If you’re a student in Canada, having a credit card can make managing your finances much easier. It’s not just a convenient way to pay—it’s also an opportunity to build your credit history, learn financial responsibility, and even earn rewards like cashback rebates.
In this guide, we’ll explore the best student credit cards in Canada, focusing on features like low fees, easy approvals, and valuable perks. Whether you’re new to credit or just looking for the best deal, we’ve got you covered.
Why Should Students Get a Credit Card?
Getting a credit card as a student comes with several benefits:
- Build Your Credit History
Using a credit card responsibly helps establish a credit score, which is essential for future financial needs like renting an apartment, buying a car, or even applying for a mortgage. - Earn Rewards
Many student credit cards offer cashback rebates or other rewards, allowing you to save on everyday purchases like groceries, gas, and online shopping. - Manage Emergencies
A credit card can be a lifesaver in unexpected situations, such as car repairs or last-minute expenses. - Learn Financial Discipline
A credit card teaches you how to budget and manage payments, an important skill for adulthood.
What to Look for in a Student Credit Card
When choosing a credit card, students should consider these factors:
- No Annual Fee: Look for a card with no annual fee to save money.
- Cashback Rebates: Cards offering cashback on purchases are great for students.
- Low Interest Rates: Choose a card with a low interest rate to avoid high charges if you carry a balance.
- Flexible Approval: Student credit cards typically have easier approval criteria, even if you’re new to credit.
Best Student Credit Cards in Canada for 2024
1. Scotiabank Scene+
Student Visa Card
- Highlights:
- Earn Scene+ points on purchases.
- Great for dining and entertainment rewards.
- No annual fee.
This card is perfect for students who love dining out or watching movies. You can redeem points for entertainment, travel, and more.
2. BMO CashBack® Student Mastercard®
- Highlights:
- 3% cashback on groceries.
- 1% cashback on recurring bills.
- No annual fee.
The BMO CashBack Student Mastercard is ideal for everyday expenses. Plus, the cashback rebates are easy to redeem, making it a top choice for budget-conscious students.
3. Tangerine Money-Back Credit Card
- Highlights:
- 2% cashback on up to three spending categories.
- No annual fee.
Although not exclusively a student card, this is a great option for students with some income. The customizable cashback categories let you earn rewards on what matters most to you.
4. CIBC Dividend® Visa Card for Students*
- Highlights:
- 2% cashback on groceries.
- 1% cashback on eligible gas, transportation, and dining.
- No annual fee.
This card is a great all-rounder, offering solid cashback rebates across multiple categories. It’s ideal for students who want flexibility in their rewards.
5. RBC ION® Visa Card
- Highlights:
- 5x points on digital subscriptions and food delivery.
- No annual fee.
This card is perfect for students who frequently use streaming services and food delivery apps. The points are easy to redeem, and the perks fit modern lifestyles.
How to Maximize Cashback Rebates
- Use Your Card for Everyday Purchases
To earn maximum cashback, use your credit card for groceries, dining, and other essentials. - Pay Your Balance in Full
Always pay your balance in full each month to avoid interest charges. This ensures you get the full benefit of your rewards. - Choose the Right Categories
Select a card with cashback categories that match your spending habits, like groceries, dining, or online shopping. - Track Your Spending
Use your card’s mobile app to monitor spending and stay within your budget.
Tips for Responsible Credit Card Use
- Set a Budget: Only charge what you can afford to pay off at the end of the month.
- Avoid Late Payments: Late payments can hurt your credit score. Set reminders or enable auto-pay.
- Monitor Your Credit Score: Use free tools to check your credit score regularly and track your progress.
- Don’t Overspend for Rewards: Cashback is a bonus, not an excuse to overspend. Stick to your financial goals.
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Final Thoughts
The best student credit card in Canada depends on your needs and spending habits. If you prioritize cashback rebates, the BMO CashBack Student Mastercard and CIBC Dividend Visa Card for Students are excellent choices. For flexibility, the Tangerine Money-Back Credit Card is hard to beat.
Whatever card you choose, remember that responsible credit use is key to building a strong financial future. Pay your bills on time, manage your spending, and enjoy the benefits of your student credit card.