Best student credit cards in Canada

If you can afford the $48 fee (charged at $4 per month), the RBC Ion+ gives you enough Avion points to claim that money back in gift cards alone. If you sign up for an RBC Signature No Limit Bank account, they'll give you a $4 rebate each month of your credit card fee.

You'll also enter the Avion program, one of Canada's best loyalty programs. With the RBC ION+ Visa you'll earn 3x Avion points for every dollar you spent on groceries, dining and food delivery as well as commuting (gas, transit, Ubers), and streaming, digital gaming, and other subscriptions.

You'll earn 1 Avion point for every $1 you spend elsewhere.

RBC gives you 2 years of coverage on your mobile device (so long as you purchased it with this card) and give you purchase security and extended warranty insurance which is invaluable for students' precious laptops with all your information.

Disclosures:

• Refer to RBC page for up to date offer terms and conditions.
  
  This post contains affiliate links. Please read disclaimer for more info.

  Disclaimer: Money.ca may engage in affiliate marketing, which is done by embedding tracking links into Money.ca. If you click on a link for an affiliate partnership, a cookie will be placed on your browser to track any sales for purposes of commissions.

There's no annual fee and no minimum income requirements, plus they'll give you a bonus cash back reward for signing up and making your first purchase within four months.

Arguably the most valuable category for students, outside of tuition and text books, are groceries. With this card, you get 2% cash back on groceries no matter where you shop.

You'll also earn 1% cash back on everyday purchases like gas, transit, dining and recurring bills. You'll get 0.5% cash back on everything else.

Even more savings are possible, too:  Bundle this card with a CIBC student chequing account and they'll give you up to $250^†.  

Disclosures:

• †Terms and Conditions Apply. This offer is not available for residents of Quebec.
• The information for the CIBC Dividend® Visa* Card for Students has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.

A no annual fee card that helps you rack up travel points for a weekend getaway with roommates.

You'll quickly earn points, with 3 TD Rewards Points on Groceries, Dining, and Public Transit†, 2 TD Rewards Points on Recurring Bill Payments and Streaming, Digital Gaming & Media† and 1 TD Rewards Point on all other purchases†.

Book your travel through Expedia® For TD† for the best prices and even more rewards potential.

Disclosures:

• †Terms and conditions apply.
  
  This offer is not available to residents of Quebec.
  
  The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button. Sponsored Content.

If you like cash back, look no further than Scotiabank Momentum® No-Fee Visa* Card.

Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0). So, Scotiabank is essentially paying you to use their card—that's something we can root for.

After that, you'll earn 1% cash back on every day purchases from gas to groceries, drug store purchases and recurring bill payments. You'll earn 0.5% on everything else.

If you're currently carrying credit card debt, the Momentum is one of the best balance transfer credit cards, too. You'll pay 0% for the first 6 months which makes paying off credit card debt much easier.  

Disclosures:

• *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

The Scene+ program is super flexible in its rewards where you can redeem for travel, shopping, dining and more.

As a welcome bonus, get up to 5,000 bonus Scene+ points.

Earning is easy, too. You earn 1 Scene+ point for every $1 you spend on everyday purchases and 2 Scene+ points per dollar when you spend at Cineplex theatres and at Sobey's brand grocery stores (FreshCo, Foodland, Safeway, IGA, etc.)

For newcomers, Scotiabank has a StartRight^® Program^† which approves newcomers for a credit card for up to $15k. They also have no-fee chequing accounts and high interest savings accounts which could prove useful.

Disclosures:

• Conditions apply. Visit here for the Scotiabank® Scene+™ Visa* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

A no-fee travel card that turns your everyday purchases into a dream vacation.

Aeroplan is one of the best loyalty travel programs in Canada, so why not foray into it with CIBC's Aeroplan card which has no minimum income requirement.

As a welcome bonus, get up to 10,000 Aeroplan points†.

You earn 1 Aeroplan point for every $1.50 you spend on gas, groceries, and Air Canada flights. You can also earn points twice at over 150 Aeroplan partners and online retailers through the Aeroplan eStore (a great place to look for student discounts, too!)

They're also throwing in purchase security and extended warranty protection insurance, travel accident insurance and rental car insurance.

Disclosures:

• †Terms and Conditions Apply. This offer it not available to the residents of Quebec.
• The information for the CIBC Aeroplan® Visa* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.

KOHO has 3 credit card tiers, all of them are prepaid meaning you have to put money on the card to use it.

