Can new immigrants get credit cards in Canada?
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- Updated On:25-Jul-2023
- Replies:1
Short Answer
Yes, Canada offers a lot of financial services to the new immigrants. Credit cards are one of them. Although the type of Credit card may vary based on requirements like credit history and the immigration status of the person.
Detailed Answer
Immigrants need to issue the relevant documents to enjoy credit cards in Canada. Financial stability is one of the proofs that newcomers have to show the banks. There is no reason why a the immigration status will affect the Credit card eligibility. However, an individual’s credit score can easily have an impact.
An immigrant needs to have a Canadian Bank account to apply for a credit card. He must also have some savings and a source of income.
## Factors to Consider Before Choosing a Credit Card for Immigrants
An Immigrant must know certain key factors about credit cards in Canada, before choosing one. The Canadian market has 5 big banks and other banks are just small ones. All of them offer various types of credit card options.
There are lots of newcomers in Canada every year and most banks think of them as a business opportunity. Hence, it is necessary that you consider the following factors before choosing a credit card, otherwise you will just fall prey to them.
### Rewards and Discounts
Credit Cards offered by the Canadian Banks incentivize the holder at all times. Whenever you use the card to make a purchase you will be rewarded with points. The same applies for the immigrants as well. Choose a card that will offer such benefits.
### Monthly Charges
Almost every credit card will charge a minimal admin fee to cover the costs. Yet there are a handful of banks that waive such fees to attract more customers. For immigrants, getting a no-fee credit card will be very beneficial.
### Type of Credit Card
For immigrants, having a secured card is a better option. Because it can be taken irrespective of what your credit score is. You just have to deposit some cash beforehand. Whereas an unsecured credit card might be a burden if you do not have a steady income source.
For all the immigrants in Canada, the option to get a Credit card is always present. In addition to it, if your credit score is good, then the chances increase significantly.
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Discussion (0)
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