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MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial workforce of skilled journalists works carefully with main private finance consultants in Canada. That will help you discover the perfect 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 very best pupil bank cards by class
Offered by Embark Pupil Corp.
The proper pupil bank card can get you nice perks—like a free tank of gasoline or dinner out on the finish of the semester—all when 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 allow you to ultimately purchase a house or automobile extra simply. That’s what having a historical past with a bank card and a superb credit score rating can do. Now, let’s take a look at your choices.
| Finest bank card by class | Why we find it irresistible |
|---|---|
| Finest money again bank card for college students BMO CashBack Mastercard Annual price: $0 |
3% again on groceries and the flexibility to redeem rewards at any time |
| Finest journey bank card for college students CIBC Aeroplan Visa Card for College students Annual price: $0 |
Good return on spending, plus a number of journey advantages and student-friendly perks |
| Finest no-fee low-interest bank card Flexi Visa Annual price: $0 |
10.90% buy rate of interest and no annual price |
| Finest secured bank card House Belief Secured Visa Annual price: $0 |
Assured approval no matter your credit score rating, with the choice to pay no annual price or obtain a low APR of 14.90% if you happen to decide to pay an annual price |
| Finest retailer bank card for college students PC Monetary Mastercard Annual price: $0 |
Highest return on spending on the largest grocery and drug retailer community in Canada, with low eligibility necessities |
| Finest pupil bank card for leisure Scotiabank Scene+ Visa Card for college students Annual price: $0 |
Tailor-made to movie-going college students, with good earn charges in a number of classes and versatile redemptions |
Finest money again bank card for college students
At a look: The BMO CashBack Mastercard is a best choice for college students searching for simple money again earnings. Combining no annual price with a powerful 3% money again charge on grocery purchases, this card gives college students an opportunity to earn money rewards in a high-spend class. With versatile redemptions, you possibly can redeem your rewards at your comfort, making this card a robust decide for college students and people with variable incomes.
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BMO CashBack Mastercard for College students
- Annual price: $0
- Earn charges: 3% money again on groceries (on the primary $500 monthly), 1% on recurring payments and 0.5% on all the things else
- Welcome supply: You’ll be able to earn 5% money again in your first 3 months. Circumstances apply.
- Annual earnings requirement: None
Execs
- You’ll obtain the best money again charge for groceries amongst no-fee bank cards in Canada, incomes 3% money again.
- You’ll be able to redeem your money (beginning with as little as $1) whenever you want, and have it utilized as a press release credit score, added to your BMO InvestorLine account or deposited into your BMO chequing or financial savings account.
- Take pleasure in reductions on choose rental automobiles and Cirque du Soleil reveals.
Cons
- Groceries and recurring payments are boosted spending classes, however they every have a low month-to-month cap of $500 (although that cap could also be sufficiently excessive for a pupil).
- When you attain the month-to-month max in a class, you’ll solely earn the 0.5% base charge. Some no-fee money again playing cards accessible to college students supply a base earn charge greater than 0.5% for purchases in non-boosted classes.
- You’ll be charged a 2% price if you happen to benefit from the steadiness switch bonus.
- Comfort shops, bakeries and different specialty meals retailers are excluded from the grocery class.
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 funds. With no annual price, cardholders can get pleasure from as much as 2% money again in as much as three customized classes (if in case you have a Tangerine financial savings account). There’s additionally a gorgeous steadiness switch supply for college students trying to get debt underneath management.
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Tangerine Cash-Again Credit score Card
- Annual price: $0
- Earn charges: 2% in as much as 3 classes of your alternative (together with groceries, gasoline and eating) and 0.5% money again on all the things else
- Welcome bonus: You’ll be able to 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 April 30, 2024.
- Annual earnings requirement: Private or family earnings of $12,000
Execs
- Choose two 2% bonus classes from a choice of 10 classes. Get a 3rd 2% bonus class by depositing your earnings in a Tangerine financial savings account.
- Not like a number of no-fee playing cards, Tangerine’s card gives limitless money again earnings.
- Join free playing cards for extra customers.
- Change your bonus classes inside an eligible time span so you possibly can earn extra throughout journeys or when doing a reno, if you happen to plan forward.
- Cardholders can benefit from a low rate of interest of 1.95% on steadiness transfers for the primary six months, so long as you do the switch throughout the first 30 days of getting the cardboard.
- The cardboard is cellular pockets suitable, so you possibly can conveniently use Apple Pay, Google Pay and Samsung Pay.
Cons
- Whereas it’s nice that your a refund earnings are paid month-to-month, as an alternative of yearly, some playing cards supply higher flexibility by letting you redeem your rewards everytime you need.
