The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
Canada’s best credit cards for newcomers
In Canada, having a good credit score can help you secure a rental and get a loan or a mortgage, but it’s hard to know where to start when you don’t have a Canadian credit history or a credit card. One of the fastest ways to start building your Canadian credit score is to use a credit card responsibly, because banks and financial institutions report back to the credit bureaus that determine your score. For this reason, it’s important for newcomers to get a credit card, even without an established history.
On this list, we’ve broken down the best credit cards for newcomers depending on your spending habits and requirements. Want cash back? We’ve got a card for that—and for travelers and those who eat in restaurants, too. There are even a few cards you can get through banking bundles for newcomers that offer valuable extras, so dive in and find the best card for you.
Our picks for the best credit cards for newcomers to Canada
| Category | Credit Card |
|---|---|
| Best cash back card for newcomers | BMO CashBack Mastercard |
| Best no-fee rewards credit card for newcomers | Simplii Financial Cash Back Visa |
| Best low-interest credit card for newcomers | Flexi Visa |
| Best credit building secured credit card for newcomers | Home Trust Secured Visa |
| Best rewards secured credit card for newcomers | Secured Neo Mastercard |
| Best travel rewards card for newcomers | Scotiabank Passport Visa Infinite |
| Best credit card with a newcomer bank account bundle offer | RBC Cash Back Mastercard |
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Best cash back card for newcomers
BMO CashBack Mastercard
Annual fee: $0
- 3% cash back on groceries (on the first $500 per month)
- 1% on recurring bills
- 0.5% on everything else
Welcome offer: earn up to 5% cash back in your first 3 months. Conditions apply.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | $15,000 per year |
| Credit score | None specified |
- The BMO CashBack Mastercard is a no-fee card that lets you earn cash back on your grocery purchases. New applicants get a boosted 5% cash back rate for the first three months, after which time it reverts to the regular 3% for groceries, the highest rate for a no-fee card. Even better, you can use your rewards whenever you want.
- When you apply for the BMO NewStart Program, you’ll receive cash back bonuses on other products, like a chequing account, investments and even a mortgage, and you can open the BMO CashBack Mastercard without a credit check.
- The 20.99% purchase interest rate is fairly standard, but if you start accumulating a balance, interest costs can really add up. Plus, if there’s a chance you won’t be able to make the minimum payment in time for the next statement twice in one year, your purchase interest rate will rise to 24.99%. If you think this could apply to you, consider a low-interest or secured card from this list, instead.
Best no-fee rewards credit card for newcomers
Simplii Financial Cash Back Visa
Annual fee: $0
- 4% cash back on dining at restaurants, bars and coffee shops (up to $5,000 per year)
- 1.5% back on gas, groceries, drugstores and recurring bills (up to $15,000 per year)
- 0.5% on all other purchases
Welcome offer: Earn a $250 PRESTO Voucher and 10% cashback in your first 4 months on eligible restaurants, food delivery and bar purchases (up to $500 spend). Terms and conditions apply. Click “go to site” for complete details. This offer is not available for residents of Quebec.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | $15,000 per year |
| Credit score | 660 or higher |
- When you sign up to the Simplii Financial New to Canada Banking Program, you can apply for the Simplii Financial Cash Back Visa without any Canadian credit history. You can apply for the program up to one year before you arrive in Canada, or up to five years after you arrive.
- When you use this card you’ll earn a generous 4% cash back on spends in restaurants and bars up to $5,000 annually, plus 1.5% back on gas, grocery, drugstore and pre-authorized payments up to the first $15,000 annually.
- There’s a base rate of 0.5% cash back on any other purchases, and you’ll still earn 0.5% once you’ve hit the annual limit on restaurants and the everyday purchase categories. If you also sign up for the Simplii Financial no-fee chequing account, you can earn a $450 cash bonus.
- Note that you must be a Canadian resident to qualify for the newcomer program.
Best low-interest card for newcomers
Flexi Visa
Annual fee: $0
Low interest rates: 10.90% on purchases and 12.90% on cash advances
Card details
| Interest rates | 10.90% on purchases and 12.90% on cash advances |
| Income required | Not specified |
| Credit score | Not specified |
- The Desjardins Flexi Visa is a good low-interest credit card option for newcomers to Canada, and is especially helpful if you tend to carry a balance. It has a very competitive standard purchase interest rate of 10.9% and a cash advance rate of 12.9%, with no annual fee.
- You’ll appreciate the included insurance benefits, such as mobile device coverage up to $1,000 for new phones purchased with the card, travel insurance for trips up to three days and purchase protection and extended warranty.
- If you’re having a month or two where cash flow is limited, you can take advantage of the card’s installment plan that lets you break down any charge of $200 or over at participating merchants into a series of smaller payments over time.
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Best credit building secured credit card for newcomers
Home Trust Secured Visa
Annual fee: $0
Rewards: None (designed for people looking to rebuild credit)
Welcome offer: None
Card details
| Interest rates | 19.99% on purchases and 19.99% on cash advances |
| Income required | None specified |
| Credit score | 300 or higher |
- For those who have no Canadian credit history, the Home Trust Secured Visa Card offers the ability to build up a credit score, for no annual fee. Alternatively, you can get a lower 14.90% purchase interest rate if you pay a $59 annual fee.
