Best Student Credit Cards Canada

A student credit card can be a game-changer for young adults embarking on their post-secondary education journey. These financial tools can help students build their credit history, manage their expenses, and even earn rewards. In Canada, there are several options available for students seeking credit cards tailored to their specific needs. In this article, we will explore the top student credit cards in Canada, highlighting their benefits, features, and eligibility requirements.

1. BMO CashBack Mastercard for Students

The Bank of Montreal (BMO) CashBack Mastercard for Students is a popular choice among students looking for a credit card with no annual fee and a simple cashback rewards system. Here’s what you need to know about this card:

• No annual fee
• 3% cashback on groceries, 1% cashback on recurring bill payments and 0.5% cashback on all other purchases
• Welcome offer: 5% cashback on all purchases for the first three months, up to a maximum of $100
• Purchase protection and extended warranty

To be eligible for this card, students must be enrolled in a post-secondary institution in Canada. The BMO CashBack Mastercard for Students is an excellent option for those looking to earn cashback rewards without paying an annual fee.

2. Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is another attractive option for students seeking a no-annual-fee card with customizable cashback rewards. Key features of this card include:

• No annual fee
• 2% cashback on up to three spending categories of your choice, such as groceries, gas, or entertainment, and 0.5% cashback on all other purchases
• No limit on the amount of cashback you can earn
• Automatic monthly cashback redemption to either your credit card balance or a Tangerine Savings Account

To qualify for the Tangerine Money-Back Credit Card, applicants must have a minimum annual income of $12,000, which can include scholarships, grants, and part-time jobs. This card is well-suited for students who want to maximize their cashback rewards based on their spending habits.

3. Scotiabank Scene Visa Card

For students who enjoy movies and entertainment, the Scotiabank Scene Visa Card offers an enticing rewards program. Key features of this card are:

• No annual fee
• Earn 5 Scene points per dollar spent at Cineplex theaters and 1 Scene point per dollar spent on all other purchases
• Welcome offer: 5,000 bonus Scene points upon making your first purchase, which is equivalent to five free movies
• No income requirement for students

The Scotiabank Scene Visa Card is an excellent option for movie enthusiasts and those looking for a straightforward rewards program with no annual fee or income requirements.

4. CIBC Dividend Visa Card for Students

The CIBC Dividend Visa Card for Students is designed for those who prefer a cashback rewards system without the complexity of multiple spending categories. Key features of this card include:

• No annual fee
• 2% cashback on groceries and 1% cashback on gas, transportation, dining, and recurring payments, with 0.5% cashback on all other purchases
• Purchase security and extended warranty

To be eligible for the CIBC Dividend Visa Card for Students, applicants must be enrolled in a post-secondary institution in Canada. This card is a solid choice for students who want a simple cashback rewards program without an annual fee.

5. RBC Student Visa Classic

The Royal Bank of Canada (RBC) Student Visa Classic is a great option for students who are looking to build their credit history while enjoying a few perks. Key features of this card include:

• No annual fee
• Purchase protection and extended warranty
• Access to RBC Offers, which provides discounts and cashback opportunities at various retailers
• No minimum income requirement for students

While the RBC Student Visa Classic doesn’t offer a rewards program, it is an excellent option for students who prioritize building their credit history and accessing valuable discounts through RBC Offers.

6. TD Rewards Visa Card for Students

The TD Rewards Visa Card for Students is tailored for those who want to earn rewards points that can be redeemed for various items, including travel, merchandise, and gift cards. Key features of this card include:

• No annual fee
• Earn 2 TD Rewards Points per dollar spent on groceries, dining, and recurring bill payments, and 1 TD Rewards Point per dollar spent on all other purchases
• Welcome offer: 10,000 bonus TD Rewards Points after making your first purchase, equivalent to a $25 value
• Purchase security and extended warranty

To be eligible for the TD Rewards Visa Card for Students, applicants must be enrolled in a post-secondary institution in Canada. This card is ideal for students who prefer a versatile rewards program without an annual fee.

When choosing the best student credit card in Canada, it is essential to consider your spending habits, financial goals, and eligibility requirements. Whether you prioritize cashback rewards, entertainment perks, or building your credit history, there is a credit card tailored to your needs. Remember to always use your credit card responsibly by paying off your balance in full each month, managing your credit utilization, and regularly monitoring your credit score. By doing so, you can reap the benefits of a student credit card while establishing a strong financial foundation for your future.