- The annual earnings requirement of $12,000 per yr makes this card accessible, however many pupil playing cards haven’t any earnings requirement.
Finest 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 benefit from journey rewards. This student-friendly card has no annual price, and it supplies a free SPC+ membership that allows you to get pleasure from financial savings of as much as 30% throughout 450-plus manufacturers.
CIBC Aeroplan Visa Card for College students
- Annual price: $0
- Earn charges: 1 level per $1 spent on gasoline and EV charging, groceries and Air Canada purchases, and 1 level per $1.50 on all the things else
- Welcome supply: Earn 10,000 Aeroplan factors whenever you make your first buy ($200 worth).
- Rates of interest: 20.99% on purchases and 22.99% on money advances (21.99% in Quebec)
- Annual earnings requirement: None
Execs
- Earn Aeroplan factors in your on a regular basis purchases and luxuriate in versatile redemption choices, together with flights and merchandise.
- The earn charge could seem low in comparison with different playing cards, however Aeroplan factors are sometimes value extra so long as you redeem them for journey.
- Redeem your factors for any Air Canada seat with out worrying about blackout dates. Plus, you possibly can pay for flights with a mixture of factors and money.
- The cardboard comes with some journey insurance coverage, like collision and loss harm insurance coverage for automobile leases and customary provider insurance coverage. You additionally get buy safety and prolonged safety insurance coverage.
- Take pleasure in a free SPC+ membership that might prevent cash at choose retailers.
Cons
- Not like with different Aeroplan playing cards, you gained’t earn Standing Qualifying Miles in your on a regular basis purchases.
- In case you don’t journey often through Air Canada or one in every of its accomplice airways, this card would have restricted worth.
Honourable point out
At a look: The TD Rewards Visa is value contemplating as a normal journey rewards card, if you happen to’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 by way of Expedia for TD.
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TD Rewards Visa Card
- Annual price: $0
- Earn charges: 4 TD Rewards factors per $1 spent on journey purchases made by way of Expedia for TD, 3 factors per $1 on groceries and at eating places, 2 factors per $1 on recurring invoice funds, and 1 level on all different purchases
- Welcome supply: You’ll be able to earn a price of $50 in TD Rewards Factors to make use of on eligible Amazon.ca purchases, plus no annual price. Circumstances apply. Account have to be authorized by June 3, 2024.
Execs
- Earn 4 TD Rewards factors per $1 spent on journey whenever you ebook by way of Expedia for TD, and there’s no annual restrict to the quantity of factors you possibly can earn on journey.
- You’ll additionally earn 3 TD Rewards factors per $1 spent on groceries and at eating places, 2 factors per $1 on recurring invoice funds, and 1 level per $1 on different purchases
- Redemptions are versatile, permitting you to spend your factors on all the things from flights and resorts to Amazon purchases, or you possibly can 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 without doubt one of the few no-fee playing cards that provides as much as $1,000 insurance coverage for cellular gadgets.
- Buy safety and prolonged guarantee safety include the cardboard.
Cons
- Though customers profit from the flexibleness 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 possibly can earn within the grocery, eating places and recurring invoice funds classes. When you spend $5,000 in a yr in any of the classes, you’ll earn just one level per $1 in each class.
- This card doesn’t include journey insurance coverage, so that you’ll need to pay further for protection whenever you journey.
Finest no-fee low-interest bank card
At a look: When you gained’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 decrease bank card debt. It additionally options advantages like restricted journey insurance coverage, rental automobile reductions, a month-to-month installment cost plan and cellular machine insurance coverage.
Flexi Visa
- Annual price: $0
- Earn charges: None
- Welcome supply: None
- Annual earnings requirement: None
Execs
- This card has the bottom common buy rate of interest in Canada for a no-fee card (the exception could also be playing cards with a variable rate of interest that fluctuates with adjustments within the prime charge).
- Comes with $5 million in emergency medical protection for journeys as much as three days, plus journey cancellation and baggage protection—greater than appropriate for a weekend getaway together with your buddies.
- You’ll be able to pay for purchases of $200 or extra in installments with collaborating retailers.
Cons
- The rates of interest are low, however you may get a card with decrease charges (such because the MBNA True Line Gold Mastercard) if you happen to’re prepared to pay an annual price.
- In case you choose in-person help, notice that Desjardins solely has bodily branches in Ontario and Quebec.
- Not like many different pupil Visas, the Flexi Visa doesn’t supply a rewards program.
Finest secured bank card
At a look: The House Belief Secured Visa is an efficient instrument for Canadians aiming to determine or rebuild their credit score historical past. You set your personal spending restrict, which may vary from $500 to $10,000. In case you do often have bother paying off your steadiness, you possibly can benefit from deciding on between two rates of interest: 19.99% with no annual price or 14.90% with a $59 annual price. We like that this card enables you to select, however we advocate the low-rate possibility.
