Why belief us
MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial group of skilled journalists works intently with main private finance consultants in Canada. That will help you discover the most effective monetary merchandise, we examine the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Study extra about our promoting and trusted companions.
The perfect pupil bank cards by class
Offered by Embark Pupil Corp.
The correct pupil bank card can get you nice perks—like a free tank of fuel or dinner out on the finish of the semester—all whilst you’re constructing a credit score historical past. By the point you graduate and get your first huge gig, paying off your pupil bank card each month might show you how to finally purchase a house or automobile extra simply. That’s what having a historical past with a bank card and credit score rating can do. Now, let’s take a look at your choices.
| Greatest bank card by class | Why we find it irresistible |
|---|---|
| Greatest money again bank card for college students BMO CashBack Mastercard Annual charge: $0 |
3% again on groceries and the flexibility to redeem rewards at any time |
| Greatest journey bank card for college students CIBC Aeroplan Visa Card for College students Annual charge: $0 |
Good return on spending, plus just a few journey advantages and student-friendly perks |
| Greatest low-interest bank card Flexi Visa Annual charge: $0 |
10.90% buy rate of interest and no annual charge |
| Greatest secured bank card Dwelling Belief Secured Visa Annual charge: $0 |
Assured approval no matter your credit score rating, with the choice to pay no annual charge or obtain a low APR of 14.90% in case you choose to pay an annual charge |
| Greatest retailer bank card for college students PC Monetary Mastercard Annual charge: $0 |
Highest return on spending on the largest grocery and drug retailer community in Canada, with low eligibility necessities |
| Greatest pupil bank card for leisure Scotiabank Scene+ Visa Card for college students Annual charge: $0 |
Tailor-made to movie-going college students, with good earn charges in a number of classes and versatile redemptions |
Do you have to get your personal bank card?
Having your personal bank card and being a licensed person—also referred to as a supplementary cardholder—on a mother or father or companion’s account are two various things. As a licensed person, you’re in a position to entry the credit score of the first cardholder to make purchases, typically via a bank card with your personal identify on it. Nonetheless, these transactions don’t show you how to set up a credit score historical past or credit score rating—you’re utilizing another person’s credit score, in spite of everything! With a view to construct credit score rating, you’ll want your personal bank card account and to repay the steadiness on time.
—MoneySense editors
Greatest money again bank card for college students
At a look: The BMO CashBack Mastercard is a best choice for college students in search of simple money again earnings. Combining no annual charge with a formidable 3% money again charge on grocery purchases, this card gives college students an opportunity to earn money rewards in a high-spend class.
featured
BMO CashBack Mastercard
Annual charge: $0
Welcome supply: earn 5% money again in your first 3 months Circumstances apply.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | None specified |
| Credit score rating | None specified |
Honourable point out
At a look: The Tangerine Cash-Again Credit score Card stands out as a rewarding possibility for college students trying to stretch their finances. With no annual charge, cardholders can get pleasure from as much as 2% money again in as much as three personalised classes (when you’ve got a Tangerine financial savings account). There’s additionally a sexy steadiness switch supply for college students trying to get debt underneath management.
featured
Tangerine Cash-Again Card
Annual charge: $0
Welcome supply: earn an additional 10% again on as much as $1,000 in on a regular basis purchases throughout the first 2 months. Should apply by October 31, 2024.
Card particulars
| Rates of interest | 19.95% on purchases, 19.95% on money advances and 19.95% on steadiness transfers |
| Earnings required | Private or family earnings of $12,000 |
| Credit score rating | 660 or larger |
Greatest journey bank card for college students
At a look: The CIBC Aeroplan Visa Card is tailor-made to the wants of scholars, particularly those that can reap the benefits of journey rewards. This student-friendly card has no annual charge, and it supplies a free SPC+ membership that permits you to get pleasure from financial savings of as much as 30% throughout 450-plus manufacturers.
featured
CIBC Aeroplan Visa Card for College students
Annual charge: $0
Welcome supply: earn 10,000 Aeroplan factors once you make your first buy ($200 worth)
Card particulars
| Rates of interest | 20.99% on purchases and 22.99% on money advances (21.99% in Quebec) |
| Earnings required | None specified |
| Credit score rating | None specified |
| Level worth | Aeroplan factors are value $0.02 on common. |
Honourable point out
At a look: The TD Rewards Visa is value contemplating as a common journey rewards card, in case you’re a pupil who likes to journey however doesn’t wish to be restricted to Air Canada and Aeroplan companions for flights. This no-fee card has a strong earn charge of 4 TD Reward factors per $1 spent on journey when booked via Expedia for TD.
featured
TD Rewards Visa Card
Annual charge: $0
Welcome supply: earn a worth of $50 in TD Rewards Factors to make use of on eligible Amazon.ca purchases, plus no Annual Price. Circumstances Apply. Account should be accepted by January 6, 2025.