1. 1 KOHO Essential: Your entry-level option with a low annual fee and basic cash back on key categories. It’s a solid choice if you’re dipping your toes into the world of rewards cards.
2. 2 KOHO Extra: The middle-tier option offers higher cash back rates and eliminates foreign transaction fees, but comes with a heftier annual fee. It’s worth considering if you’re a frequent traveler or big spender in the bonus categories.
3. 3 KOHO Everything: The premium tier that surprisingly matches the Essential’s annual fee while offering the highest cash back rates and interest on your balance. It’s a no-brainer if you can meet the spending requirements to maximize its benefits.

With their paid programs, you can access their credit building product. So, while you may find it hard to get credit, KOHO helps you build credit so you can access an unsecured credit card and unlock more rewards faster.

KOHO is more than just a prepaid card. It’s made up of multiple products that help you get a good overview of your finances, manage your money, and save more.

Your KOHO Prepaid Mastercard® connects to a digital account that can be accessed via the KOHO app. The app breaks down your spending by showing you where your money is going so you can stay on top of your financial health.

Not only that, but when you use KOHO you earn cash back. With KOHO Essential you earn 1% cash back on groceries, eating & drinking, and transportation, and you can also earn saving interests on your entire KOHO account balance, up to 4% depending on your KOHO version. By upgrading to KOHO Extra for a higher annual fee, $144 (or $12 per month when you subscribe annually), you can earn up to 1.5% cash back on select categories, like transportation, groceries, and eating and drinking, which has the potential to earn you a lot more each year.

KOHO’s RoundUp feature is particularly helpful if you’re trying to save money on a student budget. If you choose to use this feature, every time you swipe your KOHO card and make a purchase, it will round up your bill to the nearest $1, $5, or $10 and put the difference into your savings account. It’s a really easy way to save money without having to monitor funds going in and out or transferring between accounts.

With their paid programs, you can access their credit building product. So, while you may find it hard to get credit, KOHO helps you build credit so you can access an unsecured credit card and unlock more rewards faster.

Unlike other credit cards, the Tangerine student credit card allows you to earn unlimited Money-Back Rewards on everyday purchases — with no annual fee.

  You also choose which categories where you want higher cash back. You can get 2% cash back on groceries, restaurants, gas, recurring bills, drug stores, public transportation and more. Two categories not enough? Get a third by opening a Tangerine Savings Account.

Tangerine's app also helps you track, organize and categorize your spending so you have a better idea of where you're spending your money.

A no annual fee card that gives you 2% cash back on eligible gas station purchases in Canada, 2% cash back on eligible groceries in Canada (up to $300 cash back annually) and 1.25% cash back on everything else is great.

As a new SimplyCash® Card from American Express member, you can bonus 5% back.

They also give you $100,000 in travel accident insurance, $1,000 purchase protection insurance for items bought within 90 days, and buyer's assurance which gives you an additional year from the manufacturer's original warranty.

Throw in the Amex privilege with their Front Of The Line presale and reserved tickets, some world-class customer service, and their Plan It™ Installment program which splits large purchases into monthly payments and you've got a solid student credit card.

Disclosures:

• Contact American Express for the most up-to-date referral bonus figures.

  American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

If you want to ride the express elevator to adulthood, get an Amex card. While the green card isn't as loaded on benefits as the American Express The Platinum Card®, it still gets you connected to world-class customer service, and American Express Experiences like Front Of The Line Presales and Reserved tickets.

As a new American Express® Green Card Cardmember, you can earn a Welcome Bonus of Earn 10,000 Membership Rewards® points* when you spend $1,000 on your Card within the first 3 months as a new Cardmember.*

When you graduate, you can upgrade your card but stay with Amex Membership Rewards which transfer 1:1 with other great loyalty programs like Aeroplan or Marriott Bonvoy.

The American Express® Green Card is great for personal finance beginners as it lets you earn points fast with its simple point-to-cash conversion rate and minimal eligibility requirements.

Though it’s true that AMEX isn’t accepted everywhere, the points you do earn can be redeemed toward eligible Card purchases, at Amazon.ca, and even to get gift cards and merchandise.

This is a no annual fee card that earns 1 Membership Rewards point for every $1 spent.

Disclosures:

• Contact American Express for the most up-to-date referral bonus figures.

  American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Choosing the best student credit card as a Canadian university student is the first step in building good credit and a great way to reap benefits like cash back. 

Hunt for low or no annual fee cards

Since students often have limited income, it’s important to work with a bank that understands your needs.

Most credit cards have both monthly fees for interest accrued and an annual charge for using the card. In Canada, annual fees can cost you a few dollars up to a few hundred dollars, depending on the card. For students it’s best to look for a starter card that has low annual fees or waives them entirely.

Find a card with a low monthly interest rate

The next step is assessing the monthly interest rate on student credit cards.

