best student credit cards canada

As part of our Best of Finance campaign, our team analyzed over 150 credit cards across 13 categories for the best value, to help take the guesswork out of shopping for a new card. One of the easiest ways a student can start to build credit is by using a student credit card throughout post-secondary. However, sometimes prices and terms of the products are changed by the provider without notice. Apply For the Best Student Credit Cards Canada In Minutes. A simple no-fee card that offers a good combination of low annual fees and generous rewards is great for students looking to build a credit history. This kind of loan will pay for up to 60% of your need, for a maximum of $210 per week of study.This comes out to $7,140 for an 8-month (34 weeks) school year. Contents show Now that you have graduated from high school, as a young adult, it is the perfect time for you to start taking your finances seriously, practice responsible spending and begin building your credit. Photo by Kyle Gregory Devaras on Unsplash. 1 point for every $1 spent at eligible gas stations, grocery stores and drug stores; 1 point for every $1 spent on travel purchased through the CIBC Rewards Centre Student Credit Cards. The following are some of the qualities of the best student credit cards Canada: Zero annual fees. The Scotiabank SCENE Visa Card, Tangerine Money-Back Credit Card and BMO CashBack Mastercard all have bare minimum eligibility requirements. Fly high with the points you rack up with... MoneySense is a digital magazine and financial media website. I went to university in the UK and student credit cards had no interest rates as credit ranges from £500 in 1st yr to £3k final year. I’d recommend any other card. In addition to building your credit history, the best credit cards offer you rewards, such as cash back and travel benefits. I agree with Catherine, these aren’t student rates and therefore, ridiculous. All three cards also do not have an annual fee. I’ve had it for the past 3 years. Slowly using them when I get Harvey’s. Zero is the magic number: No annual fee, and no minimum income requirement, Juicy welcome bonus: 5% cash back on everything for the first 3 months up to $2,000 in purchases, Straight-up rewards: 1% cash back on all purchases after the welcome bonus ends, Rewards won’t stop: There’s no limit on the amount of cash back you can earn, Perks: Items you purchase using the card receive double the manufacturer’s original warranty protection, up to one year; get up to 25% off base rates at eligible National Car Rental and Alamo Rent A Car locations, Get more details about the BMO CashBack Mastercard*, It’s free: No fee to earn valuable scene points towards your next movie, Welcome Bonus: Get 2,500 bonus points after you spend $500 on the card in the first 3 months—enough for 2 free movies, Earn Scene points at Cineplex theatres: Earn 5 Scene points for every $1 spent on Scene Visa purchases at Cineplex Cinemas. Not only do I rarely see movies, but the restaurants are only chains that I rarely go to. The BMO Cashback Mastercard is a zero annual fee credit card that provides students with excellent incentives on everyday purchases from supermarkets and grocery stores. How can these be the best credit cards for students when the interest rates are all 19.99%? It offers: The SCENE Visa Card for students is a nice starter card and great for getting free movies. Student credit cards can also serve as a starter credit card for first-time credit card users or newcomers to Canada. These no (or low) fee credit cards offer the best credit solution to students on a budget. This top 15 of the best student credit cards in Canada was compiled by Hardbacon, which has designed a credit card comparator listing hundreds of Canadian credit cards. Share on Twitter You want money in an instant … Best Student Credit Cards in Canada. Catherine, the first paragraph of the article states”The key is to be responsible with your spending and pay off the balance every month…”. These credit cards fit the bill for best student cards and offer no- or low-fees, everyday rewards, and they have no- or low-minimum income requirements. If you pay your balances on time, it helps to raise your credit score over time. If you earn up to $12,000 in personal income per year, the Tangerine Money-Back Mastercard is our number one choice for a student credit card. This site uses Akismet to reduce spam. The best student credit cards in Canada will help you build your credit score while also earning rewards. It's important to note that our editorial content will never be impacted by these links. 0.5% unlimited cash back on all other purchases, Extended warranty and free purchase assurance, Balance transfer at a low rate of 1.95% for 6 months, Earn 3% cash back on grocery purchases, 1% cash back on recurring bill payments, and 0.5% cash back on all other purchases. This student credit card is essentially the same as Bank of America's Travel Rewards card, which means it offers higher risks and rewards than most other student cards. In this Article show At OfferHub, we understand that offers on credit cards can change each year. In this video I go over the top 3 student reward credit cards in Canada for 2019. I find in Canada there isn’t any incentive as such for student and do not see why they bother stating students as it’s no different to normal cards. Purchase interest: 19.99%; Cash advances: 22.99%; Annual fee: $0 Once interest starts, you can negotiate or change type of credit card. And, if you are looking to pick up a credit card upon entry into university or college, this list of the best student credit cards in Canada is a great place to start. Julie Cazzin  on August 8, 2019, By  We made the following assumptions on monthly expenditures: grocery spend of $250, gas of $100, restaurants of $100 and bill payments of $62.5, travel of $87.5, entertainment of $112.5, pharmacy purchases of $37.5 and other purchases of $250. It offers: You can redeem your SCENE points for free movies or at participating restaurants including Swiss Chalet and East Side Mario’s at a rate of 1,000 points for $10 off your food/drink purchase. You will also receive our FREE e-Book! You’ll earn 5% cash back (up to $100) on all purchases made in the first three months. I have over $400 in points, but can only use for movie theatres or restaurants. The scene Scotiabank visa only collects scene points. Designed by Elegant Themes | Powered by WordPress. While you may not be earning a significant income as a college student, a credit card is