you get to enjoy a 5% percent cash back on all purchases for the first 3 months and 0% introductory interest rate on balance transfers for the first 6 months, 22.99% after that. You can get cash back rewards, save on car rental at AVIS and Budget locations, all with just a tap on your cell phone.
Annual fees: $0/year
Interest rates: 19.99% on purchases
22.99% on cash advances
Minimum credit limits: $500
Also, have a look at the Best Virtual Credit Cards in Canada
2. Scotiabank SCENE Visa
Here is the right one for entertainment lovers who can enjoy points from dining to movie tickets to food and drinks. There is no annual fee, earn and redeem points on all your movies and entertainment purchases at over 160 Cineplex theatres. Shop with Scene+ for rewards and earn points while satisfying your hunger pangs at more than 700 restaurants.
Annual fee: $0
Interest rate: 19.99% purchases
22.99% cash advances
Rewards: SCENE points
3. Scotia Momentum Visa Infinite
This is hands down one of the best credit cards with the most awards in 2022. If you have a credit card history, this is a provider you can check out. There is an amazing 4% cash back on groceries, subscriptions, and recurring bills. You have got a special offer of 10% cash back on all purchases for the first 3 months plus a waiver on first year fee. Moreover, there are infinite benefits for top-notch dining, entertainment and travels.
Annual fee: $120/year. O% in the first year.
Interest rates: 20.99% on purchases
22.99% on cash advances
Minimum credit limit: $5,000
Remember, as a newcomer you must have a financial checklist handy with yourself to guide you at the new place.
4. Scotiabank Gold American Express Card
What makes this credit card stand out is the no foreign transactions fees unlike other credit cards that require 2.5% to 3%. It also offers awesome rewards of 5 points per $1 on all purchases including dining, entertainment and food subscriptions. 3 points on $1 for daily transit and gas. You also get 8 types of travel insurance to explore.
Annual fee: $120/year. Waiver on first year fee
Interest rates: 19.99% on purchases
22.99% on cash advances
Minimum credit limit: $5,000
Also, explore some of the Best Investment Options for Newcomers to Canada
5. American Express Cobalt Card
This is arguably one of the best credit cards for travel junkies. In your first period, spend $500 in your purchases monthly to earn 2,500 rewards points. That makes 30,000 bonus points in a whole year. Not only that, there are 5 points on food and it’s delivery, 3 points on streaming subscription, 2 points on travel, 1 point on every other purchase- all per dollar spent.
Monthly Fee: $12.99
Interest Rate: 20.99% on purchases and
21.99% on cash advances
Additional Cards: No annual fee
6. BMO CashBack Mastercard
This credit card allows you to get the most of your groceries at zero annual fee. This makes it one of the best for new immigrants and students. For newcomer benefits, you get up to 5% cash back in your first 3 months, 1.99% interest rate on balance transfers for 9 months with 1% transfer fee. Subsequent years purchase rewards include 3% cash back on groceries, 1% cash back on recurring bill payments, and 0.5% cash back on all other purchases.
Annual fee: $0 annual fee
Interest rate: 19.99% on purchases
22.99% for cash advances
21.99% for Quebec residents
7. BMO Air Miles World Elite Mastercard
This is also another credit card for someone who savor life on the move. The welcome offer includes a bonus of 2000 AIR MILES and $120 annual fee waiver in the first year. Other perks include 1 Mile per $12, 3 Miles for every $12 spent on everyday needs, plus 25% discount on om worldwide AIR MILES flight.
Annual fee: $120. First year waived
Interest rate: 20.99% on purchases
23.99% for cash advances
21.99% for Quebec residents
8. PC Financial Mastercard
This card allows you to earn points as you use it with no annual fee. Different shops where it can be applied include Shoppers Drug Mart, Dominion, Mobil, Real Canadian Superstore, Wholesale club and many more. You get 10 points per dollar on your groceries shopping, 30 points per dollar on Mobil, 25 points per dollar on Shoppers Drug Mart, 20 points per dollar on Travel.
Annual fee: 0%
Interest rate: 20.97% on purchases
22.97% Cash advance interest rate
21.97% for Quebec residents
21 days Interest-free grace period on new purchases.
9. Tangerine Money-Back Credit Card
This credit card makes it to the top when it comes to the best one for newcomers. You have 2% cash on everyday purchases in upto three categories which you get to decide. New cardholders bonus include 10% cash back up to $1,000 of your everyday purchases made in the first 2 months. All these with no annual fee.
Annual fee: $0
Interest rate: 19.95%
10. RBC Cash Back Mastercard
A simple, nice cash back credit card with no annual fee. Benefits include 2% cash back per $1 spent on grocery purchases and 1% on all other purchases.
You can get up to a $15,000 credit card limit when you start banking with RBC. For a limited time, you can also avail up to 6% cash back on a new RBC Cash Back Mastercard for the first 3 months. Isn’t that great?
Annual Fee: $0
Interest Rate: 19.99% on purchases
: 22.99% on cash advance
Additional Card: $0
Note: The information given above is on “as is” basis. The benefits, annual fees, interest rate and other credit card charges are subject to variation. Please check the respective bank’s official site for any changes thereon.
You may also like to discover Mortgage Options for New Immigrants to Canada
Best Credit Cards for Newcomers in Canada
Selecting one of the best credit cards is not an easy task, especially if you are new in a country. However, analyzing the annual fee, interest rate and benefits can guide you to make the perfect choice. There is no one answer to -Which is the best credit card for newcomers in Canada? You have to opt for the one that meets your needs and gives you advantage over others.
No matter you are a resident or a new entrant in Canada, you surely must research for the best bank for new immigrants as well as the top credit cards.
As a newcomer, which credit card have you found to be the best and why? Is there a Canadian credit card that you prefer using? Do share your feedback.