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Best Student Credit Cards in Canada for 2024
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.
Fortunly has done the research and come up with a list of the best student credit cards Canada has to offer.
If you’re looking for a student-friendly credit card solution, read on to see which one will best cater to your needs.
Best Canadian Credit Cards for Students of April 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 best credit card awards in 2021 and 2022
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 Credit Cards for Students in Canada:
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
BMO CashBack® Mastercard® – Best for cash-back on recurring bills
How We Evaluate Canadian Credit Cards for Students
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 in our guide to the best student credit cards.
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.
Some student credit card tips that can help you reach a decision are:
- Research your options and choose the credit card that allows for maximized returns on your typical purchases
- If no card addresses your favoured expenditures, determine which one encompasses most spending categories
- Evaluate welcome offers to learn which cater to your needs. Some providers offer bonus points for meeting specific requirements within a specified time while others offer preferential rates for transfers, for example.
Do I need a job to get a student credit card?
Some student 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.
Which card is best for students?
Finding the best student credit card Canada has to offer comes down to various factors. Some students benefit from paying recurring bills on time, while those travelling often will likely benefit from air miles more.
Some cards worth considering are Scotiabank SCENE+ Visa Card, Koho prepaid Mastercard®, and BMO CashBack® Mastercard®.