Welcome, first and foremost, to Canada! I hope you enjoy your time with us.
Next, how is the progress of the financial planning? Because everyone, including recent Canadian immigrants, benefits from establishing credit.
Whether they have cash on hand or not, immigrants to Canada have access to a variety of credit card options. Here are a few of the best options, but not all of them, in the hope that one of them meets your requirements.
Scotiabank SCENE Visa
This is the optimal option for those who enjoy entertainment. You can earn points for dining, movie tickets, food, and drinks. Therefore, you should not be overly concerned about easy credit cards in Canada, as they are readily available and lucrative.
You can earn points on all movie and entertainment purchases made at over 160 Cineplex theatres without paying an annual fee. While shopping with Scene+, you can dine at more than 700 restaurants to earn prizes and accumulate points.
Tangerine Money-Back Credit Card
Want a credit card that provides 2% cash back on your most frequent purchases? The Tangerine Money-Back Credit Card offers 2% cash back on purchases in two to three spending categories, and 0.50% cash back on all other purchases.
Among the categories eligible for the 2% cashback are groceries, restaurants, gas stations, recurring payments for services, entertainment, pharmacies, home improvement stores, public transportation, and furniture.
In addition to the two 2% categories included in the basic offer, a third 2% cash back category is available if you open a free Tangerine savings account and deposit funds there.
Monthly rewards of 2% and 0.50% cash back are distributed indefinitely. Additionally, there is no annual fee for this card, making it even more advantageous. Additionally, it extends the warranty and purchases protection features.
RBC Cash Back Mastercard
No annual charge. There is no maximum cashback amount you can receive. To establish a credit history, you must open your own credit account.
Earn up to 2% cash back on groceries and up to 1% on everyday purchases. There is no need to keep track of your credit balance because they accumulate automatically. Credit is offered up to $15,000 Customers of RBC’s personal banking services are not required to have a credit history. Higher credit limits have more stringent criteria for income and assets.
Tangerine World Mastercard
We believe, based on the current promotional offer, that this is the best credit card for Canadian immigrants.
The card offers the highest cash-back rate of the cards listed, at 15%, for purchases made within the first two months. However, this rate has a spending cap of $1,000, so the maximum cashback from this rate is $150. You have until December 29, 2022 to apply for the card at the discounted rate.
After the 15% introductory rate is exhausted or expires, you receive 2% cash back on two categories of purchases. The standard spending categories include groceries, eating out, gasoline, and monthly bills.
It is especially advantageous to be able to choose two categories rather than having them assigned to you, as is the case with the majority of cards. Your likelihood of maximising your rewards is considerably enhanced (depending on your spending habits).
Scotia Momentum Visa
There are many to consider, including the Momentum No-Fee Visa1, the standard card that costs $39 annually, and the Visa Infinite card that costs $120 annually (first-year fee waived). Each card offers cash back, ranging from 0.5% or 1% cash back on eligible purchases for the No-Fee card to 4% cash back on groceries and recurring payments for the Infinite card.
With a minimum credit limit of $500, the No-Fee card may be particularly useful for those seeking to establish credit. The Infinite card is a premium credit card designed for individuals with high annual incomes.
SimplyCash® Preferred Card from American Express
Enjoy 4% cash back at gas stations and grocery stores, as well as 2% cash back on all other purchases. The unrestricted 2% cash-back earn rate was among the highest rates we examined.
The initial ten months can generate up to $400. After an annual expenditure of $30,000, the bonus points rate for food and gasoline falls to 2%. According to 58% of frequent cardholders, the primary reason for using credit cards frequently for purchases is to earn discounts and loyalty points.
American Express Cobalt Card
Possibly one of the best credit cards for avid travellers. Spend $500 per month on purchases during your first billing cycle to earn 2,500 points. In total, thirty thousand bonus points are earned per year. 5 points are awarded per dollar spent for food and delivery, 3 points for streaming services, 2 points for travel, and 1 point for all other transactions.
Neo Financial Mastercard
With the Neo Mastercard, there is no annual fee and no limit on cash-back transactions. Your cashback earnings at Neo Partners average 5% and never fall below 0.5%.
In addition, Neo offers up to 15% cashback on a number of your initial purchases from select merchants.
Neo has just introduced Rewards Bundles, allowing you to earn even more cash back on a variety of purchases, such as groceries and beverages, travel expenses, and more.
Conclusion
A credit card’s interest-free grace period is one of its alluring characteristics. As long as you pay for all charged transactions in full by the statement due date, you will not be charged interest for short-term borrowing of the issuer’s funds.
In Canada, credit card usage is widespread. Using a credit card instead of cash as payment may be more convenient. In addition to offering budgeting tools and rewards, the best credit cards enable you to control your spending.