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Student Credit Cards

A student credit card helps students in building a credit history, saving money on interest charges as most student credit cards are typically low interest, it also helps students in keeping track of their finances and spending while not letting them go overboard as credit limit on student credit cards is typically low. Student Credit Cards can prove advantageous to students looking to build a good credit history while they are still in college. 

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Top 3 Best Student Credit Cards

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

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

 

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.

 

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

 

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.

 

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

 

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.

 



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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