5 Best Students Credit Cards in Canada
Choosing the right credit card as a student is crucial for managing finances and establishing a good credit history early in life. This comprehensive guide explores the top five student credit cards in Canada, offering detailed insights into their benefits, features, and unique selling points. These cards are specially designed to cater to the needs of students striving for financial independence, supporting both everyday spending and long-term financial goals. This article helps you navigate through these options to find the card that best suits your lifestyle and financial strategies.
1. Tangerine Money-Back Credit Card
Features and Benefits
- No annual fee.
- Earn 2% cash back in three categories of your choice and 0.5% on all other purchases.
- Automatic monthly cash back to your card balance or savings account, enhancing budget management without the wait for annual rewards.
Why It Stands Out
The Tangerine Money-Back Credit Card adapts to students changing spending habits, offering flexibility to select and modify cashback categories like groceries, dining, or gas. This adaptability makes it highly suitable for students varying financial needs throughout their academic year.
Additional Benefits
With this card you can earn an extra 10% cash back on up to $1000 of your purchases made in the first 60 days of card membership. Also, you can enjoy a 1.95% interest rate on balance transfers made in the first 30 days.
Customer Reviews
Students find the Tangerine website and app user-friendly, appreciating their straightforward interfaces and customizable rewards. This ease of use helps with effective tracking and maximizing returns on spending.
Security Features
The card features industry-standard fraud protection and a personalized PIN, providing robust security for both online and offline transactions and giving students peace of mind to focus on their academics and personal lives.
Tips for Maximizing Benefits
Students should frequently adjust their cashback categories to align with their current spending trends, particularly during significant spending periods like new semesters or holidays. This proactive approach ensures they consistently maximize their cashback rewards.
2. Scotiabank Scene+ Visa Card
Features and Benefits
- No annual fee.
- Earn Scene+ points on everyday purchases, redeemable for movies, meals, hotel reservations and more.
- Special offers like bonuses for cinema visits and dining, tailored for students social lifestyles.
Why It Stands Out
The Scotiabank Scene+ Visa Card is designed for students who enjoy entertainment and dining out. It allows earning rewards on routine purchases and using them for leisure activities like movie nights and meals with friends, making it ideal for enhancing student life.
Additional Perks
You can get exclusive discounts on car rentals, with this card you save up to 25% base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. This benefit truly maximize your experience to another level.
Customer Reviews
Users praise the fast accumulation of Scene+ points that often cover the costs of cinema and dining experiences, enriching students social lives without extra financial burden.
Security Features
Features comprehensive fraud protection and a zero liability policy on unauthorized transactions, providing robust security and peace of mind.
Tips for Maximizing Benefits
To maximize rewards, use the card for all purchases and regularly check the Scene+ catalogue for new deals and promotions, ensuring the most effective use of points.
3. BMO CashBack Mastercard for Students
Features and Benefits
- No annual fee: Ideal for budget-conscious students.
- Earn up to 3% cashback on groceries, 1% on recurring bills (mobile payments, streaming services and subscriptions), and 0.5% on all other purchases. Targeted cashback categories address common student expenses effectively.
- Also, you can enjoy a introductory offer of up to 5% cash back in the first 90 days of card membership.
Why It Stands Out
Designed to alleviate financial stress, this card offers high cashback rates on essential expenses like groceries and bills, directly supporting students in managing monthly budgets.
Additional Perks
As a BMO Cashback cardholder, you can enjoy additional advantages like save up to 20% on National Car Rental and Alamo Rent A Car and up to 5% on Enterprise Rent-A-Car. Also, you have access to a 7% discount on reservations made through booking.com.
Extended warranty and purchase protection on purchases add extra value and security, crucial for expensive essentials like laptops.
In addition, you can add another cardholder with no costs associated, to share your credit limit with friends or family.
Customer Reviews
Students praise the significant cashback on groceries, noting it as critical for easing budget constraints and reducing stress over food costs.
Security Features
Features include real-time fraud alerts, ensuring robust protection of students financial information and zero liability for unauthorized purchases made with your card.
Tips for Maximizing Benefits
Maximize cashback by using the card for all recurring payments and aligning spending with the highest cash back categories. Regular usage in strategic categories optimizes returns effectively.
4. CIBC Dividend Visa Card for Students
Features and Benefits
- No annual fee: Accessible for all students, eliminating financial burden.
- Cash back on all purchases, with higher rates on crucial categories like groceries and gas.
- With a Free SPC+ membership, cardholders can save up to 30% on over top 450 brands, shopping online or in-store. Also, you can get access for exclusive experiences (concerts, trips, etc), cash prizes and giveaways. This benefit maximize your spending experience.
Why It Stands Out
The CIBC Dividend Visa offers a strong rewards structure, facilitating daily spending and credit building. Targeted discounts for students make it ideal for varied spending needs. You can enjoy 2% cash back on groceries, 1% on eligible gas, electric vehicle charging, transportation, dining and recurring payments, and 0,5% on all other purchases.
Additional Perks
Earn a $30 cash back when you make your first purchase within the first 120 days of card membership.
In addition, you can enjoy at least a $1000 minimum credit limit, with no income requirements.
Free credit score access helps students monitor and manage their credit health, essential for financial literacy.
Customer Reviews
Reviews highlight the ease of managing finances and the utility of the CIBC app for budgeting and tracking rewards, proving invaluable for informed financial management.
Security Features
Includes advanced security measures like personalized verification and fraud alerts, safeguarding against financial scams and identity theft. Visa also offers a zero liability for unauthorized purchases made with your card, protecting you against fraud.
Tips for Maximizing Benefits
Maximize returns by regularly adjusting spending to align with the best cashback rates, ensuring optimal financial benefits from the card’s use.
5. American Express Green Card
Benefits
- No annual fee
- 1x points on everyday purchases and 1x additional point on Amex Travel online purchases.
- You can also get access to exclusive experiences provided by American Express, presale tickets for in-demand concerts and can enjoy dining events like food festivals.
Additional Benefits
You have access to a welcome bonus of 10,000 Membership Rewards points when you make $1000 in purchases with your American Express Green Card in the first 90 days of Card membership. That amount of points is equal to $100, you can use them on your next shopping spree or dinner.
Security
American express provides a lot of security features like fraud protection guarantee for unauthorized purchases made with your card, an emergency card replacement for when you are traveling, a SafeKey protection for purchases made online at participating merchants, etc.
Tips for Maximizing Benefits
Plan larger purchases with the card to accumulate points quickly. Strategically timing your purchases for when you need big-ticket items can help you maximize the rewards earned, which can then be redeemed for valuable benefits.
These credit cards offer a range of benefits tailored to meet diverse student needs, from cashback on essential spends such as groceries and utilities to rewards that enhance leisure activities like entertainment and travel. By selecting the right card, students can effectively manage their finances, optimize savings, and build a robust credit profile. This strategic financial management can significantly ease the stress of budgeting and provide valuable rewards, paving the way for a strong financial foundation that benefits them beyond their university years.