Are you a student trying to build an excellent credit history? Then you are on the right path.
This is the time to begin taking financial responsibility seriously.
With a simple no-fee card, you can get generous rewards and low or even zero annual fees. Amazing right? All you have to do is spend responsibly and pay off your monthly balance promptly. Then you can start looking towards a financially secured future.
- Quick Overview of the Best Student Credit Cards in Canada
- In-Depth Review of the Best Student Credit Cards in Canada
- 1. Overall Best Student Credit Card in Canada → Tangerine Money-Back Credit Card
- 2. Best Guaranteed Secured Mastercard for Students → Neo Secured Credit Card
- 3. Best Cash Back Credit Card for Students in Canada
- BMO CashBack Mastercard
- 4. Best Student Air Miles Credit Card in Canada
- BMO Air Miles Mastercard
- 5. Best Student Rewards Credit Cards in Canada (Perfect for Movie Lovers)
- SCENE Visa Card
- 6. Best Visa Student Credit Card in Canada for Groceries
- CIBC Dividend Visa Card
- 7. Best Student Credit Cards in Canada for Rewards Points
- PC Financial Mastercard
- 8. Best Canadian Student Prepaid Credit Cards with No Fees
- KOHO Prepaid Visa
- 9. Best Canadian Student Credit Card with No Foreign Transaction Fees
- Stack Prepaid Mastercard
- More on the Best Credit Cards for Students in Canada
- Why Should a Student Get a Student Credit Card?
- How Should You Use Your Student Credit Card?
- How to Choose the Best Student Credit Card For You
- FAQs on the Best Student Credit Cards in Canada
- Final Thoughts: Best Student Credit Cards, Canada
So, if you are considering picking up a credit card upon university or college admission, here you have the list of the best student credit cards Canada has to offer.
Quick Overview of the Best Student Credit Cards in Canada
|Category||Credit Card Name||Sign-up Bonus/Rewards|
|Overall Best Student Credit Card||Tangerine Money-Back Credit Card||• 2% cashback in up to 3 categories|
• 0.5% for everything else
• Promo: Earn an extra 15% cashback for a limited time with the Tangerine Money-Back Credit Card.
|Best Guaranteed Secured Mastercard for Students||Neo Secured Credit Card||$25 Sign-up Bonus|
|Runner-up: Best Cashback Student Credit Card||BMO CashBack Mastercard||5% cash back during the first 3 months.|
|Best Student Credit Card for Air Miles Collectors||BMO Air Miles Mastercard||800 Air Miles|
|Best Student Credit Card for Movie Lovers||SCENE Visa Card||2500 SCENE points equivalent to two free movies|
|Best Student Credit Card for Groceries||CIBC Dividend Visa Card||$30 cash back after making your first purchase|
|Best Student Credit Card for Reward Points||PC Financial Mastercard||PC Optimum points worth $20.|
|Best Prepaid Student Credit Card||KOHO Prepaid Visa||Additional 1% cash back for the first three months when you sign up with the code THEFINANCEKEY.|
|Best No-FX Fees Student Credit Card||Stack Prepaid Mastercard||Nil|
In-Depth Review of the Best Student Credit Cards in Canada
1. Overall Best Student Credit Card in Canada → Tangerine Money-Back Credit Card
✅ Welcome Offer: Earn an extra 15% cashback for a limited time with the Tangerine Money-Back Credit Card.
Saving money is essential as a student. However, most high-yield cashback credit cards require you to earn a high income. This is where the Tangerine Money-Back Credit Card comes in. It is our top-rated best credit card for students. It is ideal if you want to save on several of your common purchases, but you don’t earn a high income.
The card allows members to automatically deposit their cash back into a Tangerine savings account to make saving easier. Doing this will enable you to earn a third cash back category, further boosting your savings. The requirement is a minimum yearly income of $12,000. This is the perfect credit card for students with Income.
Your credit history and credit-to-income ratio also matter. So, the Tangerine Money-Back Credit Card might be better suited for older or graduate-level students who have been able to build credit.