Card particulars
| Rates of interest | 19.99% on purchases, 22.99% on money advances and 22.99% on steadiness transfers This supply isn’t out there for residents of Quebec. |
| Earnings required | None specified |
| Credit score rating | 660 or larger |
| Level worth | 1 TD Rewards level = $0.005 when redeemed for journey through Expedia For TD or $0.004 when redeemed via different suppliers and web sites. |
Professionals
- Earn 4 TD Rewards factors per $1 spent on journey once you guide via Expedia for TD, and there’s no annual restrict to the quantity of factors you may earn on journey.
- Redemptions are versatile, permitting you to spend your factors on all the things from flights and lodges to Amazon purchases, or you may select reward playing cards, merchandise or assertion credit.
- This card comes with student-friendly perks at companions together with Starbucks, Amazon and Uber.
- The TD Rewards Visa is among the few no-fee playing cards that gives as much as $1,000 insurance coverage for cell units.
- Buy safety and prolonged guarantee safety include the cardboard.
Cons
- Though customers profit from the pliability of TD Rewards, factors are value much less in comparison with different loyalty packages. One level is valued at $0.05.
- Whereas the earn charge is excessive for bookings on Expedia for TD, these made on different websites solely earn you the bottom charge of 1 level per $1.
- There are caps on what number of factors you may earn within the grocery, eating places and recurring invoice funds classes. When you spend $5,000 in a 12 months in any of the classes, you’ll earn only one level per $1 in each class.
- This card doesn’t include journey insurance coverage, so that you’ll must pay further for protection once you journey.
Greatest nlow-interest bank card
At a look: Whilst you received’t earn rewards with this card, the Flexi Visa from Desjardins credit score union stands out as a low-interest, no-fee bank card for college students trying to reduce bank card debt. It additionally options advantages like restricted journey insurance coverage, rental automobile reductions, a month-to-month installment fee plan and cell machine insurance coverage.
Flexi Visa
Annual charge: $0
Low rates of interest: 10.90% on purchases and 12.90% on money advances
Card particulars
| Rates of interest | 10.90% on purchases and 12.90% on money advances |
| Earnings required | Not specified |
| Credit score rating | Not specified |
Greatest secured bank card
At a look: The Dwelling Belief Secured Visa is an efficient instrument for Canadians aiming to ascertain or rebuild their credit score historical past. You set your personal spending restrict, which might vary from $500 to $10,000. For those who do often have hassle paying off your steadiness, you may reap the benefits of deciding on between two rates of interest: 19.99% with no annual charge or 14.90% with a $59 annual charge. We like that this card permits you to select, however we suggest the low-rate possibility.
featured
Dwelling Belief Secured Visa
Annual charge: $0
Rewards: None (designed for folks trying to rebuild credit score)
Welcome supply: None
Card particulars
| Rates of interest | 19.99% on purchases and 19.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 300 or larger |
Professionals
- This card offers you the choice to decide on a better or decrease rate of interest. With no annual charge, the acquisition APR is nineteen.99%. With a $59 annual charge, you’ll get a decrease buy APR of 14.90%.
- If you use your card, Dwelling Belief will report funds to each of Canada’s credit score bureaus, TransUnion and Equifax, which helps you construct your credit standing. In distinction, the Neo Secured Card, for instance, solely reviews to TransUnion, which implies that your credit score historical past won’t present up correctly for lenders that solely depend on Equifax scores.
- Suitable with digital wallets like Apple Pay, Google Pay and Samsung Pay.
Cons
- Not like with the Neo Secured Card, you received’t earn rewards in your spending. Nonetheless, that is typical for secured playing cards, which prioritize low curiosity.
- The minimal deposit for the Dwelling Belief is $500, whereas some playing cards require solely $50. Nonetheless, this can be a negligible disadvantage, as most cardholders will doubtless want entry to not less than just a few hundred {dollars} on their card.
- This card isn’t out there to residents of Quebec.
Honourable point out
At a look: The Neo Secured Credit score offers entry to advantages like limitless money again and boosted rewards. Plus, with opt-in perks and bundles, you may tailor the cardboard to your wants.
featured
Neo Secured Credit score
Annual charge: $0
Rewards: A minimal of 0.5% money again and a median of 5% money again on purchases at companions
Welcome supply: earn $25 money again.
