Unlock Your Canadian Dreams: The Ultimate Credit Card Guide for Newcomers in 2023

Congratulations on starting your exciting journey as a newcomer in Canada! As you embark on this adventure, one crucial step to securing your financial future is building a strong credit history. Your credit score plays a vital role in determining your financial freedom, allowing you to make significant investments like owning your dream home. So, let’s dive into the best credit card options for newcomers, tailored to make your Canadian dreams come true!

Can newcomers get a credit card in Canada?

Yes. While the choices may be more limited compared to long-time residents, specific credit cards are designed to cater to newcomers like you. When you first arrive in Canada, you won’t have a Canadian credit score but fret not; we’ve got you covered!

Do I need to be a permanent resident to get a credit card in Canada?

You do not need to be a permanent resident of Canada to get a credit card through the bank’s newcomer programs. But you do need to be a Canadian resident.

How to get a credit card with no credit score in Canada?

Option 1: Embrace the Big Banks’ Welcome

Canada’s major banks offer incredible newcomer programs, including RBC, TD, Scotiabank, BMO, CIBC, and NBC. These programs come with enticing offers; you may even have the credit card fees waived for up to 12 months. Plus, here’s the exciting part – even with no credit history, you’re guaranteed to get a credit card when you open a bank account with them through the newcomer program. It’s a fantastic opportunity to kickstart your credit journey!

Option 2: Secure Your Credit with a Secured Credit Card

If you prefer an alternative route, consider a secured credit card. With this option, you’ll put down a security deposit that sets your credit limit. The great thing is that almost everyone gets approved, regardless of your credit score. Plus, as you build your credit history responsibly, you’ll be on your way to unlocking a world of financial possibilities.

Top Credit Card Picks for Newcomers in Canada

RBC Cash Back Mastercard

Get ready to enjoy impressive perks like up to $15,000 credit limit and no credit history required! As an icing on the cake, RBC offers an exclusive 10% bonus cash back for the first 3 months, making your initial purchases even more rewarding. Say hello to a brighter financial future with the RBC Cash Back Mastercard†. Act fast, as the offer ends on October 31, 2023.

Benefits

• Up to $15,000 credit limit
• No credit history is required for RBC personal banking clients. Higher credit limits are subject to higher income and asset requirements.
• No annual fee
• Get 10% bonus cash back for the first 3 months (up to a maximum spend of $2,000) with a new RBC Cash Back Mastercard†. That’s up to 12% cash back on grocery store purchases for the first three months and up to 11% on all other purchases for the first three months†. Offer ends October 31, 2023.

Scotia Momentum® No-Fee Visa Card

Step into the world of cash back rewards with this gem! As soon as you arrive in Canada, you can access an unsecured credit card with a credit limit of up to $15,000, even without a credit history. Earn an amazing 5% cash back on all purchases for the first 3 months, up to $2,000 in total purchases. Plus, enjoy a 0.99% introductory interest rate on balance transfers for the first 6 months with no annual fee. It’s the perfect card to jump-start your credit journey!

Benefits

• Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).
• Plus, get a 0.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0).
• No annual fee

BMO AIR MILES® Mastercard

Calling all frequent travellers! The BMO AIR MILES Mastercard is tailor-made for newcomers who love to explore. Earn AIR MILES on every purchase, which you can later redeem for fabulous rewards, merchandise, trips, or even cash vouchers! With 800 AIR MILES Bonus Miles to kickstart your journey and a 0.99% introductory interest rate on Balance Transfers for 9 months, this card is a must-have companion for your Canadian adventures.

Benefits

• 800 AIR MILES Bonus Miles (that’s enough for $80 towards purchases with AIR MILES Cash) 
• 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.
• No annual fee

Neo Secured Credit Card

No credit history or a less-than-perfect credit score? Fret no more! Neo Secured Credit Card has got your back. Approval is almost guaranteed; all you need to do is set aside $50 or more as your security funds. The best part? You can earn up to 5% cash back on purchases without monthly or annual fees. Get started on the right foot with 15% cash back on your first purchases, along with a generous $25 welcome cash bonus. Check out our review. 

Benefits

• No monthly or annual fees.
• Earn up to 5% cash back on purchases.
• Guaranteed instant approval, regardless of credit score
• Earn instant unlimited cash back at thousands of partners.
• Add your virtual card to Apple Wallet or Google Pay
• Get 15% cash back on your first purchases, plus a $25 welcome cash bonus.

Remember, building a solid credit history is the key to unlocking a world of financial opportunities in Canada. Whether you embrace the offerings of the big banks or the secured card option, each step will lead you closer to your Canadian dreams. So, don’t wait any longer – secure your financial future and start building your credit today with the best credit card for newcomers in 2023! Happy journeying!