Amex, Capital One and Home Trust Cards for Newcomers

Key takeaways

Amex Canada needs a Canadian credit file, unless you transfer a foreign Amex card held for at least 3 months
Capital One guarantees approval for its Guaranteed cards if you meet 4 conditions; the rate is 29.9% (21.9% in Quebec)
Home Trust Secured Visa: deposit $500 to $10,000; $0 fee at 19.99% or $59 a year at 14.90%; not in Quebec
Home Trust Preferred Visa: no annual fee and no foreign exchange fee, but needs $15,000 income and lists “permanent Canadian resident” as a condition
High rates cost real money if you carry a balance: pay in full each month

The cards side by side

From each issuer’s own pages, as of October 10, 2026. Rates are yearly purchase interest rates.

Card	Fee	Purchase rate	Deposit	Key condition
Any Amex Canada card via Global Card Transfer	Depends on the card	Depends on the card	None	Foreign Amex consumer card held 3+ months, in good standing
Amex Cobalt Card	$15.99 a month ($191.88 a year)	21.99%; can rise to 25.99% or 29.99% after missed payments	None	Canadian credit file needed
Capital One Guaranteed Secured Mastercard	$0	29.9% (21.9% in Quebec)	Required; amount not shown on the page	Guaranteed if you meet 4 conditions
Capital One Guaranteed Mastercard	$0	29.9% (21.9% in Quebec)	“May be required”	Guaranteed if you meet 4 conditions
Home Trust Secured Visa (no fee)	$0	19.99%	$500 to $10,000	Permanent Canadian resident; not in Quebec
Home Trust Secured Visa (low rate)	$59 a year	14.90%	$500 to $10,000	Permanent Canadian resident; not in Quebec
Home Trust Preferred Visa	$0	21.99%	None	$15,000 income; permanent Canadian resident; not in Quebec

American Express: when can a newcomer get one?

Amex Canada’s general rule is that you must live in Canada, be of the age of majority in your province, and have a Canadian credit file. Most newcomers do not have one in their first months.

The exception is the Global Card Transfer. You can apply if all of these are true:

You hold a consumer Amex card issued in another country, as the basic cardholder.
You have held it for at least 3 months, and it is open and in good standing (or you cancelled it in the last 3 months).
You have a Canadian home address and a Canadian phone number.

You can get one basic consumer card this way. Amex may ask for ID, income details and proof of address. Corporate and small business cards cannot be transferred.

If you qualify, the Cobalt Card earns 5 points per dollar at eligible restaurants and food delivery in Canada. But it costs $15.99 a month, and the Cobalt Card charges a 2.5% foreign currency conversion fee. Amex also lists no-annual-fee cards, such as SimplyCash and the Green Card. Check each card’s page for current terms.

Capital One: guaranteed approval, high rate

Capital One says you are guaranteed approval for its Guaranteed Mastercard and Guaranteed Secured Mastercard if you meet four conditions:

You are at least the age of majority where you live.
Your credit profile is not frozen, and no law stops you from getting credit.
You have no other Capital One account or pending application.
You have not applied more than once in 30 days, had a Capital One account in bad standing in the past year, or been in legal recovery with Capital One.

Both cards have no annual fee. But the rate is 29.9% on purchases, cash advances and balance transfers outside Quebec. Quebec residents pay 21.9%. The secured card needs security funds, and Capital One does not show the amount on its page. Ask before you apply. You can check if you are pre-approved without affecting your credit score.

Capital One’s Quicksilver cards list rates from 20.9% to 29.9%. They have minimum income rules (for example, $50,000 personal or $80,000 household income for the Quicksilver World Mastercard), and approval is not guaranteed.

Home Trust: secured card and a no-FX-fee card

Home Trust Secured Visa. Your deposit sets your limit, from $500 to $10,000. Choose $0 a year at 19.99%, or $59 a year at 14.90%. Home Trust says it reports your account to the credit bureau every month. Ask which bureaus it reports to. The no-fee version adds a 2% charge on purchases in foreign currency, per its disclosure statement.

Home Trust Preferred Visa. No annual fee, 1% cash back, and no foreign exchange fee on purchases in other currencies. That is rare for a no-fee card. But it needs at least $15,000 in yearly income.

For both cards, Home Trust says you must be a “permanent Canadian resident”, not in bankruptcy, and of the age of majority. Neither card is available in Quebec. The secured deposit must come from a Canadian account in your name. If you hold a work or study permit, ask Home Trust whether you qualify before you apply.

What a balance costs on each card

Interest is charged daily, but a simple monthly estimate shows the gap. Carrying $1,000 for one month costs about:

Rate	Card example	Approx. interest per month
14.90%	Home Trust Secured (low rate)	$12.42
19.99%	Home Trust Secured (no fee)	$16.66
21.99%	Amex Cobalt, Home Trust Preferred	$18.33
29.9%	Capital One Guaranteed cards	$24.92

If you pay the full statement balance by the due date, you pay no purchase interest on any of them. Federally regulated issuers must give at least a 21-day interest-free grace period, according to FCAC. To see how long a balance takes to clear, use the credit card payoff calculator.

Which card fits your situation?

You already have an Amex abroad: the Global Card Transfer may be the fastest way to get a card with a real limit.
A big bank refused you: a secured card from Home Trust or Capital One, or another secured card in our secured cards comparison.
You live in Quebec: Home Trust cards are not available. Capital One’s Quebec rate is 21.9%.
You often pay in other currencies: Home Trust Preferred has no foreign exchange fee, if you meet its income and residency rules.
You have no Amex abroad and no Canadian file: start with a big bank newcomer card. See credit cards with no credit history.

Offer as of October 10, 2026. Amex Cobalt shows a welcome offer of up to 15,000 points in the first year (1,250 points for each month you spend $750). No end date was shown. Capital One and Home Trust showed no welcome bonus on these cards. Issuers change offers often; confirm on the issuer’s site.

How we handle offers. Details on this page come from each company’s own website and were last checked on October 10, 2026. Offers change often, so confirm them on the company’s site before you apply. No company pays to be included or ranked here. If a link on this page ever earns us a commission, we will label it next to the link.

Common questions

Can I get an American Express card as a newcomer?

Usually only if you already hold a consumer Amex card from another country for at least 3 months. Amex Canada’s Global Card Transfer lets you apply without a Canadian credit report. Otherwise, Amex asks for a Canadian credit file.

Is Capital One approval really guaranteed?

Capital One says approval is guaranteed for its Guaranteed cards if you meet four conditions, such as being of the age of majority and having no other Capital One account. The secured version requires a deposit.

Can work permit holders get a Home Trust card?

Home Trust says applicants must be permanent Canadian residents. It does not explain whether that means permanent resident status. Ask Home Trust before you apply.

Which of these cards has no foreign transaction fee?

The Home Trust Preferred Visa charges no foreign exchange fee on purchases. Amex Cobalt charges 2.5%, and the Home Trust no-fee Secured Visa charges 2%.

Do these cards build Canadian credit?

Credit cards report to credit bureaus, which builds your file. Home Trust says it reports the Secured Visa monthly. Ask any issuer which bureaus it reports to.

Sources

Checked against these sources on October 10, 2026. Spotted something out of date? Tell us.

Amex, Capital One and Home Trust cards for newcomers