1.RBC Cash Back Mastercard
RBC
- 12%Cash back for the first three months
Welcome bonus of up to 12% cash back for the first three months.
12%-0%
19.99%
19.99%
The RBC Cash Back Mastercard stands out as the top choice for newcomers due to its generous welcome bonus of up to 12% cash back in the first three months, making it an excellent option for those looking to maximize their rewards right from the start.
Pros:
- No annual fee
- High welcome bonus for newcomers
Cons:
- Limited rewards after the welcome period
- Cash back may not be as high as other cards
2.BMO CashBack Mastercard
BMO
- 1%Cash back on all purchases
Up to CA$125 cash back on eligible cards when paired with the BMO Newcomer banking bundle.
1%-0%
19.99%
19.99%
What sets the BMO CashBack Mastercard apart is its straightforward cash back structure, allowing cardholders to earn 1% on all purchases, making it a reliable choice for newcomers who want a simple rewards program without the hassle of complicated tiers.
Pros:
- No annual fee
- Cash back on all purchases
Cons:
- Lower cash back rate compared to other cards
- Limited rewards structure
3.Scotiabank StartRight Credit Card
Scotiabank
- 3%Cash back on groceries, gas, transit, and recurring bills
Combine with an eligible chequing account bundle to earn up to CA$1,000 in total combined welcome offers.
3%-0%
The Scotiabank StartRight Credit Card is particularly appealing for newcomers, offering a substantial welcome bonus of up to CA$1,000 when combined with a chequing account, making it an attractive option for those looking to establish their financial footing in Canada.
Pros:
- No annual fee
- High welcome bonus when bundled
Cons:
- Limited to newcomers
- Specific eligibility requirements
4.CIBC Adapta Mastercard
CIBC
- 1.5%Points on top three spending categories
Receive a Welcome Bonus of 3,000 Adapta Points after your first purchase (up to CA$25 value).
1.5%-0%
21.99%
22.99%
The CIBC Adapta Mastercard shines for its unique ability to adapt to cardholders' spending habits, automatically rewarding users with 1.5 points for every dollar spent in their top three categories, making it a versatile option for those with varied spending patterns.
Pros:
- No annual fee
- Flexible rewards system
Cons:
- Higher interest rates
- Points may take time to accumulate
5.Home Trust Secured Visa
Home Trust
- No rewards breakdown available
The Home Trust Secured Visa card does not offer a welcome bonus or promotional sign-up offer.
0%-0%
19.99%
19.99%
The Home Trust Secured Visa is a solid choice for individuals looking to build or rebuild their credit, offering a no annual fee structure and straightforward terms, although it lacks any rewards program.
Pros:
- No annual fee
- Good for building credit
Cons:
- No rewards program
- Requires a security deposit
Did you know?
A no-fee credit card can beat a premium card if you do not use the extras. Match the card to your spend before chasing a bonus.
Final Words
As you explore the best starter credit cards with no credit history in Canada this October, remember that choosing the right card can set the foundation for your financial future. Take time to compare your options, considering welcome bonuses and benefits, to make an informed decision that aligns with your financial goals.
Frequently Asked Questions
The RBC Cash Back Mastercard offers a welcome bonus of up to 12% cash back for the first three months. This is a great incentive for new cardholders looking to maximize their rewards.
The BMO CashBack Mastercard provides a reward rate of 1% cash back on all purchases. Additionally, you can earn up to CA$125 cash back on eligible cards when paired with the BMO Newcomer banking bundle.
The Scotiabank StartRight Credit Card offers a welcome bonus that includes the opportunity to earn up to CA$1,000 in total combined welcome offers when combined with an eligible chequing account bundle. It also features a reward rate of 3% cash back on groceries, gas, transit, and recurring bills.
Yes, many credit cards for newcomers in Canada, such as the RBC Cash Back Mastercard, BMO CashBack Mastercard, and Scotiabank StartRight Credit Card, come with no annual fees. This makes them accessible for those just starting to build their credit history.
When selecting a starter credit card, consider factors such as welcome bonuses, reward rates, and any associated fees. It’s also important to ensure that the card aligns with your spending habits to maximize your rewards.
To apply for a credit card with no credit history in Canada, you can start by researching cards specifically designed for newcomers or those with limited credit. Most banks allow online applications, and you will typically need to provide identification and proof of income.
Common rewards for cashback credit cards include cash back percentages on various spending categories. Many cards offer higher cash back rates for specific purchases, such as groceries or gas, while providing a standard rate for all other transactions.
