Should new Canadian residents get a debt or credit card?

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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.

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