If you’re at a brand new restaurant, do it’s important to see the menu earlier than you order? Or do you eat what your foodie buddy says is sweet, understanding it’ll be superb? The reply will help you resolve how one can choose a brand new bank card. Some individuals need the power to check their choices side-by-side; others need just some suggestions (from individuals who know what they’re speaking about). This web page affords each. Use the software beneath to check standard scholar bank cards, or preserve scrolling for our editors’ high picks. Whichever you select, we promise the top consequence might be scrumptious.
Why belief us
MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial workforce of educated journalists works carefully with main private finance consultants in Canada. That can assist you discover the very best monetary merchandise, we evaluate the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Study extra about our promoting and trusted companions.
MoneySense editor picks
There’s an abundance of bank cards in Canada. However the choices are slightly extra restricted for college students, who don’t essentially have a credit score rating or an annual earnings (each of that are frequent eligibility standards). That’s not a foul factor—in reality, it makes your life simpler! As soon as you realize what you need most out of a bank card, the selection turns into fairly clear. Allow us to present you…
| Greatest bank card by class | Who’s it greatest for? |
|---|---|
| Greatest money again bank card for college students BMO CashBack Mastercard Annual price: $0 |
You spend essentially the most on groceries. And you favor a refund over journey factors. |
| Greatest journey bank card for college students CIBC Aeroplan Visa Card for College students Annual price: $0 |
You’ve your thoughts on a journey vacation spot, and wish an inexpensive flight to get you there. |
| Greatest low-interest bank card Flexi Visa Annual price: $0 |
You don’t anticipate to repay your bank card steadiness each time. |
| Greatest secured bank card Residence Belief Secured Visa Annual price: $0 |
Your primary aim is to construct a credit score historical past. |
| Greatest retailer bank card for college students PC Monetary Mastercard Annual price: $0 |
You spend some huge cash on groceries, and it’s nearly at all times at a retailer owned by Loblaw. |
| Greatest scholar bank card for leisure Scotiabank Scene+ Visa Card for college students Annual price: $0 |
You like the massive display. |
Must you get your individual bank card?
Having your individual bank card and being a licensed person—often known as a supplementary cardholder—on a father or mother or associate’s account are two various things. As a licensed person, you’re capable of entry the credit score of the first cardholder to make purchases, typically by way of a bank card with your individual title on it. Nevertheless, these transactions don’t assist you set up a credit score historical past or credit score rating—you’re utilizing another person’s credit score, in any case! As a way to construct a superb credit score rating, you’ll want your individual bank card account and to repay the steadiness on time.
—MoneySense editors
Greatest money again bank card for college students
At a look: The BMO CashBack Mastercard is a best choice for college students on the lookout for simple money again earnings. Combining no annual price with a powerful 3% money again fee on grocery purchases, this card affords college students an opportunity to earn money rewards in a high-spend class.
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BMO CashBack Mastercard
Annual price: $0
Welcome supply: earn 5% money again in your first 3 months Situations apply.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Revenue required | None specified |
| Credit score rating | None specified |
Greatest journey bank card for college students
At a look: The CIBC Aeroplan Visa Card is tailor-made to the wants of scholars, particularly those that can benefit from journey rewards. This student-friendly card has no annual price, and it gives a free SPC+ membership that permits you to take pleasure in financial savings of as much as 30% throughout 450-plus manufacturers.
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CIBC Aeroplan Visa Card for College students
Annual price: $0
Welcome supply: earn 10,000 Aeroplan factors whenever you make your first buy ($200 worth)
Card particulars
| Rates of interest | 20.99% on purchases and 22.99% on money advances (21.99% in Quebec) |
| Revenue required | None specified |
| Credit score rating | None specified |
| Level worth | Aeroplan factors are price $0.02 on common. |
Greatest low-interest bank card
At a look: Whilst you gained’t earn rewards with this card, the Flexi Visa from Desjardins credit score union stands out as a low-interest, no-fee bank card for college students trying to decrease bank card debt. It additionally options advantages like restricted journey insurance coverage, rental automobile reductions, a month-to-month installment fee plan and cellular gadget insurance coverage.
Flexi Visa
Annual price: $0
Low rates of interest: 10.90% on purchases and 12.90% on money advances
Card particulars
| Rates of interest | 10.90% on purchases and 12.90% on money advances |
| Revenue required | Not specified |
| Credit score rating | Not specified |
Greatest secured bank card
At a look: The Residence Belief Secured Visa is an efficient software for Canadians aiming to ascertain or rebuild their credit score historical past. You set your individual spending restrict, which may vary from $500 to $10,000. If you happen to do sometimes have hassle paying off your steadiness, you may benefit from choosing between two rates of interest: 19.99% with no annual price or 14.90% with a $59 annual price. We like that this card allows you to select, however we advocate the low-rate choice.
