First and foremost, a warm welcome to Canada! I hope your stay with us is successful.
What about financial planning? because everyone, even recent immigrants to Canada, benefit from establishing credit.
It doesn’t matter if you have cash on hand or not, there are several credit card alternatives available for immigrants to Canada. Here are some of the largest options available – not all of them – in the hopes that one of them will meet your needs.
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Scotiabank SCENE Visa
For those who like entertainment, this is the ideal option. You can take advantage of points for food, movie tickets, food and drinks. Therefore, you should not worry too much easy credit cards canadabecause they are available and profitable.
Earn points on all your movie and entertainment purchases at more than 160 Cineplex cinemas without paying an annual fee. Satisfy your hunger while shopping with Scene+ to receive prizes and collect points at over 700 restaurants.
Tangerine cash back credit card
Looking for a credit card that offers 2% cashback on your most common purchases? The Tangerine Money-Back credit card pays 2% cashback on purchases in two to three spending categories and 0.50% on all other transactions.
Groceries, eateries, gas stations, recurring payments for services, entertainment, pharmacies, home improvement stores, public transportation, and furniture are among the categories eligible for the 2% cashback.
A third tier of 2% cashback is available if you create a free Tangerine savings account and deposit your money there in addition to the two tiers of 2% included in the basic offer.
Incentives of 2% and 0.50% cashback are distributed monthly and are infinite. In addition, there are no annual fees associated with this card, which is even more beneficial. It also offers an extended warranty and purchase protection features.
RBC Cashback Mastercard
No annual costs. There is no maximum amount of cashback you can get. You must create a credit account in your name to build a credit history.
Earn up to 2% cashback on groceries and up to 1% cashback on everyday items. You don’t have to keep track of how many credits you have, because they are built up automatically. Credit is available up to $15,000. RBC personal banking customers are not required to have a credit history. For higher credit limits, broader criteria for income and assets apply.
Tangerine World Mastercard
We believe that given the current promotional offerings, this is the best credit card available to immigrants to Canada.
The highest refund rate of all listed cards is 15%, which the card gives on purchases made in the first two months. However, that rate has a spending limit of $1,000, meaning the top cashback of the special rate is $150. You have until December 29, 2022 to apply for the card and receive the special rate.
You will receive 2% cashback on two spending categories once the 15% introductory rate has been used or expires. The standard spending categories include items such as grocery shopping, dining out, gas purchases, and monthly bill payments.
It is particularly advantageous to be able to choose the two categories you want instead of having them predetermined for you, as is the case with most cards. Your chance of maximizing your rewards is significantly higher (depending on your spending habits).
Scotia Momentum Visa
There are plenty to consider, such as the Momentum No-Fee Visa1, the regular visa that costs $39 per year, and the Visa Infinite that costs $120 per year (first-year fee waived). All offer cash backs ranging from 0.5% or 1% on purchases that qualify for the No-Fee card to 4% off groceries and recurring payments for the Infinite card.
With a minimum credit limit of $500, the No-Fee card can be a particularly convenient method for beginners to get credit. The Infinite card, on the other hand, is a premium credit card made for those with a high annual income.
SimplyCash® Preferred Card from American Express
Enjoy 4% cashback at the gas station and grocery store, as well as a high ongoing flat rate of 2% cashback on all other purchases. One of the highest rates we looked at was the unlimited 2% cash back earning rate.
The first 10 months can bring in up to $400. After an annual spend of $30,000, the bonus point percentage for food and gas is reduced to 2%. Regular use of credit cards for purchases is primarily motivated by earning discounts and loyalty points, he said 58% of frequent cardholders.
American Express Cobalt card
Possibly one of the best credit cards for people who love to travel. Spend $500 per month on purchases during your first period to receive 2,500 reward points. A total of 30,000 bonus points are earned in a year. Additional points per dollar spent are 5 points for food and delivery, 3 points for streaming services, 2 points for travel, and 1 point for any other transaction.
Neo Financial Mastercard
With the Neo Mastercard you can make unlimited cashback transactions and you do not pay an annual fee. At Neo Partners, your cashback income averages 5% and never drops below 0.5%.
In addition, Neo offers you a cashback of up to 15% on many of your first purchases from specific sellers.
Neo just introduced rewards bundles, which allow you to get even more cash back for various transactions, including groceries and drinks, travel-related expenses, and more.
Conclusion
The fact that there is an interest-free period on credit cards is one of its attractive features. No interest is charged for short-term borrowing of the issuer’s funds as long as you pay all charged transactions in full by the statement due date.
Credit card use is widespread in Canada. It may be more convenient to use your credit card as payment instead of cash. The best credit cards also allow you to budget your money and reward you with rewards as well.
Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.