10 Best Credit Cards for Temporary Residents in Canada (2023) 

As a temporary resident in Canada, you can apply for banks’ newcomer accounts, prepaid cards, and secured credit cards. 

These credit cards are pretty easy to apply for, and they allow you to lower your everyday fees, earn rewards, and build your credit as you start your journey here. 

This article lists the 10 best credit cards for temporary residents in Canada. So, keep reading to know which card is best suited for your financial needs.

Can You Get a Temporary Credit Card in Canada? 

Yes, you can get a temporary credit card in Canada as a temporary resident.

Many banks have programs that specifically cater to the financial needs of non-Canadian residents, and there are also prepaid and secured credit cards that you can immediately apply for in the country. 

Just keep in mind that not all credit cards in Canada are eligible for those who aren’t permanent residents or citizens.

Credit Card Requirements in Canada

Although each credit card in Canada has a specific set of requirements, most of them require temporary residents to meet the following criteria:

• Be a Canadian resident 
• Have a social insurance number
• Be part of the age of majority in your province or territory

For credit cards that are suited for newcomers and temporary residents in Canada, you won’t usually need to show your credit history. Keep in mind, though, that a security deposit may be required.

Best Credit Cards for Newcomers to Canada 

1. Neo Financial Mastercard

The Neo Financial Mastercard, also known as Neo Credit, is one of the best instant approval credit cards in Canada. Once approved, you can immediately use this card virtually using digital wallets and manage your financials using the Neo Financial mobile app.

This free Neo Mastercard can let you earn an average of 5% unlimited cash back at over 10,000 retailers.

2. Tangerine Money-Back Credit Card

Another excellent no-fee credit card for temporary residents in Canada is the Tangerine Money-Back Credit Card. 

Unlike other cards that limit how much rewards you can receive, this credit card lets you choose up to three specific spending categories where you can earn an unlimited 2% cash back.  

Rewards can be automatically deposited to a Tangerine Savings Account monthly, which is also completely free to apply for.

The Tangerine Money-Back Credit Card provides extended warranty and purchase protection for your purchases. Keep in mind, though, that just like the Neo Financial Mastercard, this card includes many standard fees for some transactions, such as cash advances, over-limit, and dishonoured payments.

3. Scotia Momentum No-Fee Visa Card

The Scotia Momentum No-Fee Visa Card is one of the best credit cards for newcomers in Canada. For no annual fee, this card lets you earn up to 1% cash back on your everyday purchases and up to 25% off car rental base rates at participating AVIS and Budget locations in North America.

Scotia offers optional insurance coverage for you and your family in instances where you can’t pay your credit payments due to unexpected life events. It’s worth noting, though, that this card doesn’t provide insurance coverage for your everyday purchases. 

4. BMO CashBack Mastercard

The BMO CashBack Mastercard is one of the best credit cards for visitors in Canada who wants to redeem their rewards at any time. It offers up to 3% cash back, free extended warranty and purchase protection, and 25% off car rental rates at participating locations.

The income threshold for this card is relatively low, at $15,000 a year. Note, however, that this card doesn’t offer insurance coverage for you and your family.

Best Prepaid Credit Cards in Canada 

Although prepaid cards are not exactly credit cards, they’re just as good at providing you with the benefits you can enjoy from credit cards. So, here are three of the best prepaid cards you can apply for as a visitor in Canada.

5. KOHO Prepaid Mastercard

The KOHO Prepaid Mastercard is one of the most popular prepaid Mastercard in Canada. 

The no-fee card offers up to 5% cash back on your purchases, interest on your balance, and a versatile mobile app that you can use to review your financials in just a glance.

Keep in mind, though, that since this is a prepaid card, how much your deposit is will also become your credit limit when using the KOHO Prepaid Mastercard.

6. EQ Bank Card

Earn up to 2.50% interest on your card balance and an unlimited 0.50% cash back on your purchases by using the EQ Bank Card. 

Unlike many debit and credit cards, this card completely waives the fee when you withdraw at ATMs from other Canadian banks and transact using foreign currencies. Moreover, it’s protected by Mastercard’s Zero Liability program, which protects you against unauthorized use and transactions.

Keep in mind, though, that the maximum card balance of the EQ Bank card is only $10,000, and you can only withdraw $500 daily.

7. Neo Money Card 

Another great credit card alternative from the fintech company Neo is the Neo Money Card. 

By combining the high 2.25% interest of the Neo Money Savings Account and the up to 15% cash back offered by the Neo Money Card, you can easily maximize your earnings through this prepaid card.

The Neo Money Card doesn’t charge monthly or annual fees but take note that it doesn’t offer free ATM withdrawals like the EQ Bank Card does. 

Best Secured Credit Cards for Visitors in Canada 

8. Neo Secured Credit Card

If you need a credit card that doesn’t require hard credit checks, the Neo Secured Credit Card is going to be one of your best options. 

For as little as a $50 security deposit, you can start using this card to start building your credit and earn an average of 5% cash back at thousands of retailers.

Keep in mind, though, that this card’s APRs are dependent on your credit, so you’ll most likely pay high-interest rates if you have poor credit.

9. Home Trust Visa Card

The Home Trust Visa Card is one of the best credit cards for temporary residents in Canada. It comes in both a free and paid version, with the latter costing $59 a year in exchange for a low 14.90% APR on purchases.

You can use this secured card to build or rebuild your credit score as Home Trust reports to the major credit bureaus monthly. Keep in mind, however, that unlike most cards on this list, this Visa Card doesn’t offer cash back rewards or insurance coverage.

10. Capital One Guaranteed Secured Mastercard

Get approved instantly when applying for the Capital One Guaranteed Secured Mastercard, a card that provides standard warranty and insurance coverage for your everyday transactions and travel-related expenses. 

As Capital One reports to credit reporting agencies monthly, you can also use this secured card to build your credit score even as a temporary resident. However, keep in mind that this card has a $59 annual fee and no cash back rewards.

How to Apply for a Credit Card for Temporary Residents in Canada

The application process for credit cards in Canada is more or less the same for both temporary residents and those who are citizens or permanent residents. You can either do the application process online or apply by visiting the bank in person if possible.

To ensure a smooth credit card application process, though, it’s always best to refer to the exact steps recommended by your credit card provider. After all, every bank has different procedures, requirements, and guidelines. 

Pros and Cons of Credit Cards for Temporary Residents in Canada 

Pros

• You can have easy access to an emergency fund.
• You’ll enjoy cash back or rewards points for your eligible purchases.
• You will build your credit history in Canada, which is beneficial for future financial transactions.

Cons

• As a temporary resident, you may not be eligible for all the credit cards available for permanent residents and Canadian citizens.
• A credit card is both a privilege and a risk, as it may lead to overspending or put you at risk for identity theft.

How to Choose the Best Credit Card as a Temporary Resident 

There’s no one-size-fits-all process for choosing the best credit card as a temporary resident. However, in general, you should consider factors such as the cost, benefits, and limitations of each card. Then, choose the card which offers the most value for your financial needs.

FAQs 

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