Best student credit cards in Canada 2024
Establishing strong credit from an early age is crucial for your financial future. For students with little to no income, there are excellent credit card options available that provide benefits including cash back, travel rewards and discounts.
Best credit card for students overall
BMO CashBack® Mastercard®* for students
Get 5% cash back in your first 3 months.*
3%
Earn 3% cash back on groceries
1%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5%
Earn 0.5% cash back on all other purchases
Earn 3% cash back on groceries
3%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
1%
Earn 0.5% cash back on all other purchases
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Good
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
Required Annual Household Income
$0
Pros
-
No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.
-
Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.
-
Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more
Cons
-
Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card
-
Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.
3%
Earn 3% cash back on groceries
1%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5%
Earn 0.5% cash back on all other purchases
Earn 3% cash back on groceries
3%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
1%
Earn 0.5% cash back on all other purchases
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Good
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
Required Annual Household Income
$0
Pros
-
No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.
-
Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.
-
Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more
Cons
-
Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card
-
Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.
Best RBC student credit card
RBC Cash Back Mastercard
about new welcome offers by email
2%
Up to 2% unlimited cash back on groceries
1%
Up to 1% unlimited cash back on everything else
$0.03
Link your card and instantly save 3¢/L on fuel and 20% more Petro-Points at Petro Canada
50
Get 50 Be Well points for every $1 spent on eligible products at Rexall
Up to 2% unlimited cash back on groceries
2%
Up to 1% unlimited cash back on everything else
1%
Link your card and instantly save 3¢/L on fuel and 20% more Petro-Points at Petro Canada
$0.03
Get 50 Be Well points for every $1 spent on eligible products at Rexall
50
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR $3.50 fee
$0
Annual Fee No annual fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Good
Recommended Credit Score
Recommended Credit Score
Good
Pros
-
No annual fee, no fee for additional cardholders
-
Up to 2% cash back on groceries², up to 1% cash back on everything else²
-
No limit on cash back earned¹
-
Save money on gas at Petro-Canada⁵
-
Easy approval requirements
Cons
-
Cash back rewards on groceries drop to 1% after you accumulate $6,000 in grocery charges
-
No travel insurance or other perks
-
No welcome bonus
-
0.5% applies to the cash back on everything else up to $6,000 but what is impressive is that for all non-grocery spend the cash back rate actually goes up from the 0.5% to 1% on spend over $6,000, rewarding as your spend more instead of diminishing
-
No travel insurance or other perks
-
No welcome bonus
2%
Up to 2% unlimited cash back on groceries
1%
Up to 1% unlimited cash back on everything else
$0.03
Link your card and instantly save 3¢/L on fuel and 20% more Petro-Points at Petro Canada
50
Get 50 Be Well points for every $1 spent on eligible products at Rexall
Up to 2% unlimited cash back on groceries
2%
Up to 1% unlimited cash back on everything else
1%
Link your card and instantly save 3¢/L on fuel and 20% more Petro-Points at Petro Canada
$0.03
Get 50 Be Well points for every $1 spent on eligible products at Rexall
50
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR $3.50 fee
$0
Annual Fee No annual fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Good
Recommended Credit Score
Recommended Credit Score
Good
Pros
-
No annual fee, no fee for additional cardholders
-
Up to 2% cash back on groceries², up to 1% cash back on everything else²
-
No limit on cash back earned¹
-
Save money on gas at Petro-Canada⁵
-
Easy approval requirements
Cons
-
Cash back rewards on groceries drop to 1% after you accumulate $6,000 in grocery charges
-
No travel insurance or other perks
-
No welcome bonus
-
0.5% applies to the cash back on everything else up to $6,000 but what is impressive is that for all non-grocery spend the cash back rate actually goes up from the 0.5% to 1% on spend over $6,000, rewarding as your spend more instead of diminishing
-
No travel insurance or other perks
-
No welcome bonus
Best CIBC student credit card in Canada
CIBC Dividend® Visa
Get 5% cash back for the first 4 statements on net purchases of up to $2,000 (up to $100 cash back).†
2%
Get 2% cash back on eligible grocery purchases†
1%
cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments†
0.5%
0.5% cash back on all other purchases†
$0.10
Save up to 10 cents off per litre on gas with CIBC and Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
Get 2% cash back on eligible grocery purchases†
