How to Apply for a Credit Card in Canada

Financial stability is vital for anyone who has recently arrived in Canada. Even if you have a strong financial standing in your home country, you must establish it in Canada. Applying for a credit card is one of the first and most effective steps to build your credit and give yourself a buffer. 

Credit cards are a convenient payment option and they help establish your credit history. Paying off your credit card balance each month will help you build your credit score and qualify for larger loans and financial products in the future. This is important especially if you want to get a car loan or qualify for a mortgage. 

Applying for a credit card can seem overwhelming, especially if you are a newcomer. You may not know how to apply, what information you need, or if you qualify. Here we will provide you with the information you need to apply for your first credit card in Canada. 

Information you need to apply for a credit card in Canada

You will need the following information to apply for a credit card:

• Full legal name
• Date of birth
• Home address (in Canada)
• Phone number
• Email
• Employment status
• Annual income.

Assess your financial situation before you apply for a card

Applying for multiple credit cards can affect your credit score. So, avoid applying for several cards to see which one accepts your application. You must assess your financial situation to know what type of card will best meet your needs. 

Ask yourself:

• What do you need the credit card for? (i.e. to pay bills, establish credit, use as an emergency fund)
• How do you plan to use it?
• Do you want to add a partner or family member to the card?

What type of credit card makes sense for you?

Many types of credit cards offer unique benefits. Depending on your situation and financial needs, these card features may make sense for you:

• Credit builders: Lenders consider you a credit builder if you have recently immigrated to Canada. You can apply for cards specifically designed to help you build credit. If you have no credit or low credit you can apply for a secured credit card to start building up your finances. 
• Cash back: Get cash back on the purchases you make to help lower your monthly bill. Cash back percentages vary based on the card and lender. 
• Low interest: If you expect to carry a balance on your card from time to time, a low interest rate is a great option to minimize borrowing costs.
• Travel rewards: If you plan to travel back to your home country regularly, you can accumulate travel points that can help you save on travel costs. 
• Points cards: Earn points you can use to cash in at participating retailers. For example, AIR MILES and PC points.

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Other things to know

• Annual fees: Cards can start at $0 fees to more than $100 per year or more. Many offer you the first year free.
• Late payment fees: Some cards charge a fee if you miss a payment or pay after the due date.  Late payments can also increase your interest rate. So pay your bill on or before the due date.
• Foreign transaction fees: If you plan to use your credit card when you travel, be aware of the associated fees. 
• Income requirements: Your annual income will affect the cards you qualify for and your credit limit.
• Additional benefits: Many cards offer additional perks such as payment protection, travel insurance, roadside assistance, and an extended warranty. Look into all the benefits that you can use. 
• Ease of use: Getting a credit card from your current banking institution will make it easy to access your card online and connect it to your bank account. 

Apply for the credit card

Once you have completed your research, you can complete your credit card application. The most effective way to do this is online through the lender’s website. You can also apply over the phone and through the mail. 

If you apply online or over the phone, your application can be processed and approved in just a few minutes. Sometimes you will need to provide additional information to get approved. Once approved, you can expect your credit card in the mail in about five business days. 

You have more options to consider than you think. Applying for the right credit card that matches your needs can help build a solid financial foundation.

WRITTEN BY

Corinna Frattini

Senior Editor, Prepare for Canada

Corinna Frattini is the Senior Editor and Content Director for Prepare for Canada. She contributes articles to help newcomers achieve their goals in key areas related to living, working, and settling in Canada. With an extensive background in human resources and leadership development, her articles focus on what Canadian employers seek and how newcomers can continue their careers in Canada.

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