When you get approved as a new cardholder, you can choose categories like gas, restaurants, grocery, pharmacy and drugstore, entertainment, and more, where you’ll earn 2% cash back on purchases. If you choose the wrong category, you can always make changes to your cash-back strategy.
Other purchases outside your chosen categories will earn 0.5% cashback, so all your expenses will be offset to a degree. Now let’s look at the perks that make this card our pick for students with an income out of the best student credit cards in Canada.
Although this card was not made specifically for students, it suits their needs, and that’s precisely what makes it one of the best credit cards for students.
Promo: Earn an extra 15% cashback for a limited time with the Tangerine Money-Back Credit Card.
2. Best Guaranteed Secured Mastercard for Students → Neo Secured Credit Card
✅ Perks: Instant, Unlimited Cashback
✅ Guaranteed and Instant Approval
✅ Welcome Bonus: Exclusive $25 sign-up offer plus earn up to 15% cashback on first-time purchases at over 10,000 Neo partners
✅ Annual Fee: $0
✅ Credit Check: N/A
- Average cashback: 5% instant, unlimited cashback
- Purchase interest rates: 19.99% – 24.99%
- Minimum security deposit: $50
- Credit limit: $50-$10,000
Here’s my full Neo Secured Credit card review if you’d like to know more about this secured credit card.
3. Best Cash Back Credit Card for Students in Canada
BMO CashBack Mastercard
Our “runner-up” for the best credit cards for students is the BMO CashBack Mastercard. It sits pretty in this position because of its remarkable features and cash-back rewards. You also get to choose when you get your rewards, whether when you reach a specific amount, once a year, or in a huge lump sum.
The BMO CashBack MasterCard requires no annual fees or minimum income requirements from students. It offers constant cash back on purchases. In addition, this card also has a promotional balance transfer offer. If you opt for this offer, you can get up to 1.99% interest for nine months.
This is an enticing feature for someone who has a balance on another card and wants to avoid paying high-interest rates.
Overall, this credit card is a great way you can start building your credit score. This is fantastic if you are a student that’s just beginning. It deserves to be our top pick for the best student credit cards in Canada with all the perks.
4. Best Student Air Miles Credit Card in Canada
BMO Air Miles Mastercard
If you are an Air Miles collector, an air miles credit card will considerably boost your Air Miles rate. Our pick out of the best credit cards for students for air miles collection is the no-fee BMO Air Miles Mastercard. It is an excellent student travel card that is accepted almost everywhere. This card is not limited to just Air Miles partners; it earns you Air Miles on all of your purchases. The interest rates are 19.99% on purchases and 22.99% on cash.
It deserves the spot as one of the best student credit cards in Canada for air miles with all the perks.
5. Best Student Rewards Credit Cards in Canada (Perfect for Movie Lovers)
SCENE Visa Card
Are you a movie lover? If you are, then the SCENE Visa card from Scotiabank would be a fantastic choice for you. It is more than a no-fee credit card; you can earn rewards in the form of points. Earning points is easy. For every dollar spent at Cineplex theatres, you earn 5 Scene points, as well as 1 Scene point for every dollar spent on the card.
You can redeem your points for free movie tickets, popcorn & soda, music downloads, live events, concessions, and more. The redemption rate is pretty low. For 1,250 points, you can see a movie at Scotia, Silver City, Famous Players, Galaxy, or Cineplex Theatres.
Apart from these, you can also exchange 1,000 points for $10 off meals at affiliated restaurants. Therefore, you can use your card for daily purchases and redeem your points for fun stuff like meals and movies. To be eligible, you need a fair-good credit score.
Overall, with the constant rise in tickets, drinks, and popcorn prices, it can’t hurt to have a credit card that’ll help you cut costs on your movie nights and make your next study break further enjoyable.
With the perks of the SCENE visa cards, it’s no wonder it is our pick out of the best credit cards for students who are movie lovers.