2%
cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments†
1%
0.5% cash back on all other purchases†
0.5%
Save up to 10 cents off per litre on gas with CIBC and Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
$0.10
20.99%
Purchase APR non-Quebec residents†
22.99%
Balance Transfer Rate non-Quebec residents†
22.99%
Cash Advance APR non-Quebec residents†
$0
Annual Fee $0 for each additional card (3 card maximum)
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Good
Recommended Credit Score
$15,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000
Pros
-
No annual fee
-
High earn rates on popular spending categories
-
Up to three additional cards at no extra cost
-
Low required household annual income of $15,000†
-
No limit on the cash back you can earn†
Cons
-
Low earn rates on everyday spending
-
Only option to redeem cash back rewards is statement credit
2%
Get 2% cash back on eligible grocery purchases†
1%
cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments†
0.5%
0.5% cash back on all other purchases†
$0.10
Save up to 10 cents off per litre on gas with CIBC and Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
Get 2% cash back on eligible grocery purchases†
2%
cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments†
1%
0.5% cash back on all other purchases†
0.5%
Save up to 10 cents off per litre on gas with CIBC and Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
$0.10
20.99%
Purchase APR non-Quebec residents†
22.99%
Balance Transfer Rate non-Quebec residents†
22.99%
Cash Advance APR non-Quebec residents†
$0
Annual Fee $0 for each additional card (3 card maximum)
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Good
Recommended Credit Score
$15,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000
Pros
-
No annual fee
-
High earn rates on popular spending categories
-
Up to three additional cards at no extra cost
-
Low required household annual income of $15,000†
-
No limit on the cash back you can earn†
Cons
-
Low earn rates on everyday spending
-
Only option to redeem cash back rewards is statement credit
Best TD credit card for students in Canada
TD Rewards Visa* Card
Earn a value of $50† in TD Rewards Points† to use on eligible Amazon.ca purchases plus, no Annual Fee. Conditions Apply. Account must be approved by June 3, 2024
Expires
Jun 4, 2024
4 Points
Earn 4 TD Rewards Points for every $1 you spend on travel through ExpediaForTD.com†
3 Points
Earn 3 TD Rewards Points for every $1 you spend on groceries and restaurants†
2 Points
Earn 2 TD Rewards Points for every $1 you spend on recurring bills†
1 Points
Earn 1 TD Rewards Point for every $1 you spend on all other purchases†
50%
Earn 50% more TD Rewards Points and 50% more Stars at Starbucks†
Earn 4 TD Rewards Points for every $1 you spend on travel through ExpediaForTD.com†
4 Points
Earn 3 TD Rewards Points for every $1 you spend on groceries and restaurants†
3 Points
Earn 2 TD Rewards Points for every $1 you spend on recurring bills†
2 Points
Earn 1 TD Rewards Point for every $1 you spend on all other purchases†
1 Points
Earn 50% more TD Rewards Points and 50% more Stars at Starbucks†
50%
19.99%
Purchase APR APR for purchases 19.99%†
22.99%
Balance Transfer Rate APR for balance transfers 22.99%†
22.99%
Cash Advance APR APR for cash advances 22.99%†
$0
Annual Fee Additional cardholder is $0
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Excellent
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$0
Required Annual Household Income
$0
Pros
-
Wide range of point redemption options, including travel†, Amazon.ca†, online retailers†, card statement credits†, etc.
-
Good rate of return on spending and redeeming via the travel platform Expedia® For TD†
-
Decent value for those that have a high volume of recurring bills
Cons
-
Point redemption values are moderate to poor
-
Low spending limits for earning extra points on groceries and restaurants
-
High credit score requirement
4 Points
Earn 4 TD Rewards Points for every $1 you spend on travel through ExpediaForTD.com†
3 Points
Earn 3 TD Rewards Points for every $1 you spend on groceries and restaurants†
2 Points
Earn 2 TD Rewards Points for every $1 you spend on recurring bills†
1 Points
Earn 1 TD Rewards Point for every $1 you spend on all other purchases†
50%
Earn 50% more TD Rewards Points and 50% more Stars at Starbucks†
Earn 4 TD Rewards Points for every $1 you spend on travel through ExpediaForTD.com†
4 Points
Earn 3 TD Rewards Points for every $1 you spend on groceries and restaurants†
3 Points
Earn 2 TD Rewards Points for every $1 you spend on recurring bills†
2 Points
Earn 1 TD Rewards Point for every $1 you spend on all other purchases†
1 Points
Earn 50% more TD Rewards Points and 50% more Stars at Starbucks†
50%
19.99%
Purchase APR APR for purchases 19.99%†
22.99%
Balance Transfer Rate APR for balance transfers 22.99%†
22.99%
Cash Advance APR APR for cash advances 22.99%†
$0
Annual Fee Additional cardholder is $0
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Excellent
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$0
Required Annual Household Income
$0
Pros
-
Wide range of point redemption options, including travel†, Amazon.ca†, online retailers†, card statement credits†, etc.
