Best Student Credit Cards in Canada – Offers & Requirements!

Did you know that a staggering 90% of Canadian students now have access to credit cards? This remarkable statistic highlights the growing importance of student credit cards in the Canadian financial landscape. Whether you’re a 17-year-old looking to build credit or a university student seeking straightforward rewards, the best student credit cards Canada offer a range of features to cater to your unique needs.

The top student credit cards in Canada, such as the BMO CashBack Mastercard, the PC Mastercard, and the TD Rewards Visa Card, provide students with the opportunity to earn rewards on their purchases, establish credit history, and learn financial responsibility. These cards often feature no annual fees, the ability to earn straightforward rewards, and in some cases, no income requirements, making them accessible to a wide range of students.

Whether you’re looking to earn cash back, travel rewards, or Aeroplan points, the best student credit cards in Canada have you covered. With a diverse range of options, each card offers unique benefits and earn rates to suit different student spending habits and preferences. By carefully evaluating the features and requirements of the top student credit cards, you can find the perfect fit to help you achieve your financial goals while building a strong credit foundation.

Why Student Credit Cards Are Important?

Student credit cards play a crucial role in the financial lives of Canadian students. These cards offer several key benefits that can set students up for long-term financial success.

Building Credit History

One of the primary reasons student credit cards are important is their ability to help students build credit history. By using a student credit card responsibly, such as making on-time payments and keeping their credit utilization low, students can establish a positive credit history. This credit history will be essential when they graduate and apply for loans, mortgages, or other financial products.

Learning Financial Responsibility

Student credit cards also provide an opportunity for students to learn financial responsibility. Managing a credit card and making informed spending decisions can teach students valuable money management skills that will benefit them throughout their lives. This hands-on experience can help students develop good financial habits and avoid costly mistakes that could negatively impact their credit score.

Access to Credit

In addition to building credit history and learning financial responsibility, student credit cards give students access to credit. This access can be crucial for making larger purchases or covering unexpected expenses. Having a credit card can also help students build their credit score, which will be important for their financial future.

student credit card

Best Student Credit Cards Canada

When it comes to student credit cards in Canada, two standout options are the PC Mastercard and the TD Rewards Visa Card. Both offer compelling features and rewards that cater to the needs of post-secondary students.

PC Mastercard

The PC Mastercard is a popular choice among Canadian students. It boasts a generous welcome bonus of 75,000 PC Optimum points ($75 value) after making your first purchase at a PC Points eligible store within the first six months. The card’s earn rates are equally impressive, with 10 PC Optimum points per $1 spent at Loblaws-owned grocery stores, 25 points per $1 spent at Shoppers Drug Mart, 30 points per litre at Esso/Mobil gas stations, and 10 points per $1 everywhere else. These PC Optimum points can be redeemed for a wide variety of purchases at PC Points eligible stores, making it a versatile option for students in Canada.

TD Rewards Visa Card

Another top student credit card in Canada is the TD Rewards Visa Card. This card offers a tiered rewards structure, earning 4 TD Rewards Points for every dollar spent when booking travel through Expedia® For TD, 3 TD Rewards Points for every dollar spent on groceries and restaurants, 2 TD Rewards Points for every dollar spent on regularly recurring bill payments, and 1 TD Rewards Point for every dollar spent on other purchases. Additionally, new cardholders can take advantage of a welcome offer of a value of $50 in TD Rewards Points to use on eligible Amazon.ca purchases.

BMO CashBack Mastercard for Students

The BMO CashBack Mastercard for Students offers impressive earn rates, including 3% cash back on grocery purchases, 1% cash back on recurring bill payments, and 0.5% unlimited cash back on all other purchases. The accelerated earn rates for groceries and recurring bills are capped at $500 per billing cycle.

Rewards and Earn Rates

Students who opt for the BMO CashBack Mastercard can take advantage of the card’s rewarding earn rates. Cardholders earn 3% cash back on grocery purchases, 1% cash back on recurring bill payments, and 0.5% unlimited cash back on all other purchases. However, the higher earn rates for groceries and recurring bills are capped at $500 per billing cycle.

Welcome Offer

The BMO CashBack Mastercard for Students also comes with a welcome offer of up to $125 in cash back. New cardholders can earn 5% cash back on their first $2,500 in purchases for the first three months, up to a maximum of $125 in cash back.

