Student credit cards are credit cards designed specifically for college or university students who are new to credit and may not have a long credit history or established credit score. These cards typically have lower credit limits and more relaxed eligibility requirements than standard credit cards, making them more accessible to students with limited credit experience.

Student credit cards offer benefits such as cash back, rewards points, and discounts on purchases, and often come with no annual fee. Many student credit cards also offer perks such as extended warranty coverage, purchase protection, and travel insurance. These benefits can help students save money and build their credit history over time.

Here are some of the best student credit cards in Canada:

1. BMO CashBack Mastercard for Students: This credit card offers 5% cash back on all purchases for the first three months, and 1% cash back on all purchases after that. It has no annual fee, and offers additional perks such as extended warranty coverage and purchase protection.
2. Scotiabank Scene Visa Card for Students: This credit card offers 2,500 Scene points as a welcome bonus, which is enough for two free movie tickets. It offers 1 Scene point for every $1 spent, and has no annual fee.
3. CIBC Dividend Visa Card for Students: This credit card offers 2% cash back on groceries and 1% cash back on other purchases. It has no annual fee, and offers additional perks such as travel insurance and purchase protection.
4. TD CashBack Visa Card for Students: This credit card offers 1% cash back on all purchases, with no annual fee. It also offers additional perks such as extended warranty coverage and purchase protection.
5. RBC Cash Back Mastercard for Students: This credit card offers 2% cash back on groceries and up to 1% cash back on other purchases. It has no annual fee, and offers additional perks such as travel insurance and purchase protection.
6. American Express SimplyCash Card for Students: This credit card offers 2.5% cash back on all purchases for the first three months, and 1.25% cash back on all purchases after that. It has no annual fee, and offers additional perks such as travel insurance and purchase protection.
7. Tangerine Money-Back Credit Card: This credit card offers 2% cash back on up to three categories of your choice, and 0.5% cash back on all other purchases. It has no annual fee, and offers additional perks such as purchase protection and extended warranty coverage.
8. Desjardins Visa Card for Students: This credit card offers 1% cash back on all purchases, with no annual fee. It also offers additional perks such as travel insurance and purchase protection.
9. MBNA Rewards Mastercard for Students: This credit card offers 1 reward point for every $1 spent, and has no annual fee. It also offers additional perks such as extended warranty coverage and purchase protection.
10. National Bank Syncro Student Card: This credit card offers 1% cash back on all purchases, with no annual fee. It also offers additional perks such as travel insurance and purchase protection.
11. Rogers Platinum Mastercard for Students: This credit card offers 3% cash back on all purchases made in a foreign currency, and 1.25% cash back on all other purchases. It has no annual fee, and offers additional perks such as extended warranty coverage and purchase protection.
12. BMO SPC CashBack Mastercard for Students: This credit card offers 1% cash back on all purchases, and an additional 10% discount on purchases made through the SPC discount program. It has no annual fee, and offers additional perks such as extended warranty coverage and purchase protection.
13. Capital One Platinum Mastercard for Students: This credit card has no annual fee and offers credit monitoring and alerts to help students track their credit scores. It also offers additional perks such as travel insurance and purchase protection.
14. Tangerine World Mastercard: This credit card offers 2% cash back on up to three categories of your choice, and 0.5% cash back on all other purchases. It has no annual fee, and offers additional perks such as mobile device insurance and rental car insurance.
15. Meridian Visa Cash Back Card for Students: This credit card offers 1% cash back on all purchases, with no annual fee. It also offers additional perks such as travel accident insurance and purchase protection.
16. RBC Rewards+ Visa Card for Students: This credit card offers 2,500 bonus points as a welcome offer, and 1 RBC Rewards point for every $1 spent. It has no annual fee, and offers additional perks such as travel insurance and purchase protection.
17. TD Rewards Visa Card for Students: This credit card offers 2,500 bonus points as a welcome offer, and 1 TD Rewards point for every $1 spent. It has no annual fee, and offers additional perks such as travel insurance and purchase protection.
18. Scotiabank L’earn Visa Card for Students: This credit card has no annual fee and offers rewards in the form of SCENE points or cash back. It also offers additional perks such as travel accident insurance and purchase protection.
19. CIBC Aventura Visa Card for Students: This credit card offers 2,500 bonus points as a welcome offer, and 1 Aventura point for every $1 spent. It has no annual fee, and offers additional perks such as travel insurance and purchase protection.
20. Desjardins Cash Back Visa Card for Students: This credit card offers 1% cash back on all purchases, with no annual fee. It also offers additional perks such as travel insurance and purchase protection.

