What is a good credit card for college students in Canada?
As a college student trying to build your credit or simply trying to get your first credit card, this is one question you may have. But quite frankly, there isn’t a particular answer to this question when it comes to credit cards.
Different companies offer very similar benefits when it comes to credit cards. Depending on your lifestyle, you may be more inclined to get a cash back credit card vs a travel rewards credit card because you are more of a shopper than a traveler.
The credit cards mentioned in this article are not just good options for college students alone but also international students and new comers to Canada. Because, they are easy to qualify for and do not require any credit history
Regardless of what you base your choice of credit card on, what is more important Is keeping a credit limit that you can easily manage without defaulting on your credit card payment
With that being said, If you are new to the credit card world and just need to build your credit or need some emergency funds in college, I have made the search a lot easier for you. All you need is to make a choice.
CIBC Dividend Visa Card for students
Annual fee: $0
Minimum income requirement: $0
Perks: 5% cashback for 4 statements on total purchase of $2,000 after adding a recurring bill payment
2% cashback on grocery store purchases
1% cash back on all other purchases
Free SPC card (more discounts at over 450 stores)
Interest rate: 19.99% for purchases and 22.99% for cash
Insurance: Purchase security and extended warranty protection and common carrier accident insurance
CIBC Aventura Visa Card for Students
Annual fee: $0
Minimum income requirement: $0
Perks: up to 7,500 bonus Aventura points
1 Aventura point for every $2 spent
1 Aventura point to $1 spent at gas stations, grocery stores and drugstores
Free SPC card (more discounts at over 450 stores)
(points can be redeemed towards travel, hotel, merchandise or as contributions towards credit card balance, TFSA and other financial products)
Interest rate: 19.99% for purchases and 22.99% for cash
Insurance: Purchase security and extended warranty protection
Common carrier accident Insurance
Auto rental collision and loss damage Insurance
BMO Cashback Mastercard
Annual Fee: $0
Minimum income requirement:$0
Perks: 5% cashback in the first 3 months
1% cashback on other purchases
Interest rate: 19.99% on purchase and 22.99% for cash
25% off at participating national car rental and alamo rent a car locations
15% off admission to cirque du soleil shows touring in canada and 20% off resident shows in las vegas
Insurance:purchase protection and extended warranty on most items bought with your card
BMO AirMiles Mastercard
Annual fee: $0
Minimum income requirement:$0
Perks: up to 800 air miles bonus miles welcome offer
2X miles for every $20 spent at participating air miles partners
1 mile to every $20 spent everywhere else
25% off at participating national car rental and alamo rent a car locations
15% off admission to cirque du soleil shows touring in canada and 20% off resident shows in las vegas
Interest rate: 19.99% on purchase and 22.99% on cash
Insurance: purchase protection and extended warranty on most items bought with your card
Scotia-bank Scene Visa Card
Annual fee: $0
Minimum income requirement: $12,000
Perks: 2,500 bonus scene point with your first $500 spent on purchases within the first 3 months
1 scene point to $1 spent on everyday purchases and 5 scene points to $1 spent at cineplex theatre or cineplex online
$10 off at participating restaurants when you reach 1000 points
25% off at participating avis and budget car rental locations when you pay with scene visa card
Interest rate: 19.99% on purchase and 22.99% on cash
Insurance: none
Tangerine Money-back Mastercard
Annual Fee: $0
Minimum income requirement: 12,000
Perks: Limited time offer of 4% cashback on everyday purchases in up to 3 categories
2% cashback when you select up to 3 categories (Grocery, furniture, restaurants, gas, drugstore, recurring bill, entertainment, public transportation)
Interest: 19.95% on both purchase and cash transactions
Insurance: purchase assurance and extended warranty up to 60,000