Other Benefits

In addition to the cash back rewards, the BMO CashBack Mastercard for Students provides extended warranty and purchase protection benefits. Cardholders can also receive discounts on car rentals from eligible National and Alamo agency locations, making it a well-rounded option for student credit card users in Canada.

BMO CashBack Mastercard for Students

RBC Cash Back Mastercard

The RBC Cash Back Mastercard is another strong option for students in Canada. It offers 2% cash back on grocery purchases and 1% cash back on all other purchases. While there is a cap of $6,000 annually on the 2% earn rate for groceries, cardholders can still earn up to $358.39 in annual cash back with only average spending habits. The cash back is only redeemable on the January statement.

CIBC Aeroplan Visa Card for Students

The CIBC Aeroplan Visa Card for Students allows students to earn Aeroplan points on their purchases. Cardholders earn 1 Aeroplan point per $1 spent on gas, groceries, and directly with Air Canada, and 1 Aeroplan point per $1.50 spent on all other purchases.

Aeroplan Points Earning

This card offers a lucrative rewards program, enabling students to accumulate Aeroplan points on their everyday spending. Whether they’re fueling up their vehicles, stocking up on groceries, or booking flights with Air Canada, students can earn valuable Aeroplan points to redeem for travel and other rewards.

Welcome Bonus

In addition to the ongoing earn rates, the CIBC Aeroplan Visa Card for Students also provides a generous welcome bonus. New cardholders can earn 10,000 Aeroplan points when they make their first purchase, which is worth up to $200 in travel value. This welcome offer can give students a head start on accumulating points for their future travels.

Aeroplan points earning

CIBC Dividend Visa Card for Students

The CIBC Dividend Visa Card for Students is an excellent option for students in Canada seeking a credit card that offers rewarding cash back on their everyday purchases. This card features a tiered cash back structure, providing students with the opportunity to maximize their earnings.

Cash Back Categories

With the CIBC Dividend Visa Card for Students, cardholders can earn 2% cash back on grocery purchases, 1% cash back on gas, transportation, dining, and recurring bill payments, and 0.5% cash back on all other purchases. This tiered structure allows students to earn higher rewards on the spending categories they tend to use the most, making it a versatile and valuable card for their financial needs. However, it’s important to note that this card has a spending cap of $80,000 per year, after which the cash back rate reverts to 0.5% on all purchases.

Welcome Offer

In addition to the competitive cash back rates, the CIBC Dividend Visa Card for Students also offers a $60 cash back welcome offer to new cardholders. To qualify for this welcome bonus, students simply need to make their first purchase within the first three months of opening the account. This provides an extra financial boost for students just starting their credit journey.

Overall, the CIBC Dividend Visa Card for Students is a well-rounded option that caters to the unique spending habits and financial needs of Canadian students. By offering tiered cash back rewards and a generous welcome offer, this card can help students build their credit history while also earning valuable cash back on their everyday purchases.

CIBC Dividend Visa Card for Students

TD Cash Back Visa

The TD Cash Back Visa card is a popular choice among Canadian students seeking a credit card that offers straightforward cash back rewards. This card allows students to earn 1% cash back on their gas, grocery, and recurring bill payments, as well as 0.5% cash back on all other purchases they make.

Rewards on Gas and Groceries

One of the standout features of the TD Cash Back Visa is its elevated earn rate on gas and grocery purchases. Students can earn 1% cash back on these essential spending categories, which can add up quickly and provide a valuable boost to their savings. However, it’s important to note that there is an annual cap of $5,000 on the higher 1% earn rate, after which the rewards rate reverts to 0.5% on those purchases.

Additional Benefits

In addition to the cash back rewards, the TD Cash Back Visa card also provides students with valuable purchase security and extended warranty protection. These benefits can help offer peace of mind and financial protection when making larger purchases or dealing with unexpected issues.

Scene+ Visa Card for Students

The Scene+ Visa Card for Students is an excellent option for Canadian students looking to earn rewards on their everyday purchases. This card offers a unique opportunity to earn Scene+ points, which can be redeemed for a variety of rewards, including movie tickets, dining experiences, and travel.

