Credit card for new comers

[Lasso]

hi guys,
Which bank is good to issue credit card to a new PR. I have 5k landing in Montreal soon.

 

[BC4life]

Most of the big 5 have packages for newcomers, some of which include a credit card. However keep your expectations low in that regard. With zero credit and no income none will give you a high value card from the go. At most a card with 1000 or 2000 credit limit. You might even need to put a deposit to secure the card for the first few months.

 

[Lasso]

Most of the big 5 have packages for newcomers, some of which include a credit card. However keep your expectations low in that regard. With zero credit and no income none will give you a high value card from the go. At most a card with 1000 or 2000 credit limit. You might even need to put a deposit to secure the card for the first few months.

Thanks a lot

 

[sistemc]

Yes, when I arrived here it was not a problem to get debit and credit cards immediately, just the bank asked to put a hold on a certain sum in my savings account.

 

[NetMecca]

I got a 5k limit secured by cash locked in a saving account when I arrived. Shop around though I have heard that there may be some of the bigger banks that will offer a small unsecured credit limit from day one, depending on your profile.

Makes sure that no matter what you get, you always pay it. Credit cards are the best way to create (and destroy) your credit record in Canada.

Good luck

 

[buliwyf]

Get an unsecured credit card on day 1, no matter how low the credit limit is (they usually give $1,000). Use it, but never miss paying at least the minimum payment, and keep your utilization to less than 30% of the limit (i.e. use only $300 if limit is $1,000). Never cancel this credit card, your credit score considers your credit account age.

 

[ADEYEYE]

As a new immigrant can you get up to 2000 CD credit card.

 

[sistemc]

As a new immigrant can you get up to 2000 CD credit card.

Immediately after my arrival I got Visa credit card with CAD 5000 limit at a Scotiabank, but they also put a CAD 5000 hold on my savings account.

After one year of banking with them, I asked them to remove this hold, and they did that without asking anything.

 

[Venki7]

Immediately after my arrival I got Visa credit card with CAD 5000 limit at a Scotiabank, but they also put a CAD 5000 hold on my savings account.

After one year of banking with them, I asked them to remove this hold, and they did that without asking anything.

how many days it took for the credit card delivered to you after applying?

 

[sistemc]

how many days it took for the credit card delivered to you after applying?

I really don’t remember exactly, it was many years ago. But it was fast, that’s what I remember, more like days, then weeks.

In the meantime I used the debit card which I got immediately, and the credit card from my old country.