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House Belief Secured Visa
- Annual price: $0
- Earn charges: None
- Welcome supply: This card doesn’t have a welcome bonus right now.
- Annual earnings requirement: None
Execs
- This card provides you the choice to decide on the next or decrease rate of interest. With no annual price, the acquisition APR is nineteen.99%. With a $59 annual price, you’ll get a decrease buy APR of 14.90%.
- Whenever you use your card, House 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 stories to TransUnion, which implies that your credit score historical past may not present up correctly for lenders that solely depend on Equifax scores.
- Appropriate with digital wallets like Apple Pay, Google Pay and Samsung Pay.
Cons
- Not like with the Neo Secured Card, you gained’t earn rewards in your spending. Nonetheless, that is typical for secured playing cards, which prioritize low curiosity.
- The minimal deposit for the House Belief is $500, whereas some playing cards require solely $50. Nonetheless, it is a negligible disadvantage, as most cardholders will seemingly want entry to no less than a number of hundred {dollars} on their card.
- This card isn’t obtainable to residents of Quebec.
Honourable point out
At a look: The Neo Secured Credit score provides entry to advantages like limitless money again and boosted rewards. Plus, with opt-in perks and bundles, you possibly can tailor the cardboard to your wants.
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Neo Secured Credit score
- Annual price: $0
- Earn charges: A minimal of 0.5% money again and a median of 5% money again on purchases at companions
- Welcome supply: You’ll be able to earn $25 money again.
- Annual earnings requirement: Private or family earnings of $50,000
Execs
- You should utilize a Neo card even if in case you have no credit score historical past, with only a $50 minimal deposit—which is nice for college students who’re simply beginning out.
- You’ll get a bodily card within the mail, however you too can use the Neo app to make purchases utilizing your telephone.
- You should purchase non-compulsory perks and bundles on a subscription foundation to speed up your earn charges and entry advantages as wanted. For instance, if you happen to’re heading residence for the vacations, you possibly can spring for the “journey bundle” and earn boosted money again in your journey spends, and—that is good—you possibly can sit back within the airport lounge.
- The Neo app has a great deal of instruments that will help you funds, observe your spending and preserve tabs in your money again.
Cons
- In case you don’t store at Neo companions, you’ll earn a non-competitive base charge of simply 0.5%.
- The Neo card doesn’t include insurance coverage.
- As with different secured playing cards, you possibly can solely use the Neo Secured Credit score for the amount of cash that you just placed on it. Secured playing cards aren’t for these needing further credit score (with cash, not the tutorial form).
Finest retailer bank card for college students
At a look: Drugstores and grocery shops are the place many college students are inclined to spend probably the most. That makes the PC Monetary Mastercard a robust decide for many who store often at collaborating shops. With earn charges starting from 10 to 30 factors per $1, relying on the shop, you possibly can accumulate rewards rapidly.
PC Monetary Mastercard
- Annual price: $0
- Earn charges: 25 factors per $1 spent at Consumers Drug Mart; no less than 30 factors per $1 at Esso and Mobil gasoline stations; 20 factors per $1 at PC Journey; and 10 factors per $1 on all the things else
- Welcome supply: You’ll be able to earn 20,000 PC Optimum factors
- Annual earnings requirement: None
Execs
- Earn 25 factors for each $1 spent at Consumers Drug Mart and 30 factors per litre of gasoline at Esso and Mobil, translating to a return of two.5% and three%, respectively. These returns are beneficiant for a pupil card.
- Redemption is straightforward. You’ve gotten the flexibleness to make use of your PC Optimum factors at numerous Loblaw-affiliated shops, which might considerably lowering your day-to-day bills. The in depth redemption community covers Canada’s largest pharmacy and grocery chain, together with Joe Contemporary, spanning over 4,500 areas nationwide.
- There’s no cap on what number of PC Optimum factors you possibly can earn.
Cons
- Not as versatile as money again rewards, as redemptions are restricted to particular retailers.
- You could redeem a minimal of $10 at a time.
- A comparatively excessive customary buy rate of interest of 21.99%.
Finest pupil bank card for leisure
At a look: In case you go to film theatres to get away from dorm drama or to take a break from learning, think about this card. What you spend on the cinema can flip into some good perks.
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Scotiabank Scene+ Visa for college students
- Annual price: $0
- Earn charges: 2 Scene+ Factors per $1 spent on groceries at Sobeys-affiliated shops, 2 factors per $1 at Cineplex theatres or cineplex.com, and 1 level per $1 on all the things else
- Welcome supply: You’ll be able to earn as much as 7500 bonus Scene+ factors inside your first 3 months. Should apply by July 1, 2024.
