These Are The Best Credit Cards For Newcomers In Canada & The Perks Will Help You Save In 2023

Want to improve your credit score?

A person uses a credit card in a cafe.
Associate Editor

A person uses a credit card in a cafe.

Getting a credit card is pretty much a necessity if you're a newcomer to Canada.

That being said, picking the best credit card for you can be something of a challenge, especially if you're new to things like credit scores and interest rates.

So if you're feeling a little lost, the team behind Credit Card Genius has listed the best credit cards for newcomers to Canada in 2023 to take the guesswork out of the equation for you.

They've taken over 126 features of credit cards into account and scored them in seven categories, such as rewards, fees, approval, perks and insurance, so you can pick which features interest you the most.

All the reward calculations are based on a typical monthly spend of $2,000.

What's the best credit card for newcomers in Canada in 2023?

According to Credit Card Genius, the honour goes to the Tangerine Money-Back Credit Card.

One of the reasons this card rates so highly is because of its rewards. Users can choose two categories, such as groceries, gas, and more in which they will earn 2% cash back.

That can increase to three categories if you deposit your cash back rewards into a Tangerine Savings account.

For other purchases, you earn 0.5% cash back.

Other perks of the card include having no annual fee and a relatively low credit score requirement of 600.

Meanwhile, the Neo Card is also rated very highly, and it's especially great for people who have a lot of shopping to do.

That's because instead of regular bonus rewards according to categories, it offers rewards at participating retailers such as Canadian Tire, Zara and lululemon.

If you're shopping at these brands, you can get a return of 4%!

On other purchases, you can get 1% back, but that's on your first $5,000 in monthly spending.

The Home Trust Preferred Visa has been recommended for newcomers who have plans to travel abroad regularly.

While a lot of Canadian credit cards charge a 2.5% fee on transactions that aren't made in Canadian dollars, this one has no foreign transaction fee.

You also get 1% cash back on all purchases. However, those rewards don't apply to purchases made in foreign currency.

And like the other cards on this list, it has no annual fee either, which is an absolute win.

Last but not least, the Home Trust Secured Visa card is recommended for those who can't get a regular credit card due to their credit score.

This is a secured card, which means you have to provide a security deposit that is then used as your credit limit.

This card doesn't earn you rewards, but it does help you improve your credit score, which is important when you're a newcomer to the country.

Once you improve your credit score, you can always move to something with better perks!

Best of luck out there, newcomers!

This article's cover image was used for illustrative purposes only.

Janice Rodrigues
Associate Editor
Janice Rodrigues was an Associate Editor for Narcity Media focused on Canadian immigration and passports, and is based in Scarborough, Ontario.