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Residence Belief Secured Visa
Annual price: $0
Rewards: None (designed for individuals trying to rebuild credit score)
Welcome supply: None
Card particulars
| Rates of interest | 19.99% on purchases and 19.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 300 or larger |
Execs
- This card offers you the choice to decide on a better or decrease rate of interest. With no annual price, the acquisition APR is nineteen.99%. With a $59 annual price, you’ll get a decrease buy APR of 14.90%.
- If you use your card, Residence Belief will report funds to each of Canada’s credit score bureaus, TransUnion and Equifax, which helps you construct your credit standing. In distinction, the Neo Secured Card, for instance, solely studies to TransUnion, which implies that your credit score historical past may not present up correctly for lenders that solely depend on Equifax scores.
- Suitable with digital wallets like Apple Pay, Google Pay and Samsung Pay.
Cons
- Not like with the Neo Secured Card, you gained’t earn rewards in your spending. Nevertheless, that is typical for secured playing cards, which prioritize low curiosity.
- The minimal deposit for the Residence Belief is $500, whereas some playing cards require solely $50. Nevertheless, this can be a negligible disadvantage, as most cardholders will seemingly want entry to at the least a number of hundred {dollars} on their card.
- This card isn’t out there to residents of Quebec.
Greatest retailer bank card for college students
At a look: Drugstores and grocery shops are the place many college students are inclined to spend essentially the most. That makes the PC Monetary Mastercard a robust choose for individuals who store continuously at taking part shops. With earn charges starting from 10 to 30 factors per $1, relying on the shop, you may accumulate rewards rapidly.
PC Monetary Mastercard
Card particulars
| Rates of interest | 21.99% on purchases, 22.97% on money advances and 22.97% on steadiness transfers |
| Revenue required | None specified |
| Credit score rating | 560 or larger |
| Level worth | 1 PC Optimum level is price $0.001 (redeem 10,000 factors for $10). |
Greatest scholar bank card for leisure
At a look: If you happen to go to film theatres to get away from dorm drama or to take a break from learning, contemplate this card. What you spend on the cinema can flip into some good perks.
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Scotiabank Scene+ Visa for college students
Annual price: $0
Welcome supply: earn as much as 5,000 bonus Scene+ factors inside your first 3 months. To qualify, apply by October 31, 2024.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances and 22.99% on steadiness transfers |
| Revenue required | Private earnings of $12,000 |
| Credit score rating | 660 or larger |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey, retailer purchases and food and drinks at Cineplex and Scene companions. |
Execs
- Scene+ is a reasonably versatile factors program. For instance, you may ebook flights with any airline with out having to depend on a particular journey company or portal. Plus, you may redeem for different journey gadgets, comparable to Airbnbs. It’s the most effective factors packages out there to Canadians.
- The rewards are nice for issues exterior of a typical scholar funds. Deal with your self for managing the stresses of college by utilizing the rewards on issues like motion pictures, takeout, retailer present playing cards, flights, inns and extra.
- It can save you 25% off base charges for automobile leases at taking part Avis and Funds rental places in Canada and the U.S.
Cons
- There aren’t any bonus factors for different frequent spending classes, like gasoline or eating, which means fewer methods to maximise your returns. So, you would need to go to the films repeatedly to essentially benefit from the bonus earn fee.
- Not as versatile as a money again program, however redeeming is simple for journey gadgets.
How we decide the very best scholar bank cards
Our editors apply their bank card experience and data of Canadians’ monetary objectives to give you choice standards that matches the wants of the supposed cardholder. For college kids, the very best playing cards ought to usually haven’t any annual price, and low earnings and credit score rating necessities—as a result of constructing a credit score historical past is a typical aim for individuals who use these playing cards. Past that, we contemplate the return on spending (for rewards playing cards), the acquisition APR (for low-interest playing cards) and different elements, based mostly on the class. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about our choice course of and how MoneySense makes cash.
Continuously requested questions
Not like making use of for a summer season job, making use of for a scholar bank card is fairly simple, though there are a number of eligibility necessities to remember.
- You’ll should be the age of majority in your province. That’s both 18 (in Alberta, Manitoba, Ontario, Prince Edward Island, Quebec and Saskatchewan) or 19 (in British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut and Yukon).
- If you happen to don’t earn an earnings, chances are you’ll want to supply proof that you just obtain some type of monetary help, comparable to allowances from your loved ones or a scholarship.
