Pakistani Investor

🇨🇦 Credit Card Comparison — Canada

Best credit cards for Pakistani immigrants by country

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BMO CashBack Mastercard

BMO (Bank of Montreal)

Newcomer Friendly

Annual Fee

Free

Cashback

3%

Rewards

3% on groceries, 1% on recurring bills, 0.5% on everything else

Foreign Tx Fee

2.5%

High grocery cashback for newcomers with no annual fee

3% cashback on groceries1% on recurring bill payments0.5% on all other purchasesBMO Newcomer program eligible

CIBC Newcomer Credit Card

CIBC

Newcomer Friendly

Annual Fee

Free

Foreign Tx Fee

2.5%

Purpose-built for new immigrants to Canada — no credit history needed

Specifically designed for newcomers to CanadaNo Canadian credit history requiredUp to $5,000 credit limit for permanent residentsReports to Equifax and TransUnion Canada

TD Platinum Visa

TD Canada Trust

Newcomer Friendly

Annual Fee

Free

Foreign Tx Fee

2.5%

Low-rate card for carrying a balance while building credit

Low interest rate (12.99% on purchases)TD Newcomer program eligiblePurchase protection and extended warrantyMobile wallet compatible

Scotiabank Scene+ Visa

Scotiabank

Newcomer Friendly

Annual Fee

Free

Rewards

5 Scene+ points per $1 on groceries, 1 point per $1 elsewhere

Foreign Tx Fee

2.5%

Rewards points redeemable for movies, dining, travel, and groceries

5x Scene+ points on groceries and recurring bills1x Scene+ points on all other purchasesRedeem for Cineplex, dining, travel, or groceriesScotiabank StartRight newcomer program

Credit Building Path

Follow this progression to build your credit score from scratch

1

Open a Canadian bank account immediately upon arrival (Big 5 banks offer newcomer packages: RBC, TD, BMO, Scotiabank, CIBC)

2

Apply for a newcomer credit card or secured credit card within the first month

3

Set up a Canadian phone contract (postpaid) — reported to credit bureaus

4

Pay all bills on time — payment history is the largest factor in Canadian credit scores

5

Keep credit utilization below 30% (ideally under 10%) of your credit limit

6

Check your free credit score through Borrowell (Equifax) and Credit Karma (TransUnion)

7

After 6 months, apply for a second credit card to improve credit mix and available credit

8

Do not close your first credit card — account age matters significantly in Canada

9

Apply for a small personal line of credit after 1 year to diversify credit types