Best student credit cards in Canada 2024
Establishing strong credit from an early age is crucial for your financial future. For students with little to no income, there are excellent credit card options available that provide benefits including cash back, travel rewards and discounts.
Best credit card for students overall
BMO CashBack® Mastercard®* for Students
3% Earn 3% cash back on groceries
1% Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5% Earn 0.5% cash back on all other purchases
$0 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR 21.99% for Quebec residents
Good Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Best RBC student credit card
RBC Cash Back Mastercard
2% Up to 2% unlimited cash back on groceries
1% Up to 1% unlimited cash back on everything else
$0.03 Link your card and instantly save 3¢/L on fuel and 20% more Petro-Points at Petro Canada
50 Get 50 Be Well points for every $1 spent on eligible products at Rexall
$0 Annual Fee No annual fee
20.99% Purchase APR
22.99% Cash Advance APR $3.50 fee
22.99% Balance Transfer Rate
3.50% Balance Transfer Fee
Good Recommended Credit Score
Best CIBC student credit card in Canada
CIBC Dividend® Visa* Card for Students
2% Get 2% cash back on eligible grocery purchasesâ€
1% cash back on eligible gas, EV charging, transportation, dining purchases and recurring paymentsâ€
0.5% 0.5% cash back on all other purchasesâ€
$0.10 Save up to 10 cents off per litre on gas with CIBC and Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.â€
$0 Annual Fee $0 for each additional card (3 card maximum)
20.99% Purchase APR non-Quebec residentsâ€
22.99% Cash Advance APR non-Quebec residentsâ€
22.99% Balance Transfer Rate non-Quebec residentsâ€
Good Recommended Credit Score
$15,000 Required Annual Household Income
Welcome Offer
Get 5% cash back for the first 4 statements on net purchases of up to $2,000 (up to $100 cash back).â€
Learn moreBest TD credit card for students in Canada
TD Rewards Visa* Card
4 Points Earn 4 TD Rewards Points for every $1 you spend on travel through ExpediaForTD.comâ€
3 Points Earn 3 TD Rewards Points for every $1 you spend on groceries and restaurantsâ€
2 Points Earn 2 TD Rewards Points for every $1 you spend on recurring billsâ€
1 Points Earn 1 TD Rewards Point for every $1 you spend on all other purchasesâ€
50% Earn 50% more TD Rewards Points and 50% more Stars at Starbucksâ€
$0 Annual Fee Additional cardholder is $0
19.99% Purchase APR APR for purchases 19.99%â€
22.99% Cash Advance APR APR for cash advances 22.99%â€
22.99% Balance Transfer Rate APR for balance transfers 22.99%â€
Excellent Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Welcome Offer Ends Jun 3, 2024
Earn a value of $50†in TD Rewards Points†to use on eligible Amazon.ca purchases plus, no Annual Fee. Conditions Apply. Account must be approved by June 3, 2024
Learn moreBest Scotiabank student credit card
Scotia Momentum® No-Fee Visa* Card (for students)
1% Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5% Cash back on all other eligible purchases.
25% Off base rates at Avid and Budget locations in North America.
$0 Annual Fee $0 for each additional card
19.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
Welcome Offer Ends Oct 31, 2024
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)
Learn moreBest credit card for international students in Canada
Scotiabank® Scene+™ Visa* Card for Students
2x Scene+ points on every $1 you spend at Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo and more.
2x Scene+ points4 for every $1 you spend at Home Hardware, Home Building Centre, Home Hardware Building Centre, Home Furniture locations in Canada and online at homehardware.ca.
2x Scene+ points for every $1 you spend at Cineplexâ—Š theatres or at cineplex.com.
1x Scene+ point for every $1 spent on all other eligible everyday purchases
25% Save up to 25% off base rates at participating Avis locations and participating Budget locations in North America.
$0 Annual Fee $0 for each additional card
20.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
2.50% Foreign Transaction Fee
Good Recommended Credit Score
Best travel credit card for students
CIBC Aeroplan® Visa* Card for Students
1 point for every $1 you spend on eligible gas, electric vehicle charging, groceries and with Air Canada directly, including through Air Canada Vacations®
1 point for every $1.50 you spend on all other purchases.
