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Best Credit Cards for New Immigrants in Canada

Gravatar for Enoch Omololu, MSc (Econ)

Written by Enoch Omololu, MSc (Econ)

Updated:

If you are a new immigrant in Canada, you may want to start using a credit card. However, your situation is slightly different in that you probably don’t have a long credit history or any history at all.

Fortunately, this does not automatically prevent you from getting a credit card. Several credit card providers offer credit cards suitable for newcomers in Canada.

This guide covers some of the best credit cards for new immigrants in Canada, including secured, unsecured and no-fee credit cards.

We also look at the pros and cons, how credit cards work for new immigrants, and the credit score requirements to give you all the necessary information.

Best Secured Credit Cards for New Immigrants in Canada

Here are a few of the best secured credit cards for newcomers to Canada:

1. Neo Secured Mastercard

This card has guaranteed approval, no annual fees and the ability to earn unlimited cashback at an average rate of 5% when shopping at partners. You can also increase your credit limit when you need to.

Neo Secured Credit

Best secured credit card for bad credit

Annual fee: $60

Rewards: Earn up to 5% cash back at partner stores.

Welcome offer: $25 bonus

Interest rates: 19.99%-22.99% for purchases, 22.99%-28.99% for cash advances.

Minimum income requirement: None

Recommended credit score:
N/A

None

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On Neo Financial’s website

  • Earn up to 15% cashback on first purchase at eligible partners.
  • Earn up to 3% unlimited cashback at partner stores.
  • Choose your own credit limit.
  • Minimum security fund requirement of $50.
  • No overlimit fees.
  • Use auto-pay to avoid missing payments.
  • Guaranteed approval and no hard credit checks.

Earn up to 3% cashback

Good rewards for a secured card

Guaranteed approval

High-interest rate

Few additional perks

$60 annual fee

If you have a bad credit score or no credit history, the Neo Secured Mastercard gives you a way to start improving your score while earning up to 15% cashback. We also like that it has no annual or monthly fees and offers guaranteed approval.

2. Home Trust Secured Visa Card

Aimed at people with non-traditional credit histories, like newcomers to Canada, this card can help you build your credit history with no annual fee.

Home Trust Secured Visa

Good credit card for bad credit

Annual fee: $0 or pay $59 for a lower interest rate

Rewards: None

Interest rates: 19.99% for purchases or 14.90% if you pay an annual fee.

Minimum income requirement: None

Recommended credit score:
N/A

None

Home Trust Secured Visa card
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On Home Trust’s website

  • Credit-building secured card.
  • Improve your credit rating as you make payments.
  • Option to pay no annual fee.
  • High approval rate.
  • Use anywhere Visa is accepted.
  • Designed for people with bad credit or no credit record.
  • Set your limit by choosing a deposit amount between $500 and $10,000.

Option to pay an annual fee for a lower interest rate

Improve your credit rating using the card

Flexible deposit limits

High approval rate

No premium perks included

The Home Trust Secured Visa provides people with low credit scores a way to access a credit card and start improving their scores. The option to pay an annual fee for a lower interest rate may be useful if you carry a balance, and the flexible deposit amount means you can choose how much credit you want to access.

Best No-Fee Credit Cards for New Immigrants in Canada

If you’re looking for a credit card with no annual fee, here are some of the best for newcomers to Canada:

3. Tangerine Money-Back Credit Card

Earn unlimited moneyback rewards of up to 2%, and use the app to track and categorize your spending with this card.

Tangerine Money-Back Credit Card

Best no-fee cash back credit card

Annual fee: $0

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Minimum income requirement: $12,000

Recommended credit score:
600
900

Fair to Good

Tangerine Cash Back Credit Card
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On Tangerine’s website

  • No annual fee.
  • Unlimited 2% cash back in two spending categories. Get an extra 2% cash back spending category when you deposit your rewards in a free Tangerine savings account.
  • Unlimited 0.50% cash back on all other purchases.
  • Cash back earned is paid out monthly.
  • 1.95% promotional balance transfer for first 6 months; 3% balance transfer fee applies ($5 minimum).
  • Purchase assurance to cover loss, theft or damage of new items purchased using the card for up to 90 days.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
  • Extended warranty for up to one extra year.

No annual fee

High cash back rates

Low-income requirement

Cash back paid monthly

Low-interest balance transfer

No travel insurance coverage

3% balance transfer fee

The Tangerine Money-Back Credit Card is one of the best cash back credit cards in Canada. It’s great for students and those who have a limited credit history. Cardholders can also enjoy no-fee chequing and a high interest savings account.

4. Neo Financial Mastercard

Enjoy unlimited cashback, no annual fees, and many perks with this popular card.

Neo Credit

Excellent credit card for cash back

Annual fee: $0

Rewards: Earn up to 5% cash back at partner stores.

Welcome offer: $25 bonus on approval.

Interest rates: 19.99% – 22.99% for purchases.

Minimum income requirement: None

Recommended credit score:
600
900

Fair

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On Neo Financial’s website

  • Earn up to 15% cashback on first purchases at eligible partners.
  • Earn up to 5% cashback at over 10,000 merchants.
  • Unlimited cashback on purchases.
  • Use Subscription Bundles to get extra cashback by choosing from selected categories, or get other rewards on insurance or subscriptions.
  • App Insights provides a clear picture of spending habits.

