Should new Canadian residents get a debt or credit card?

Back to learn

Should new Canadian residents get a debit or credit card?

Rounding it up

  • Both credit cards and debit cards are fantastic financial tools for new Canadian residents.

  • Debit cards are electronic payment tools that allow you to use money that you have in the bank for daily purchases.

  • You can think of credit cards as a type of mini loan for your purchases that you have to pay off each month.

  • New residents in Canada often find that it’s easier and more practical to get a debit card first because you need a good credit history to get a credit card.

9 min read

Gaby Pilson
#credit#credit cards#debit#newcomer

Gaby Pilson

Gaby Pilson is a writer, educator, travel guide, and lover of all things personal finance. She’s passionate about helping people feel empowered to take control of their financial lives by making investing, budgeting, and money-saving resources accessible to everyone.

Recent Articles

Bank of Canada raises interest rates

How fast does your credit score go up in Canada?

Will personal loans impact my credit score?

Can I get a personal loan with bad credit?

What kind of loans can I get in Canada?

Should I split my money between banks?

Related articles

Can newcomer Canadians qualify for retirement plans?

8 mins

Ally Streelman

New to Canada and eager to get your financial ducks in a row? Learn how you can start retirement planning today.

Can newcomer Canadians qualify for retirement plans?

8 mins

Ally Streelman

New to Canada and eager to get your financial ducks in a row? Learn how you can start retirement planning today.

#retirement

#newcomer

#RRSP

#TFSA

logo.koho

Company

AboutCareersCultureGamerLearnPartnersTravelStatus

Connect

The KOHO Mastercard® Prepaid card is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

By using this website, you accept our Terms and Conditions. Follow these links for more information on our Privacy Policy, Accessibility Policy and Multi-Year Accessibility Plan. © 2022 KOHO Financial Inc.