Addresses top newcomer challenge by offering credit cards that require no deposit, no credit history
TORONTO – CIBC has introduced a range of new unsecured credit card options to help new Canadians address their challenges with establishing a credit history in Canada.
“New Canadians tell us that establishing a credit history in Canada can be challenging – and they are often unable to get a credit card without pledging a security deposit,” said Teresa Tazumi, CIBC’s Director of Cultural Business Development.
“To help them establish a financial foothold in their new home, CIBC is pleased to introduce a range of CIBC credit cards for newcomers without a deposit or credit history requirement when they hold eligible CIBC personal banking products.”
CIBC’s Welcome to Canada Package is available to permanent residents who have been in Canada for less than three years. It offers foundational banking products such as a free CIBC Everyday chequing account with unlimited transactions for one year; a mortgage with great rates and a streamlined approval process; and a range of credit card options, subject to conditions.
The new unsecured credit card solution is available as part of this package for qualified clients holding an eligible CIBC product. Other unsecured card options are available for clients meeting CIBC’s minimum household income and credit criteria.
