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Credit Cards 101 for newcomers

It's important for newcomers to Canada to establish a credit history to potentially help with mortgage and loan applications. TD Credit Cards offer a convenient way to manage your spending and build your credit history.

Credit card basics

A credit card is a financial tool that allows you to borrow money to make purchases. You can only spend up to your approved credit limit which is the maximum amount you can borrow. Keep in mind, what you spend will need to be paid back.

Building credit history

Using a credit card correctly helps you build good credit history because it shows creditors that you can manage money. A good credit history leads to a good credit score which can help with applying for mortgages and loans.

TD Credit Cards for Newcomers

At TD, we offer different credit card options to choose from, each with special offers, benefits and rewards to suit your needs. The credit cards below are great options for newcomers to Canada.

  • TD Cash Back Visa* Card

    Special offer

    Earn up to $1351 in Cash Back Dollars when you start by opening a new TD Cash Back Visa* Card. Account must be opened by September 26, 2024.

    • Earn 1% in Cash Back Dollars on eligible grocery Purchases and gas Purchases2 and on regularly recurring bill payments3.
    • Earn 0.5% in Cash Back Dollars on all other purchases made with your Card4.
    • Earn Cash Back Dollars and redeem them to help pay down your account balance.
  • TD Rewards Visa* Card

    Special offer

    Earn a value of $505,6 in TD Rewards Points to use on eligible Amazon.ca purchases, plus no annual fee. Conditions apply. Account must be approved by January 6, 2025.

    • Flexibility to redeem your TD Rewards Points on a wide variety of rewards at Expedia® For TD, Starbucks® and more.
    • Mobile device insurance of up to $1000 if you lose or damage your phone.
    • Redeem your TD Rewards Points towards making Purchases at Amazon.ca with Amazon Shop with Points. Conditions apply. 
  • TD® Aeroplan® Visa Platinum* Card

    Special offer

    Once approved, earn up to 20,000 Aeroplan points7, plus, first year no annual fee ($89 Value)7. Conditions Apply. Account must be approved by September 3, 2024.

    • Start flying sooner when you use your Aeroplan points earned on everyday purchases.
    • Earn 1 Aeroplan point for every $1 you spend on eligible gas, grocery and Air Canada® purchases, including Air Canada Vacations®8.
    • Take advantage of an extensive suite of travel insurance.
    • You must add your additional cardholders to your account by September 4, 20247.

Features and benefits of having a TD Credit Card

Wondering what the perks are of having a TD Credit Card? Here are just a few:

  1. Credit limits up to $15,000
    If you're a Canadian permanent resident, you may be eligible for a credit limit of up to $15,000, even if you have no credit history.

  2. Easy bill payments
    Enjoy peace of mind knowing your recurring bills — like your phone, utilities or internet — can be paid securely and on time when you set up pre-authorized payments on your TD Credit Card.

  3. Credit card payment plans 
    Get the flexibility to turn your larger credit card purchases into manageable monthly payments. Conditions apply.3

  4. Additional cardholders 
    Choose to add a family member to your credit card account as an additional cardholder. Not only can you share many of the eligible card benefits, but you can also earn rewards faster.

  1. Manage your credit card through the TD app 
    Set transaction limits, block international purchases or lock your credit card directly from the TD app.

  2. Receive TD Fraud Alerts for added security
    Instant alerts notifying you if we detect suspicious activity on your personal or business TD Credit Card, or on any additional cardholder cards on your account.

  3. Earn perks and rewards
    Depending on the credit card you have, you could earn and redeem TD points, Aeroplan points or Cash Back Dollars on each purchase you make on your credit card.

  4. Visa* Zero Liability
    All TD Credit Cards offer Visa* Zero Liability that protects you in the event that unauthorized transactions are made on your card. See your cardholder agreement for complete information on unauthorized transactions and your responsibilities including your responsibility to protect your PIN.

Applying for a credit card as a newcomer

Eligibility requirements for your credit card will vary depending on the type of credit card you choose. For example, some credit cards require you to meet a certain annual personal income or annual household income in order to be considered. Speak with our banking specialists to help choose what's best for you.

Not sure which card you're eligible for?
We can help you figure out which card is best suited for your needs.

If you apply for a credit card in-branch, you'll need to bring a: Permanent Resident Card, Confirmation of permanent residence (IMM Form# 5292), or Temporary immigration permit (IMM form# 1442, 1208, 1102).

And you'll need to bring a: Valid Passport, Canadian Driver’s License, or Canadian Government Identification card.

You can apply for a TD Credit Card online, or in a branch so you may speak with a banking specialist close to your home.

To apply in-branch:

  • Simply book an appointment online and meet with a TD banking specialist in person to complete an application.

How to build and manage your credit score

The key to building good credit is to use your credit card responsibly. That means making Purchases with your card and consistently paying the balance off in full and by the due date on your statement. Making timely payments can help build good credit and increase your credit score. Spending well below your credit limit can also help by showing creditors that you can manage your debt responsibly.

Frequently asked questions

At TD, we understand that building credit history takes time. To help you start building your credit history in Canada, we offer different credit card options to choose from. And you can even take advantage of special welcome offers on select credit cards for newcomers.

Using a credit card allows you to borrow money to use on your Purchases. By paying back that money on time and in full, you're showing lending companies that you're able to manage debt and that you're responsible with money. Consistently borrowing money and paying it back can help build good credit history over time.

To access your credit card account online, you'll need to log in to EasyWeb Online Banking. From there, you can monitor your spending, view statements and more. You can also access your card through the TD app.

Both secured and unsecured credit cards can help you build credit in Canada. The primary difference is that a secured credit card is where the credit limit is secured by depositing money with the bank. That means your credit limit is equal to however much you deposited. On the other hand, an unsecured credit card does not require a deposit but that may result in a lower credit limit.

You'll want to create a budget, spend within your means and pay your balance in full each month. You can monitor your credit card account balance by logging into EasyWeb or through the TD app. 

You'll also want to keep track of when your credit card payments are due and ensure you pay them before the due date on your statement or you will be charged interest.

At TD, we can support you in managing and building credit by:

  • offering credit-building products like a credit card,
  • providing easy access to your credit card account via EasyWeb or the TD app,
  • personalized advice from a TD banking specialist by phone or in branch, and
  • providing financial education through our Advice Hub.

Get in touch

  • Book an appointment

    Speak with a banking specialist in person at the branch closest to you or over the phone.

  • Locate a branch

    Find TD branches wherever you go in Canada.

  • Call us

    Speak with a banking specialist anytime, anywhere.

    1-866-222-3456 1-866-222-3456