Card particulars
| Rates of interest | 19.99% on purchases (19.99% to 25.49% for Quebec residents) and 24.99% on money advances |
| Earnings required | Private or family earnings of $50,000 |
| Credit score rating | None specified |
Greatest retailer bank card for college students
At a look: Drugstores and grocery shops are the place many college students are likely to spend essentially the most. That makes the PC Monetary Mastercard a robust decide for individuals who store continuously at collaborating shops. With earn charges starting from 10 to 30 factors per $1, relying on the shop, you may accumulate rewards rapidly.
PC Monetary Mastercard
Annual charge: $0
Welcome supply: None
Card particulars
| Rates of interest | 21.99% on purchases, 22.97% on money advances and 22.97% on steadiness transfers |
| Earnings required | None specified |
| Credit score rating | 560 or larger |
| Level worth | 1 PC Optimum level is value $0.001 (redeem 10,000 factors for $10). |
Greatest pupil bank card for leisure
At a look: For those who go to film theatres to get away from dorm drama or to take a break from learning, take into account this card. What you spend on the cinema can flip into some good perks.
featured
Scotiabank Scene+ Visa for college students
Annual charge: $0
Welcome supply: earn as much as 5,000 bonus Scene+ factors inside your first 3 months. To qualify, apply by October 31, 2024.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances and 22.99% on steadiness transfers |
| Earnings required | Private earnings of $12,000 |
| Credit score rating | 660 or larger |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey, retailer purchases and foods and drinks at Cineplex and Scene companions. |
Professionals
- Scene+ is a fairly versatile factors program. For instance, you may guide flights with any airline with out having to depend on a selected journey company or portal. Plus, you may redeem for different journey objects, comparable to Airbnbs. It’s among the finest factors packages out there to Canadians.
- The rewards are nice for issues outdoors of a typical pupil finances. Deal with your self for managing the stresses of college by utilizing the rewards on issues like motion pictures, takeout, retailer reward playing cards, flights, lodges and extra.
- It can save you 25% off base charges for automobile leases at collaborating Avis and Funds rental places in Canada and the U.S.
Cons
- There aren’t any bonus factors for different frequent spending classes, like fuel or eating, that means fewer methods to maximise your returns. So, you would need to go to the films recurrently to essentially reap the benefits of the bonus earn charge.
- Not as versatile as a money again program, however redeeming is easy for journey objects.
How we decide the most effective pupil bank cards
Our editors apply their bank card experience and information of Canadians’ monetary targets to provide you with choice standards that matches the wants of the supposed cardholder. For college kids, the most effective playing cards ought to usually haven’t any annual charge, and low earnings and credit score rating necessities—as a result of constructing a credit score historical past is a typical purpose for individuals who use these playing cards. Past that, we take into account the return on spending (for rewards playing cards), the acquisition APR (for low-interest playing cards) and different elements, primarily based on the class. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about our choice course of and how MoneySense makes cash.
Often requested questions
Not like making use of for a summer season job, making use of for a pupil bank card is fairly simple, though there are just a few eligibility necessities to bear in mind.
- You’ll must be the age of majority in your province. That’s both 18 (in Alberta, Manitoba, Ontario, Prince Edward Island, Quebec and Saskatchewan) or 19 (in British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut and Yukon).
- For those who don’t earn an earnings, it’s possible you’ll want to supply proof that you simply obtain some type of monetary help, comparable to allowances from your loved ones or a scholarship.
As a brand new bank card holder, it’s a wise thought to evaluation your choices earlier than you apply. Take a look at what totally different banks are providing and select a card that finest matches your life-style and spending habits. Every software does have an effect on your credit score rating, so that you’ll wish to keep away from making use of for a number of bank cards needlessly. Keep on with one card as you be taught the ropes and begin constructing your credit score historical past.
Sure, they’ll. Banks, bank card firms and monetary establishments acknowledge the ability of what you are promoting, so that they’ve created “newbie” bank cards for younger adults and college students in Canada. These are usually stripped-down variations of bank cards loaded with perks. However, as you may see above, there are nonetheless rewards available with secured and unsecured bank cards for college students. Really, having a bank card is the way you construct a credit score historical past, which is a part of how a credit score rating is calculated. Right here’s how:
- Credit score historical past: An extended historical past exhibits lenders you’ll be able to repay debt, and finance consultants suggest to apply for a card as a younger grownup, and use it responsibly.
