What Are the Best Credit Cards for Canadian Students?

As an expert in English credit cards, I am happy to provide a detailed answer to the question of what the best credit cards are for Canadian students. Below, you will find an overview of the top credit cards available to students in Canada, as well as some tips for maximizing your credit card usage and avoiding common pitfalls.

Top Credit Cards for Canadian Students

1. BMO CashBack Mastercard for Students: This card offers a greatcashback program, with 1% cashback on all purchases and 5% on select categories. It also has no annual fee and alow interest rate.

2. Scotiabank Scene Visa Card: This card is perfect for movie-loving students, as it offers 5 Scene points for every dollar spent at Cineplex theaters and 1 Scene point for every dollar spent elsewhere. It has no annual fee and a low interest rate.

3. RBC Cash Back Mastercard for Students: This card offers 2% cashback on all purchases made at grocery stores and 1% cashback on all other purchases. It also has no annual fee and a low interest rate.

4. Tangerine Money-Back Credit Card: This card offers 2% cashback on up to three categories of your choice and 0.5% cashback on all other purchases. It has no annual fee and a low interest rate.

Tips for Maximizing Your Credit Card Usage

1. Pay your balance in full each month: This will help you avoid interest charges and keep your credit score high.

2. Use your credit card for necessary purchases only: Don't use your credit card for frivolous purchases that you can't afford to pay off.

3. Keep yourcredit utilization ratiolow: This means not using more than 30% of your available credit at any given time.

4. Set up automatic payments: This will ensure that you never miss a payment and incur late fees or damage your credit score.

Avoiding Common Credit Card Pitfalls

1. Don't apply for too many credit cards at once: This can hurt your credit score and make it harder to get approved for future credit.

2. Don't carry a balance: This will lead to interest charges and can quickly spiral out of control.

3. Don't use your credit card to withdraw cash: This will incur high fees and interest charges.

4. Don't share your credit card information with anyone: This includes your PIN, card number, and security code.

Conclusion

Overall, there are many great credit card options available to Canadian students. By choosing a card with a low interest rate, no annual fee, and a great rewards program, you can maximize your credit card benefits and avoid common pitfalls. Remember to always use your credit card responsibly and keep your credit score high.