- Annual earnings requirement: Private earnings of $12,000
Execs
- Scene+ is a reasonably versatile factors program. For instance, you possibly can ebook flights with any airline with out having to depend on a selected journey company or portal. Plus, you possibly can redeem for different journey objects, akin to Airbnbs. It’s the most effective factors packages obtainable to Canadians.
- The rewards are nice for issues exterior of a typical pupil funds. Deal with your self for managing the stresses of faculty through the use of the rewards on issues like motion pictures, takeout, retailer reward playing cards, flights, resorts and extra.
- It can save you 25% off base charges for automobile leases at collaborating Avis and Finances rental areas in Canada and the U.S.
Cons
- There are not any bonus factors for different frequent spending classes, like gasoline or eating, that means fewer methods to maximise your returns. So, you would need to go to the films often to essentially benefit from the bonus earn charge.
- Not as versatile as a money again program, however redeeming is easy for journey objects.
How we decide the perfect pupil bank cards
Our editors apply their bank card experience and information of Canadians’ monetary targets to give you choice standards that matches the wants of the supposed cardholder. For college students, the perfect playing cards ought to typically haven’t any annual price, and low earnings and credit score rating necessities—as a result of constructing a credit score historical past is a standard objective for individuals who use these playing cards. Past that, we think about 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.
Steadily requested questions
Not like making use of for a summer time job, making use of for a pupil bank card is fairly easy, though there are a number of 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).
- In case you don’t earn an earnings, you could want to supply proof that you just obtain some type of monetary help, akin to allowances from your loved ones or a scholarship.
As a brand new bank card holder, it’s a sensible concept to evaluate your choices earlier than you apply. Take a look at what completely different banks are providing and select a card that finest matches your life-style and spending habits. Every utility 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. Follow one card as you be taught the ropes and begin constructing your credit score historical past.
Sure, they will. Banks, bank card corporations and monetary establishments acknowledge the ability of your enterprise, in order that they’ve created “newbie” bank cards for younger adults and college students in Canada. These are typically stripped-down variations of bank cards loaded with perks. However, as you possibly can see above, there are nonetheless rewards available with secured and unsecured bank cards for college students. Truly, 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 reveals lenders you’ll be able to repay debt, and finance consultants advocate to apply for a card as a younger grownup, and use it responsibly.
- Debt load: That is the full amount of cash you owe collectors—together with bank cards, loans and mortgages. However mortgages will not be typically a problem for college students, so your low debt load can work in your favour.
- Fee historical past: That is about the way you nicely you pay your payments, that means in full and on time, in addition to if you happen to’ve missed any funds and for a way lengthy you’ve carried any debt. At this level in your life, preserve your payments low and pay them off on time.
- Kinds of credit score you carry: The extra collectors you owe cash to, the upper danger you may pose to lenders. Follow one bank card to keep away from trying dangerous to lenders.
Can a highschool pupil apply for a bank card?
Bank cards have an age restriction and, typically, earnings necessities that prime college college students might not be capable of meet. Nonetheless, that doesn’t put all bank cards totally out of attain. If a highschool pupil is the age of majority (18 or 19 years previous, 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 think about beginning with a secured card, the place they apply a deposit that they will 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 handle, 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?
In case you have been declined for a card, it could need to 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 spotty credit, as their necessities will probably be extra modest. When you gained’t get the perks and advantages connected to different playing cards, accountable use might help you construct up your credit score rating so you possibly can entry higher merchandise sooner or later.
Bank card ideas for college students
it’s good to 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.
- Verify your cost due dates
You in all probability know that bank card payments arrive each month, however that doesn’t imply the due date on your cost is on the primary day. The date that begins your billing cycle depends upon if you end up authorized for the account, and it might be any day of the month. Make notice of the due date and ensure you pay on time. Think about including these dates to your college calendar, too. - Repay your steadiness in full
In case you’re going to be accountable together with your bank card, you gained’t use it to spend cash you don’t have. Don’t go into debt. It’s finest follow to repay your invoice in full, on time, each month. Not solely will this enhance your credit score rating, however it’s going to additionally allow you to keep away from expensive curiosity prices. - Heed the minimal steadiness
In case you do overspend, you’ll nonetheless must repay a few of your steadiness. Your invoice will present a complete steadiness and a minimal cost. You could pay no less than the minimal cost, on time and each month, it doesn’t matter what. Lacking funds is without doubt one of 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 may 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 have to be paid again. In case you don’t or can’t, you’ll end up racking up curiosity prices 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 possibly can technically borrow on it. However spending all the way in which 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, no less than initially, and think about using debit for nearly all the things else.
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