- Debt load: That is the entire amount of cash you owe collectors—together with bank cards, loans and mortgages. However mortgages are usually not typically a difficulty for college students, so your low debt load can work in your favour.
- Cost historical past: That is about the way you properly you pay your payments, that means in full and on time, in addition to in case you’ve missed any funds and for the way lengthy you’ve carried any debt. At this level in your life, preserve your payments low and pay them off on time.
- Forms of credit score you carry: The extra collectors you owe cash to, the upper danger you may pose to lenders. Keep on with one bank card to keep away from wanting dangerous to lenders.
Can a highschool pupil apply for a bank card?
Bank cards have an age restriction and, typically, earnings necessities that top college college students could not be capable to meet. Nonetheless, that doesn’t put all bank cards completely out of attain. If a highschool pupil is the age of majority (18 or 19 years outdated, relying on their province or territory), there are some choices.
Bank card candidates in highschool ought to search for playing cards that don’t require a credit score historical past and have a low or no earnings requirement. They will take into account beginning with a secured card, the place they apply a deposit that they’ll spend, as these assist construct a credit score historical past. A strong possibility is a secured bank card.
What does a highschool pupil want to use for a bank card?
Basically, candidates will want a chunk of presidency ID, a social insurance coverage quantity, a mailing tackle, an employment standing, and earnings data to use for a bank card.
I used to be declined for a pupil bank card—what can I do?
For those who have been declined for a card, it might must do together with your credit score historical past or your earnings. Think about a secured card or a bank card that’s aimed toward folks with bad credit report, as their necessities will likely be extra modest. Whilst you received’t get the perks and advantages connected to different playing cards, accountable use might help you construct up your credit score rating so you may entry higher merchandise sooner or later.
Bank card ideas for college students
You already know you must be accountable in how you utilize your bank card—however what, precisely, does that imply? Learn on for recommendations on utilizing your bank card to enhance your credit score rating and keep away from any issues.
- Test your fee due dates
You most likely know that bank card payments arrive each month, however that doesn’t imply the due date on your fee is on the primary day. The date that begins your billing cycle will depend on when you’re accepted for the account, and it might be any day of the month. Make word of the due date and be sure to pay on time. Think about including these dates to your college calendar, too. - Repay your steadiness in full
For those who’re going to be accountable together with your bank card, you received’t use it to spend cash you don’t have. Don’t go into debt. It’s finest apply to repay your invoice in full, on time, each month. Not solely will this enhance your credit score rating, however it should additionally show you how to keep away from pricey curiosity fees. - Heed the minimal steadiness
For those who do overspend, you’ll nonetheless have to repay a few of your steadiness. Your invoice will present a complete steadiness and a minimal fee. You could pay not less than the minimal fee, on time and each month, it doesn’t matter what. Lacking funds is among the worst issues you are able to do on your credit score rating. Paying solely the minimal implies that you’re accumulating curiosity on the unpaid steadiness. At a median of round 20%, this will add up rapidly. - Don’t overspend
In case it’s not clear: Don’t overspend! Credit score is borrowed cash, and a bank card isn’t a debit card. All the cash you cost to your card should be paid again. For those who don’t or can’t, you’ll end up racking up curiosity fees along with wrecking your credit standing. - Don’t max out your bank card
Your bank card can have a credit score restrict; that’s the amount of cash you may technically borrow on it. However spending all the best way as much as your restrict—that’s, maxing out your card—is reckless. It is going to be tougher to repay your steadiness. Use your card selectively for smaller purchases, not less than initially, and think about using debit for nearly all the things else.
This text is offered by an promoting companion.
That is an editorially pushed article or content material package deal, offered with monetary help from an advertiser. The advertiser has no affect on the creation of the content material.
Learn extra about pupil funds:
What does the * imply?
Affiliate (monetized) hyperlinks can generally lead to a fee to MoneySense (owned by Ratehub Inc.), which helps our web site keep free to our customers. If a hyperlink has an asterisk (*) or is labelled as “Featured,” it’s an affiliate hyperlink. If a hyperlink is labelled as “Sponsored,” it’s a paid placement, which can or could not have an affiliate hyperlink. Our editorial content material won’t ever be influenced by these hyperlinks. We’re dedicated to taking a look at all out there merchandise out there. The place a product ranks in our article, and whether or not or not it’s included within the first place, is rarely pushed by compensation. For extra particulars, learn our
MoneySense Monetization coverage.