-
Good rate of return on spending and redeeming via the travel platform Expedia® For TD†
-
Decent value for those that have a high volume of recurring bills
Cons
-
Point redemption values are moderate to poor
-
Low spending limits for earning extra points on groceries and restaurants
-
High credit score requirement
Best Scotiabank student credit card
Scotia Momentum No-Fee Visa Card
Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0)
Expires
Nov 1, 2024
1%
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5%
Cash back on all other eligible purchases.
25%
Off base rates at Avid and Budget locations in North America.
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
1%
Cash back on all other eligible purchases.
0.5%
Off base rates at Avid and Budget locations in North America.
25%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$0
Annual Fee $0 for each additional card
2.50%
Foreign Transaction Fee
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.50%
Fair
Recommended Credit Score
Recommended Credit Score
Fair
Pros
-
Earn up to 7,000 welcome bonus rewards points.
-
Earn up to three Scene+ points on everyday spending.
-
Earn points across five different categories, including food, travel, entertainment and streaming.
-
No annual fee.
Cons
-
The welcome bonus is lower compared to other rewards cards.
-
American Express isn’t accepted everywhere.
-
Limited insurance coverage.
1%
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5%
Cash back on all other eligible purchases.
25%
Off base rates at Avid and Budget locations in North America.
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
1%
Cash back on all other eligible purchases.
0.5%
Off base rates at Avid and Budget locations in North America.
25%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$0
Annual Fee $0 for each additional card
2.50%
Foreign Transaction Fee
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.50%
Fair
Recommended Credit Score
Recommended Credit Score
Fair
Pros
-
Earn up to 7,000 welcome bonus rewards points.
-
Earn up to three Scene+ points on everyday spending.
-
Earn points across five different categories, including food, travel, entertainment and streaming.
-
No annual fee.
Cons
-
The welcome bonus is lower compared to other rewards cards.
-
American Express isn’t accepted everywhere.
-
Limited insurance coverage.
Best credit card for international students in Canada
Scotiabank® Scene+™ Visa*
about new welcome offers by email
2x
Scene+ points on every $1 you spend at Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo and more.
2x
Scene+ points4 for every $1 you spend at Home Hardware, Home Building Centre, Home Hardware Building Centre, Home Furniture locations in Canada and online at homehardware.ca.
2x
Scene+ points for every $1 you spend at Cineplex◊ theatres or at cineplex.com.
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
25%
Save up to 25% off base rates at participating Avis locations and participating Budget locations in North America.
Scene+ points on every $1 you spend at Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo and more.
2x
Scene+ points4 for every $1 you spend at Home Hardware, Home Building Centre, Home Hardware Building Centre, Home Furniture locations in Canada and online at homehardware.ca.
2x
Scene+ points for every $1 you spend at Cineplex◊ theatres or at cineplex.com.
2x
Scene+ point for every $1 spent on all other eligible everyday purchases
1x
Save up to 25% off base rates at participating Avis locations and participating Budget locations in North America.
25%
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$0
Annual Fee $0 for each additional card
2.50%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.50%
Good
Recommended Credit Score
Recommended Credit Score
Good
Pros
-
No annual fee
-
Generous rewards with 2X points at Cineplex and grocery stores
-
Low redemption thresholds for various rewards
-
5,000 bonus Scene+ points as a sign-up bonus
-
Points don't expire
-
Car rental savings up to 25%
Cons
-
Limited earning potential for high spenders
-
Limited travel-related benefits compared to travel cards
-
Focus on entertainment and dining rewards may not suit all users
-
Limited sign-up bonus compared to cards with annual fees
-
Car rental savings limited to specific locations
2x
Scene+ points on every $1 you spend at Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo and more.
2x
Scene+ points4 for every $1 you spend at Home Hardware, Home Building Centre, Home Hardware Building Centre, Home Furniture locations in Canada and online at homehardware.ca.
2x
Scene+ points for every $1 you spend at Cineplex◊ theatres or at cineplex.com.
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
25%
Save up to 25% off base rates at participating Avis locations and participating Budget locations in North America.
Scene+ points on every $1 you spend at Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo and more.
