As students embark on their academic journey in Canada, they are often faced with numerous financial challenges. One effective way to build a solid credit history and manage expenses responsibly is by obtaining the best students credit cards. These credit cards come with tailored benefits designed to suit the unique needs of students. In this blog, we will explore the top contenders for the title of “Best Students Credit Cards in Canada” and shed light on the crucial factors to consider when making your choice.
1. BPO SPC Cashback Mastercard
The BMO SPC Cashback Mastercard is a strong contender for the title of the best students credit card in Canada. It offers exclusive benefits through the Student Price Card (SPC) program, providing students with access to numerous discounts and deals at popular retail stores, restaurants, and entertainment venues. Cardholders can earn cashback on everyday purchases, making it a financially rewarding option for students on a tight budget. Furthermore, the BMO SPC Cashback Mastercard has no annual fee, making it a cost-effective choice for students seeking to establish their credit without breaking the bank.
2. Scotia SCENE Visa Card
For students who enjoy going to the movies or dining out with friends, the Scotia SCENE Visa Card might be the perfect fit. This is another one of the best students credit cards you can use. With this card, you can earn SCENE points on every purchase, which can be redeemed for free movies at Cineplex theatres or discounts at participating restaurants. Moreover, students can benefit from a welcome bonus, making this card even more enticing. The card also comes with a competitive interest rate, making it a solid option for responsible spenders looking to maximize their rewards.
3. CIBC Dividend Visa Card for Students
The CIBC Dividend Visa Card for Students is another noteworthy contender on our list. This card offers a generous cashback program, providing students with cash rewards on eligible purchases. One of the standout features of this card is the ability to customize your cashback categories, allowing you to earn higher rewards in areas that align with your spending habits. Thus, making it the best students credit cards option available. Additionally, the card offers a low introductory interest rate on purchases, which can be beneficial for managing expenses during the initial months of usage.
4. Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is well-regarded for its flexibility and simplicity. This card allows students to earn cashback on everyday purchases and offers the freedom to choose two or three spending categories where they can earn higher cashback rates. With no annual fee and no limit on the amount of cashback you can earn, the Tangerine Money-Back Credit Card presents an attractive option for students looking for straightforward rewards and a hassle-free credit card experience.
5. RBC Rewards+ Visa Card
The RBC Rewards+ Visa Card is an excellent choice for students who want a credit card with a rewards program that extends beyond cashback. With this card, students can earn RBC Rewards points on their purchases, which can be redeemed for travel, merchandise, gift cards, and more. The card also comes with a welcome bonus and offers additional points on select purchases. Although this card has an annual fee, the benefits and rewards it offers can easily offset the cost for those who frequently redeem their points.
Factors to Consider When Choosing the Best Students Credit Cards
While the aforementioned credit cards are among the top contenders for the title of “Best Students Credit Cards in Canada,” it’s essential to consider your individual needs and financial habits when making a decision. Here are some critical factors to keep in mind:
Rewards and Benefits: Assess the rewards program and benefits offered by the credit card. Consider whether the rewards align with your spending habits and lifestyle. Look for cards that offer cashback, points, or other valuable perks like exclusive discounts.
Fees: Check for annual fees and any other associated charges. For students on a budget, no-annual-fee cards might be more suitable, but don’t forget to weigh the benefits against the costs.
Interest Rates: Understand the interest rates charged on purchases and balance transfers. Responsible credit card usage involves paying off the balance in full each month to avoid high interest charges.
Credit Building: Look for credit cards that report to credit bureaus to help build a positive credit history. Responsible credit management during your student years can set you up for a strong financial future.
Extra Features: Consider additional features such as mobile banking apps, fraud protection, and purchase protection to enhance your credit card experience.
Conclusion
Choosing the best students credit cards in Canada requires careful evaluation of your financial needs and spending habits. The right credit card can serve as a valuable tool for building credit and managing expenses responsibly. Whether you prioritize cashback rewards, discounts, or travel benefits, the Canadian market offers a range of options tailored to meet the unique requirements of students. Remember to compare the available choices, read the fine print, and make an informed decision that aligns with your long-term financial goals. Happy card hunting!
Frequently Asked Questions (FAQ's)
Yes, to get a credit card, you need to have the following documents:
1. Valid Study Permit
2. A government-issued ID (It could be your passport or Canadian driver’s license)
3. Enrollment Letter or student ID
4. SIN number (based on bank’s requirements)
Yes, by getting a credit card, you can build your credit score while you are still in the process of earning your degree.
Due to the fact that international students lack credit history, it can be challenging to get a credit card in Canada. Although, Canada’s 5 big banks do have special programs where international students can get a credit card without having a credit history.
The credit card limit for students usually lies within the range of $500 to $1,000.
