The Best Student Credit Cards in Canada

Compare the best student credit cards to find the one that matches your needs.

Today's best student credit card offer Jan 27, 2021

BMO AIR MILES Mastercard* for Students

card image
Welcome bonus
Annual rewards
Annual fee

Great starter card to build up credit score in hopes of future travel
Basic purchase insurance included
Details at a glance Collapse details
Welcome bonus
Annual rewards
Great starter card to build up credit score in hopes of future travel
Basic purchase insurance included
Details at a glance Collapse details
Best Student Credit Card in Canada for 2020

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

BMO®* CashBack Mastercard®*.

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Student credit cards 101

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:

  • What is the interest rate on the card? - Some students use credit as a way to live above their means during what can be a financially stressful time. As a student, it’s important to note that no rewards are worth the interest charges you will see on your credit card statement. Also, carrying a large unpaid balance is not the type of credit history you want to build.
  • Is there an annual fee? – Most student credit cards have a zero annual fee – for good reason, as fees are usually associated with cards that offer luxury rewards or insurance, features that not many students would benefit as much from as a young professional might (you will get there though!)
  • How beneficial is the rewards program? – Student credit cards generally don’t carry the best rewards programs, but remember these cards are more about the flexibility to pay with “plastic” and building your credit history, rewards and perks are an added bonus! However, some student credit cards like the Scotiabank SCENE® Visa Card-Student allow you to earn free movies throughout the year, saving you money as a student.
The benefits of having a student credit card

A student credit card is a must have for post-secondary students. Here are the reasons why you need a student card:

  • Student credit cards come with no annual fee, student-friendly rewards programs, and additional ways to help you save money as a student.
  • Student rewards programs can come with great perks like free movie tickets and retail discounts. What’s not to like?
  • Credit card lenders also provide you with protection from any unauthorized purchases and fraud.
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Frequently asked questions about student credit cards

Looking for a student credit card? Here’s what you might be wondering.

What do I need to be eligible for a student credit card?

To be eligible for a student credit card, you must have the following:

  • Proof of enrollment in a full-time college or university program
  • Student visa (if you’re an international student)

What are credit scores?

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.

What is the best way to use a student credit card?

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.

What is the best student credit card?

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.

Ready to apply for student credit card?

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.

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