Using the best student credit cards in Canada is an excellent option for students to start building their credit history and earning rewards for their spending. These cards tend to have lower credit limits, no annual fees, and extra benefits tailored specifically for students. Having a credit card in your name can help students establish independence and financial responsibility if the card is used wisely.
Comparing the Best Credit Cards for Students in Canada
Here are some top options for the best student credit cards in Canada with their features, pros and cons:
1. Tangerine Money-Back Credit Card: A Contender for the Best Student Credit Cards in Canada
Tangerine Money-Back Credit Card Features
The Tangerine Money-Back Credit Card lets you earn 2% cash back on up to 2 select categories from gas, groceries, dining out, bills, and more. This generous 2% rate on key spending categories makes it a top choice for student rewards. Other purchases get 0.5% back. Students can earn ongoing cash back without yearly costs or an annual fee.
Tangerine Money-Back Credit Card Advantages
- The generous 2% cash back on popular spending categories makes this one of the best student cards for earning rewards.
- Having no annual fee is excellent for students trying to save money.
- You can choose two bonus categories that match your spending.
Tangerine Money-Back Credit Card Disadvantages
- The overall cashback rate is lower than premium rewards cards outside the 2% categories.
- Students may find their spending is more concentrated in the 2% categories where they’ll maximize rewards.
Eligibility: Available to students 18+ with a Canadian credit file and income.
APR Rate: 19.95% (Purchase & Cash Advances)
2. CIBC Aventura Visa Card: Among the Best Credit Cards for Students in Canada
CIBC Aventura Visa Card Features
The CIBC Aventura credit card allows you to earn points on your purchases. These points can be redeemed for travel rewards, including flights and hotel stays. The points are also redeemable for other rewards such as vacation packages, merchandise from the Aventura rewards catalog, gift cards to popular retailers, and event tickets. One of the benefits of the Aventura card is that there are no foreign transaction fees charged when you use the card internationally, making it a good option for overseas students.
CIBC Aventura Visa Card Advantages
- Provides very flexible travel redemption options for students who want to explore.
- A strong option for students who travel regularly.
- Not charging foreign transaction fees helps save on studying abroad.
CIBC Aventura Visa Card Disadvantages
- Students who rarely travel may find less value and difficulty redeeming the travel-focused rewards.
- The $120 annual fee is on the higher side for student cards.
Eligibility: Available to students 18+ with a Canadian credit file.
APR Rate: 20.99% for Quebec residents and 22.99% for non-Quebec residents.
3. BMO CashBack Mastercard: Unveiling One of the Best Student Credit Cards in Canada
Features of BMO CashBack Mastercard
The cashback credit card provides a flat 1% cashback reward on all purchases made with the card. This allows you to earn cash back on everyday spending categories like groceries, gas, dining out, and more. For students, the card has a lower annual fee of only $35, often waived for the first year. This makes it a very affordable cashback card for students to consider. The cashback card also typically offers a welcome bonus for new cardholders who meet a minimum spend requirement within the first few months. This welcome bonus can help new cardholders maximize their rewards in the first year. With consistent use, the flat 1% cashback on all purchases can add up over time to create a nice reward. The lower fee and welcome bonus make this an attractive cashback card choice.
Advantages of BMO CashBack Mastercard
- The simple flat 1% cashback structure makes earning and understanding rewards very easy.
- Having one of the lowest annual fees among student cards is a significant plus.
- The new cardholder welcome bonus offers excellent extra value.
Disadvantages of BMO CashBack Mastercard
- The standard 1% flat rate cashback is less competitive than other student cards with bonus spending categories.
- Students may be able to earn higher cashback rates with other options.
Eligibility: Available to students 16+
APR Rate: 21.24%–28.24% (Subject to credit approval)
4. Scotiabank Scene Visa Card: A Top Pick for Best Credit Cards for Students
Features of Scotiabank Scene Visa Card
The Scotiabank Scene Visa Card allows you to earn Scene points for everyday purchases made with the card. The Scene loyalty program will enable you to redeem points for Cineplex movie tickets, so it’s a great option for movie lovers to save on entertainment costs. You can also redeem Scene points for dining out at participating restaurants; hotel stays, car rentals, and more, making earning rewards for common spending categories easy. A vital benefit of the Scotiabank Scene Visa Card is that there is no annual fee.
Scotiabank Scene Visa Card Advantages
- Strong rewards earning potential for leisure spending like movies, restaurants, and activities.
- Having no annual fee allows students to save money each year.
Scotiabank Scene Visa Card Disadvantages
- The Scene points are only redeemable at specific merchants, such as Cineplex, Cara restaurants, and some travel providers, which can limit flexibility.
- There are some restrictions on the rewards compared to pure cashback cards.
Eligibility: Available to students 18+ with a Canadian credit file.
APR Rate: 19.99%
5. RBC Cash Back Mastercard: A Leading Choice Among the Best Student Credit Cards
RBC Cash Back Mastercard Features
The RBC Cash Back Mastercard makes earning rewards simple by giving cardholders a straightforward 1% cash back on all eligible purchases. This allows you to earn a 1% cash rebate on everyday spending, including groceries, gas, bills, online shopping, and more, without activating bonuses or keeping track of rotating categories. For students, one of the best benefits of this card is that there is no annual fee. This enables students to earn cashback rewards on their daily purchases without worrying about paying an annual credit card fee.
Advantages of RBC Cash Back Mastercard
- The simple 1% cash back on everything makes earning and understanding rewards very easy.
- Having no annual fee saves students money each year.
Disadvantages of RBC Cash Back Mastercard
- The standard 1% rate is lower than other student cards that offer bonus categories.
- Students may be able to earn higher cash-back rewards by using other cards.
Eligibility: Available to students 16+ with a Canadian credit file.
APR Rate: 20.99% (Purchase) & 22.99% (Cash Advances)
Conclusion
Choosing the best student credit cards involves evaluating credit limits, fees, interest rates, rewards, and acceptance. Be a wise consumer and use your student card responsibly to build your finances. Smart credit habits started early will pay off tremendously down the road.
FAQs
Which student credit card in Canada has zero annual fees?
Of the top student cards compared, the Tangerine Money-Back Credit Card, Scotiabank Scene Visa Card, and RBC Cash Back Mastercard do not charge an annual fee.
Which is the best credit card for international students in Canada?
The CIBC Aventura Visa Card is the best student credit card option for international students in Canada. While the CIBC Aventura Visa Card has a higher $120 annual fee, its perks are tailored for frequent travel, and no foreign transaction fees make it the top choice for international students compared to the other cards.
Which bank is best for student credit cards in Canada?
Based on the features, pros, and cons, the Tangerine Money-Back Credit Card is the best option overall. Lucrative 2% cashback on groceries, dining, and gas helps maximize student rewards. The 2% rate exceeds the standard 1% from competitors. No annual fee keeps costs down. A simple cashback structure is more accessible than complex travel rewards. Wide Mastercard acceptance benefits students.