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Student Credit Cards in Canada

Student Credit Cards in Canada
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Student Credit Cards are extremely convenient for students attending college or university. A student credit card is a great way to start building a credit history. We can help you apply for the best student credit card for your daily expenses. You will find a list of all student credit cards available in Canada below. Compare and apply for the best student card that suits your requirement.

Compare the best student credit cards

What are student credit cards?

Below are some of the key features of a student credit card:

  • you don’t need to have a minimum income
  • you don’t need a credit history
  • you don’t need to pay an annual fee
  • you don’t need the co-signature of a parent or guardian

Besides student credit cards is the founding stone for your credit history. Having a good credit history goes a long way for future valuable investments, such as renting an apartment, get a student loan for higher education, buying a car or a house.

Moreover, student credit cards will not burden your financial responsibilities with high annual fees. They simply make it easy for you to purchase the things you need regularly, and learn how to wisely manage your money and spending habits.

One of the other great things about student credit cards is that they are available to any person enrolled at academic institutions. This means it won’t be hard to get your approval for a student credit card.

A student credit card will be there for you when you need to pay your bills, cover transportation costs, and even pay for rent. Student credit cards are a helpful payment method for students who want to focus more on learning and less on the money.

2 ResultsUpdated: June 7, 2019

19.99%

Interest Rate

Free

Annual Fee

22.99%

Balance Transfer

$12K / Year

Minimum Income

Min Credit Score: 640

More Details

  • Earn 2,500 bonus SCENE points with your first $500 in everyday purchases in first 3 months
  • Redeem points for free movies at Cineplex Entertainment theatres, music and other entertainment rewards
  • Earn 5 Scene points for every $1 you spend on participating Cineplex Entertainment theatres or online at cineplex.com
  • Earn 1 point per dollar on everyday purchases
  • No annual fee
  • Interest Rate/Purchase Rate: 19.99%
  • Interest Rate/Cash Advance: 22.99%
  • Estimated first year rewards on credit card account following approval and if all requirements for rewards are met

Earn points on each dollar you spend on:

Entertainment - 5 points per dollar
Earn 5 SCENE points for every dollar you spend at participating Cineplex Entertainment theatre or online at cineplex.com.

Other purchases - 1 point per dollar

 

Card details

Network: Visa
Provider: Scotiabank Credit Cards
Card type: No Annual Fee, Student, Travel Rewards

Special Offers

Earn 2,500 bonus SCENE points with your first $500 in everyday purchases in first 3 months

19.99%

Interest Rate

Free

Annual Fee

-

Balance Transfer

Any Amount

Minimum Income

Min Credit Score: 640

More Details

  • Welcome offer: Get 5% cash back in your first 3 months*
  • Earn 1% cash cack on ALL card purchases* without restrictions!*
  • No annual fee
  • SPC discounts (Student Price Card Ltd.) of 10% to 15% at hundreds of your favourite stores*
  • Exclusive deals and access to concerts, movie premiers, sports events and more with BMO Extra Deals
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
  • *Terms and conditions apply

Card details

Network: Mastercard
Provider: BMO Bank of Montreal Credit Cards
Card type: No Annual Fee, Student, Travel Rewards

Special Offers

Get 5% cash back in your first 3 months

Benefits of Student credit cards

  • Easy to use the payment method

Student credit cards give you the freedom to pay your bills easy and fast and cover your daily expenses. They are modern and easy to use a payment method that will make your life easier, especially if you want to make online payments.

  • The starting point for your credit history

Student credit cards are the foundation for credit history and the best way to build a good credit score from an early age. As you probably know, a good credit score will define a great life, making it easier for you to buy a car or a house. They can also facilitate the way to get a new and better credit card that can bring you extra advantages and benefits.

  • A helpful tool to monitor your spending behaviour

Student credit cards are also a great tool to manage and get to know your spending habits. With access to online banking, you can analyze your expenses and plan to get rid of unnecessary expenditure.

Why do I need a student credit card?

A student credit card’s main purpose is to help you build a credit history and cover the absolute necessary living costs, such as rent, transportation, pay utility bills etc. Student credit cards are not to be used for things you could easily go without, such as shopping sprees.

Student credit cards always come with a credit limit, usually between $500 and $1000, and you should ensure not to spend over the limit. It is important to pay your balance monthly and not just the minimum amount specified to avoid any high-interest charges.

Once you will get the hang of using your student credit card wisely, and get better at managing your finances, you can even decide to switch to a rewards credit card, which will earn you more benefits. However, a rewards card could tempt you to use the card for more expenses to earn higher rewards. This could work against you if you are not careful or have the necessary resources to always pay the full monthly balance.

Compare the best student credit cards in Canada

By doing research and comparing the benefits and requirements attached to each student credit card available you will be able to choose the best student credit card for you. CompareMyRates.ca is here to help you with this. Here is what you need to take into consideration:

Annual fees

Always choose a student credit card that has no annual fee. This way, you can easily save a decent amount of money each year.

Possible rewards or cash back

There are student credit cards that offer students more than just a regular credit card, but also reward points, or even cash back for every dollar spent. Check out the student credit card’s policy and see if you benefit from points or cash back when you spend your money.

The importance of rewards

Before you get excited with the rewards your student credit card offers, make sure they really matter for you. For example, if the rewards you receive can only be used to purchase luxury services, they will probably won’t do much good to a student such as yourself.

Student Credit Card 101

You should apply for a student credit card only when you are sure that you are going to use it responsibly and have the financial resources to pay your balance monthly. It’s easy to get a student credit card, but paying back the monthly balance may be harder.

While there are no fees with student credit cards, the interest rates on outstanding balances are significant (usually over 20%) and, if you fail to pay your balance monthly, you can end up with considerable debt. Moreover, you can ruin your credit score, which will affect your future.

Student credit cards also come with cash advance fees, so it is best for you to avoid withdrawing money from ATMs. Cash withdrawals will only add to your interest rate and you certainly wouldn’t want this.

Always apply for a student credit card only after you have done thorough research, compare all student credit card available and assess to find the card that works for you.