All recent arrivals to Canada (including the U.S.) in the past month must undergo a 14-day self-isolation period. Please ensure you have sufficient funds on hand to sustain yourself and your family during the mandated self-isolation period. It will take 14 days or more for you to be able to visit your preferred branch and access your funds upon your arrival in Canada. To learn more, click here.Learn more
Now that you’re in Canada, you may have started hearing a lot about “credit.” Obtaining “credit” allows individuals to obtain a good or service before paying for it, with an understanding that it will be paid for later.
A credit card, which is issued by a bank, is the most common method of paying for goods or service on credit. Many banks require that a person have a credit history before approving them for a credit card, which can put some newcomers at a disadvantage.
Scotiabank’s StartRight® program, however, offers you the chance to obtain your first credit card without providing a credit history beforehand. This will help get you started on building your credit in Canada. Once you’ve been approved for a credit card, it’s important to use it responsibly in order to build a good credit score.
What’s more, if you set up your banking through the StartRight® program, you can bank without monthly account fees and get up to $5,000 in a credit limit on a Scotiabank credit card!*
Before applying for a credit card, it’s important to decide which type of card will suit your needs. Some credit cards have low annual interest rates (less than 19.99% on purchases), while others may have low or no annual fees. Other cards offer rewards such as cash back, which means that you earn back a percentage of whatever money you spend on your everyday purchases.
Scotiabank has a wide range of credit cards for newcomers, and a Scotiabank advisor can help you decide which one is right for you.
A credit score is a number that represents your financial health at a specific moment in time. It indicates how risky you are to money lenders, and how likely you are to pay your bills on time. In Canada, your credit score generally falls between 300 and 900, and the higher the better.
There are many factors within your control that impact your credit score.
Too many credit checks can also lower your credit score. Whenever a money lender asks for access to your credit score, it is recorded on your credit report. Multiple or recent inquiries may give lenders the impression that you need credit urgently or aren’t budgeting your money well enough.
**Conditions apply. Subject to credit approval.