Summer’s almost over and it’s time to go back to school.
There’s sure to be a lot to buy as you head back to campus. Textbooks and school supplies aren’t free, and neither are moving day expenses or the obligatory Labour Day pizza parties and evenings at the bar.
Today, let’s take a look at the best credit cards for students to consider having in your wallet this autumn that will reward you for spending while you study.
Why Should Students Get Credit Cards?
With anxiety rising over the cost of tuition and living expenses, the reasonable question to ask is: why should a student get a credit card? Surely, with student loans costing so much, credit cards can only be detrimental?
The answer of course depends on the cardholder. If you intend on carrying a balance or paying interest, stop right here and stick to using a debit card. There’s no reason to go further into debt while trying to get through your studies.
However, if you can financially support yourself enough to always pay your bills on time and in full, and not spend more on your credit cards than you can afford, credit cards are one of the premiere ways to upgrade your student lifestyle.
Spending on credit cards can get you access to lucrative welcome bonuses and points programs that will help you subsidize those Reading Week and Summer travel outings. They can also get you cold, hard cash to help out with daily living costs.
On top of this, responsible credit usage helps build your credit score and increases the age of your credit history, so don’t hesitate to start even while still at school. Good personal finance habits are worth implementing earlier on in your life and career, so you can benefit down the line.
How Can Students Get Credit Cards?
Now that we’ve established students can have credit cards, the practical question becomes: how do you get one in your hands?
Many students take out loans from their banks or provincial governments, and these may have the option to bundle a student credit card with the study package. An added bonus is that credit cards that are branded as being for students may have low or even no minimum personal or household income requirements so long as you’re studying and can maintain reasonable financial health.
If you do work, remember that this will provide you with income to declare when making your credit card application. There are also plenty of bursaries, grants, and scholarships available to those attending post-secondary educational institutions, so don’t forget to include these.
For those still living at home or with a significant other, you can also list your household income when making the application. While you never want to have to rely on parents to pay your bills, putting down their income (with their permission, of course) will help improve your odds of approval. If you are approved, you may be met with a minimal credit limit on your first credit card, but you can request a credit limit increase once you have proven responsibility with the card over time.
Be advised: International students may be eligible for credit card products, but will often be best served by going to a branch in person to apply.
The Best Student Credit Cards in Canada
Our list of the best student credit cards in Canada below represents those cards that we at Frugal Flyer believe strike the perfect balance between being easy to get approved for, providing excellent rewards, and being a good fit for those still studying.
Some of these cards may have income requirements or may not be clearly denoted as a “Student” credit card, but we’ve only included credit cards that we are certain that students can get approved for.
American Express Cobalt Card
The first card on our list is arguably one of the greatest credit cards in Canada: the American Express Cobalt card.
The American Express Cobalt card earns Membership Rewards points and gives cardholders the opportunity to earn 5x Membership Rewards on eligible restaurant, food delivery, and grocery store purchases.
In 2024, we selected this card to receive the award Best Credit Card for Grocery Purchases.
Check out our American Express Cobalt card review for more details.
15,000 Membership Rewards
$9,000
$174+
$156
Yes
–
To frequent readers of Frugal Flyer, this product needs no introduction. While it does have a monthly fee, for only $12.99 a month it provides 5x the Membership Rewards points on dining and groceries, 3x Membership Rewards points on select streaming services, 2x Membership Rewards points on gas, rideshare, and public transportation (as well as on travel such as flights and cruises until October 8th, 2024 only), and 1x on all other purchases.
It also includes a bevy of travel insurance, such as out-of-province medical insurance, and especially useful mobile device insurance so long as you purchase your mobile device outright with this card, or pay your monthly bill with it (up to $1,000 over 2 years).
Even though it isn’t promoted for students, we believe this is the best student credit card in Canada because it’s the easiest to understand and the rewards are excellent. It has no minimum personal or household income requirements and can earn you a huge amount of points on your regular spending.
Better yet, American Express Membership Rewards points can be transferred to frequent flyer travel programs such as Air Canada Aeroplan, or redeemed for 1 cent per point on all other purchases.
Tangerine Money-Back Credit Card
The next credit card on our list gives every cardholder an amazing level of customization with no annual fee: the Tangerine Money-Back Credit Card.
The Tangerine Money-Back credit card earns cash back and allows cardholders to choose three accelerated spending categories to increase their cash back earnings.