Here is a table with the details of the 20 best student credit cards in Canada:

Note: The details in this table are subject to change, and it’s important to review the terms and conditions of each credit card before applying. Additionally, rewards and perks may vary depending on the issuer, and some offers may only be available for a limited time.

Student Credit Cards Pros

There are several benefits to having a student credit card, including:

1. Build credit history: A student credit card can help you establish a credit history, which is important for obtaining loans, renting an apartment, and other financial transactions later in life. By using your credit card responsibly and making payments on time, you can begin to build a positive credit history.
2. Rewards and perks: Many student credit cards offer rewards such as cash back, points, and discounts on purchases. Some cards also come with additional perks such as extended warranty coverage, purchase protection, and travel insurance.
3. Access to credit: Student credit cards offer access to credit for those who may not have a long credit history or established credit score. This can be especially helpful for students who need to make purchases but may not have the funds to do so upfront.
4. No annual fee: Many student credit cards come with no annual fee, making them a low-cost option for building credit.
5. Fraud protection: Credit cards offer fraud protection, which can help protect you from unauthorized transactions and minimize financial losses.

Student Credit Cards Cons

While student credit cards offer several benefits, there are also some potential drawbacks to consider:

1. High interest rates: Student credit cards often come with high interest rates, which can make it easy to accumulate debt if you carry a balance on your card.
2. Temptation to overspend: Having access to credit can be tempting, and some students may be tempted to overspend or use their credit card to cover expenses they cannot afford.
3. Late fees and penalties: Late payments and missed payments can result in fees and penalties, which can add up quickly and make it difficult to pay off your balance.
4. Risk of credit damage: Using credit irresponsibly can damage your credit score, making it harder to obtain loans, rent an apartment, or secure other financial transactions later in life.
5. Limited credit limit: Student credit cards typically come with lower credit limits than standard credit cards, which may not be sufficient for large purchases or unexpected expenses.

Student Credit Cards Facts

Here are some facts about student credit cards:

1. Student credit cards are designed for college or university students who are new to credit or have limited credit history.
2. Many student credit cards offer rewards such as cash back, points, or discounts on purchases, as well as additional perks such as extended warranty coverage and travel insurance.
3. Student credit cards often have lower credit limits than standard credit cards, making them more accessible to students with limited credit experience.
4. It’s important to use student credit cards responsibly and to pay off balances in full each month to avoid accumulating debt and damaging your credit score.
5. Some student credit cards offer credit monitoring and alerts, which can help students track their credit scores and monitor their credit history.
6. Student credit cards may have higher interest rates than other types of credit cards, making it important to use credit wisely and avoid carrying a balance.
7. Some student credit cards offer special perks and rewards for good grades or academic achievement, which can be an added incentive for students to use credit responsibly.

Student Credit Cards FAQs

Here are some frequently asked questions about student credit cards:

1. What is a student credit card?

A student credit card is a credit card designed for college or university students who are new to credit or have limited credit history. These cards often have lower credit limits and more relaxed eligibility requirements than standard credit cards, making them more accessible to students.

2. What are the benefits of a student credit card?

Student credit cards offer benefits such as rewards, perks, and access to credit. By using a credit card responsibly and making payments on time, students can begin to build a positive credit history and establish good financial habits.

