Are you a student in Canada looking for the best credit card to help you manage your finances? Look no further! In this article, we will guide you through the top credit cards for students in Canada and help you make an informed decision. With the right card in your wallet, you can not only build your credit history but also earn rewards and save money. So, let’s dive in and explore the world of student credit cards!
Best Credit Cards Canada For Students Table of Contents
Why do students need credit cards?
Here are a few compelling reasons for students to consider having a credit card:
- Build credit history: A good credit score is crucial for a healthy financial profile. Using a credit card responsibly can help students build their credit history and set them up for a better financial future.
- Earn rewards and cashback: Many credit cards offer rewards and cashback on purchases, making them an excellent choice for students looking to save money and get the most out of their spending.
- Emergency fund: Credit cards can provide a safety net in case of unexpected expenses like car repairs or medical emergencies.
- Convenience: Credit cards are widely accepted and can be an easy way for students to pay for everyday expenses, online shopping, or even trips abroad.
- Learn financial responsibility: Managing a credit card account can teach students valuable financial skills, such as budgeting, managing debt, and understanding interest rates.
Top Credit Cards for Students in Canada
Let's explore some of the best credit card options for students in Canada:
1. BMO CashBack Mastercard
- Annual fee: None
- Interest rate: 19.99% on purchases, 22.99% on cash advances
- Rewards: 5% cashback on all purchases in the first 3 months (up to $100 cashback). After that, 1% cashback on all purchases, with no limits.
- Perks: Free SPC membership, discounts at participating retailers
2. Scotiabank Scene Visa Card
- Annual fee: None
- Interest rate: 19.99% on purchases, 22.99% on cash advances
- Rewards: Earn 1 Scene point for every $1 spent on everyday purchases, and 5 Scene points per $1 spent at participating Cineplex theatres or on cineplex.com.
- Perks: Redeem Scene points for movie tickets, dining, or entertainment
3. CIBC Dividend Visa Card for Students
- Annual fee: None
- Interest rate: 19.99% on purchases, 22.99% on cash advances
- Rewards: 2% cashback on grocery purchases, 1% cashback on gas, transportation, dining, and recurring payments, and 0.5% cashback on all other purchases.
- Perks: No income requirement, access to personalized offers and experiences with CIBC Live Lounge
4. RBC Rewards+ Visa Student Card
- Annual fee: None
- Interest rate: 19.99% on purchases, 22.99% on cash advances
- Rewards: Earn 1 RBC Rewards point for every $1 spent on gas, groceries, and drugstore purchases, and 1 point for every $2 spent on all other purchases.
- Perks: No income requirement, access to RBC Offers for discounts and savings
Best Credit Cards Canada For Students Example:
Imagine you're a university student who loves watching movies and wants to save on entertainment costs. The Scotiabank Scene Visa Card could be a perfect fit for your needs. With every $1 spent on everyday purchases, you'll earn 1 Scene point. When you spend at participating Cineplex theatres or on cineplex.com, you'll get a whopping 5 Scene points per $1 spent. Redeeming your points is easy – you can use them for movie tickets, dining, or other entertainment offers. Plus, with no annual fee and a 19.99% interest rate on purchases, this card is truly tailored for students on a tight budget.
Now that you know about the best credit cards for students in Canada, it's time to choose the one that suits your needs and spending habits. Remember to always be responsible with your credit card usage and pay your balance on time to avoid interest charges and maintain a good credit score. With the right card in your wallet, you'll be well on your way to building a bright financial future.
If you found this article helpful, don't forget to share it with your fellow students and explore other guides on Flik Eco to master the art of personal finance!