If the balance isn’t paid off in full each month, there will be an extra fee you must pay. The amount owed is determined by the credit card balance and the Annual Percentage Rate (APR) charged by the card. In Canada, most credit card providers charge between 19.99% and 29.99% per year.

To calculate your monthly interest, you can take the card's APR and divide it by 365 (number of days in a year). For instance, a credit card that charges 19.99% APR would mean you pay approximately 0.000548% in interest, each day on the unpaid card balance. This might not seem like a lot to start with, but interest charges can grow quickly and, if you're not careful, these fees can easily spiral out of control over the course of the school year.

Look at cashback or rewards programs

Another key factor to consider is the cash back or rewards program offered by a credit card.

Banks split their credit cards into cash back and rewards cards. A cashb ack card might get between 1% and 5% back per qualifying purchase.

A rewards card could generate Air Miles, for example, to cut down on the cost of a flight home. Movie buffs on the other hand might be more interested in Scotiabank’s Scene+ student Visa Card.

Reward programs tend to give you more benefits with less flexibility, while cash back can be used to offset purchases or pay bills.

Check out student benefits

Many credit cards also come with perks geared at the student experience. These can include:

• Discounts at popular stores
• Rewards for a high GPA
• Access to financial planning tools
• Extended warranties

Checking in at the local student experience centre is a good way to find potential deals and even double-up on savings.

Set a credit limit

A lower credit card limit makes it easier to avoid overspending since you have less runway to work with. However, overspending with a low limit can be a big problem. Spending past the credit limit incurs fees and damages your credit score.

Try to anticipate the largest single purchase you plan to make during the semester. If you need $1,000 for a flight home, budget that into your credit card limit.

Remember fees and penalties

Unexpected fees and penalties are one of the biggest concerns for new credit card holders.

The top three things to look out for are:

1. 1 Late payment charges
2. 2 Over-limit fees
3. 3 Foreign transaction fees

Keep in mind that, just because you owe interest at the end of the month, doesn’t mean that you’ve done something wrong. Being able to pay off a large purchase while accounting for interest is part of developing financial literacy.

Credit-building potential

A good credit score can make the difference between snagging a dream apartment and having to compromise. Everyone, from landlords to car dealerships, look at credit score as a way of knowing how reliable a customer is when it comes to making payments.

Credit scores can be broken down into five tiers:

• Excellent credit: 850 to 800
• Very good credit: 799 to 740
• Good credit: 739 to 670
• Fair credit: 669 to 580
• Poor credit: 579 to 300

Most major Canadian banks report to credit bureaus like Equifax and TransUnion. If you see a credit card deal from an unfamiliar bank, make sure to double check that it reports to a reputable credit bureau.

Customer service and support

Customer service will be the first point of contact in the case of fraud or a disputed payment. Find banks that allow for multiple support options such as through an app and online in addition to phone or email. The more ways to get in touch with the bank the better.

Despite the many warnings, we believe student credit cards play an important role in helping you establish credit history and a good credit score by the time you graduate (essential for car leases, mortgages, retail financing and more).

Read: The ultimate guide to credit scores in Canada 

Credit cards are essential for many online transactions and reservations (hotel, car rental) and offer richer rewards than using a debit card.

Is opening a student credit card a good idea?

Yes, in many cases opening a student credit card can be a great idea and will build your credit rating for important future purchases—if you use it responsibly. Both overspending and not paying your bills on time can have a longstanding and potentially devastating impact on your credit rating and will prevent you from building credit that benefits you. Plus, you do not want to spend your first year as a student in credit card debt.

To help you choose the best student credit card for you, we’ve put together a list of our top-rated Canadian student credit cards, based on fees, rewards and ease of approval.

Choosing the right credit card for you is extremely important. If you don’t take a close look at the fine print and main features of your credit card, you risk choosing one that doesn’t suit you and your financial habits and needs. You want your student credit card to do more than just help you spend money.

Here are some things you should consider before applying for a credit card:

1. Minimum income requirement

As a student, you may not have the capacity to work a job while studying. Student credit card issuers are generally aware of this, though often still require proof of income. Whether you work part-time, full-time or not at all, it’s important to take note of the minimum income requirement for a credit card to determine if you are eligible or potentially need a co-signer.

2. Credit score requirement

Depending on the credit card issuer, you may need to provide any credit history you already have. Some options don’t require a credit history for students, considering they are likely just getting started with building their credit.

Read: How do student loans affect your credit score?

3. Minimum funds needed in your account

Similarly to the minimum income requirement, you may need to have a minimum amount of funds already in your account. It’s important to note this beforehand to make sure you have the base you need before applying for your credit card.

