What Are the Top Student Credit Cards in Canada?

As a credit card expert, I am often asked about the best credit cards for students in Canada. With so many options available, it can be difficult to determine which cards offer the best benefits for students. In this article, I will detail the top student credit cards in Canada and explain the benefits and drawbacks of each.

Scotiabank Scene Visa Card

The Scotiabank Scene Visa Card is a popular choice for students who enjoy going to the movies. This card offers 5 Scene points for every $1 spent on eligible purchases at Cineplex theaters and 1 Scene point for every $1 spent on all other purchases. Scene points can be redeemed for free movie tickets, food and drinks at Cineplex theaters, and more. The card also has no annual fee and offers a 0.99% introductory interest rate on balance transfers for the first six months.

However, it's important to note that the interest rate on purchases is 19.99%, which is higher than many other student credit cards. Additionally, the rewards are specific to Cineplex theaters, so if you're not a movie-goer, this card may not be the best option.

BMO SPC CashBack Mastercard

The BMO SPC CashBack Mastercard is a great option for students who are looking forcashback rewards. This card offers 1% cashback on all purchases, with no limit to how much cashback you can earn. Cardholders also receive discounts at participating retailers through the Student Price Card (SPC) program. The card has no annual fee and offers a 1.99% introductory interest rate on balance transfers for the first nine months.

However, it's important to note that the cashback rewards are only paid out once a year, in November. Additionally, the card has a high interest rate on purchases of 19.99%.

TD Rewards Visa Card

The TD Rewards Visa Card is a great option for students who enjoytravel rewards. This card offers 2 TD Rewards Points for every $1 spent on eligible purchases, with no limit to how many points you can earn. Points can be redeemed for travel, merchandise, and gift cards. The card also has no annual fee and offers a 0.99% introductory interest rate on balance transfers for the first six months.

However, it's important to note that the interest rate on purchases is 19.99%. Additionally, the redemption value of the points may not be as high as other travel rewards cards.

RBC Cash Back Mastercard

The RBC Cash Back Mastercard is a great option for students who are looking for a simple cashback rewards card. This card offers 2% cashback on eligible grocery store purchases and 1% cashback on all other purchases, with no limit to how much cashback you can earn. The card also has no annual fee and offers a 1.90% introductory interest rate on balance transfers for the first ten months.

However, it's important to note that the cashback rewards are capped at $6,000 in grocery store purchases per year. Additionally, the interest rate on purchases is 19.99%.

Tips for Applying for a Student Credit Card

When applying for a student credit card, there are a few things to keep in mind:

- Make sure you meet the eligibility requirements, which typically include being a full-time student and having a minimum income.

- Consider the rewards and benefits that are most important to you, such as cashback, travel rewards, or discounts at retailers.

- Pay attention to the interest rates and fees associated with the card, as these can impact the overall cost of using the card.

- Use the card responsibly by paying your balance in full each month and avoiding carrying a balance, which can lead to high interest charges and debt.

In conclusion, there are many great options for student credit cards in Canada. By considering your needs and preferences, you can find a card that offers the rewards and benefits that are most important to you. However, it's also important to use the card responsibly and avoid carrying a balance, in order to avoid high interest charges and debt.