6. Best Visa Student Credit Card in Canada for Groceries
CIBC Dividend Visa Card
Are you stocking up on groceries? If you are, then you should have the CIBC Dividend Visa Card added to your wallet. Not only does this card give 2% cash back on grocery purchases, it also offers up to 1% cashback on daily purchases like movies, books, food, and more.
You need at least a good credit score to be eligible. The annual interest rates on purchases and cash advances are 19.99% and 22.99%, respectively. Let’s look at the perks that make it one of the best student credit cards Canada has for students stocking up on groceries.
7. Best Student Credit Cards in Canada for Rewards Points
PC Financial Mastercard
The PC Financial Mastercard is an incredible store credit card that allows students to earn points and redeem them as free grocery rewards.
It is especially beneficial if you shop at Shoppers Drug Mart and the Real Canadian Superstore regularly. The perks below give it its spot as one of the best credit cards for students looking to earn reward points.
Overall, if you are looking for one of the best student credit cards Canada has for students who want to earn reward points, the PC Financial Mastercard is a fantastic choice.
8. Best Canadian Student Prepaid Credit Cards with No Fees
KOHO Prepaid Visa
Are you worried about getting into some credit debt? Perhaps you’d love to earn rewards for free, but you fear you might not remember to pay off the bill every month. In that case, a prepaid credit card might be what you need. Our top pick is the KOHO Prepaid Visa.
With this card, you can earn all the rewards and avoid any risks. How? The KOHO prepaid visa is not particularly a credit card. You don’t borrow money. Rather you preload your money onto the card and spend.
However, you still get the perks and rewards associated with a good student credit card. So, it’s a win-win situation. If you sign up using code “THEFINANCEKEY,” you’ll get 1% cash back on all your purchases for the first 90 days.
You can also get an additional 1% cash back for the first 90 days if you refer your friend and 0.5% extra cashback if your paycheques are deposited into your account directly for the first 3 months as well.
What if you want more rewards? Then you can upgrade to the premium card. That is the KOHO Premium Prepaid Visa.
Best Student Prepaid Credit Card in Canada with Premium Benefits
KOHO Premium Prepaid Visa
With an $84 annual fee, you get 2% cash back on groceries, restaurants, gas, and transits. For other categories, you get a 0.5% cashback. The KOHO Premium Prepaid Visa card has some bonus perks,
Overall, if you are looking to earn all the cash back rewards and avoid the credit debt risks, you need a prepaid card, and our top pick of the best student credit cards in Canada is the KOHO Premium Prepaid Visa.
However, if you still want added perks and you don’t mind paying $84 a year or $9 a month, then the premium version may be your best credit card for students.
9. Best Canadian Student Credit Card with No Foreign Transaction Fees
Stack Prepaid Mastercard
If you love to shop online, you must have been hit with the 2.5% foreign transaction fee several times. The good thing is the Stack Prepaid Mastercard waives this fee.
The Stack Mastercard is a no-fee prepaid card that allows you to earn rewards with affiliated retailers. What’s more? It comes with no foreign exchange fees. So, you’ll not only earn bonus rewards but also save money on fees.
Shopping online is super convenient, so you may do it frequently. However, if you’re buying in a different currency from CAD, the extra 2.5% charge in foreign transaction fees can be annoying.
So if you are looking for the best credit cards for students that help you want to avoid spending that extra money for no reason, no fx cards may be the best fit for you. The Stack Prepaid Mastercard is our pick out of the best student credit cards Canada has for that purpose.
More on the Best Credit Cards for Students in Canada
Why Should a Student Get a Student Credit Card?
Although the idea of a student credit card may bring up concerns about credit card debt and interest payments, a credit card is the best tool a young adult can use to establish his or her credit history.
This will, in turn, help you to prepare for several future responsibilities as you transition into financial independence. How? When you pay off a credit card bill promptly every month, you establish a positive payment history leading to a good credit score.
To top this, student credit cards are usually no-fee credit cards i.e. they come with no annual fees and low credit limits. However, you should have in mind that missing payments or carrying over a balance can lead to high interest charges and a lower credit score.
