Are you a student, who’s been looking for the best Student Credit Cards in Canada? If yes, you reached the right place. This article is all about the best student Credit Cards in Canada.
CAD Economy always focus on what people need, when it comes to credit Card related things.
Before we prepare each and every article, we go out there (I mean the world of Google), and search for what people has been searching for.
We found, Canadians have Googled, student credit cards related topics, over 60,000+ times on an average every month.
This seems a huge number for us. That is why today we are going to show you the list of best student credit cards in Canada.
What is Special with Student Credit Cards?
Being a student is by all means, freedom, and enjoyment, that you never feel again in your life in the same essence.
But, financially, when it comes to getting a credit card, is really difficult, because of their limited exposure to Credit. Mainly, the unsecured loans and specialty Credit Cards.
That is where Student Credit Cards come to the picture. These are specially designed Credit Cards for students who enrolled in Colleges.
In a word, they are easy to get approved as they are specially designed for students with no credit history.
But there is a catch, not all of the Credit Issuers will simply give it to you. Some of them ask your parents to co-sign with you or ask you to show your part time income.
Don’t worry, not all of them. I will categorize them for your convenience.
Why should you get a Student Credit Card?
Once you’ve graduated, you must be looking into a profession and building your relationships and getting a family life.
Most of you might be dreaming about buying a car or house (not right away), at least renting a house, right? What essentially needed is money.
Of course, you don’t have that unless you born in a rich family. I’m pretty sure you are not one of them, that is why you are here.
Borrow from lenders, that is the only solution here. But how? No one will give you unless you have a Credit rating.
What is Credit rating? Is that something automatically develops while you grow up? No way. I know a lot of you (not you), who believe that dealing nothing with credit is a good history.
That is not true. To put it another way, if you know someone and you borrowed some money (very little) from them and gave it back on time.
Again you needed some more money and went to ask the same person, they definitely wouldn’t have any problem in giving you some money, right? Maybe more.
Because you both know each other and had done dealings before (successfully). You’ve built a great relationship with them already.
What if you ask them for more money, the very first time? Would they be interested in giving you that? They would not.
Because they haven’t dealt with you before and you need more money, that is not going to happen.
Let the Credit Card Company know you more
The same way Credit issuers look at you. You have to get into the business and let them know you first, then only you can grow up.
In this case, as a student, it would be easy to get a Student Credit Card approved and chances are less for a specialty credit card approval. Because speciality Credit Cards are issued to people who have at least some Credit history.
With a Student Credit Card, you can easily build your Canadian Credit history and very good Credit Score, by the time you graduate. Sounds pretty good right?
What happens to an International Student in Canada?
The things that I mentioned above, works very well for International Students in Canada too.
I know that very well because I was also an International Student who made a lot of mistakes and had gone through a lot of financial crises, just because of lack of knowledge.
By the time I graduated, I destroyed my Credit into a terrible level. Just because I wasn’t aware of this stuff.
So, the Credit Cards that I’m going to mention here, also work for International Students. Keep reading.
What is meant by a Perfect Credit Card?
People look at this in many different ways. Some of them would say, for students, low-interest cards would be perfect, some others shout cash back cards, reward cards and so on.
What do you think? It is hard to say, right? It depends on your need!
If you don’t like to keep balances on your Card, then it is pointless to have a low-interest Credit Card, right?
Same way, you have a cash back credit card which gives 1 or 2 may be 3% cash back on every grocery purchases and you live in a home stay. Does that make sense?
In a word, it is hard to say, this is the perfect card for you. But, we need to conclude it properly. So, I’m going to categories each and every student Credit Cards and find the best from each.
Summary of the Best Student Credit Cards in Canada
- BMO SPC CashBack MasterCard.
- MBNA Rewards Student MasterCard.
- Scotiabank Scene Visa Card.
- Tangerine Money Back Credit Card.
- BMO SPC AIR Miles MasterCard.
Why are they Best Student Credit Cards in Canada?
Based on our studies, these are some of the best student credit cards in Canada. Now, it is time to go into them in detail to see, how these became the best student Credit Cards in Canada.
#1 BMO SPC Student MasterCard.
BMO has two student Credit Cards, one offers cash back for every purchase and the other one offers Air miles, which I will explain somewhere next to this.
Key things about BMO SPC CashBack MasterCard
Annual Fee: $0
Cash Back: 1.0% cash back on all purchases with no restrictions.
Other Discounts: SPC discounts of 10% to 15% at hundreds of your favorite stores.
Promotional Offers: Up to $60 cash back bonus (limited time offer).