2x
Scene+ points4 for every $1 you spend at Home Hardware, Home Building Centre, Home Hardware Building Centre, Home Furniture locations in Canada and online at homehardware.ca.
2x
Scene+ points for every $1 you spend at Cineplex◊ theatres or at cineplex.com.
2x
Scene+ point for every $1 spent on all other eligible everyday purchases
1x
Save up to 25% off base rates at participating Avis locations and participating Budget locations in North America.
25%
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$0
Annual Fee $0 for each additional card
2.50%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.50%
Good
Recommended Credit Score
Recommended Credit Score
Good
Pros
-
No annual fee
-
Generous rewards with 2X points at Cineplex and grocery stores
-
Low redemption thresholds for various rewards
-
5,000 bonus Scene+ points as a sign-up bonus
-
Points don't expire
-
Car rental savings up to 25%
Cons
-
Limited earning potential for high spenders
-
Limited travel-related benefits compared to travel cards
-
Focus on entertainment and dining rewards may not suit all users
-
Limited sign-up bonus compared to cards with annual fees
-
Car rental savings limited to specific locations
Best travel credit card for students
CIBC Aeroplan® Visa* Card
Earn up to 10,000 Aeroplan points (up to $200 in value)
1 point
for every $1 you spend on eligible gas, electric vehicle charging, groceries and with Air Canada directly, including through Air Canada Vacations®
1 point
for every $1.50 you spend on all other purchases.
2x
Earn points twice at over 150 Aeroplan partners and over 170 online retailers through the Aeroplan eStore.
for every $1 you spend on eligible gas, electric vehicle charging, groceries and with Air Canada directly, including through Air Canada Vacations®
1 point
for every $1.50 you spend on all other purchases.
1 point
Earn points twice at over 150 Aeroplan partners and over 170 online retailers through the Aeroplan eStore.
2x
20.99%
Purchase APR non-Quebec residents†
22.99%
Cash Advance APR non-Quebec residents†
$0
Annual Fee $0 for up to 3 additional cards
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Fair
Recommended Credit Score
$15,000
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Household Income
$15,000
Pros
-
Earn one Aeroplan point per dollar spent on gas, electric vehicle charging, groceries, and with Air Canada directly, including Air Canada Vacations
-
Earn twice the points at over 150 Aeroplan partners and over 170 online retailers through the Aeroplan eStore
-
No annual fee
Cons
-
You only earn one point for every $1.50 spent on everything else
-
No travel insurance
-
No lounge access
1 point
for every $1 you spend on eligible gas, electric vehicle charging, groceries and with Air Canada directly, including through Air Canada Vacations®
1 point
for every $1.50 you spend on all other purchases.
2x
Earn points twice at over 150 Aeroplan partners and over 170 online retailers through the Aeroplan eStore.
for every $1 you spend on eligible gas, electric vehicle charging, groceries and with Air Canada directly, including through Air Canada Vacations®
1 point
for every $1.50 you spend on all other purchases.
1 point
Earn points twice at over 150 Aeroplan partners and over 170 online retailers through the Aeroplan eStore.
2x
20.99%
Purchase APR non-Quebec residents†
22.99%
Cash Advance APR non-Quebec residents†
$0
Annual Fee $0 for up to 3 additional cards
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Fair
Recommended Credit Score
$15,000
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Household Income
$15,000
Pros
-
Earn one Aeroplan point per dollar spent on gas, electric vehicle charging, groceries, and with Air Canada directly, including Air Canada Vacations
-
Earn twice the points at over 150 Aeroplan partners and over 170 online retailers through the Aeroplan eStore
-
No annual fee
Cons
-
You only earn one point for every $1.50 spent on everything else
-
No travel insurance
-
No lounge access
Best credit card for foreign students in Canada
Koho Mastercard
Poor
about new welcome offers by email
1%
cash back on groceries and transportation
3%
interest earned on your account balance
cash back on groceries and transportation
1%
interest earned on your account balance
3%
0.00%
Purchase APR
0.00%
Cash Advance APR
$0
Annual Fee Option to add credit building (price available in app)
Purchase APR
0.00%
Cash Advance APR
0.00%
Annual Fee
$0
Poor
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Poor
Required Annual Personal Income
$0
Required Annual Household Income
$0
Pros
-
A no-fee account option
-
Earn up to 5% cash back on your purchases
-
Accepted worldwide, wherever Mastercard is accepted
-
Four account tiers, so there’s something for everyone
-
Earn interest on your account
-
RoundUps feature helps you save
-
Financial coaching is available
-
Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)
-
Compatible with Apple Pay
-
Joint account option for families and couples
Cons
-
No physical branches or tellers
-
No RRSP, TFSA or RESP accounts
-
Customer service not on par with the big banks
-
Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance
1%
cash back on groceries and transportation
3%
interest earned on your account balance
cash back on groceries and transportation
1%
interest earned on your account balance
3%
0.00%
Purchase APR
0.00%
Cash Advance APR
$0
Annual Fee Option to add credit building (price available in app)
Purchase APR
0.00%
Cash Advance APR
0.00%
Annual Fee
$0
Poor
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Poor
Required Annual Personal Income
$0
Required Annual Household Income
$0
Pros
-
A no-fee account option
-
Earn up to 5% cash back on your purchases
-
Accepted worldwide, wherever Mastercard is accepted
-
Four account tiers, so there’s something for everyone
-
Earn interest on your account
-
RoundUps feature helps you save
-
Financial coaching is available
-
Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)
-
Compatible with Apple Pay
-
Joint account option for families and couples
Cons
-
No physical branches or tellers
-
No RRSP, TFSA or RESP accounts
-
Customer service not on par with the big banks
-
Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance
Best Visa student credit card in Canada
RBC ION+ Visa
about new welcome offers by email
3
Avion Ion points† per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions
1
Avion Ion point per $1 on all other purchases
Avion Ion points† per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions
3
Avion Ion point per $1 on all other purchases
1
20.99%
Purchase APR
22.99%
Balance Transfer Rate 21.99 for Quebec residents
22.99%
Cash Advance APR 21.99% for residents of Quebec
$48
Annual Fee $4 per month
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$48
Good
Recommended Credit Score
Recommended Credit Score
Good
3
Avion Ion points† per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions
1
Avion Ion point per $1 on all other purchases
Avion Ion points† per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions
3
Avion Ion point per $1 on all other purchases
1
20.99%
Purchase APR
22.99%
Balance Transfer Rate 21.99 for Quebec residents
22.99%
Cash Advance APR 21.99% for residents of Quebec
$48
Annual Fee $4 per month
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$48
Good
Recommended Credit Score
Recommended Credit Score
Good
Best student Mastercard in Canada
Tangerine Money-Back Credit Card
about new welcome offers by email
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
2%
Get a Tangerine Savings account and add a 3rd 2% cash back category.
3
Earn 0.50% on all your other everyday purchases.
0.5%
19.95%
Purchase APR
1.95%
Balance Transfer Rate 1.95% interest for first 6 months, 19.95% after that.
19.95%
Cash Advance APR $3.50 within Canada, $5.00 outside Canada
$0
Annual Fee $0 for additional cardholders
2.50%
Foreign Transaction Fee
Purchase APR
19.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.50%
Fair
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Fair
Required Annual Personal Income
$12,000
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
2%
Get a Tangerine Savings account and add a 3rd 2% cash back category.
3
Earn 0.50% on all your other everyday purchases.
0.5%
19.95%
Purchase APR
1.95%
Balance Transfer Rate 1.95% interest for first 6 months, 19.95% after that.
19.95%
Cash Advance APR $3.50 within Canada, $5.00 outside Canada
$0
Annual Fee $0 for additional cardholders
2.50%
Foreign Transaction Fee
Purchase APR
19.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.50%
Fair
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Fair
Required Annual Personal Income
$12,000
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Best American Express credit card for students
SimplyCash® Card from American Express
Earn up to $100 in Statement Credits in your first 10 months as a new cardmember
2%
Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually)
1.25%
Earn 1.25% cash back on all other eligible purchases—the only stuff that won’t get cash back are non-purchases, like cash advances, balance transfers, etc.
Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually)
2%
Earn 1.25% cash back on all other eligible purchases—the only stuff that won’t get cash back are non-purchases, like cash advances, balance transfers, etc.
1.25%
21.99%
Purchase APR
21.99%
Cash Advance APR
$0
Annual Fee
2.50%
Foreign Transaction Fee Foreign Transaction
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$0
Foreign Transaction Fee
2.50%
Good
Recommended Credit Score
$0
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
Pros
-
No annual fee for primary or additional cardholders
-
Big welcome bonus
-
Solid regular cash back rate on all eligible purchases - up to 2% cash back on all eligible purchases
-
No limit to the amount of cash back you can earn at the base rate
Cons
-
Cash back is only applied as a statement credit once a year
-
Amex cards aren’t accepted by every merchant
2%
Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually)
1.25%
Earn 1.25% cash back on all other eligible purchases—the only stuff that won’t get cash back are non-purchases, like cash advances, balance transfers, etc.
Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually)
2%
Earn 1.25% cash back on all other eligible purchases—the only stuff that won’t get cash back are non-purchases, like cash advances, balance transfers, etc.
1.25%
21.99%
Purchase APR
21.99%
Cash Advance APR
$0
Annual Fee
2.50%
Foreign Transaction Fee Foreign Transaction
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$0
Foreign Transaction Fee
2.50%
Good
Recommended Credit Score
$0
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
Pros
-
No annual fee for primary or additional cardholders
-
Big welcome bonus
-
Solid regular cash back rate on all eligible purchases - up to 2% cash back on all eligible purchases
-
No limit to the amount of cash back you can earn at the base rate
Cons
-
Cash back is only applied as a statement credit once a year
-
Amex cards aren’t accepted by every merchant
Best credit card for young adults
American Express® Green Card
Earn 10,000 Membership Rewards® points1*
1 MR point
Earn 1 Membership Rewards point per $1 spent.
1 bonus point
Earn 1 additional MR point for every dollar charged to your card with Amex Travel Online.
Earn 1 Membership Rewards point per $1 spent.
1 MR point
Earn 1 additional MR point for every dollar charged to your card with Amex Travel Online.
1 bonus point
21.99%
Purchase APR
21.99%
Cash Advance APR
$0
Annual Fee No annual fee
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$0
Good
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
Required Annual Household Income
$0
Pros
-
No annual fee.
-
No income requirements (unlike many other no-fee cards).
-
Welcome bonus up to 10,000 points (a $200 value).
-
American Express® Experiences.
Cons
-
The card only offers basic extended warranty and purchase protection insurance. No travel insurance or rental car coverage.
-
Some places might not accept American Express®. However, most major retailers do (more small businesses are starting to as well)
-
Fewer perks: No specific benefits for travel or dining and no accelerated earning rates on grocery or travel spending.
-
Lower earn rates: The reward earn rates are lower than some other no-fee credit cards.
1 MR point
Earn 1 Membership Rewards point per $1 spent.
1 bonus point
Earn 1 additional MR point for every dollar charged to your card with Amex Travel Online.
Earn 1 Membership Rewards point per $1 spent.
1 MR point
Earn 1 additional MR point for every dollar charged to your card with Amex Travel Online.
1 bonus point
21.99%
Purchase APR
21.99%
Cash Advance APR
$0
Annual Fee No annual fee
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$0
Good
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
Required Annual Household Income
$0
Pros
-
No annual fee.
-
No income requirements (unlike many other no-fee cards).
-
Welcome bonus up to 10,000 points (a $200 value).
-
American Express® Experiences.
Cons
-
The card only offers basic extended warranty and purchase protection insurance. No travel insurance or rental car coverage.
-
Some places might not accept American Express®. However, most major retailers do (more small businesses are starting to as well)
-
Fewer perks: No specific benefits for travel or dining and no accelerated earning rates on grocery or travel spending.
-
Lower earn rates: The reward earn rates are lower than some other no-fee credit cards.
Compare the best student credit cards in Canada
Here's a quick comparison of all the best student credit cards.
Student credit card | Best for | Get started |
---|---|---|
BMO CashBack Mastercard | 3% cash back on groceries, no annual fee, no minimum income requirement | Apply now |
RBC Cash Back Mastercard | 2% unlimited cash back on groceries, no annual fee | Apply now |
CIBC Dividend Visa | 2% cash back on groceries, no annual fee, | Apply now |
TD Rewards Visa | Booking travel, no annual fee, no minimum income requirement | Apply now |
Scotia Momentum no-fee Visa | 1% cash back on gas, groceries, drug stores, recurring payments, no annual fee | Apply now |
Scotiabank Scene+ Visa | Scene+ points, no annual fee | Apply now |
CIBC Aeroplan Visa | Aeroplan points, no annual fee | Apply now |
KOHO | Prepaid rewards and building credit, no annual fee | Apply now |
RBC Ion+ | Avion points | Apply now |
Tangerine Money-Back | 2% cash back categories, no annual fee | Apply now |
Amex Simply Cash | 2% cash back on gas and groceries, no annual fee | Apply now |
Amex Green card | 1 Membership Rewards point per $1 spent, no annual fee | Apply now |
Why get a student credit card?