handy for building your credit history so it is easier for you to access credit facilities when you want to buy your first car or home in the future. Where to buy real estate now: How we found the best deals in Canada, A guide to the best robo-advisors in Canada for 2021, Best high-interest savings accounts in Canada 2021, Compare the Best GIC Rates in Canada 2021. Scotiabank Scene Visa. A credit card is a great way to start building credit history as using your card and paying it off before the due date every month shows you’re responsible with credit. You can read more about this in our Editorial Code of Conduct. Student Rating. For the best credit cards 2021 ranking we ran the numbers for each of the cards in the seven categories based on $2,000 in monthly spending ($1,000 monthly for the student cards) as … To qualify, you must be the age of the majority in your province which is 18 years in Alberta, Manitoba, Quebec, Ontario, Saskatchewan, and PEI; and 19 years in British Columbia, New Brunswick, Nova Scotia, Newfoundland and Labrador, the Northwest Territories, and Yukon. MoneySense is not responsible for content on external sites that we may link to in articles, . Is your credit card’s travel insurance enough? After you graduate from high school at age 18, you are now considered an adult in many of the provinces and you should start taking your finances seriously if you are not already doing so. The PC Financial Mastercard is a great store credit card for students to earn points and claim free grocery rewards, especially if you regularly shop at the Real Canadian Superstore and Shoppers Drug Mart. There are some fantastic student credit card options available in Canada. These choices are all horrible. By  It offers: You get to choose how you want to redeem your cash back, whether as a credit card statement to pay down your credit card balance or as a deposit in your Tangerine Savings Account. For more information, please read, Calculating how much money you’ll need at retirement. If you happen to have a big expense coming up, this credit card could be handy. MoneySense continues to update and make changes to correct any factual errors. © 2002-2021 Ratehub Inc. All rights reserved, limit on the amount of cash back you can earn, Items you purchase using the card receive double the manufacturer’s original warranty protection, up to one year; get up to 25% off base rates at eligible National Car Rental and Alamo Rent A Car locations, 2% cash back on grocery purchases (up to $6,000); 0.5% cash back on other purchases up to $6,000, and 1% cash back on all purchases above $6,000. The latter option ups your 2% cash back categories from two to three. That said, there are some low rate student credit cards on the market – but you’ll still need to pay interest on your outstanding balance even if it is at a lower rate of 8.00& to 12.99%. For the Best Student Credit Cards ranking we ran the numbers based on $1,000 in monthly spending using Ratehub.ca’s‡ credit card tool while also factoring in sign up bonuses, income qualification requirements and student-oriented rewards. The bottom line with these student credit cards is that they are easy to qualify for, charge no annual fees, and offer some level of free rewards. Watch free movies and more: Redeem Scene points for free movies or for discounts at over half a dozen eligible restaurants and stores, including Bier Market and Swiss Chalet. Go to Bonsai Finance’s website now and you could be finished with applying for them in just a few short minutes. MoneySense’s goal is to provide the most relevant and up-to-date information as possible but, with all things you read on the internet, it is recommended you read critically and cross-reference with your own sources, especially before making any financial decisions. There is no telling which one of the cards on this list of best student credit cards Canada is the best one for you, but any of them could be yours with the right initiative. But even more importantly, every student credit card should provide easy approval for students with no credit history (sounds obvious, but not every bank makes it so easy). Required fields are marked *. MoneySense is fully owned by Ratehub Inc. but remains editorially independent. The Canada Student Loan Program is the standard loan that you probably think of when you hear the term. If you’re a student making occasional purchases like groceries and gas, online shopping, flights, and hotel reservations, a student credit card can make life much easier. Shop Canada's Best Student Credit Cards. Best travel rewards credit cards in Canada, Best credit cards with free rental insurance, Best credit cards with no FX transaction fees, Best No Fee Cash Back Credit Cards in Canada For 2021, Sales Tax in Canada 2021: A Guide to GST, HST, PST and QST Sales Taxes, Betterment Canada: Robo-Advisors Like Betterment in Canada, Best Business Credit Cards in Canada 2021, $12,000 minimum annual income requirement. Medical, dental, optometry, law, veterinary and pharmacy students get this offer when they bundle a credit card with a CIBC Professional Edge Student Line of Credit. Only professional students †† get access to exclusive premium travel and cash back credit cards with no proof of income required. The 6 Best Student Credit Cards in Canada for 2020 What is a good credit card for students in Canada? Many companies offer credit cards designed to suit the student lifestyle. Your email address will not be published. If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. Your email address will not be published. MoneySense is not responsible for content on external sites that we may link to in articles. If you carry a balance, consider these low-interest cards. Please read our, Compare the Best Life Insurance Quotes in Canada, Get Paid to Read Emails (7 Legit sites That Pay). (Note: a movie can be redeemed for 1,250 points. Some people don’t think students should have access to credit cards. Sign up now to join thousands of other visitors who receive our latest personal finance tips once a week. 1.95% interest on the transferred balance for the first 6 months Regarded as one of the best credit card in Canada, Tangerine provides no annual fee, a lucrative 2% cash back in up to 3 merchant categories, and 0.5% on all other purchases with no caps, tiers or limits. Their reasoning is that 18-year olds are not yet mature enough to understand the tool of credit, and they can get themselves in quite a lot of trouble before they learn their lesson.

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