Finding the right credit card as a student in Canada can feel like a challenge. With so many options available, it's important to choose the best one to meet your unique needs and lifestyle. That's where we come in! Welcome to Flik Eco's guide to the best credit cards for students in Canada. We'll break down the top options, discuss their benefits, and give you all the information you need to make an informed decision. So, let's get started!
Best Credit Cards For Students In Canada Table of Contents
1. BMO SPC CashBack Mastercard
Designed with students in mind, the BMO SPC CashBack Mastercard offers cash-back rewards and exclusive discounts through the Student Price Card (SPC) program. With no annual fee and a competitive cashback rate, this card is a great option for students looking to save and earn while they spend.
- No annual fee
- 1% cashback on all purchases
- SPC membership giving discounts at hundreds of stores
- Welcome bonus: 5% cashback on all purchases for the first three months
2. Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card stands out for its customizable cash-back rewards program. You can choose up to three spending categories for which you'll earn 2% cashback, making this card perfect for students who want control over their rewards.
- No annual fee
- 2% cashback on chosen categories
- 0.5% cashback on all other purchases
- Change your chosen categories anytime
- Welcome bonus: 1.95% interest rate on balance transfers for the first six months
3. Scotiabank Scene Visa
If you're a movie-lover, the Scotiabank Scene Visa card is a perfect fit. With generous points earned for every dollar spent and an impressive welcome bonus, you'll be racking up rewards quickly towards free movies and entertainment.
- No annual fee
- Earn 1 Scene point per $1 spent on everyday purchases
- Earn 5 Scene points per $1 spent at Cineplex theaters
- Welcome bonus: 2,000 Scene points (equivalent to two free movies)
4. RBC Cash Back Student Mastercard
The RBC Cash Back Student Mastercard is a simple cash-back option for students looking to earn rewards on their purchases without dealing with complicated rewards structures. With no annual fee and bonus cashback on groceries, this card is both practical and beneficial.
- No annual fee
- 2% cashback on groceries
- 1% cashback on all other purchases
- Up to $1,500 in cashback per year
Best Credit Cards For Students In Canada Example:
Let's say you're a student living off-campus, paying for groceries, transportation, and entertainment. You may choose the Tangerine Money-Back Credit Card and select groceries, public transportation, and movies as your 2% cashback categories. By doing this, you'll maximize your cashback earnings for your most frequent purchases.
For instance, if you spend $400 on groceries, $200 on public transportation, and $100 on movies each month, you'd earn $14 in cashback. That's $168 in cashback per year! Plus, you'll still earn 0.5% cashback on any other purchases you make.
There you have it! Our top picks for the best credit cards for students in Canada. When choosing your card, be sure to reflect on your spending habits and preferences to ensure you're getting the most value. So go ahead, apply for that perfect credit card, and start earning rewards while building your credit score and financial future. If you found this guide helpful, don't forget to share it with your fellow students and explore other Flik Eco guides for more financial tips and insights.