Despite the many warnings, we believe student credit cards play an important role in helping you establish credit history and a good credit score by the time you graduate (essential for car leases, mortgages, retail financing and more).
Read: The ultimate guide to credit scores in Canada
Credit cards are essential for many online transactions and reservations (hotel, car rental) and offer richer rewards than using a debit card.
Is opening a student credit card a good idea?
Yes, in many cases opening a student credit card can be a great idea and will build your credit rating for important future purchases—if you use it responsibly. Both overspending and not paying your bills on time can have a longstanding and potentially devastating impact on your credit rating and will prevent you from building credit that benefits you. Plus, you do not want to spend your first year as a student in credit card debt.
To help you choose the best student credit card for you, we’ve put together a list of our top-rated Canadian student credit cards, based on fees, rewards and ease of approval.
† Conditions apply
Expert tip: Using a student credit card to build credit and earn rewards
Apply for a student credit card as soon as possible. Use it responsibly and grow your credit score to give yourself a financial step up. Applying for a credit card as a student might be daunting but it’s one of the smartest decisions you can make to help you get ahead and build credit. Student credit cards are fantastic tools to help manage your college/university and day-to-day expenses. Plus, many of these credit cards also come with perks like rewards or cash back. But, you do have to be careful. A credit card comes with a lot of responsibility that can have a big impact for many years to come. However, when used responsibly and correctly, a student credit card will teach you a lot about personal finances and help set you up for a stronger financial future.
—Hannah Logan, Money.ca credit card, saving and travel expert
What should you consider when choosing a top student credit card?
Choosing the right credit card for you is extremely important. If you don’t take a close look at the fine print and main features of your credit card, you risk choosing one that doesn’t suit you and your financial habits and needs. You want your student credit card to do more than just help you spend money.
Here are some things you should consider before applying for a credit card:
Minimum income requirement
As a student, you may not have the capacity to work a job while studying. Student credit card issuers are generally aware of this, though often still require proof of income. Whether you work part-time, full-time or not at all, it’s important to take note of the minimum income requirement for a credit card to determine if you are eligible or potentially need a co-signer.
Credit score requirement
Depending on the credit card issuer, you may need to provide any credit history you already have. Some options don’t require a credit history for students, considering they are likely just getting started with building their credit.
Read: How do student loans affect your credit score?
Minimum funds needed in your account
Similarly to the minimum income requirement, you may need to have a minimum amount of funds already in your account. It’s important to note this beforehand to make sure you have the base you need before applying for your credit card.
Perks and rewards
One of the best things about credit cards is the perks and rewards that come along with them. These perks could be anything from student discounts at certain retailers to rewards points or cash back on purchases you make. It is important to make sure the rewards and perks your credit card offers suit your spending style as closely as possible.
For example, if you don’t go to the movies often, then a card with points toward movie tickets might not be your best choice. On the other hand, if you use transit to get to school and a card offers cash back on transportation, you may want to lock in that perk and ultimately earn yourself some extra cash!
Annual fee
Some credit cards require you to pay an annual fee. These fees usually range from $100-$150. Often, credit cards with many rewards and perks are more likely to charge an annual fee as the rewards typically outweigh the cost of the fee in the long run. However, there are credit cards with no annual fees available as well that are likely better suited for a student’s lifestyle.
Read: Why pay for a credit card with an annual fee?
Bank reputation and reviews
Be sure to look into a bank’s reputation and customer reviews before applying for a credit card with them. You want to ensure you’re getting the best service possible, especially if this is your first credit card in your personal finance journey. If the customer service isn’t reputable, you may not want to get a credit card from that company.
Read: Best banks in Canada
Recommendations from friends
If you’re not sure what student credit card to apply for, ask around! Chances are you’ve got some friends who have been in the same life phase as you. They’ll have advice on what’s worked for their finances and what might be best for you. This also allows you to get honest opinions from people you know and trust.
Your spending habits
Reflect on your spending habits and the prospect of taking on the responsibility of having a credit card. Track your past spending habits and create a budget to ensure you use your credit card wisely.
