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2024's Best Credit Cards for Newcomers to Canada

Are you searching for credit cards as a newcomer to Canada? We've shortlisted the best options for you.

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Best Credit Cards for Newcomers to Canada

Settling in a new country can be an exciting, but challenging experience. Canada offers some of the most lucrative offers for newcomers to the country and immigrants are always on the lookout for deals to save the last dollar. What better than finding the right credit card for your financial needs, that helps you save while meeting all your needs. Here's our pick for the best credit card for newcomers to Canada in 2023:

  Top Features Annual Fee First-year Value*  
No annual fee. A generous 5% cash back in the first 3 months. $0 $388
Easy eligibility criteria to be approved. Get 10% Welcome Bonus for first three months $0 $409
Earn up to 2,500 Aventura Points for no annual fee $0 $527

Winner: BMO CashBack® Mastercard®

The BMO CashBack® Mastercard® is the best newcomer card because of a generous welcome offer — 5% cash back in your first 3 months. Newcomers can also get a 0.99% introductory interest rate on balance transfers for 9 months, 2% fee applies to balance amounts transferred. Users also get 3% cash back on grocery purchases, 1% on recurring bill payments, and 0.5% unlimited cash back on all other purchases! There is zero annual fee and newcomers can enjoy the most cash back on groceries in Canada without paying an annual fee. As per our Best of Finance methodology, newcomers get a $388 first-year value.

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Cash bonus
$50
+ Welcome bonus
$100
+ Annual rewards
$288
- Annual fee
$0
Total first year value
$438
BMO CashBack Mastercard®*

card image
Welcome bonus
$100
BMO Cash Back Rewards
Annual rewards
$288
BMO Cash Back Rewards
Annual fees:
$0
Interest rates:
20.99% on purchases • 22.99% on cash advances
Get a $50 CashSurge from RATESDOTCA
2024 Winner– Best Credit Card For Newcomers To Canada
Details at a glance Collapse details
Welcome bonus
$100
Annual rewards
$288
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Cash bonus
$50
+ Welcome bonus
$100
+ Annual rewards
$288
- Annual fee
$0
Total first year value
$438
Annual fees:
$0
Interest rates:
20.99% on purchases
22.99 on cash advances
Get a $50 CashSurge from RATESDOTCA
2024 Winner– Best Credit Card For Newcomers To Canada
Details at a glance Collapse details

Annual fee:

$0

Limited time offer:

  • Get 5% cash back in your first 3 months.
  • Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred.

Offer expiry date:

Apply by May 31, 2024, to receive the 5% cash back welcome bonus offer.

Rewards:

  • Get 3% cash back on grocery purchases,
  • 1% cash back on recurring bill payments, and
  • 0.5% unlimited cash back on all other purchases
  • Get Collision Damage Waiver benefits on rental cars, 8 days of Out-of-Province/Out-of-Country Emergency Medical coverage of up to $5 million, and more.

For instance, if you spend $1000 on the card in the first month, you are eligible to get:

  • First Year Welcome Bonus = $90 cash back,
  • Total Cash Back Earned = $216 1st Year
  • And other cash back rewards on grocery purchases, bill payments and all other purchases.

Runners-up: Best Credit Cards for Newcomers to Canada

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is easily one of the best card for rewards value. You can earn $409 in first year value. Users can also get a high 10% welcome bonus for the first three months and easy eligibility criteria for newcomers to be approved. You can earn a 2% Money-Back Rewards on your everyday purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all your other everyday purchases.

Annual fee:

$0

Limited time offer:

Earn an extra 10% back on up to $1,000 in everyday purchases made within the first 2 months.

Offer valid till:

January 31, 2025

Rewards:

  • Earn up to 2% Money-Back Rewards on everyday purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all your other everyday purchases.
  • During the first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months (19.95% after that).
  • Get your Rewards deposited into your Tangerine Savings Account and get a 3rd 2% Money-Back Category.

CIBC Aventura® Visa* Card for Students

The most ideal credit card for international students is the CIBC Aventura® Visa* Card for Students. You get a $100 welcome bonus and you can earn travel points for return visits home. There is no annual fee on this card, and, according to our methodology, you can earn $527 in first year value in your first year.

Annual fee:

$0

Limited time offer:

Earn up to 2,500 Aventura Points for no annual fee.

Offer valid till:

Ongoing

Rewards:

  • Get 500 Aventura Points for completing some activities within 60 days of your CIBC Aventura® Visa* card account approval, activities including sharing your email address with CIBC, signing up for eStatements, adding an authorized user on your card, etc.
  • Collect 1 Aventura Point for every $1 spent at eligible gas stations, EV charging stations, grocery stores and drug stores
  • Get 1 point for every $1 spent on travel purchased through the CIBC Rewards Centre.
  • Earn 1 point for every $2 spent using your card.

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