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Canada's best student credit cards
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It might seem intimidating to apply for a credit card as a student, but it’s never too early to start building good credit and cushion the future of your finances. Even as a student with limited or no income, there are student-specific options available with perks like student discounts and even cash back.
If you’re buying your own course books, spending money on groceries, or buying a monthly public transit pass, there’s no reason you shouldn’t be earning rewards on each purchase with a credit card. A student card can help you build credit and practice financial responsibility. And trust me, post-graduate you will thank yourself when tackling things like car leases, mortgages, rental housing and retail financing is made easier by the credit you built using your student credit card.
Why get a student credit card?
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.
Top student credit cards compared
| Credit card | Rewards | Bonus |
|---|---|---|
| BMO CashBack® Mastercard®* for Students | 3% cash back on groceries*; 1% back on recurring bills*; 0.5% back on all other purchases* | 5% cash back on all eligible purchases for the first 3 months* |
| CIBC Dividend® Visa* Card for Students | Get 2% cash back on eligible grocery purchases and up to 1% on everyday purchases like books, movies, food and more,† 1% Cash Back on eligible gas, EV charging, transportation, dining purchases and recurring payments†; 0.5% cash back on all other purchases† | Get $60 cash back after you make your first purchase within the first 4 months† |
| KOHO | 2% cash back with an upgrade to KOHO Extra on groceries, transportation, and eating and drinking; Plus, earn up to 6% extra cash back at partners. | Sign up and get a $20 instant cash bonus (once you load your account and make your no minimum first purchase within 30 days) right to your KOHO account. |
| Scotiabank® Scene+™ Visa* Card | Earn 2X Scene+ points at eligible grocers; 2X Scene+ points for every $1 you spend on credit card purchases at Cineplex™ theatres or at cineplex.com, and 1 Scene+ point for every $1 you spend on your everyday credit card purchases. | Earn 5,000 Scene+ Points (5K with $750 spend in first 3 months).¹ Offer ends October 31, 2023. |
| Tangerine Money-Back Credit Card | 0.5%-2% cash back rewards | If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.* |
| American Express® Green Card | Earn 1 point for every $1 in Card purchases | 10,000 Membership Rewards® points when you charge $1,000 in purchases to your Card in the first 3 months of Cardmembership (conditions apply) |
† Conditions apply
Expert tip: Using a student credit card to build credit and earn rewards
Apply for a student credit card as soon as possible. Use it responsibly and grow your credit score to give yourself a financial step up. Applying for a credit card as a student might be daunting but it’s one of the smartest decisions you can make to help you get ahead and build credit. Student credit cards are fantastic tools to help manage your college/university and day-to-day expenses. Plus, many of these credit cards also come with perks like rewards or cash back. But, you do have to be careful. A credit card comes with a lot of responsibility that can have a big impact for many years to come. However, when used responsibly and correctly, a student credit card will teach you a lot about personal finances and help set you up for a stronger financial future.
—Hannah Logan, Money.ca credit card, saving and travel expert
BMO CashBack® Mastercard®* for Students
Quick Facts
Minimum credit score: Good
Minimum income: None
Age: You must be the age of majority in your home province
Residency: Canadian
The BMO CashBack® Mastercard®* for Students lack of annual fee is a great catch for broke students who can’t add another expense into their budget. That, plus its generous welcome bonus points and easy-to-meet eligibility requirements make it a great starter credit card.
It offers some fun and more practical discounts, too, like purchase protection* and entertainment offerings*, so there really is something for every student with this card.
Key features:
- Welcome bonus: 5% cash back on all eligible purchases for the first 3 months.*
- Rewards structure: 3% cash back on grocery purchases*, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases.*
- Additional perks: purchase protection*, extended warranties*, discount on National and Alamo car rentals*, and Cirque du Soleil shows in Canada and Las Vegas.*
- Annual fee: $0
Apply for the BMO CashBack® Mastercard®* for Students.
