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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:
Students are often overloaded with expenses and costly fees throughout their post-secondary education. Tuition? Expensive. Student housing? Expensive, too. Textbooks? You get the drift. Not to mention the cost of smartphones and the mile-long list of program requirements like laptops.
The list continues with cost-of-living expenses like groceries or transportation. Fortunately, students have a few options to score cash back or points with a rewards credit card.
Student credit cards usually have no fee and few eligibility requirements. Some cards require proof of enrollment in a post-secondary institution but typically do not require a credit check and have high approval rates.
We compared the leading student credit cards using our Best of Finance methodology and ranked the cards with the highest value.
First year value* | Credit score required | Top features | |
---|---|---|---|
$364 | Good | Earn cash back on all eligible purchases and enjoy no annual fee. | |
Runner up |
$291 | Good | Get 2% cash back on eligible grocery purchases |
Runner up |
$409 | Good | Personalize your cash back categories to maximize your rewards. |
The BMO CashBack® Mastercard®* for students rewards scholars at an accelerated rate for essential purchases like groceries and provides a straightforward introduction to credit. There is no need to decipher the value of rewards; you will get a percentage of each purchase back and have more money in your wallet.
According to our Best of Finance methodology, the average Canadian could earn around $364 cash back in the first year.
Annual fee
$0
Welcome bonus
Earn 5% cash back for your first 3 months (up to $2,000 in spending)
Rewards
You can earn:
Earning potential
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period + Welcome Bonus = $288 + $76 = $364
Annual fee = $0
Total earned over a 12-month period (rewards minus annual fee) = $364
Benefits
Insurance coverage
The CIBC Dividend® Visa* for Students is a great card for students interested in establishing their credit while earning cash back.
Discounts of up to 30% on more than 450 top brands are available to cardholders through the SPC+ membership with the card. They can also access exclusive special experiences, giveaways, cash prizes and more. Cardholders can hope to earn a total first-year value of $291.00.
Annual fee
$0
Limited time offer/bonus
Get $30 cash back after you make your first purchase within the first 4 months!†
Offer expiry date: Ongoing offer
Rewards
Using the Tangerine Money-Back Credit Card allows you to earn 2% cash back in up to three Money-Back categories of your choice, a rare and valuable credit card advantage for students. This could help students save money on necessary expenses such as gas, transportation costs, and groceries, or whatever categories make the most sense for them.
According to our Best of Finance methodology, the average Canadian will see $409 cash back in the first year.
Annual fee
$0
Limited time offer/bonus
Earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*
Plus, during your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months (19.95% after that)†.
Offer expiry date: July 5, 2023
Rewards
Earn 2% cash back in up to three Money-Back Categories of your choice. Start with two categories and earn a third when depositing your rewards into a Tangerine Savings Account. Earn 0.50% back on all other purchases.
Tangerine Money-Back Categories:
Switch your categories every 90 days (about three months) to match your spending habits and maximize your rewards.
As a student, having a credit card comes with a lot of great perks and benefits. But there are also some cons that you should be aware of. Here’s what you need to know about having a student credit card.
Pros of using a student credit card
Cons of using a student credit 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. Learn more about credit scores.
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. See the best five tips on using your 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.
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.
RATESDOTCA may receive compensation when you click on links to those products or services. however, our content and calculations are objective and free from bias. The opinions expressed are purely those of RATESDOTCA; thus, partners are not responsible for any editorials or reviews that may appear. For current term and conditions on any advertiser or partner’s product, please visit their website.
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