Best Student Credit Card

While student credit cards may have their downsides, they can prove advantageous to students looking to build a good credit history while they are still in college.

Advantages of Using The Best Student Credit Cards

Here are some of the other positives you could expect.

  • By the time you graduate from college, the credit score you’ve built can help you get easy access to mortgages, car leases, retail finance, and various other facilities.
  • You can use the credit card to perform different online transactions and make hotel, car, or other reservations.
  • Credit cards typically have more beneficial rewards programs as compared to debit cards.
  • Companies issuing credit cards to students may offer facilities like no annual fee and additional rewards.
  • You can apply for a credit card even if you don’t have a good credit history or can’t show a part-time employment income. You only need to get your parents to co-sign the application.

3 Best Student Credit Cards in 2018

Here are three of the best student credit cards available in Canada to help you make your choice.

SPC® CashBack® Student Mastercard® from BMO

BMO offers students the SPC CashBack Mastercard. Here are the typical facilities it includes:

  • You pay 0% annual fee.
  • You can earn 1% cash back on all your purchases without any conditions, prerequisites, or categories.
  • You are entitled to a $60 welcome bonus in the form of cash back within a fixed time.
  • You get a $10 no-cost SPC membership.
  • You’ll receive an extra 10%-15% student discount by way of the SPC Student Loyalty program. This discount is applicable on purchases from stores like Aldo, Forever 21, The Source, Thai Express, Old Navy, Pizza Pizza, Petro Canada, Applebee’s, Gap, and many more.
  • The company holds contests from time to time where you can win books and tuition.
  • By charging your purchases on the SPC Mastercard, you automatically receive double the manufacturer’s warranty for up to 1 year. You also get purchase protection for 90 days on items bought using the card. These items are insured against damage or theft.

Interest Rate

19.99%

Annual Fee

$0

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

$60 in cash back Bonuses

Scotiabank Scene Visa

Should you opt for the student credit card from Scotiabank, here are the facilities provided:

  • No annual fee is applicable.
  • You can earn Scene points that you can redeem for watching movies. For instance, you earn 4,000 points on the first purchase you make. Given that 1,000 points can be redeemed for one movie ticket, you can get 4 free movie tickets in the general admission category.
  • Each time you spend $1 at a Cineplex theater on Scene Visa purchases at Cineplex Entertainment theatres of Cineplex.com, you can earn 5 Scene points.
  • Every purchase on the credit card earns you 1 Scene point.
  • You save 20% on the rental charges when renting a car at Avis locations.
  • By using the Sport Check facility, you can redeem your points on store purchases.

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

5,000 Bonus SCENE Points†

Money-Back Credit Card by Tangerine

Tangerine does not have specific cashback credit card for students, but the facilities on their cards can prove to be beneficial for students also.

  • No applicable annual fee
  • You can choose 3 categories in which you’ll earn 2% cash back according to your typical spending habits. Feel free to request for changes at any time.
  • All other purchases earn you 0.5% cash back.
  • There are no limits on the cash you can earn back.

Interest Rate

19.95%

Annual Fee

No Annual Fee

Balance Transfer: 1.95% of amount transferred**

Cash Advance: 19.95%

Sign-up Bonus

1.95% Balance Transfer & Earn 2% Money-Back Rewards on purchases

Credit Cards for Students - Conclusion

Canadian students have a wide range of credit cards to choose from that can help them build a good credit history while they’re still in college. However, at the time of choosing and using your credit card, keep these factors in mind:

  • Pick a card after assessing your possibility of getting approval.
  • Pick a card that offers you an attractive welcome bonus and other ongoing perks.
  • Organize your payments and schedule so you make payments on time each month. Make sure you pay off the minimum balance each month so that you’re never late. Alternatively, you can set up the pre-authorized automatic payments system that deducts the bill amount automatically each month from your bank account.




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Interest Rate

16.99%

Annual Fee

No Annual Fee

Balance Transfer: 16.99%

Cash Advance: 16.99%

Sign-up Bonus

3.99% Introductory interest rate on Balance Transfers for the first six months†

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus


Interest Rate

19.99%

Annual Fee

$0

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

$60 in cash back Bonuses

Interest Rate

19.99%

Annual Fee

$0

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

500 Air Miles Reward

Interest Rate

19.99%

Annual Fee

$39

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

5,000 Aventura Points after first purchase

Interest Rate

19.99%

Annual Fee

$39

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

5,000 Aeroplan Miles

Interest Rate

19.99%

Annual Fee

No Fee

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

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