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As a newcomer to Canada, you’ve likely got a long list of tasks that need doing.
In addition to settling into your new home, you’re sure to be busy getting paperwork in order, signing up for a phone plan to stay connected with friends and family, and setting up your new financial plan.
While working through your to-do list, you’re likely to wonder: what’s the best credit card for newcomers to Canada?
Choosing the right credit card for your life in Canada and being on the right track in terms of your financial plan is not only incredibly important, but it will also give you a tremendous amount of peace of mind once it’s all in order.
In this article, we share our top picks for credit cards for newcomers to Canada to help you make informed choices so you can build your life in Canada on a strong financial foundation.
Our picks for the best credit cards for newcomers to Canada are:
Each of these cards are well suited to individuals who are new to Canada, whether you’re an international student or on your way to being a permanent resident. The cards each let you earn helpful rewards points or cash back, and they all come with variety of perks and benefits that can make settling in easier, more comfortable, and more affordable.
Let’s take a look at each card’s details to understand why we’ve added it to our list and how it can fit into your financial plan.
As a newcomer to Canada, there are a few important things to consider when you’re choosing the best credit card for your needs and situation.
Regardless of whether you’re applying for a card as a permanent resident, international student, or temporary foreign worker, you want to be aware of the following application requirements/information:
Our 5 credit card recommendations in this article give you a range of options, focusing on cards that offer flexible earning and redemption and accessible approval opportunities for those who may not yet have a credit history in Canada.
Check out our guide to Best Credit Cards to Build Credit History to learn about even more excellent credit card options for individuals who are new to Canada or new to building credit.
In this guide, we share some additional recommendations that can help get you started, such as secured credit cards and prepaid options.
Our first recommendation for best credit card for a newcomer to Canada is the National Bank mycredit Mastercard.
This card is a great straightforward choice as it has no annual fee and no minimum income requirement. To apply, you just need to be the age of majority in your province and a legal resident of Canada.
The National Bank mycredit Mastercard earns 1% cash back on restaurant purchases and eligible recurring pre-authorized payments, like bill payments. You also earn 0.5% cash back on all other purchases.
Your accumulated cash back is automatically redeemed to your credit card statement each month, keeping everything nice and simple.
In terms of perks, the card comes with mobile device insurance which can protect against theft and damage for up to 2 years when you purchase an eligible mobile device with your card. Plus, you can enjoy extended warranty and purchase protection to help protect other purchases made on your card.
National Bank, the issuer of this card, also has a program set up to help newcomers get set up financially in Canada, with bank accounts, credit cards, and more. You can learn more about the program on their website, and find out how it can help you start your credit card journey even if you don’t have any Canadian credit history.
The second card on our list of best credit cards for newcomers to Canada is the RBC ION Visa Card.
Similarly to the National Bank option mentioned above, this card also has no annual fee and no minimum income requirement.
The RBC ION Visa Card earns flexible Avion Rewards points, and often comes with a welcome bonus to help get you started.
With this card, you earn 1.5 Avion points per $1 spent on groceries, gas, rideshare, streaming services, and more. You also earn 1 Avion point per $1 spent on all other eligible purchases.
Avion points can be quite versatile since they can be redeemed for travel, merchandise, gift cards, and more. You can also transfer your points to other program currencies, like British Airways Avios, WestJet points, and American Airlines AAdvantage miles.
Additionally, the RBC ION Visa Card comes with a handful of benefits, such as purchase protection and extended warranty, and perks, like savings at Petro-Canada, earning bonus Rexall Be Well points, and a 3-month complimentary DoorDash subscription.
It’s also important to note that RBC will approve you for some credit cards without you having a Canadian credit history. You can learn more about this opportunity and the bank’s other newcomer products on their website.
The CIBC Aventura® Visa* Card is a good credit card for newcomers to Canada thanks to its $0 annual fee and its low minimum income requirement of $15,000.
The card earns CIBC Aventura points at the following rates:
Once accumulated, Aventura points can be redeemed for travel items like flights, hotel stays, car rentals, and vacation packages. They can also be redeemed for merchandise, gift cards, access to activities and more.
