As part of our Best of Finance campaign, our team analyzed over 150 credit cards across 13 categories for the best value, to help take the guesswork out of shopping for a new card.
Our pick for Best Student Credit Card in Canada for 2020 goes to the
If you’re a post-secondary student, you may be eligible for a student credit card. Student credit cards help you build your Canadian credit history, which is necessary to become eligible for a car lease, mortgage and much more down the line. Student credit cards not only help you complete day-to-day financial transactions, but they also allow you to enjoy certain student advantages such as sign-up bonuses, low-to-no annual fee, and great rewards programs.
When applying for a student credit card, ask the following questions to ensure you’re getting the most bang for your buck:
A student credit card is a must have for post-secondary students. Here are the reasons why you need a student card:
Looking for a student credit card? Here’s what you might be wondering.
To be eligible for a student credit card, you must have the following:
Your credit score is a three-digit score that reflects your Canadian payment history and the amount of debt you currently have. Credit scores can range from 300 to 900. If your credit score is anywhere between 660 to 900, you will be seen as having good credit. A higher credit score shows the lender that you are more likely to repay your debts.
As a post-secondary student who is applying for their first credit card, you don’t have to worry about having a comprehensive credit history prior to applying for your card. For many people, student credit cards are actually the first step to building your credit history and thus your credit score. Once your credit card is issued, ensure you pay the balances on your credit card on time so you can maintain a good credit standing. A credit score over 780 is a good target to have.
Your student credit card should be used responsibly to help you build your credit history. In order to build and maintain a good credit score, make sure you pay off your credit card balance before the due date. Also, be aware of your credit limit and never spend more than your limit. For most student credit cards, the limit is usually around $500-$1000.
The best student credit card is the one that meets all your student needs while also helping you save money through great rewards like discounts and freebies. As most student credit cards offer no annual fee, look for a credit card that offers you features that you’ll actually use. Some student credit cards also come with sign-up bonuses like free movie tickets. These sign-up bonuses can help you kick-start your benefits.
At RATESDOTCA, you can compare all the best student credit cards and see which one matches your student needs the most. See the best Canadian student credit cards today.