Managing finances as a student in Canada can be challenging, but choosing the right credit card can make life easier. Student credit cards are designed to help you build a credit history, manage expenses, and earn rewards all while offering low fees and student-friendly benefits. Here’s a comprehensive guide to the top 10 credit cards for students in Canada in 2024.
1. Scotiabank SCENE Visa Card
The Scotiabank SCENE Visa is ideal for students who love movies and dining out.
- Annual Fee: $0
- Key Benefits:
- Earn 5 SCENE points per $1 spent at Cineplex.
- 1 SCENE point for every $1 spent elsewhere.
- Points can be redeemed for free movies, concessions, and dining discounts.
This card is perfect for those who enjoy entertainment and want rewards for spending on fun activities.
2. BMO CashBack Mastercard for Students
This is one of the best options for students looking to save on everyday purchases.
- Annual Fee: $0
- Key Benefits:
- 3% cashback on groceries.
- 1% on recurring bills.
- 0.5% on all other purchases.
- Zero-fee extended warranty and purchase protection.
The grocery rewards make it a favorite for students who need help managing food expenses.
3. RBC ION+ Visa
A new offering from RBC, this card is packed with rewards for daily essentials.
- Annual Fee: $0
- Key Benefits:
- Earn RBC Rewards points on every purchase.
- Special discounts on travel and merchandise through RBC Rewards.
- Mobile device insurance.
This card is ideal for tech-savvy students who also want travel benefits.
4. TD Rewards Visa Card
TD Rewards Visa offers flexibility with its reward system.
- Annual Fee: $0
- Key Benefits:
- Earn 2 TD points per $1 on groceries, dining, and recurring bills.
- Redeem points for travel, merchandise, or statement credits.
- No minimum income requirement.
Students can use this card for day-to-day expenses while accumulating travel points for their next adventure.
5. CIBC Dividend Visa for Students
The CIBC Dividend Visa is a popular choice for cashback lovers.
- Annual Fee: $0
- Key Benefits:
- 2% cashback on groceries.
- 1% on gas, transportation, and dining.
- Free credit score check via CIBC Mobile Banking.
This card’s straightforward cashback program is perfect for students who want to see tangible savings.
6. MBNA Rewards Platinum Plus Mastercard
A versatile card offering strong rewards for students.
- Annual Fee: $0 (first year)
- Key Benefits:
- Earn 2 points per $1 spent on groceries and restaurants.
- 1 point per $1 on all other purchases.
- No income requirements.
Redeem your points for travel, merchandise, or even cash.
7. KOHO Prepaid Mastercard
KOHO isn’t a traditional credit card but functions like one while helping you stay debt-free.
- Annual Fee: $0
- Key Benefits:
- 1% cashback on all purchases.
- No credit check required.
- Budgeting tools in the KOHO app.
KOHO is great for students who want to avoid debt and focus on financial management.
8. American Express Green Card for Students
American Express offers a strong rewards system for frequent spenders.
- Annual Fee: $0 (first year, $120 thereafter)
- Key Benefits:
- Earn Membership Rewards points on all purchases.
- Use points for travel, shopping, or statement credits.
- Access exclusive Amex offers and events.
While the annual fee after the first year is high, the rewards may outweigh the cost for regular users.
9. National Bank Syncro Mastercard
This card offers a low interest rate, making it suitable for students who may carry a balance.
- Annual Fee: $35
- Key Benefits:
- Low variable interest rate.
- Purchase protection and extended warranty.
- Access to travel assistance services.
If you need flexibility in payments, this is a good choice.
10. Desjardins Student Cashback Card
A student-friendly card with simple cashback rewards.
- Annual Fee: $0
- Key Benefits:
- 1% cashback on all purchases.
- Exclusive offers for Desjardins members.
- No minimum income requirements.
This card is a reliable option for students just starting their financial journey.
How to Choose the Right Card for You
Selecting the best credit card depends on your spending habits and lifestyle. Here’s how to decide:
- Frequent Travelers: Opt for cards with travel rewards, like the RBC ION+ Visa or TD Rewards Visa.
- Daily Spenders: Cashback cards like BMO CashBack or CIBC Dividend Visa are perfect for groceries and dining.
- Low Spend: KOHO Prepaid Mastercard is great for those avoiding debt.
Benefits of Building Credit Early
Using a student credit card responsibly can:
- Establish Credit History: A solid credit score will help you secure loans, leases, and even jobs in the future.
- Teach Financial Discipline: Managing monthly payments builds budgeting skills.
- Access to Future Rewards: With a good credit score, you’ll qualify for premium cards with better benefits later.
Conclusion
Choosing the right student credit card in Canada can unlock financial flexibility and help you build a solid credit history. Whether you want cashback, travel rewards, or a no-fee option, there’s something on this list for everyone. The key is to use your card responsibly—pay your balance on time and keep your spending in check.
FAQs
1. Can international students apply for these credit cards?
Yes, most banks allow international students to apply with proof of income or a Canadian bank account.
2. Do student credit cards affect my credit score?
Yes, responsible usage can help build a good credit score, while missed payments can hurt it.
3. What happens if I miss a payment?
Missing a payment can result in interest charges and a negative impact on your credit score.
4. Are there credit cards with no income requirements?
Yes, many student cards, like the MBNA Rewards Platinum Plus, have no income requirements.
5. How do I apply for a student credit card?
You can apply online or visit a bank branch with proof of ID, enrollment, and income (if applicable).
