Best Student Credit Cards Canada 2019

Best Student Credit Cards Canada 2019

As a college student who has little or no knowledge about credit card, getting one can be overwhelming and confusing. With a lot of credit cards in the market getting to know which one to go for will be tough. Getting your decision right and early will also mean building up your credit length and credit score in the right way.

Getting a good credit score means a cheaper car loan, cheaper mortgage, and even a good job offers. So, in this article we will get a full breakdown of the best student credit card, taking into consideration a lot of factors and why every college student should get a credit card. What makes a student credit card stand out is there no annual fee, competitive low rate and lot of incentives that student can enjoy.

The best student credit cards as a list of all best offers targeted at students across all credit card categories. Most of these cards have great reward perk and incentives. Once you get approve of any of the cards make sure you stay below your limit and pay up all monthly balance on time. This habit will help you build a good credit score.

What Are Student Credit Cards?

Student credit cards are cards specially made for students in college and universities. Student credit cards are designed for those with little or no credit history at all, which are mostly found among students.

Don’t just get a student credit card just for the sake that you’re a student. Getting a credit card should be to engineer your financial life. While student credit cards are for student, some who have built up some credit already may qualify for other categories of credit card like the secure credit cards or travel credit cards.

Why Credit Card is Important for Students

Student credit card is the best way to start off with credit card as a student. Having a credit card early in life will further boost your credit score as one of the criteria used to determine a credit score is the credit length. Credit card when used well can be a very vital tool in structuring your finances.

Reason why credit card is important for students

It helps build up your credit score. One of the easiest ways to build your credit is with credit card. Starting off early with a credit card means you will have a good credit length which will boost your credit score.

Build up credit. Getting used to credit card in college will help you have a long list of credit activities which will build up your credit. Building your credit will help you ease off in real world like getting a cheap mortgage, cheap car lone and good job opportunities.

Help to sustain good habits. If you start early with credit card, you can build up the habit of paying up your credit in full which will help you get your desired credit score.

For convenience. One of the great advantages of having a credit card is for convenience. It helps you do away with the stress of carrying cash all around.

Overall Best Student Credit Card in Canada

Credit CardCredit Card TypeSpecial Card FeatureAnnual Fee
Scotiabank SCENE Visa Card for Students Reward It allow you earn reward point on all your purchases, comes with $15 welcome bonus. $0
BMO SPC CashBack Mastercard Reward $60 welcome bonus, 5% cash back in first 3 months $0
Tangerine Money-Back Credit Card Cash Back 0.5% cash back on all purchases, 2% cash back on 2-3 purchase categories of cardholder's choice $0
CIBC Aventura Visa Card for Students Reward Earn 5,000 rewards points, 2x bonus points on travel purchases at the CIBC Rewards Centre, and $57 welcome bonus $0

Best Credit Card for International Students

RBC Cash Back Mastercard

Qualification Criteria:
– Credit score required: None
– Min personal income required: None
– Annual fees: $0

The RBC Cash Back Mastercard is targeted at newcomers into Canada. The card comes with great package and incentives which will help you build up your credit score fast in Canada.

RBC Cash Back Mastercard offers no limit on how much cash back you can earn, while you can also earn 2% cash back on all your grocery store purchases and 1% cash back on all other purchases. The card comes with Mastercard which is accepted worldwide.

Best Student Credit Card for Reward

Scotiabank SCENE Visa Card for Students

Qualification Criteria:
– Credit score required: Fair-Good
– Min personal income required: $12,000
– Annual fees: $0

The Scotiabank SCENE Visa Card is one of the few options available for student in Canada. You will get to earn 2,000 points and 5 free movies when you spend $500 within the first three months of getting your card.

The SCENE Visa Card is the fastest way to watch a movie for free. You will earn 5 points for every dollar spent at Cineplex Cinemas using your card. The only issue with the SCENE Visa Card is that it requires student to have a source of income as it comes with a minimum annual income of $12,000.

President’s Choice Financial Mastercard

Qualification Criteria:
– Credit score required: Fair-Good
– Min personal income required: None
– Annual fees: $0

Known for its great reward, the PC Financial Mastercard is one of the go-to credit cards for every student who does more than just getting a phone and mac. For students that shop at Loblaws-owned grocery stores it’s a great way to earn reward points which can be redeemed easily.

You earn 10 PC points for every dollar spent on your PC Financial Mastercard. Note with 10,000 equivalate to $10 which can be attained by spending just $333 on a textbook. One thing we don’t like about this card is its high-interest rate of 19.97% but this can be avoided if you pay up all your credit in full within the 21 days grace period.  

Best Student Credit Card for Cash Back

BMO SPC CashBack® Mastercard

Qualification Criteria:
– Credit score required: None
– Min personal income required: None
– Annual fees: $0

The BMO SPC Cashback Mastercard has stepped up in offering student in Canada a good package. With its $0 annual fee and no credit score requires BMO SPC Cashback Mastercard is one of the most sorts after student credit card in Canada.

The card offers 5% cash back on all your purchases for the first 3 months up to $2,000 in purchases and 1% cash back on all purchases after the welcome bonus ends. This card also comes with free SPC membership with help you to save 10% – 15% as all affiliate stores.

As a student, your aim of having a credit card is to build up your credit score which the BMO SPC Cashback Mastercard will do just fine for you as it requires no credit score to get the card.

Best Student Credit Card for  Building Credit

Capital One® Guaranteed Secured Mastercard®

Qualification Criteria:
– Credit score required: None
– Min personal income required: None
– Annual fees: $59

The Guaranteed Secured Mastercard from Capital One is one of the few great credit cards for students. Since it’s guaranteed, you don’t need any credit score to get it. The Capital One® Guaranteed Secured Mastercard allows you to build up your credit rating and do all-round credit card function.

The card, since it’s targeted at students and low income earn it requires no minimum income but, keep in mind that it as an annual fee of $59

Best Student Credit Card with Income

Tangerine Money-Back Credit Card

Qualification Criteria:
– Credit score required: Fair-Good
– Min personal income required: $15,000
– Annual fees: $0

The Tangerine Money-Back Credit Card is one of the best cashback credit cards in the Canadian market even though it’s not specifically designed for students, it still suits every student needs. The card offers a promotional offer of 4% cashback at selected categories and 2% on other categories for the first 3 months after which it offers 2% cashback at some selected categories and 1% on everything else.

The Tangerine Money-Back Credit Card as no limit on the amount of cashback you can earn but always remember that it has an interest rate of 19.95%.

Choosing the Right Student Credit Card

With the big banks and other major credit card issuers offering a great option to choose from. One thing to note when getting a student credit card is a card with good offer like great reward points, a welcome bonus. Try to pay off all your balance in full every month as this will boost your credit score. You can also go through our list of best credit cards in Canada to have full insight and see if there are other cards you qualify for.

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