Advertiser Disclosure: Fortunly.com is an independent review site dedicated to providing accurate information about various financial and business-related offers. Fortunly.com remains financially sustainable by participating in a series of affiliate partnerships - it’s visitors’ clicks on links that cover the expenses of running this site.
How and where the offers appear on the site can vary according to the partnership terms. Affiliate partnerships may affect where a particular product is listed within a review, but they don’t affect the review’s content in any way.
Fortunly.com’s in-house writing team writes all the site’s content after in-depth research, and advertisers have no control over the personal opinions expressed by team members, whose job is to stay faithful to the truth and remain objective.
Our pages may include reviews of products or services for which we do not receive commission and are not tied to affiliate partnerships; information included in these reviews has been solely collected by Fortunly.com and has not been reviewed or provided by the issuer of this product or service. Product/service details may vary. Please see the issuer’s website for current information.
The Fortunly.com website does not include reviews of every single company offering loan products, nor does it cover all loan offers or types of financial products and services available.
Best Student Credit Cards in Canada
Student credit cards are a great financial tool. They offer flexibility, various benefits, and they allow students to start building their credit even before fully joining the workforce. That said, irresponsible use of credit cards can lead to debt and financial problems. Therefore, before signing up, it’s good for students to understand how credit cards work and what they offer.
The student credit card functions the same as a conventional credit card, and the credit bureaus receive a report of your purchases. Your credit score will increase over time if you make on-time, recurring bill payments.
Best Canadian Credit Cards for Students in December 2024
Tangerine Money-Back Credit Card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Tangerine Money-Back Credit Card
- Annual fee: No
- Money-back categories: 12
- Categories for the maximum 2% money-back: Two (conditionally three)
- 0.5% money-back for the remaining categories
BMO CashBack® Mastercard®
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
BMO CashBack® Mastercard®
- Regular cash back: Up to 3%
- $1 cashback redemption
- Winner of multiple awards
Koho Mastercard®
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Koho Mastercard®
- $20 first purchase bonus
- No annual or monthly fees
- 0.5% cashback on all purchases
- 2% cashback on groceries
- 1.2% interest on entire account
BMO AIR MILES® Mastercard®
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
BMO AIR MILES® Mastercard®
- 3x miles with eligible partners
- 2x miles at eligible grocery purchases
- 15% off for Cirque du Soleil shows
- BMO roadside assistance
PC Financial® Mastercard®
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
PC Financial® Mastercard®
- Annual fee: No
- 4,500+ participating stores
- Earning points range: 10-30 points per $1 spent
- The application approval: Based on credit reports and credit history
Scotiabank SCENE Visa Card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Scotiabank SCENE Visa Card
- Annual fee: No
- Two SCENE+ points per $1 at Cineplex theatres
- One SCENE+ point on eligible everyday purchases
- Quick and easy smartphone payments
Top 5 Credit Cards for Students in Canada- Our Picks for 2024:
Tangerine Money-Back Credit Card – Best for rewards personalization
BMO AIR MILES® Mastercard® – Best for travelling
Scotiabank SCENE Visa Card – Best for entertainment
PC Financial® Mastercard® – Best for purchasing groceries
Koho prepaid Mastercard® – Best for honing spending habits
How We Evaluate Canadian Student Credit Cards
Before we go into the specifics, we’d like to clarify the process we used to identify the student credit card that benefits its holder the most. The factors we referred to are:
APR (Interest Rate)
APR (annual percentage rate) and interest rate are among the critical parameters because they follow cardholders for as long as they use the credit card. The best way to avoid high rates is to settle your entire balance every month.
So, use your student credit card responsibly and hone your spending habits, whether you intend to use the card for purchases or cash advances.
Annual Fees
Credit cards for students should come with as few accompanying charges as possible. The annual fee is an expense many credit card providers waive in favour of their clients, and every credit card we cover lacks such a cost. Do note that some providers still charge monthly fees.
Eligible Purchases
Some expenditures are more significant in the lives of students than others. That’s why we prioritized credit cards offering benefits for student-related costs. Among other categories, you’ll find rewards for gas and grocery purchases, recurring bill payments, transportation services, and car rentals.
Of course, everyone needs to have fun too, so we also covered travel and entertainment opportunities.
Welcome Offer
Finally, a welcome offer tends to make a big difference when choosing between different student cards. Some providers offer preferential interest rates for transferred balances, which could be good news for the 1.7 million students paying off student loans.
Other credit card providers offer bonus points for eligible purchases or attractive cash-backs within the specified period following the account opening. Of course, you can also benefit from air miles if you travel often between home and campus.
FAQ
Is it worth getting a credit card as a student?
Getting a student credit card is worth your while if you have a job or some sort of income, as it can help you start building your credit score. A credit card is a good way to generate daily rewards or even fund substantial purchases.
Do I need a job to get a student credit card?
Some credit card providers don’t require you to have an annual income to accept your credit card application. Still, you’ll need to prove you have an income that can cover your credit card bill expenses.