What else to discuss?
One thing I would like to discuss here is about SPC. Most of you might already aware of it, for those who not, SPC means Student Pricing Card.
It is a Canadian Student Loyalty program offers discounts and deals at thousands of best stores and restaurants all across Canada.
With SPC card, every time you shop, like any other reward card, you need to show it and will get instant deals.
Here, when you sign up for a BMO student MasterCard, you will get a free SPC membership that has a value of $10 every year.
Another coolest part is that you will get 1% cash back for every purchase you make.
Now, there are something else too, that no one else offered to students. What is that?
Extended warranty and Purchase protection
This is something special that no other Credit Card companies offer to students in Canada.
Please correct me if I’m wrong.
Instead of paying for the additional warranty to the product manufacturer, just use your BMO SPC MasterCard and double that warranty period.
For getting these benefits, you got to nothing special, just buy what you like and pay with your BMO SPC Credit Card.
That automatically extend the manufacturer’s warranty, sometimes that goes up to additional 1 year.
That means if you already got 1-year manufacturer warranty for a product that you bought. Your BMO SPC MasterCard will add an additional year on top of that without paying anything extra.
That sounds great, right?
Another thing is the purchase protection. The items bought with your card are automatically insured against theft or damage for 90 days from the date of purchase.
Most of the companies will charge you for that kind of add on. If you buy a phone they would offer you a protection plan like this for up to $10 per month until your contract ends.
But you get that free for 90 days. Better than nothing!
Why should you get a BMO SPC MasterCard?
- Of course, the cash back offer will impress anyone. A 1% cash back for any purchases (no tiers – cash back applies to all purchases) will be great for students.
- You don’t have to worry about paying any annual fee, that also a good news.
- As a student, it is easier to get one, with a Credit limit starting from at least $500 without showing any part time income or co-signer. What else you want?
#2 MBNA Rewards Student MasterCard
You know what? MBNA has over 23 Student Credit Cards which are specially designed for students from different Colleges and Universities.
But here, I just want to talk about only one of them, that is MBNA Rewards Student MasterCard. Do you know why it took the second place in the list? Keep reading.
Key things about MBNA Rewards MasterCard
Annual Fee: 0$
Rewards: Earn 1 MBNA Reward point for every $1 in eligible purchases. Also no limits to a number of points you can earn.
Promotional offers: 1000 Bonus points after your first eligible purchase.
One more, 1000 Bonus points each year on your account anniversary.
Let us talk about Cash Back. I know you’ve been waiting for that. You didn’t see that word anywhere in the offers, right? But, don’t worry, they do have it.
MBNA lets you redeem your points for anything like cash backs, travel and gift cards etc. So, cash backs give you a value of 1% of the money you spend. Same like BMO SPC Student MasterCard.
Why should you get an MBNA Reward MasterCard?
A fair question.
- Cash Back: You can convert the reward points into Cash back worth 1%.
- As you know, there is no annual fee.
- As a student, you need to neither show any part time income nor a co-signer to support your application. You can get a Credit limit of at least $500.
If you Compare it with BMO Student MasterCard
You can see that;
- It has no SPC reward programs offered itself. (You can get one with a separate SPC card, but you will pay $10 every year for that.)
- No extended Warranty offered.
- No Purchase Protection Offered. You might be thinking; these are not so important. But, what if you get it? That may save you hundreds of dollars if you got into any trouble with your products.
#3 Scotiabank Scene Visa Card
I would never forget this Credit Card because this was the first Credit Card in my life and I’m still using it.
Over the last two years, I have been using this Credit Card for almost all kind of purchase. I never regretted the decision to apply for it.
Key things about Scotiabank Scene Visa Credit Card
- Annual Fee: $0
- Rewards: You will get 1 Scene point for every $1 you spend with your Card.
- Promotional Offers: You get 4000 Scene points as a sign-up bonus when you make your first purchase. 4000 Scene points means – 4 FREE MOVIES**
Little more from my experience
I researched almost all Credit Card related websites in Canada before preparing this article. The main intention is to prepare something unique and useful.
Everyone presented this card with free movie benefits.
But, as a real user, I can tell you a lot more about this Card. I and my girlfriend watched over 10 movies in the last 2 years with scene points which means a value of at least $250 (Two tickets each time).
But, FREE MOVIE is not the only thing you can get with this Card.
Then what? Last year, I bought two sweaters one costs $90 and the other is $30, from Sports check.
The coolest thing, I didn’t pay a single dollar for that. Yes, I bought it with the Scene Points.
That is not the end.