4. Perks and rewards

One of the best things about credit cards is the perks and rewards that come along with them. These perks could be anything from student discounts at certain retailers to rewards points or cash back on purchases you make. It is important to make sure the rewards and perks your credit card offers suit your spending style as closely as possible.

For example, if you don’t go to the movies often, then a card with points toward movie tickets might not be your best choice. On the other hand, if you use transit to get to school and a card offers cash back on transportation, you may want to lock in that perk and ultimately earn yourself some extra cash!

5. Annual fee

Some credit cards require you to pay an annual fee. These fees usually range from $100-$150. Often, credit cards with many rewards and perks are more likely to charge an annual fee as the rewards typically outweigh the cost of the fee in the long run. However, there are credit cards with no annual fees available as well that are likely better suited for a student’s lifestyle.

Read: Why pay for a credit card with an annual fee?

6. Bank reputation and reviews

Be sure to look into a bank’s reputation and customer reviews before applying for a credit card with them. You want to ensure you’re getting the best service possible, especially if this is your first credit card in your personal finance journey. If the customer service isn’t reputable, you may not want to get a credit card from that company.

Read: Best banks in Canada

7. Recommendations from friends

If you’re not sure what student credit card to apply for, ask around! Chances are you’ve got some friends who have been in the same life phase as you. They’ll have advice on what’s worked for their finances and what might be best for you. This also allows you to get honest opinions from people you know and trust.

8. Your spending habits

Reflect on your spending habits and the prospect of taking on the responsibility of having a credit card. Track your past spending habits and create a budget to ensure you use your credit card wisely.

Applying for a student credit card is simple. As long as you have what you need ready to go, this process should run smoothly. Here’s a step by step look at how to apply for a student credit card:

1. 1 Do your research. First things first, research student credit cards to decide which is best for you and your spending habits based on its eligibility requirements, perks, discounts, rewards and reviews.
2. 2 Ensure you meet eligibility requirements. Typically, this means you must be a Canadian resident of the age of majority in your province, be a post-secondary student, have not declared bankruptcy in the past 7 years, and overall have a clean financial history.
3. 3 Gather your paperwork. Make sure you have proof that you meet the eligibility requirements listed in the second step.
4. 4 Fill out an application form. Once you’ve determined which card you’d like to apply for, you can submit an application either in person at your bank or online. Your credit card applications shouldn’t take you more than 15 minutes to submit.
5. 5 Wait for approval. If you’ve been approved, your credit card provider should reach out to you shortly (3-5 days) to confirm your approval before sending you your new student credit card in the mail.

💰 Can you apply for a credit card without a job?

In short, yes, you can apply for a student credit card without a job. Some credit card providers may require proof of income along with your application (which will be verified with the credit bureau), but if you don’t have full- or part-time work, you can provide them with an alternate form of income to prove you’d be able to pay off any accumulated expenses. This may come from a student loan, personal savings, or help from a parent or guardian.

🌍 Can international students get credit cards in Canada?

Yes! There are currently five financial institutions that offer up to $1,000 of credit to newly arrived international students: BMO, Scotiabank, CIBC, RBC and HSBC. And while TD Canada does offer credit to international students, they will only offer secured credit cards (credit cards with a security deposit) to students who have just arrived in Canada.

🍰 What is the easiest student credit card to get?

The Scotiabank® Scene+™ Visa* Card, the Tangerine Money-Back Credit Card, and the BMO CashBack® Mastercard®* for students are the easiest cards to get approved for as a student. Plus, none of these cards have an annual fee.

Since your student credit card is likely your first credit card, you may be intimidated by the prospect of getting approved or denied. But don’t worry. If you’re just getting started with credit-building and have zero to limited credit, there’s likely not much standing in the way between you and your credit card. But to be safe, here are some tips to help you get approved and make the whole process as simple as it can be:

• Consider getting a co-signer
• Ensure you meet eligibility requirements
• Be thorough in your application and ensure you don’t make mistakes regarding your personal information or financial documents
• Consider getting a part-time job as an income source
• Maintain good financial habits

So, you’ve got your student credit card, now what? It’s important to use the card properly in order to help build your credit score successfully:

• Pay your bill in full and on time, or at least make the minimum payments.
• Charge regular bill payments like your phone bill automatically to your credit card
• Try not to use more than 30% of your credit limit
• Build a budget and include your credit card bill payments in it
• Track your spending to make sure no mistakes or surprise fees are being charged to your card

• Equifax: Spot Identity Theft Before It's Too Late
• TransUnion: Get your Canadian credit report & score