Therefore, it’s vital for students to only buy things they can pay for in full at the end of each billing cycle.
How Should You Use Your Student Credit Card?
Since a student credit card’s major purpose is to develop and start building up your credit history, it’s vital to use the card responsibly. The first thing you should have in mind is to never spend above your credit limit (usually $500-$1,000 for most cards).
Also, pay your monthly bills on time, preferably the complete balance. Last, if you think you’ll later want to switch to a rewards credit card, you should start paying for more of your daily expenses slowly.
When it’s comfortable or if you are experienced with managing and budgeting money, you can pay for all your purchases using your credit card. However, only do this if you can afford to pay the complete balance.
Remember that student credit cards have expensive interest rates on cash advances and outstanding balances, and they come with fewer rewards than standard credit cards. So, before you make your decision, research and read more about student credit cards.
How to Choose the Best Student Credit Card For You
There are several fantastic options for student credit cards in Canada. The best credit cards for students have zero annual fees and offer you great rewards. They should also provide easy approval for students that have no credit history.
However, not every bank does this, so when choosing between the best student credit cards in Canada, go for the one you think you’ll have a high chance of getting approved for.
Also, consider your lifestyle and interests. For instance, if you love travelling, you’ll benefit from a card that offers a big welcome bonus as it could help you cover your next trip. If you’re a movie lover, the Scene Visa Card might suit you best.
Overall, there are several options for the best student credit cards in Canada, but your individual circumstances will decide the one for you.
FAQs on the Best Student Credit Cards in Canada
Is it worth getting a student credit card?
Student credit cards usually come with lower credit limits, fewer rewards, and higher APRs. But, if you use them the right way, the best credit cards for students can help you manage your finances and build up your credit score.
Can a student with no income get a credit card?
Yes, if you have no income, you can have a family member co-sign when you open your credit card account. Another option is to open a joint account with a family member so you can build your credit and also get the rewards offered by student credit cards.
How many credit cards should a student have?
Managing payments on more than one credit card can be challenging and overwhelming for a student. Therefore, having just one is usually best. Just make sure you choose the one that fits your situation best out of the best student credit cards Canada has.
Should I get a student credit card or regular credit card?
If you are eligible, a student credit card is usually the better choice. Many of the best student credit cards in Canada offer no annual fees and a minimum income requirement, if any. You can choose from any of the best student credit cards Canada has according to your needs.
Can I keep my student credit card after I graduate?
If you like your credit card’s rewards program, fee structure, or APR, you can decide to keep using it after graduation. However, let the card issuer know that you’ve graduated from college. They may simply reclassify it so that it’s no longer regarded as a student card.
Final Thoughts: Best Student Credit Cards, Canada
Now that you know the best student credit cards Canada has, what’s next? Regardless of the card you choose from the best credit cards for students, the most important thing is to use your credit card responsibly and build a good credit history.
You can schedule pre-authorized automatic payments from your bank account to pay off your credit card so you don’t forget. To avoid late payments, you can either pay the monthly minimum payment or pay off the entire credit card bill automatically every month. Doing any of these prevents you from accumulating debt or paying late.
In-depth knowledge of your personal finance and how to maintain it would help.
The Finance Key Recommends >> Tangerine Money-Back Credit Card
More: Best Credit Cards in Canada
- Best Travel Credit Card in Canada
- Best Cash Back Credit Cards in Canada
- Best Rewards Credit Card in Canada
- Best Student Credit Cards in Canada
- Best Low-Interest Credit Cards in Canada
- Best No-Fee Credit Cards in Canada
- Best Business Credit Cards in Canada
- Best Credit Card for Online Shopping
- Best Balance Transfer Credit Cards in Canada
- Best Credit Cards for Bad Credit, Canada
- Best Credit Card for Shopping on Amazon
- Best Prepaid Credit Card in Canada
More: Canadian Banks Credit Card
Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.
Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.
Backed by Solid Credentials: MBA in Finance Canadian Investment Funds (IFIC) Graduate Masters Degree in International Business Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting
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