I’ve had 2 or 3 times, delicious dinner with my girlfriend, from Swiss Chalet which is the best family restaurant in Canada.
Each time, an average of $50 paid with my Scene points. Not only that, sometimes that from Harvey’s, that also not bad.
A total value of $570 in two years. That is pretty good for a student, as a student, your expenses are less and you get a lot of fun too.
If you compare it with the others in the list
You can see that,
- It offers no Cash Backs. But, there are ways to utilize your scene points.
- But, as a student, it would be great you get free movies while spending money for other things.
#4 Tangerine Money Back Credit Card
I didn’t forget about this while looking to fill the first or second position.
Tangerine Cashback Credit Card is not specifically designed for Students, that is the only reason why I didn’t give it the first position in the list.
If they do, without any doubt I would say, this is the best student Credit Card in Canada.
Let us take a look at what they have.
Key things about Tangerine Money Back Credit Card
Annual fee: $0.
Cash back Offers: 2% Money Back Rewards on selected categories (you can choose up to 3 such as grocery, gas, etc.). 1% Money Back Reward on all other purchases.
Sign up bonus: 4% Money Back Rewards on the chosen 2% money back category for 3 MONTHS**.
I do have a Tangerine Credit Card
Personally, I do have one from Tangerine that I’ve been having since April 2016.
The coolest thing is that you can choose 3 categories in which you spend a lot of money and get 2% cash back and it is 4% for the first three months.
Wow! You know what, there are no other Credit Cards in the list offering such an amazing deal.
After all, it works as same as any other cash back Credit Card in the list, for all other purchases, that offers 1% cash back.
The money back reward that you earn, can either be redeemed into your Tangerine Savings account or applied to your Credit Card balances.
If you compare Tangerine Money Back Credit Card with the others in the list
You can see that Tangerine is the best of them.
- Competitive cash back offers with an option to choose specific categories that you spend more money (You can change your selections any time from your account).
- Best Promotional offers among them.
- No annual fee, like any others.
Only thing is, not sure about the eligibility criteria. But, any information will be updated here in future.
#5 BMO SPC Air Miles Student MasterCard
This Credit Card works similar to the cash back Credit MasterCard except it doesn’t offer any cash back but Air Miles Reward point for all purchase.
You can get 1 AIR Miles Reward Mile for every $20 that you spend on your Credit Card.
Key things about BMO SPC AIR Miles Master Card
Annual Fee: $0
AIR Miles Reward Miles: 1 Reward Mile for every $20 you spend with your Card.
Other Discounts: SPC discounts of 10% to 15% at hundreds of your favorite stores.
Promotional Offers: 500 AIR Miles Bonus miles (Limited Time Offer).
If you compare BMO SPC AIR Miles Card with the others
You can see that,
- It doesn’t offer any cash backs. As a student, it could be a bad news. But, if you travel very often, you can get benefits of AIR Miles Reward points. Also, there are some stores allow you to redeem your AIR Miles points to buy stuff. Such as Rexall, Foodland etc.
How do you choose the best Student Credit Card?
As a student, you may;
- Spend the money for fun sometimes, such as Movies, Gadgets, Video Games, etc.
- Not spend too much money on groceries and all, if you live with your family. Others will do.
Whatever it is. You will be looking into saving some pennies always. I don’t know about you.
Most of the students wanting a Credit Card is not just because they really want to establish a Credit History.
They need something that helps them to cover their little expenses like I mentioned above.
In that case, saving a little bit from what you spend is more important.
You can meet that with a Cash Back Credit Card.
But, what if you are crazy about movies? You will really be looking into getting free movies, right?
Choosing a Credit Card is your call.
Find what you will be doing with your Credit Card and decide which one you should get.
Now, you have a list of the Best Student Credit Cards in Canada.
But, I know it is really hard to make a final decision, as many as you see, it gets more difficult to choose.
What CAD Economy recommends?
Actually, there are so many other Credit Cards suitable for students. But, after considering some factors such as eligibility, rewards, cash backs, etc. these are the best of them.
When that comes to choosing one from the list, that is up to you. We tried our best to keep things simple and transparent here. So, the final decision is yours.
Tangerine and BMO SPC CashBack Credit Cards are our favorites.
Okay, here is another scenario.
What if you don’t get approval to any of these Credit Cards?
As a student, that is a worst case scenario.
But, if that happens, no need to worry. You can still try any of the Guaranteed Credit Cards.
Because they are absolutely Guaranteed ones!
Only thing is that you won’t get many benefits but will help to establish a Canadian Credit History. Better than nothing, right?