What is a good credit card for students in Canada?
As a college or university 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 newcomers to Canada. Because they are easy to qualify for, come with no-fee, little or no income requirement and credit history
Regardless of what credit card you choose, what is 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 compare credit card options and make a choice.
The Best student Credit Card in Canada
- CIBC Dividend Visa Card for students– Includes free SPC Membership
- CIBC Aventura Visa Card for students– Includes free SPC Membership
- BMO Cashback Mastercard
- BMO Airmiles Mastercard
- Scene Visa Card for Students
- Tangerine Money-Back Credit card–Lowest interest in this category
CIBC Dividend Visa Card for students
Annual fee: $0
Minimum income requirement: $0
Perks: $25 after you make your first purchase
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 5,000 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% cash-back in the first 3 months
After your first 3 months, get 3% cash back on grocery purchases,
1% cash back on recurring bill payments and 0.5% unlimited cash back on all 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: 1,250 bonus scene point with your first purchase – This is also how much you need to redeem towards a free movie on your scene visa card
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: 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