As a brand new bank card holder, it’s a sensible concept to evaluate your choices earlier than you apply. Take a look at what completely different banks are providing and select a card that greatest matches your way of life and spending habits. Every software does have an effect on your credit score rating, so that you’ll need to keep away from making use of for a number of bank cards needlessly. Stick to one card as you study the ropes and begin constructing your credit score historical past.
Sure, they will. Banks, bank card corporations and monetary establishments acknowledge the ability of your online business, in order that they’ve created “newbie” bank cards for younger adults and college students in Canada. These are typically stripped-down variations of bank cards loaded with perks. However, as you may see above, there are nonetheless rewards available with secured and unsecured bank cards for college students. Really, having a bank card is the way you construct a credit score historical past, which is a part of how a credit score rating is calculated. Right here’s how:
- Credit score historical past: An extended historical past exhibits lenders you’ll be able to repay debt, and finance consultants advocate to apply for a card as a younger grownup, and use it responsibly.
- Debt load: That is the whole amount of cash you owe collectors—together with bank cards, loans and mortgages. However mortgages aren’t typically a difficulty for college students, so your low debt load can work in your favour.
- Cost historical past: That is about the way you nicely you pay your payments, which means in full and on time, in addition to in case you’ve missed any funds and for the way lengthy you’ve carried any debt. At this level in your life, preserve your payments low and pay them off on time.
- Varieties of credit score you carry: The extra collectors you owe cash to, the upper threat you could possibly pose to lenders. Stick to one bank card to keep away from wanting dangerous to lenders.
Can a highschool scholar apply for a bank card?
Bank cards have an age restriction and, typically, earnings necessities that prime faculty college students might not have the ability to meet. Nevertheless, that doesn’t put all bank cards completely out of attain. If a highschool scholar is the age of majority (18 or 19 years outdated, relying on their province or territory), there are some choices.
Bank card candidates in highschool ought to search for playing cards that don’t require a credit score historical past and have a low or no earnings requirement. They will contemplate beginning with a secured card, the place they apply a deposit that they will spend, as these assist construct a credit score historical past. A stable choice is a secured bank card.
What does a highschool scholar want to use for a bank card?
Basically, candidates will want a chunk of presidency ID, a social insurance coverage quantity, a mailing handle, an employment standing, and earnings info to use for a bank card.
I used to be declined for a scholar bank card—what can I do?
If you happen to have been declined for a card, it might need to do along with your credit score historical past or your earnings. Think about a secured card or a bank card that’s geared toward individuals with below-average credit, as their necessities might be extra modest. Whilst you gained’t get the perks and advantages hooked up to different playing cards, accountable use will help you construct up your credit score rating so you may entry higher merchandise sooner or later.
Bank card ideas for college students
You already know it is advisable to be accountable in how you utilize your bank card—however what, precisely, does that imply? Learn on for tips about utilizing your bank card to enhance your credit score rating and keep away from any issues.
- Test your fee due dates
You in all probability know that bank card payments arrive each month, however that doesn’t imply the due date in your fee is on the primary day. The date that begins your billing cycle is dependent upon when you find yourself authorized for the account, and it could possibly be any day of the month. Make word of the due date and be sure to pay on time. Think about including these dates to your faculty calendar, too. - Repay your steadiness in full
If you happen to’re going to be accountable along with your bank card, you gained’t use it to spend cash you don’t have. Don’t go into debt. It’s greatest apply to repay your invoice in full, on time, each month. Not solely will this enhance your credit score rating, however it can additionally assist you keep away from pricey curiosity prices. - Heed the minimal steadiness
If you happen to do overspend, you’ll nonetheless must repay a few of your steadiness. Your invoice will present a complete steadiness and a minimal fee. You should pay at the least the minimal fee, on time and each month, it doesn’t matter what. Lacking funds is without doubt one of the worst issues you are able to do in your credit score rating. Paying solely the minimal implies that you’re accumulating curiosity on the unpaid steadiness. At a median of round 20%, this may add up rapidly. - Don’t overspend
In case it’s not clear: Don’t overspend! Credit score is borrowed cash, and a bank card isn’t a debit card. All the cash you cost to your card have to be paid again. If you happen to don’t or can’t, you’ll end up racking up curiosity prices along with wrecking your credit standing. - Don’t max out your bank card
Your bank card could have a credit score restrict; that’s the amount of cash you may technically borrow on it. However spending all the way in which as much as your restrict—that’s, maxing out your card—is reckless. It will likely be tougher to repay your steadiness. Use your card selectively for smaller purchases, at the least initially, and think about using debit for nearly all the things else.
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