Does anyone have any input on which bank offers the best newcomers package for new permanent residents? I'm also interested in which banks offer the highest limit for (unsecured) credit cards if you don't yet have a job. TD Bank quoted me $1,000? Thanks for any help.
New PR: Banking and Credit Cards
- Thread starter noonnabi
- Start date
I totally agreed. I was offered $2,000 limits credit card by RBC as well. But it also came with $120 annual fee, which it is rarely seen in US nowadays.
Comparing with US, there are so many services and business concepts & models are way behind.
Comparing with US, there are so many services and business concepts & models are way behind.
I was offered a card with an annual fee, but when I stated I preferred one without a fee, I was given this one https://www.rbcroyalbank.com/servic...27EdoUXqOWUkaDn4oyDO3pvIqz55nTKYaAvWhEALw_wcB
I applied for a CIBC newcomers package. I was able to open an account online at the CIBC website. Then I booked an appointment for the same day for the nearest CIBC branch in Toronto. They were able to set me up right away with a Checking account that's free to use with unlimited free Interact transfers for one year, and free after that if I maintain the minimum balance. They also provided me with an unsecured credit card with $5000 limit - free for the first year and $120/year after that. That card has all sorts of purchase protection, car rental insurance and 4 lounge passes / year. I guess I'll use it for an year and switch to a card without an annual fee after that. According to the banker helping me, the 5000 limit was surprising since mostly he sees people getting approved for much lower credit. All they needed were my Canadian PR card, driver's license and that was it.
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