Is this true that Montreal residents may get credit card without keeping in mind about Credit Score?

Is this true that Montreal residents may get a credit card without keeping in mind about Credit Score?

A Credit Score is a number that shows the creditworthiness of a person depending upon the analysis of his records such as the opening of accounts, loan repayments, clearance of debts, etc. so, how somehow it is important for people to maintain their score. It helps them to get low-interest rates and fees and also exciting rewards.

But here Montreal Residents can get credit cards which helps them in enhancing their lifestyle. Credit cards will help them in making purchases, reduce debts, and earn rewards. It also gives them free credit scores. The credit card can be issued by a bank, building society, or other credit lenders.

Secured credit cards

This credit card is given to a customer who does not have a good credit score. And usually, it is given on the money which is deposited by the customer to the bank or any person who issued it. This amount can be from 10,000 to any extent. The more money you submit the more you can use in credit card. They do not provide any rewards.

Unsecured credit cards

This credit card is given to the customer who has a very good credit score generally in the range of 600-650. This card does not require the deposition of money into the bank account. And unlike secured credit cards, these unsecured credit cards provide many enticing rewards to the customers.

Name of some secured and unsecured credit cards

Though there are different kinds available few of them are listed below-

Home Trust Secured Visa
Plastk Secured Visa credit card
Capital One Low Rate Gold Mastercard
Refresh Secured Visa

Once we chose above mentioned secured and unsecured credit cards, we have to rebuild them. Rebuilding includes an increase in credit score and we have to keep in mind the following things to increase it.

Pay all your credit bills on time or before time. Do set an alarm for this or maybe you can cut it down automatically from your bank account if you link it.
Do use your credit card it will also enhance your credit score and use it even for small purchases.
Most important thing is to make your full payment at once.
And also do not overuse it.

Credit card score for a newcomer in Canada(Montreal)

If any person is a newcomer in Canada then their hometown credit score will not work there. Normally you can use a secured credit card but many programs are running in Canada through which you can build your Canadian credit score. There is Scotia Bank’s star Right program mainly for newcomers to Canada and also for International students. Through this, they can comfortably do banking in Canadian banks and it has access to savings account and credit and charge no fee for international transfers of money.

Another one is BMO ( Bank Of Montreal) New start. It gives special offers to help you in saving your money and in establishing your secured future.

Credit card for newcomers in Montreal (Canada)

For new immigrants to Canada, it’s very important to start building healthy credit as soon as possible.
Credit is how banks measure your ability to spend and save responsibly. If you can build up a good credit score, banks will be more likely to loan you their money for significant financial investments later on, like buying a house. One of the easiest ways to gradually improve your credit score is to obtain a credit card and pay off its balance each month. Credit cards can also help you make purchases online or over the phone, access money in case of an emergency, and earn cashback and rewards. Though most Canadians without any credit history might struggle to obtain a credit card, Canada makes life easier for new immigrants by providing them with special opportunities to easily obtain credit cards.

Scotiabank Credit Card- Scotiabank credit card offers for new immigrants include introductory cashback and rewards cards. As its name would suggest, the Momentum No-Fee Visa is inexpensive because it does not come with an annual fee. It’s unsecured, meaning you won’t need to give the bank a cash deposit in exchange for a credit limit. The card also comes with a welcome bonus for those who apply by July 1, 2021. You can earn 5% cashback on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, get a 7.99% introductory interest rate on purchases for the first 6 months (19.99% after that). And there is no annual fee.
Scene Visa Card- SCENE points are a specialty rewards system and are best for cardholders who enjoy entertainment.When approved, you gain the following benefits:• Redeem your points for movies, music, and other events.
• Obtain 1 SCENE point for every dollar spent on regular purchases.
• Get 5 SCENE points for every dollar spent at Cineplex Entertainment Theatres or for online tickets.
• Receive 2500 bonus SCENE points when you spend $500 within 3 months of account approval.
• New immigrants interested in these cards should contact Scotiabank about joining their StartRight program.
• To be accepted for the StartRight program, applicants must have been in Canada for 3 years or less.
BMO CashBack MasterCard- The BMO CashBack MasterCard- The card offers new members the following benefits:• Receive 5% cashback for the first 3 months of your membership
• Collect 0.5% cashback after the introductory rate expires
• Gain an impressive 25.00% discount when renting a car from National Car Rental or Alamo
• Take advantage of purchase protection and extended manufacturer warranties for applicable purchases.
New immigrants interested in the BMO CashBack MasterCard should contact BMO about its Newcomers to Canada program, which is designed for foreign workers, new immigrants, and international students residing in Canada. People who plan on moving to Canada soon can also create bank accounts and execute wire transfers in advance of their arrival.