Popular Credit Cards

Popular Credit Cards

Taking care of finances is crucial as you move to Canada. It involves opening a bank account and getting a credit card. If you feel that credit cards are necessary only to make day-to-day purchases, then you must think again. A credit card can help you build a h3 credit score for your long-term financial success.

A credit card will also provide a cushion during emergencies because you may not have helpful contacts in Canada being a newcomer. Besides, new immigrants can discover several benefits of credit cards, such as the fulfillment of approval formalities or payment of annual fees. Having access to an expert immigration consultant can be an added advantage.

Applying for a credit card as an immigrant

Make sure that you have the following while applying for a credit card:

  • Information about employment

    It is easy to get a credit card if you have a job with a steady income

  • Canadian residence status

    Visa details and other information, including your residence status.

  • Residential address

    The bank will require your home address in Canada for approving a credit card

  • Financial record

    Immigrants need to maintain a certain amount as a balance in the bank account.

The easiest way to obtain a credit card is to open an account in any of the banks in Canada. Most banks offer credit card facilities to customers. Your bank can streamline the process of credit card application and provide a choice of credit card options

A secured credit card is a more convenient option as the approval process is straightforward. A secured card will also help you build a h3 credit history as you continue to use the card responsibly and make regular payments.

Prepaid cards require you to deposit money and then use it for making purchases. These cards are not suitable to build a credit history because these are not credit cards. You should either get an unsecured or secured credit card to establish your creditworthiness.

Credit card features to consider

Controlling your expenses by saving money and avoiding unnecessary expenditure must be a priority as a newcomer to Canada. Choosing a credit card with no or affordable annual fees is a prudent option. Some cards offer handsome rewards on purchases. In addition to reward points, you may get access to perks like purchase protection, access to VIP lounges at airports, or travel insurance.

Following are a few of the most suitable credit cards for new immigrants To Canada:

  • Tangerine Money-back Credit Card

    This no-fee credit card is perfect for newcomers to Canada who prefer saving money. A card is also a great option because of several money-back rewards.

  • Scotia Momentum NO-fee Visa

    The card helps save on annual fees as you will not pay any fees to own the card. Moreover, the card will help you earn 5% cashback for the initial period of three months on all purchases below $2000. Subsequently, you will get 1% cashback on pharmacy, grocery, and gas purchases.

  • BMO Cash-back Master Card

    Yet another no-fees card for newcomers who will be able to enjoy a whopping 5% cashback rewards for the first three months.

  • TD First Class Travel Visa Infinite Card

    Frequent travelers can earn reward points by using this card. There is an annual-fee rebate for the first year for you and an add-on cardholder.

Choosing and using a credit card wisely can help you save dollars and earn handsome credit ratings. You will find myriad credit card options in Canada. Balancing between fees and rewards or perks will help you select a suitable credit card. Consider your needs and spending habits while considering a credit card option.

Dev Immigration Services Incoffers a slew of immigration services by assessing your requirements. Contact us today to know the most suitable immigration options if you desire to move to Canada.


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