- You set your own spending limit by making a minimum deposit of $500 to $10,000. The card is easy to obtain—you must be a permanent Canadian resident with a source of income and not in bankruptcy—but it’s not available to international students, foreign workers, or residents of Quebec.
- The card is accepted anywhere you can use Visa (in over 200 countries around the world, in-store and online) and you can use it to set up bill payments as with any other credit card. There are not many perks available with this card, and their newcomer offers are fairly limited in terms of bundles, banking discounts, support or financial advice, but if you are focussed on building your credit score and living within your means, this may be a solid option for you.
Best rewards secured credit card for newcomers
Secured Neo Mastercard
Annual fee: $60
Rewards: A minimum of 0.5% cash back and an average of 5% cash back on purchases at partners
Welcome offer: earn $25 cash back.
Card details
| Interest rates | 19.99% on purchases (19.99% to 24.99% for Quebec residents) and 22.99% on cash advances (22.99% to 25.99% for Quebec residents) |
| Income required | None |
| Credit score | 690 or higher |
- The Secured Neo Mastercard is a secured card that will let you build a credit history while earning cash back.
- You’re guaranteed approval as long as you’re a Canadian resident, of the age of majority in your province, and you provide a security deposit.
- The ability to earn rewards on secured credit cards is fairly rare, although you are only eligible for cash back with Neo-affiliated stores and services. Do keep in mind, though, that the interest rate is moderately high compared to other cards on this list, so if you carry a balance, the cost could add up.
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Best travel rewards card for newcomers
Scotiabank Passport Visa Infinite
Annual fee: $150
- 3 Scene+ points per $1 spent at Sobeys stores
- 2 points per $1 on groceries, dining, entertainment and transit
- 1 point per $1 on everything else
- Pay no FX fees on foreign purchases
Welcome offer: earn up to $1,100 in value in the first 12 months, including up to 35,000 bonus Scene+ points. To qualify, apply by October 31, 2024.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | $60,000 per year |
| Credit score | 725 or higher |
| Point value | 1 Scene+ point = $0.01 when redeemed for travel on any airline or hotel (including AirBnBs). |
- The Scotiabank Passport Visa Infinite lets you earn valuable Scene+ Rewards points you can redeem for travel and more, and includes perks for wanderlusters like travel insurance, no foreign transaction fees for purchases made in other currencies, savings on car rentals, and six complimentary airport lounge visits per year.
- If you are planning to visit friends or family back home, or love to travel in general, this card has some promising rewards options.
- Though it has a higher income requirement and annual fee than others on this list, you can qualify without a Canadian credit history if you’re part of the StartRight program for newcomers. If this card isn’t right for you, consider another Scotiabank credit card available through the StartRight program, like the Scotia Momentum No-Fee Visa or the Scene+ Visa.
Best credit card with a newcomer bank account bundle offer
RBC Cash Back Mastercard
Annual fee: $0
- 2% cash back on groceries
- 1% back on all other purchases
Welcome offer: This card does not have a welcome offer at this time.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | None specified |
| Credit score | None specified |
- When you join the RBC Newcomer Advantage program, you can qualify for a credit card without a Canadian credit history, receive a generous welcome offer, save on banking fees on the RBC Advantage Banking account for one year, and even qualify for a mortgage.
- Under the newcomer advantage program, you can be eligible for the RBC Cash Back Mastercard, which is available to eligible permanent residents and international students who arrived in Canada in the last 12 months before applying, as well as temporary resident workers who arrived in the last two years.
- With this card you’ll also earn unlimited cash back on your purchases and receive discounts on fuel when you use a Petro Points card at Petro-Canada—great perks for a no-fee card. Just keep in mind that the purchase interest rate is fairly high, so if you carry a balance or can’t pay off your card in full every month, the costs can add up.
Frequently asked questions
The best credit card for you is going to depend on your personal needs. If you’re hoping to earn cash back on your purchases, you might go with a card like the BMO CashBack Mastercard or the RBC Cash Back Mastercard. If you’re hoping to earn travel rewards, the Scotiabank Passport Visa Infinite Card is a good option, and if you’re a restaurant enthusiast, you should check out the Simplii Financial Cash Back Visa.
When you’re ready to apply for a credit card, make sure you meet any of the requirements for approval, such as an annual minimum income or a credit score. Some banks, like Scotiabank and RBC, offer specialized programs for newcomers that allow access to credit cards without a Canadian credit history. You’ll have to provide personal information on your application like your name, address, date of birth, employment status, annual income and residency status. You can apply for most credit cards online, or you can make an appointment at a bank.
You can compare credit cards on the basis of annual fees, interest rates, whether they offer cash or rewards, and any perks and extras. Check whether you need a Canadian credit history to apply and whether you can get the card through a newcomer program. If you enrol in a program, look for what other services are offered, like access to financial advice and discounted banking fees.
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How we determine the best credit cards
The MoneySense editorial team selects the best credit cards by assessing the value they provide to newcomers across various categories. Our best credit cards for newcomers ranking is based on an extensive list of features, including credit history requirements, interest rates, welcome offers, and perks like cash back or rewards. Our rankings are an unbiased source of information for Canadians. The addition of links from affiliate partners has no bearing on the results. Read more about how MoneySense makes money.
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Read more about credit cards:
- Best low-interest credit cards
- Best no foreign transaction fee credit cards
- Best no fee credit cards
- Best balance transfer credit cards
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