*Terms and conditions apply
CIBC Dividend® Visa* Card for Students
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Quick Facts
Minimum credit score: Fair-Good
Minimum income: $0†
Age: You must be the age of majority in your home province
Residency: Canadian
The CIBC Dividend Visa Card for Students is, as the name says, created for students. Naturally, it functions well for student lifestyles. With no minimum income requirement†, no annual fee, and a credit limit of just $1,000, students can learn financial responsibility without building up too much debt.
You get 2% cash back on eligible grocery purchases and up to 1% on everyday purchases like gas, recurring payments such as streaming subscriptions, transit, food and more†, 1% on eligible gas, EV charging, transportation, dining and recurring payments†, and 0.5% cash back on all other purchases.† This will help you earn a little back on necessities you already need to spend on!
Key features:
- Welcome bonus: Get $60 cash back after you make your first purchase within the first 4 months†.
- Rewards structure: Get 2% cash back on eligible grocery purchases and up to 1% on everyday purchases like books, movies, food and more†, 1% on eligible gas, EV charging, transportation, dining purchases, as well as recurring payments†, 0.5% cash back on all other purchases†.
- Additional perks: Extended warranties, purchase protection, free SPC membership.†
- Annual fee: $0
- Interest Rates: 20.99%† Purchase Annual Interest Rate, 22.99%† (for non-Quebec residents only) Cash Advance Annual Interest Rate, and 22.99%† (for non-Quebec residents only) Balance Transfer Annual Interest Rate
Apply for the CIBC Dividend® Visa* Card for Students.
† Conditions apply
This is a digital-exclusive offer.† To be eligible for this offer: 1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and 2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.† This offer is reserved for you. Please do not forward it to anyone else. If you have opened, transferred or cancelled another eligible card within the last 12 months, we may approve your application, but you may not receive this offer.†
Quebec Residents – Learn more about this CIBC product here
Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien
KOHO
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Quick Facts
Minimum credit score: Fair-Good
Minimum income: $0
Age: You must be the age of majority in your home province
Residency: Canadian
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 Easy you earn up to 5% cash back at partnered merchants, and you can also earn saving interests on your entire KOHO account balance, up to 2.00% depending on your KOHO version. By upgrading to KOHO Extra for an annual fee, $84 (or $9/month), you can earn up to 2% cash back on select categories, like transportation, groceries, and eating & 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.
Key features:
- Welcome bonus: Sign up and get a $20 instant cash bonus (once you load your account and make your no minimum first purchase within 30 days) right to your KOHO account.
- Rewards structure: Up to 6% Cash back at partners and earn 2% cash back on transportation, groceries, and eating and drinking when you upgrade to KOHO Extra.
- Additional perks: Additional cash back when you refer a friend, KOHO Extra comes with No Foreign exchange fees and 1 free international ATM withdraw per month
- Annual fee: $0
Apply here or learn more by reading our complete KOHO review.
Scotiabank® Scene+™ Visa* Card
Quick Facts
Minimum credit score: Good
Age: You must be the age of majority in your home province
Residency: Canadian
If you’re a movie buff who enjoys spending time at theatres and want to earn and redeem rewards fast, the Scotiabank® SCENE+™ Visa* Card just might be the one for you. Its lack of annual fee make it great for students so long as you know you’d make use of what the reward points offer. You’ll earn points to redeem points for travel, shopping, entertainment, dining, banking, and more, and you can save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. when you pay with your card.
Key features:
- Welcome bonus: Earn 5,000 Scene+ Points (5K with $750 spend in first 3 months).¹ Offer ends October 31, 2023.
- Rewards structure: You’ll earn 2X Scene+ points for each dollar charged to your account on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op. Earn 2X Scene+ points for every $1 you spend on credit card purchases at Cineplex™ theatres or at cineplex.com, and 1 point everywhere else.
- Additional perks: Save time at the checkout, car rental discounts
- Annual fee: $0
Apply here or learn more by reading our complete Scotiabank SCENE®* Visa* Card review.