As a new cardholder, you also get the following perks:
If you don’t have a credit history in Canada, CIBC may still approve you for a credit card through its newcomers program. To find out more about what’s on offer, check out the CIBC newcomers program website or visit your nearest CIBC branch.
Our next pick for a top credit card for newcomers to Canada is the Tangerine Money-Back Credit Card, which has no annual fee and $12,000 minimum income requirement.
As the card’s name would suggest, with each purchase, you earn up to 2% cash back, and this cash back is then deposited either onto your credit card or into your Tangerine Savings Account.
The Tangerine Money-Back Credit Card has a unique earning structure in that you get to choose the two spending categories from which you’d like to earn 2% cash back. You can choose from options like groceries, restaurants, gas, entertainment, recurring bill payments, and more.
Once you’ve made your selection, any purchases you make in the other categories will earn the card’s base rate of 0.5% cash back. However, as an added bonus, you can actually choose a third 2% cash-back category if you decide to have your cash back deposited into your Tangerine Savings Account.
As a cardholder, you can also enjoy discounted rates on eligible accommodations with Booking.com, a discount with H&R Block, plus extended warranty and purchase protection.
Also, an important thing to note about banking with Tangerine is that there are no physical locations or ATMs. Since Tangerine is a digital-only bank and a subsidiary of Scotiabank, you can use Scotiabank’s ATMs, but you will be limited to only phone calls for customer service issues.
The last card on our list of best credit cards for newcomers to Canada is the BMO eclipse rise Visa* Card.
Like the other cards on this list, the BMO eclipse rise Visa* Card has no annual fee, and the card has no minimum income requirement.
In terms of rewards, this card lets you earn flexible BMO Rewards points at a rate of 5 points per $2 spent on groceries, dining/take-out, and recurring bill payments. When spending in all other categories, you earn 1 point per $2 spent.
BMO Rewards points are quite flexible when it comes to their redemption opportunities. You can choose to redeem your points for travel, to cover purchases made on the credit card, or they can be used to make a contribution to your savings or investment account.
The BMO eclipse rise Visa* Card gives cardholders perks and benefits similar to those offered by the other cards on this list. With this credit card, you can enjoy the following:
It’s also worth noting that BMO also has a Newcomers to Canada program that will help you open a credit card without Canadian credit history, and which will generally help you get set up financially.
Deciding which credit card is best for you will depend on your personal financial situation and desires.
For example, if you don’t yet have a credit history in Canada, you’ll definitely want to focus on choosing a credit card from a bank like BMO, National Bank, or CIBC, which all have programs set up to help get you started financially even without Canadian credit history.
Additionally, you’ll want to consider what type of rewards program you find most valuable.
Do you want to earn flexible, travel-focused points? If so, you probably want to look at the CIBC Aventura® Visa* Card, the BMO eclipse rise Visa* Card, or the RBC ION Visa Card.
Or perhaps you would prefer the simplicity of cash back. In this case, you might prefer the Tangerine Money-Back Credit Card or the National Bank mycredit Mastercard.
Also, in making your choice, don’t forget to consider the cost of the annual fee and weigh this against the value of the rewards you can earn and the perks and benefits offered by the card.
Choosing the best credit cards as a newcomer to Canada is one of about a million things on your to-do list when you’re new to the country.
Whether you’re looking for a card with no annual fee, one that earns valuable points, or one that lets you get started without having Canadian credit history, we’re sure you’ll find a card that suits your needs and that will help you on your specific financial journey.
We hope you’ve found this article helpful in terms of sorting through the ins and outs of Canadian credit cards, and we want to warmly say: Welcome to Canada!
Yes. Many banks have created programs specifically for newcomers to Canada and will help approve you for a credit card even if you don’t yet have a credit history in Canada.
In this case, it’s best to visit a bank branch in person so that you can speak with representative.
Yes. There are a number of credit cards in Canada that don’t have a minimum income requirement. We’ve written a guide on exactly this topic, so take a look there to start your research: Credit Cards With No or Low Minimum Income Requirement
Yes! Many Canadian banks offer credit card options for international students and temporary foreign workers.
The exact requirements to be approved will depend on which bank you choose, so we recommend that you reach out to your bank of choice to see what they can offer.
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