The best credit cards for students in Canada
After graduating from high school at the age of 18, you are now an adult in many provinces, and you should begin to take your money seriously. It’s high time to start planning for a prosperous financial future.
If you want to get a student’s credit card, this list of Canada’s top student credit cards is a fantastic place to start.
What should a student’s credit card be like?
Student credit cards serve particularly for students studying post-secondary education who are at least 18 years old. While you may not be making much money as a college student, a credit card is the first step in learning how to manage your funds.
Whether you’re looking for the best credit card in Canada for top cashback options or the best in no annual fees, check out Rate My Rewards that’ll help you to discover the best credit card variant to meet your needs.
The four best credit cards for students in Canada
These credit cards are the best student cards since they provide no or low fees, daily benefits, and minimum or total absence of income restrictions.
1) BMO CashBack Mastercard
It’s a credit card with no annual fee that fits well in the student cashback rewards area. It provides. Its major perks are:
- No fees for use;
- Significant cashback on groceries and recurring bill payments;
- After the bonus period, you can earn 1% cashback on all purchases;
- Protection and extended warranty;
- Car rentals can be discounted by up to 25%.
2) CIBC Dividend Visa for Students
Using this card, you don’t have to pay a fee. If you do your first shopping during the first four months and you’ll get $30 cashback. You can also have good money-back options for groceries, petrol, transportation, restaurants, and recurring payments.
Additional benefits are:
- Gain extra security on shopping by doubling the producer warranty on most goods up to one year;
- Cardholders that qualify for an SPC membership receive free access to the pro version, which provides incredible discounts and unique experiences.
3) BMO Air Miles Mastercard
Using public transport is an essential part of the life of any student. So, this card provides you with the option to get an 800 Air Miles Bonus Miles if you spend approximately $1,000 from the card during the first three months. Also, you get the following:
- Earn 1 mile for every $25 spent and 3x the miles at participating Air Miles Partner locations (like Metro, Staples, and so on);
- When you shop at the card’s partners, you’ll earn twice as many miles.
4) Mastercard from PC Financial
The PC Financial Mastercard is an excellent store credit card for students to earn points and receive free supermarket rewards, especially if you shop at Real Canadian Superstore and Shoppers Drug Mart. It provides:
- No fees.
- Earn 25 points for every dollar you spend at Shoppers Drug Mart.
- Earn 10 points for every dollar spent in the Supermarket and 20 points for every dollar spent on PC Travel.
- When you buy petrol at Esso or Mobil stations, you may earn 3 cents per litre.
- Earn 10 points for every dollar spent elsewhere.
- Purchase protection and a free extended warranty.
- Balance transfer with a low interest rate.
The bottom line with these student credit cards is that they are simple to obtain, have no annual fees, and provide some degree of free rewards. If you manage your credit cards responsibly today, your future self will thank you when you can qualify for the best rates and save money on paying extra fees!
Photo by Avery Evans