¹ Conditions Apply. Visit here for the Scotiabank® Scene+™ Visa* Card to learn more.
Tangerine Money-Back Credit Card
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Quick Facts
Minimum credit score: Fair-Good
Minimum income: $12,000
Age: You must be the age of majority in your home province
Residency: Canadian
With no annual fee and a high earn rate on three categories of your choosing, the Tangerine Money-Back Credit Card allows students to spend and save on essentials. With the choice you’ll have of spending categories, you’ll be sure to earn on what you’re spending most and also have the chance to change your categories to reflect the changes in your spending style.
It’s a great choice for students with a part-time job and decent credit history who are ready to build credit and save some money. With this card, you can even set up auto-deposit for savings.
Spending categories you can choose to earn 2% cash back on include:
- Recurring bill payments
- Gas
- Public transportation
- Furniture
- Restaurants
- Drug stores
- Hotel
- Entertainment
Key features:
- Rewards structure: 2% cash back on purchases made in 3 spending categories of your choice and 0.5% cash back on all other purchases.
- Additional perks: Unlimited cash back, track and categorize your spending with the Tangerine app, extended warranties, purchase protection.
- Annual fee: $0
- Welcome offer: Special 10% extra cash back rate on the first $1,000 spent with the card on everyday purchases (max. $100 cash back) in the first two months if you're approved.*
Apply here or learn more by reading our complete Tangerine Money-Back Credit Card review.
*Terms and Conditions apply
American Express® Green Card
Quick Facts
Minimum credit score: Fair-Good
Minimum income: N/A
Age: You must be the age of majority in your home province
Residency: Canadian
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. Plus, American Express boasts helpful and accessible customer service if you have any questions or require assistance.
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.
Key features:
- Welcome bonus: As a new American Express® Green Cardmember, you can earn a Welcome Bonus of 10,000 Membership Rewards® points when you charge $1,000 in purchases to your Card in the first three months of Cardmembership. That’s $100 towards groceries or concert tickets. Conditions apply.
- Rewards structure: Earn one point for every $1 spent and 1 additional point on eligible hotel or car rental bookings from AMEX Travel Online.
- Additional perks: Transfer points to travel rewards programs like Aeroplan and Avios; redeem 100 points for $1 credit against your card statement.
- Annual fee: $0
Apply for the American Express® Green Card.
What should you consider when choosing your card?
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:
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.
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?
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.
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!
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?
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
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.
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.
Pros and cons
Pros
- You have the chance to build credit, which in turn will help you with future financial endeavours like renting housing
- You can earn rewards and cash back
- Purchase protection
- They are useful if you’re in a financial pinch and need to purchase a necessity
- You can track your spending
Cons
- You might be tempted to overspend
- Low credit limits
- Paying your credit card or risk developing bad credit
- Fees can sneak up on you
How to apply for a student credit card
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.
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.
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.
Gather your paperwork. Make sure you have proof that you meet the eligibility requirements listed in the second step.
- 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.
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.
Tips for getting approved
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
Credit card tips for students
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
FAQs about student credit cards
What’s the difference between a student credit card and a student line of credit?
A student line of credit allots you a certain amount of available credit and you must pay back whatever amount you end up borrowing. Typically, a line of credit offers a higher credit limit and a more flexible repayment schedule, though it doesn’t offer any rewards, perks or cash back.
Final word
Being a student means you’re already busy enough with things like academics, extracurriculars and networking. Worrying about your finances is a stress you don’t need to add to the list. By choosing a credit card that suits your lifestyle and personal finances you can reap some great rewards and discounts, save yourself some money and focus on hitting the books!
You’ll also have peace of mind knowing that you don’t need to worry about switching your credit card until after you’re done with school—and even then, you have options for your student credit card after you graduate.
Related articles:
- Best student chequing accounts
- Everything you need to know about student loans
- What’s the best age to get a credit card?
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. Conditions apply.
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
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