Credit Cards Reviews

5 Best Student Credit Cards in Canada




Best Student Credit Cards in Canada – Attention! Want to save every penny possible!!!!!! When you are suddenly plunged into independence at the age of 18 (majority age for some provinces), the world of finance could be quite bewildering. Starting to save for the future and being financially responsible from a young age should be a befitting goal. 

5 Best Student Credit Cards in Canada for %currentyear% | Best Student Credit Cards | Best Credit Cards for Students | Best Credit Card for College Student in Canada

Best Student Credit Cards in Canada

Why do you need a Student Credit Card?

On having a student credit card in canada, various personal expenses during your college years like buying a car and others can be readily met even if you don’t draw an honorarium. Best Student credit cards can provide you with rewards and/ or cash-backs. The cardholder needs to be consistent in paying their monthly credit balance for their credit history to be healthy. Having a good credit history is essential to show financial responsibility in repaying the incurred debts, and would serve in the future for receiving larger credit. We recommend you use the Mogo Free Credit Monitoring tool to monitor your credit score monthly.  

Is it necessary to have a job?

College students aged 18 years or above (legal age varies per province) can apply for student credit cards. The majority of the banks do not imply for the student to have a specific job or income source. In the event they demand, the applicant can consider getting a part-time job or put forward an alternative income source, probably your parents’ income or guarantee, loans, or personal savings.

5 Best Student Credit Cards in Canada 2021

1. Tangerine Money-Back Credit Card
5 Best Student Credit Cards in Canada for %currentyear% | Best Student Credit Cards | Best Credit Cards for Students | Best Credit Card for College Student in CanadaTangerine Money-back card is one of the Best Student Credit Cards in Canada.

Attractive features are:

  • No annual fee
  • Interest rate: 19.95
  • Rewards up to 2% on everyday purchases and 2% money-back on your category of choice.
  • Purchase assurance and extended warranty.
  • Eligibility Criteria: Person of majority age as per province with a gross annual income of $12,000 and a resident of Canada without any case of bankruptcy for the past 7 years.

Cash redemption can be done anytime to your savings account or to the credit card balance. For the first 6 months, you only need to pay 1.95% interest on the transferred amount. In the first 2 months, purchasing items worth up to $1,000 from the Tangerine Money-Back Credit Card, 15% (up to $120) is earned as a reward (limited offer).

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2. Scotiabank SCENE Visa Card
Scotiabank SCENE Visa Card - Best Student Credit Card CanadaThis Credit Card in Canada is apt for a person who consistently loves going to the movie theatres. The Scotiabank SCENE Visa Card provides:

  • No annual fee
  • Interest rate: 19.99% for purchases and 22.99% for cash advances
  • $500 minimum credit limit
  • For every $1 spent on everyday purchases, 1 SCENE point is earned. 
  • 5 SCENE points for every $1 spent in Cineplex theatres or at cineplex.com.
  • Eligibility Criteria: Person of majority age as per province with a gross income of $12,000 and a resident of Canada without a case of bankruptcy for the past 7 years.

In the first 3 months, 2,500 points can be earned for the first $500 spent. 1,250 SCENE points can be redeemed for a free movie. $10 discount can be earned from restaurants by redeeming 1.000 SCENE points.

Are you aware that you can pay your monthly payments through credit cards? Read our detailed review on the website which allows you monthly payments through credit card.

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3. BMO CashBack Mastercard
5 Best Student Credit Cards in Canada for %currentyear% | Best Student Credit Cards | Best Credit Cards for Students | Best Credit Card for College Student in CanadaBMO Cashback MasterCard is one of the best cash back credit card Canada for college students.

The attractive features of BMO CashBack Mastercard are:

  • No annual fee
  • Interest rate: 19.99% for purchases and 22.99% for cash advances
  • 3% cash-back on groceries, 1% on recurring payments, and 0.5% on others
  • Purchase protection and extended warranty
  • Add another cardholder for free and earn more cash-backs.
  • Eligibility Criteria: Person of majority age as per province with a minimum income requirement and a resident of Canada without a case of bankruptcy for the past 7 years.

Cash redemption can be done anytime. An automatic deposit of cash balance on reaching a specified amount (minimum balance $25) can be established as per choice. In the first 3 months, up to 5% cashback and introductory interest rate to 1.99% on balance transfers for 9 months.

Best No Fee Credit Cards in Canada

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4. BMO AIR MILES Mastercard
5 Best Student Credit Cards in Canada for %currentyear% | Best Student Credit Cards | Best Credit Cards for Students | Best Credit Card for College Student in Canada For hodophile (travel-loving) students, this card is apt for you as it gives numerous travel rewards.It is considered the Best Travel Credit Card in Canada for students which is having the following features. 

  • No annual fee
  • Interest rate: 19.99% for purchases and 22.99% for cash advances
  • 1 MILE point earned for every $25 spend and extra 2 points for purchasing in stores having a contract with BMO Air MILES Mastercard.
  • 1,300 MILES for a Vancouver to Seattle trip
  • Eligibility Criteria: Person of majority age as per province and a resident of Canada without a case of bankruptcy for the past 7 years.

Rental car discounts and various travel discounts are also available. On purchasing the card 800 MILES bonus points are earned and a 1.99% introductory interest rate is applicable for the first 9 months.

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5. PC Financial Mastercard

PC Financial Mastercard

This Student Credit Card in Canada offers great cashback for groceries and everyday items. Its attractive features are:

  • No annual fee
  • Interest rate: 20.97% for purchases and 22.99% for cash advances
  • 10 PC Optimum points for every $1 in selected grocery stores and elsewhere
  • 20-30 PC Optimum points can be earned in selected stores
  • Free purchase assurance and extended warranty
  • Eligibility Criteria: Person of majority age as per province and a resident of Canada without a case of bankruptcy for the past 7 years.

When you earn 10,000 PC Optimum points, you can redeem $10 worth of items in selected stores.

Looking for a Credit Check before Applying for Student Credit Cards?

CONCLUSION:

The above-curated information is from meticulous research as I have not earned the opportunity to purchase the Best Student Credit Cards in Canada. The above 5 student credit cards in Canada are the best student credit cards currently available in Canada, as they have no annual fees and you can easily earn rewards or cash backs. Savings is a dominant issue among college students and the above student credit cards can assist to resolve those issues.

About the author

Charmin Patel

Blogger and Digital Marketer by Choice and Chemical Engineer By Chance. Computer and Internet Geek Person Who Loves To Do Something New Every Day.

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