Earn unlimited cashback

Earn up to 15% cashback on first purchases

No annual fee

Useful app

High-interest rate

No extra perks besides cashback

The Neo Financial Mastercard is a great way to earn up to 15% cashback without paying an annual fee. Subscription Bundles give you more control over where you make the most cash back, and the easy-to-use app provides insights into your spending habits.

5. PC Financial Mastercard

Earn Optimum points when you spend using the PC Financial Mastercard, which you can later redeem for discounts.

PC Financial Mastercard

Excellent store credit card

Annual fee: $0

Rewards: Earn 10 points per $1 spent at PC grocery stores. Earn 25 points per $1 spent at Shoppers Drug Mart. Earn 30 points per litre at Esso Mobil gas stations. Earn 10 points per $1 spent everywhere else.

Interest rates: 20.97% interest rate, 22.97% Cash advance rate

Minimum income requirement: None.

Recommended credit score:
600
900

Fair to Good

PC Financial Mastercard
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On PC Financial’s website

  • Earn 10 points per $1 spent at No Frills, Real Canadian Superstore, Independent Grocer, and Wholesale Club.
  • Earn 25 points per $1 spent at Shoppers Drug Mart.
  • Earn 30 points per litre at Esso Mobil gas stations.
  • Earn 20 points per $1 spent at PC Travel.
  • Earn 10 points per $1 spent everywhere else.
  • Redeem points for free products and groceries or at Esso gas stations.
  • Purchase Assurance and Extended warranty

No annual fees

Good earning rates for groceries

Offers useful insurance benefits

Points can only be redeemed at PC-branded stores

The PC Financial Mastercard is a great entry-level credit card for those who frequent PC-branded grocery and gas locations. It is easy to qualify for, and you can apply online or get one while at a Loblaw store location.

6. Scotiabank Scene+ Visa Card

Earn Scene+ points for all your spending using this card, which you can redeem in several ways.

Scotiabank Scene+ Visa Card

Excellent entry-level credit card for students

Annual fee: $0

Rewards: Earn up to 2X Scene+ points on everyday purchases.

Welcome offer: Earn up to 7,500 bonus Scene+ points with $1,000 spend in the first 3 months.

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Minimum income requirement: $12,000

Recommended credit score:
660
900

Good

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On Scotiabank’s website

  • Earn 2 Scene+ points on every $1 spent at eligible grocery stores.
  • Earn 2 Scene+ points on every $1 spent at Cineplex theatres or on cineplex.com.
  • Earn 1 Scene+ point on every $1 spent on all other eligible everyday purchases.
  • Save up to 25% on car rentals at participating AVIS and Budget locations in Canada and the U.S.
  • The minimum credit limit is $500.

No annual fee

Competitive purchase APR at 19.99%

Scene+ points are unlimited

Does not include insurance benefits

2X rewards categories are relatively limited

The Scotiabank Scene+ Visa Card has no annual fee and a competitive purchase APR. It is an excellent entry-level credit card for students and newcomers.

7. RBC ION Visa

Earn Avion points for all your spending on the RBC ION Visa card and redeem them in different ways, including for gift cards and tech products.

RBC ION Visa

Entry-level RBC rewards credit card

Annual fee: $0

Welcome offer: Get 3,500 bonus Avion points following approval.

Rewards: Earn 1.5x Avion points per $1 spent on groceries, rides, gas, streaming, subscriptions, digital gaming, and EV charging; 1 Avion point for every $1 spent on all other purchases.

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Minimum income requirement: None

Recommended credit score:
660
900

Good or better

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On RBC’s website

  • Earn 1.5 Avion points for every dollar you spend on groceries, rideshare, daily public transit, gas, streaming, subscriptions, and digital gaming.
  • Earn 1 Avion point for every dollar you spend on all other qualifying purchases.
  • Save 3¢/L on fuel purchased at Petro-Canada when you link your credit card to your Petro-Canada Card.
  • Redeem your points for air travel, gift cards, merchandise, statement credits, dining, etc. The minimum redemption is only $10.
  • Get a 3-month complimentary DashPass subscription, valued at almost $30.
  • Includes Purchase Security and Extended Warranty Insurance.

Competitive purchase APR at 19.99%

Attractive point redemption options

No minimum income threshold

Limited insurance benefits

The conversion rate for points is not as enticing

The RBC ION Visa is an excellent choice if you are a student or newcomer looking to get approved for a credit card with little to no credit history. It has no annual fees, and the Avion points you earn are easy to redeem.

8. Simplii Financial Cash Back Visa Card

Earn up to 4% cashback using this card without paying an annual fee.

Simplii Financial Cash Back Visa Card

Excellent credit card for students and newcomers

Annual fee: $0

Rewards: Earn up to 4% cash back on high-spend categories.

Welcome offer: Earn up to 10% cash back† for your first 3 months up to $1,000 eligible spend.

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Minimum income requirement: Minimum annual household income is $15,000.

Recommended credit score:
660
900

Good

Simplii Financial Cash Back Visa Credit Card
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On Simplii’s website

  • Earn 4% cash back on eligible restaurant, bar, and coffee shop purchases (capped at $5,000 per year).
  • Earn 1.5% cash back on eligible gas, groceries, and drugstore purchases, as well as recurring payments (capped at $15,000 spent per year).
  • Earn 0.5% cash back on all other purchases without any cap.
  • The minimum annual household income is $15,000.

No annual fee

Competitive purchase APR at 19.99%