Scene+ Points Earning

With the Scene+ Visa Card for Students, cardholders can earn 1 Scene+ point for every $1 spent on everyday purchases, such as groceries, dining, and transportation. Additionally, they can earn 2 Scene+ points for every $1 spent at Cineplex theatres, Cineplex.com, and eligible purchases at Scene+ grocery partners like Sobeys, IGA, Safeway, Foodland, and FreshCo. This allows students to maximize their earning potential by focusing their spending on categories that offer the highest rewards rates.

Welcome Offer

New cardholders of the Scene+ Visa Card for Students can take advantage of a generous welcome offer. When they make their first purchase with the card, they can earn a 1,250 Scene+ points bonus, which can be redeemed for a variety of rewards, including movie tickets, dining experiences, and more. This welcome offer is a great way for students to kickstart their rewards earning and get a head start on building their Scene+ points balance.

JA Money Card

The JA Money Card is a unique student credit card that earns an average of 5% cash back at select restaurants and through delivery platforms like Uber Eats. Additionally, the card offers 2% cash back at select clothing stores, bookstores, gaming retailers, and fitness locations. However, the full list of eligible retailers that earn the higher cash back rates has not been clearly outlined.

BMO Air Miles Mastercard for Students

The BMO Air Miles Mastercard for Students is an excellent option for Canadian students looking to earn travel rewards on their everyday purchases. This card allows cardholders to accumulate Air Miles, which can be redeemed for a variety of rewards, including flights, hotel stays, and merchandise.

Air Miles Earning

With the BMO Air Miles Mastercard for Students, students can earn 3 Air Miles for every $25 spent at Air Miles partner stores, 2 Air Miles for every $25 spent at eligible grocery stores, and 1 Air Mile per $25 spent everywhere else. This provides students with the opportunity to quickly accumulate Air Miles through their regular spending habits, such as grocery shopping and other day-to-day purchases.

Welcome Bonus

To sweeten the deal, the BMO Air Miles Mastercard for Students also offers a generous welcome bonus of 800 Air Miles when you spend $1,000 in the first three months, as long as you apply before May 31, 2024. This can give students a head start on earning rewards for their upcoming travel plans or other redemption options.

Overall, the BMO Air Miles Mastercard for Students is a compelling choice for Canadian students looking to earn travel rewards while building their credit history and developing responsible financial habits. With its attractive earn rates and welcome bonus, this card can be a valuable addition to a student’s financial toolkit.

Conclusion

In conclusion, the Canadian student credit card market offers a diverse range of options that can cater to the unique needs and preferences of students. From the rewarding PC Mastercard to the travel-focused CIBC Aeroplan Visa Card, these cards provide opportunities for students to build their credit history, learn financial responsibility, and earn valuable rewards on their everyday purchases.

When selecting the best student credit card, it’s crucial to consider factors such as the annual fee, interest rates, rewards earning potential, and any additional benefits like welcome offers or insurance coverage. By carefully evaluating the top student credit cards in Canada, students can find the right card to support their financial goals and set themselves up for long-term financial success.

Ultimately, the decision should be based on the individual student’s spending habits, financial priorities, and the specific features that align with their needs. By making an informed choice, students can leverage the power of credit cards to their advantage and embark on a positive financial journey during their academic years and beyond.

FAQ

1. Can students get a credit card in Canada?

Yes, students in Canada can get credit cards. There are student-specific credit cards available that cater to the needs and requirements of students.

2. Which credit card is best for students in Canada?

Some of the best student credit cards in Canada include the BMO CashBack Mastercard, the PC Mastercard, the TD Rewards Visa Card, the CIBC Aeroplan Visa Card, the CIBC Dividend Visa Card, and the Scene+ Visa Card. These cards offer features like no annual fees, the ability to earn rewards, and no income requirements.

3. Can a 17-year-old get a credit card in Canada?

Yes, in Canada, students as young as 17 years old can get a credit card, provided they meet the card’s eligibility requirements, which may include having a steady income or a co-signer.

4. Which bank has the best credit card for students in Canada?

Several Canadian banks offer excellent student credit card options, including BMO, PC Financial, TD, CIBC, and RBC. The best credit card for students often depends on their individual spending habits and preferences, such as the types of rewards they value most.

5. Which Canadian bank is the best for students?

There is no single best Canadian bank for students, as different banks offer a variety of student-friendly products and services. Some of the top banks for students in Canada include BMO, TD, CIBC, RBC, and Scotiabank, each with their own student-focused credit cards, chequing accounts, and other financial tools.

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