Best Student Credit Cards in Canada
As a student, you can make savings using a personal student bank account just as you can with a student credit card. While some banking institutions offer cards designed for students, others have cards with various perks and advantages that students will find helpful.
Best Credit Cards for Students
Exclusively for Students – MBNA Rewards MasterCard Credit Cards
A university-specific credit card, the MBNA Rewards MasterCard provides you an opportunity to earn MBNA rewards points. The MBNA organization supports your alumni association and any other student programs by diverting a percentage of funds to them. You can find the complete list of associated institutions here. Here are some additional perks:
- Zero annual fee
- Interest on purchases: 19.99%
- Ability to earn 1,000 MBNA Rewards Points on the first purchase by way of the welcome bonus
- Interest on balance transfers: 21.99%
- Interest on cash advances: 24.99%
Other Student-Friendly Credit Cards
Tangerine Money-Back Credit Card
Although not designed for students, the Tangerine Money-Back Credit Card has various perks that make it popular among students. Here are some of them:
- Zero Annual fee
- Interactive web and mobile apps
- Ability to earn points for cash back
- High-grade online banking services
- Money-Back Rewards on specific purchases: 2%
- Money-Back Rewards on other purchases: 0.50%
- Option to have the money-back reward deposited into your credit card balance or Tangerine savings account.
- Interest: 19.95%
- Cash advances: 19.99%
- And much more.
Scotiabank Scene Visa
The Scotiabank Scene Visa is another credit card that has a bunch of benefits that students find useful. Here are some of them:
- Zero Annual fee
- Ability to earn points redeemable for free movies on purchases using the card
- Welcome bonus of 2,000 SCENE points that can be redeemed for 2 Free Movies
- Offer of 5x points on every $1 purchase
- Ability to redeem points for music downloads and WWE events
- Ability to earn additional points when making purchases in the theatre
Student Credit Cards are extremely convenient for students attending college or university. A student credit card is a great way to start building a credit history. We can help you apply for the best student credit card for your daily expenses. You will find a list of all student credit cards available in Canada below. Compare and apply for the best student card that suits your requirements.
Below are some of the key features of a student credit card:
Easy to use the payment method
The starting point for your credit history
A helpful tool to monitor your spending behaviour
Best Student Credit Cards according to offerhub.ca
Scotiabank Scene Visa
Should you opt for the student credit card from Scotiabank, here are the facilities provided:
- No annual fee is applicable.
- You can earn Scene points that you can redeem for watching movies. For instance, you earn 4,000 points on the first purchase you make. Given that 1,000 points can be redeemed for one movie ticket, you can get 4 free movie tickets in the general admission category.
- Each time you spend $1 at a Cineplex theater on Scene Visa purchases at Cineplex Entertainment theatres of Cineplex.com, you can earn 5 Scene points.
- Every purchase on the credit card earns you 1 Scene point.
- You save 20% on the rental charges when renting a car at Avis locations.
- By using the Sport Check facility, you can redeem your points on store purchases.
- you don’t need to have a minimum income
- you don’t need a credit history
- you don’t need to pay an annual fee
- you don’t need the co-signature of a parent or guardian
- Besides student credit cards is the founding stone for your credit history. Having a good credit history goes a long way for future valuable investments, such as renting an apartment, get a student loan for higher education, buying a car or a house.
Money-Back Credit Card by Tangerine
Tangerine does not have specific cashback credit card for students, but the facilities on their cards can prove to be beneficial for students also.
- No applicable annual fee
- You can choose 3 categories in which you’ll earn 2% cash back according to your typical spending habits. Feel free to request for changes at any time.
- All other purchases earn you 0.5% cash back.
- There are no limits on the cash you can earn back.
SPC® CashBack® Student Mastercard® from BMO
BMO offers students the SPC CashBack Mastercard. Here are the typical facilities it includes:
- You pay 0% annual fee.
- You can earn 1% cash back on all your purchases without any conditions, prerequisites, or categories.
- You are entitled to a $60 welcome bonus in the form of cash back within a fixed time.
- You get a $10 no-cost SPC membership.
- You’ll receive an extra 10%-15% student discount by way of the SPC Student Loyalty program. This discount is applicable on purchases from stores like Aldo, Forever 21, The Source, Thai Express, Old Navy, Pizza Pizza, Petro Canada, Applebee’s, Gap, and many more.
- The company holds contests from time to time where you can win books and tuition.
- By charging your purchases on the SPC Mastercard, you automatically receive double the manufacturer’s warranty for up to 1 year. You also get purchase protection for 90 days on items bought using the card. These items are insured against damage or theft.
Moreover, student credit cards will not burden your financial responsibilities with high annual fees. They simply make it easy for you to purchase the things you need regularly, and learn how to wisely manage your money and spending habits.
One of the other great things about student credit cards is that they are available to any person enrolled at academic institutions. This means it won’t be hard to get your approval for a student credit card.
A student credit card will be there for you when you need to pay your bills, cover transportation costs, and even pay for rent. Student credit cards are a helpful payment method for students who want to focus more on learning and less on the money.
Why do I need a student credit card?
A student credit card’s main purpose is to help you build a credit history and cover the absolute necessary living costs, such as rent, transportation, pay utility bills etc. Student credit cards are not to be used for things you could easily go without, such as shopping sprees.
Student credit cards always come with a credit limit, usually between $500 and $1000, and you should ensure not to spend over the limit. It is important to pay your balance monthly and not just the minimum amount specified to avoid any high-interest charges.
Once you will get the hang of using your student credit card wisely, and get better at managing your finances, you can even decide to switch to a rewards credit card, which will earn you more benefits. However, a rewards card could tempt you to use the card for more expenses to earn higher rewards. This could work against you if you are not careful or have the necessary resources to always pay the full monthly balance.
Compare the best student credit cards in Canada
By doing research and comparing the benefits and requirements attached to each student credit card available you will be able to choose the best student credit card for you. Offerhub.ca is here to help you with this. Here is what you need to take into consideration:
Always choose a student credit card that has no annual fee. This way, you can easily save a decent amount of money each year.
Possible rewards or cashback
There are student credit cards that offer students more than just a regular credit card, but also reward points, or even cash back for every dollar spent. Check out the student credit card’s policy and see if you benefit from points or cash back when you spend your money.
The importance of rewards
Before you get excited about the rewards your student credit card offers, make sure they really matter for you. For example, if the rewards you receive can only be used to purchase luxury services, they will probably won’t do much good to a student such as yourself.
Credit Cards for Students – Conclusion
Canadian students have a wide range of credit cards to choose from that can help them build a good credit history while they’re still in college. However, at the time of choosing and using your credit card, keep these factors in mind:
- Pick a card after assessing your possibility of getting approval.
- Pick a card that offers you an attractive welcome bonus and other ongoing perks.
- Organize your payments and schedule so you make payments on time each month. Make sure you pay off the minimum balance each month so that you’re never late. Alternatively, you can set up the pre-authorized automatic payments system that deducts the bill amount automatically each month from your bank account.