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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.
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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