3. What should I look for in a student credit card?

When selecting a student credit card, it’s important to consider the rewards, perks, fees, interest rates, and credit limits associated with each card. Look for a card with rewards and perks that are tailored to your needs, and make sure to understand the terms and conditions of each card.

4. Can I get a student credit card with no credit history?

Yes, many student credit cards are designed for students with limited credit history. These cards may have lower credit limits and more relaxed eligibility requirements than standard credit cards, making them more accessible to students.

5. How can I use my student credit card responsibly?

To use your student credit card responsibly, make payments on time, keep your balance low, and only use credit to cover expenses you can afford. Avoid using credit to fund unnecessary purchases or to cover expenses you cannot afford, as this can lead to financial trouble in the future.

6. What should I do if I have trouble making payments on my student credit card?

If you have trouble making payments on your student credit card, contact your credit card issuer as soon as possible. They may be able to work with you to create a payment plan or offer other options to help you manage your debt.

7. How can I avoid paying interest on my student credit card?

To avoid paying interest on your student credit card, pay off your balance in full each month. If you cannot pay off your balance in full, try to pay as much as you can and avoid carrying a high balance.

8. Can I use my student credit card to build my credit history?

Yes, using your student credit card responsibly and making payments on time can help you establish a positive credit history. This can be helpful when applying for loans, renting an apartment, or other financial transactions later in life.

9. What happens if I miss a payment on my student credit card?

If you miss a payment on your student credit card, you may be charged a late fee and may damage your credit score. It’s important to make payments on time to avoid these fees and maintain a positive credit history.

10. How can I track my credit score as a student?

Many student credit cards offer credit monitoring and alerts, which can help you track your credit score and monitor your credit history. Additionally, you can check your credit score for free through credit reporting agencies such as Equifax or TransUnion.

11. Can I apply for a student credit card if I am not a student?

No, student credit cards are typically only available to college or university students who are enrolled in a degree program. If you are not a student, you may still be eligible for other types of credit cards.

12. Can I use my student credit card outside of Canada?

Yes, many student credit cards can be used outside of Canada. However, you may be charged foreign transaction fees for purchases made in a foreign currency. It’s important to check the terms and conditions of your card before using it outside of Canada.

13. How can I increase my credit limit on my student credit card?

To increase your credit limit on your student credit card, contact your credit card issuer and request a credit limit increase. They may ask for additional information or documentation to verify your income or creditworthiness before approving a credit limit increase.

14. Can I get a rewards credit card as a student?

Yes, many student credit cards offer rewards such as cash back, points, or discounts on purchases. However, rewards credit cards may have higher fees and interest rates than standard credit cards, so it’s important to consider the costs and benefits before applying.

15. Can I get a credit card if I have no credit history?

Yes, some credit cards are designed for people with no credit history. However, these cards may have higher interest rates and lower credit limits than other credit cards, so it’s important to shop around and compare your options before applying.

16. What is the age requirement for a student credit card?

The age requirement for a student credit card may vary depending on the issuer. In general, you must be at least 18 years old to apply for a credit card. Some issuers may require you to be a certain age to be eligible for a student credit card.

17. Do student credit cards have an annual fee?

Many student credit cards come with no annual fee, but some may have an annual fee. It’s important to check the terms and conditions of each card to understand the fees associated with the card.

18. Can I get a cash advance on my student credit card?

Yes, many student credit cards allow you to get a cash advance, but this option should be used sparingly as cash advances often come with high fees and interest rates.

19. Can I transfer a balance to my student credit card?

Some student credit cards allow you to transfer a balance from another credit card, but this option should be used carefully as balance transfers often come with fees and may not be available to those with limited credit history.

20. How can I cancel my student credit card?

To cancel your student credit card, contact your credit card issuer and request to cancel your card. It’s important to pay off your balance in full before cancelling your card to avoid any additional fees or charges.