Skip to content Skip to sidebar Skip to footer

How Can I Get a Credit Card with no Canadian Credit History?

You may apply for a secured credit card, a shared credit card, or a retail credit card, among other alternatives.

If you don't have any credit history in Canada, most banks will refuse to grant you a credit card. You may not be able to receive a credit card in Canada straight immediately, even if you have a long credit history with international credit card providers like VISA and MasterCard.

First, speak with a bank manager and inquire about if the bank would accept your foreign credit history and issue you an ordinary (unsecured) credit card. Bring any credit information you have from outside of Canada with you.

Here are several options for obtaining credit and establishing a credit history in Canada:

Get a secured credit card:
You must pay a "security deposit" with the credit card provider in order to get this sort of card. This might be money, furniture, or whatever else the firm accepts.

Apply for a joint card:
Find a credit-worthy friend or family member who will share the card with you. You'd both be accountable for the bills, which would help you establish credit.

Get a co-signer:
It would be your credit card, but if you were unable to pay your payments, the co-signer would be held liable.

Take out a loan:
Apply for a loan from a bank or other lending organization and pay it back as soon as possible.

Get a retail credit card:
Make an application for a credit card from a non-financial institution, such as a gas station or a department shop. You can purchase stuff with these cards at some businesses, but you can't borrow money with them. These cards often carry a higher interest rate than bank-issued cards.

Join a credit union at work or in your community.