2x Earn points twice at over 150 Aeroplan partners and over 170 online retailers through the Aeroplan eStore.
$0 Annual Fee $0 for up to 3 additional cards
20.99% Purchase APR non-Quebec residentsâ€
22.99% Cash Advance APR non-Quebec residentsâ€
Fair Recommended Credit Score
$15,000 Required Annual Household Income
Best credit card for foreign students in Canada
KOHO Mastercard
1% cash back on groceries and transportation
3% interest earned on your account balance
$0 Annual Fee Option to add credit building (price available in app)
0.00% Purchase APR
0.00% Cash Advance APR
Poor Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Best Visa student credit card in Canada
RBC ION+ Visa Credit Card
3 Avion Ion points†per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions
1 Avion Ion point per $1 on all other purchases
$48 Annual Fee $4 per month
20.99% Purchase APR
22.99% Cash Advance APR 21.99% for residents of Quebec
22.99% Balance Transfer Rate 21.99 for Quebec residents
Good Recommended Credit Score
Best student Mastercard in Canada
Tangerine Money-Back Credit Card
2% Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3 Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5% Earn 0.50% on all your other everyday purchases.
$0 Annual Fee $0 for additional cardholders
19.95% Purchase APR
19.95% Cash Advance APR $3.50 within Canada, $5.00 outside Canada
1.95% Balance Transfer Rate 1.95% interest for first 6 months, 19.95% after that.
3.00% Balance Transfer Fee 3.00% of the amount transferred, or minimum of $5.00
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
$12,000 Required Annual Personal Income
Welcome Offer Ends Apr 30, 2024
Get 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.
Learn moreBest American Express credit card for students
Amex Simply Cash
2% Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually)
1.25% Earn 1.25% cash back on all other eligible purchases—the only stuff that won’t get cash back are non-purchases, like cash advances, balance transfers, etc.
$0 Annual Fee
20.99% Purchase APR
21.99% Cash Advance APR
2.50% Foreign Transaction Fee Foreign Transaction
Good Recommended Credit Score
$0 Required Annual Personal Income
Welcome Offer
Earn up to $100 in Statement Credits in your first 10 months as a new cardmember
Learn moreBest credit card for young adults
American Express® Green Card
1 MR point Earn 1 Membership Rewards point per $1 spent.
1 bonus point Earn 1 additional MR point for every dollar charged to your card with Amex Travel Online.
$0 Annual Fee No annual fee
20.99% Purchase APR
21.99% Cash Advance APR
Good Recommended Credit Score
Compare the best student credit cards in Canada
Here's a quick comparison of all the best student credit cards.
| Student credit card | Best for | Get started |
|---|---|---|
| BMO CashBack Mastercard | 3% cash back on groceries, no annual fee, no minimum income requirement | Apply now |
| RBC Cash Back Mastercard | 2% unlimited cash back on groceries, no annual fee | Apply now |
| CIBC Dividend Visa | 2% cash back on groceries, no annual fee, | Apply now |
| TD Rewards Visa | Booking travel, no annual fee, no minimum income requirement | Apply now |
| Scotia Momentum no-fee Visa | 1% cash back on gas, groceries, drug stores, recurring payments, no annual fee | Apply now |
| Scotiabank Scene+ Visa | Scene+ points, no annual fee | Apply now |
| CIBC Aeroplan Visa | Aeroplan points, no annual fee | Apply now |
| KOHO | Prepaid rewards and building credit, no annual fee | Apply now |
| RBC Ion+ | Avion points | Apply now |
| Tangerine Money-Back | 2% cash back categories, no annual fee | Apply now |
| Amex Simply Cash | 2% cash back on gas and groceries, no annual fee | Apply now |
| Amex Green card | 1 Membership Rewards point per $1 spent, no annual fee | Apply now |
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.
†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
What should you consider when choosing a top student credit 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 in Canada
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.
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.
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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