Pros and cons
Pros
-
You have the chance to build credit, which in turn will help you with future financial endeavours like renting housing
-
You can earn rewards and cash back
-
Purchase protection
-
They are useful if you’re in a financial pinch and need to purchase a necessity
-
You can track your spending
Cons
-
You might be tempted to overspend
-
Low credit limits
-
Paying your credit card or risk developing bad credit
-
Fees can sneak up on you
How to apply for a student credit card in Canada
Applying for a student credit card is simple. As long as you have what you need ready to go, this process should run smoothly. Here’s a step by step look at how to apply for a student credit card:
- 1.
Do your research. First things first, research student credit cards to decide which is best for you and your spending habits based on its eligibility requirements, perks, discounts, rewards and reviews.
- 2.
Ensure you meet eligibility requirements. Typically, this means you must be a Canadian resident of the age of majority in your province, be a post-secondary student, have not declared bankruptcy in the past 7 years, and overall have a clean financial history.
- 3.
Gather your paperwork. Make sure you have proof that you meet the eligibility requirements listed in the second step.
- 4.
Fill out an application form. Once you’ve determined which card you’d like to apply for, you can submit an application either in person at your bank or online. Your credit card applications shouldn’t take you more than 15 minutes to submit.
- 5.
Wait for approval. If you’ve been approved, your credit card provider should reach out to you shortly (3-5 days) to confirm your approval before sending you your new student credit card in the mail.
Can you apply for a credit card without a job?
In short, yes, you can apply for a student credit card without a job. Some credit card providers may require proof of income along with your application (which will be verified with the credit bureau), but if you don’t have full- or part-time work, you can provide them with an alternate form of income to prove you’d be able to pay off any accumulated expenses. This may come from a student loan, personal savings, or help from a parent or guardian.
Can international students get credit cards in Canada?
Yes! There are currently five financial institutions that offer up to $1,000 of credit to newly arrived international students: BMO, Scotiabank, CIBC, RBC and HSBC. And while TD Canada does offer credit to international students, they will only offer secured credit cards (credit cards with a security deposit) to students who have just arrived in Canada.
What is the easiest student credit card to get?
The Scotiabank® SCENE+ Visa* Card, the Tangerine Money-Back Credit Card, and the BMO CashBack® Mastercard®* for Students are the easiest cards to get approved for as a student. Plus, none of these cards have an annual fee.
Tips for getting approved
Since your student credit card is likely your first credit card, you may be intimidated by the prospect of getting approved or denied. But don’t worry. If you’re just getting started with credit-building and have zero to limited credit, there’s likely not much standing in the way between you and your credit card. But to be safe, here are some tips to help you get approved and make the whole process as simple as it can be:
- Consider getting a co-signer
- Ensure you meet eligibility requirements
- Be thorough in your application and ensure you don’t make mistakes regarding your personal information or financial documents
- Consider getting a part-time job as an income source
- Maintain good financial habits
Credit card tips for students
So, you’ve got your student credit card, now what? It’s important to use the card properly in order to help build your credit score successfully:
- Pay your bill in full and on time, or at least make the minimum payments.
- Charge regular bill payments like your phone bill automatically to your credit card
- Try not to use more than 30% of your credit limit
- Build a budget and include your credit card bill payments in it
- Track your spending to make sure no mistakes or surprise fees are being charged to your card
FAQs about student credit cards
What’s the difference between a student credit card and a student line of credit?
A student line of credit allots you a certain amount of available credit and you must pay back whatever amount you end up borrowing. Typically, a line of credit offers a higher credit limit and a more flexible repayment schedule, though it doesn’t offer any rewards, perks or cash back.
Final word
Being a student means you’re already busy enough with things like academics, extracurriculars and networking. Worrying about your finances is a stress you don’t need to add to the list. By choosing a credit card that suits your lifestyle and personal finances you can reap some great rewards and discounts, save yourself some money and focus on hitting the books!
You’ll also have peace of mind knowing that you don’t need to worry about switching your credit card until after you’re done with school—and even then, you have options for your student credit card after you graduate.
If you’re buying your own course books, spending money on groceries, or buying a monthly public transit pass, there’s no reason you shouldn’t be earning rewards on each purchase with a credit card. A student card can help you build credit and practice financial responsibility. And trust me, post-graduate you will thank yourself when tackling things like car leases, mortgages, rental housing and retail financing is made easier by the credit you built using your student credit card.
Related articles:
- Best student chequing accounts
- Everything you need to know about student loans
- What’s the best age to get a credit card?
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Em Norton is a Staff Writer for Money.ca. Em holds a B.A. in Professional Writing from York University and has been writing professionally since 2019. Em's work has previously been published by Room Magazine, IN Magazine, Our Canada and more.
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.