The best credit cards in Canada — compared and verified for 2026
We analyze rates, real costs and eligibility for newcomers.
In Canada, the best way to start building credit as a newcomer is with a secured credit card. You deposit an amount as collateral and the bank gives you a card with that limit. Pay your full balance every month and in 6-12 months you'll have Canadian credit history.
Our quick picks
Neo Secured Credit Card
$96/year annual fee, cashback, ideal for newcomers.
See cardBMO CashBack Mastercard
$0 annual fee, 0.5% cashback, approved for newcomers.
See cardTangerine Money-Back Credit Card
2% in 2 categories, no annual fee, no need to be a customer.
See cardBefore you apply
The best card isn't the one with the most points. It's the one you can use well, pay on time and keep while you build your history.
Methodology and transparency
How we rate cards
The FinMaple Score evaluates each card across 5 pillars with the following weights:
Real costs (30%) - annual fee, interest rates, and penalties
Newcomer-friendly (25%) - accessibility without Canadian credit history
Digital experience (15%) - app quality, online banking, and digital support
Real benefits (15%) - cash back, points, miles, and included insurance
Spanish support (15%) - customer service and materials available in Spanish
The final rating is a weighted average from 1.0 to 5.0.
Data sources
Card data comes from official Canadian bank websites, public rate sheets, and terms and conditions documents. We update the information monthly to reflect changes in fees, rates, and benefits. Last update: February 2026.
Affiliate disclosure
FinMaple is a free service. We receive compensation when you apply for financial products through our affiliate links. This compensation does not affect our ratings or the order of recommendations - the FinMaple Score is an independent editorial evaluation. Learn more about how we monetize.
Preguntas frecuentes
Can I get a credit card in Canada without credit history?
Yes. Several Canadian banks offer secured credit cards designed for people without credit history. You just need to deposit an amount as collateral (e.g., $300-500 CAD) and the bank gives you a card with that limit. Banks like Scotiabank, BMO and CIBC have newcomer programs.
What is the best credit card for newcomers in Canada?
It depends on your priorities. If you want no annual fee and to build credit, the Neo Secured Credit Card or the BMO CashBack Mastercard for newcomers are great options. If you prefer travel rewards, the Scotiabank Gold American Express for newcomers offers good benefits. Use our comparison tool to find the best one for your profile.
How does the credit score work in Canada?
The credit score in Canada ranges from 300 to 900 points. It's calculated based on your payment history (35%), credit utilization (30%), account age (15%), credit mix (10%) and recent inquiries (10%). A score of 680+ is considered good. You can check your score for free with Borrowell or Credit Karma.
How long does it take to get approved for a credit card?
Approval typically takes 1 to 10 business days. Secured cards for newcomers are usually approved faster (1-3 days) since the deposit reduces the bank's risk. Once approved, you'll receive the physical card by mail in 7-14 days.
Is a secured or prepaid card better for building credit?
A secured card is much better for building credit. Prepaid cards do NOT report to credit bureaus, so they don't help build credit history. A secured card works like a regular card and reports your payments to Equifax and TransUnion, helping you raise your score.
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