Check out our Tangerine Money-Back credit card review for more details.
$100 cash back
$1,000
$100+
$0
Yes
Oct 31, 2024
This card is excellent because it earns 0.5% cashback on all transactions, plus 2% cashback on two categories of your choice. Cardholders can unlock a third money-back category when they have their earned cash back deposited automatically into a Tangerine Savings Account.
Bonus category options range from the ever-popular groceries, gas, and entertainment all the way to the esoteric, such as furniture. That makes this the only card in Canada to earn 2% on everything but Swedish meatballs during the annual mandatory back-to-school trip to Ikea. Cash back can be paid as a statement credit or deposited to a Tangerine Savings account.
Do be advised: this credit card requires a gross annual income of at least $12,000 from employment or bursaries, so please ensure that you meet the personal or household eligibility requirements before applying.
You can earn $0 in FlyerFunds cash rebates in addition to the welcome bonus when you are approved for the Tangerine Money-Back Credit Card! Apply now.
Scotiabank Scene Visa Card
For those of you wishing to dip your toes into the wonderful Scene+ Rewards program with a credit card that has no annual fee, the Scotiabank Scene Visa card is the premiere choice.
The Scotiabank Scene Visa card earns Scene+ Rewards points and gives cardholders the opportunity to earn 5x Scene points on purchases at Cineplex.
5,000 Scene+
$1,000
$50+
$0
Yes
Oct 31, 2024
The earn rates are:
- 2 Scene+ points for every dollar spent at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.
- 2 Scene+ points for every dollar spent on purchases at Cineplex theatres and online at cineplex.com (such as movie tickets, movie rentals, and concessions).
- 1 Scene+ point for every dollar spent on all other everyday purchases.
Scene+ is one of the best options for students in 2024 because Scene+ can be redeemed at 1 cent per point on all travel categories, as well as every grocery and liquor store on the previous list. The card requires a minimum of $12,000 in income per year.
You can earn $50 in FlyerFunds cash rebates in addition to the welcome bonus when you are approved for the Scotiabank Scene Visa card! Apply now.
CIBC Aeroplan Visa Card for Students
For students wishing to start their globe-trotting journey on Miles & Points while spending less money, the CIBC Aeroplan Visa Card for Students offers one of the most tempting options.
This is because it has no annual fee, requires no minimum income, and gives cardholders the ability to start earning in the valuable Aeroplan program.
The card earns 1 Aeroplan point for every $1 spent on all gas, grocery, EV charging, and Air Canada purchases, and then 1 Aeroplan point for every $1.50 spent on everything else (a net earn rate of 0.66 Aeroplan per $1 spent).
These points can then be used in earnest for your first Aeroplan trips. While it’s perhaps unlikely to get you into business class anytime soon, everyone has to start somewhere. Plus, it’s the lowest credit card on the Aeroplan tier list… you can always product switch or apply for the more powerful CIBC Aeroplan Visa Infinite card later.
You can apply for the CIBC Aeroplan Visa Card for Students here.
BMO CashBack Mastercard for Students
The BMO CashBack Mastercard for Students is great because it has no stated numerical employment income requirements and no annual fee. BMO only requires that you have some kind of income, in any amount, from either employment, scholarships, or bursaries.
If you are a student between 18 and 24, possess some form of income, and are engaged in full-time studies then you are eligible for the BMO Cashback Mastercard for Students. This product comes with a flat earn rate of 0.5% cashback on all normal purchases.
There are also two earning multiplier categories: 3% cashback on groceries up to $500 in purchases within a single statement period, and 1% cashback on regularly recurring bill payments such as cell phones or streaming services for the first $500 in purchases within a statement period.
If you meet the minimum income requirements of at least $15,000 a year in employment income, scholarships, or bursaries, consider the regular version of this card, the BMO Cashback Mastercard.
If you do apply for the regular version of this credit card, you can earn $50 in FlyerFunds cash rebates in addition to the welcome bonus when you are approved for the BMO CashBack Mastercard! Apply now.
Rogers Red Mastercard
The Rogers Red Mastercard offers an interesting prospective credit card for any student because it has no stated minimum income requirements and no annual fee. This should make approval much easier, especially if you do have any kind of employment, scholarship, or bursary income, or are living in a household situation to support your application.
With the Rogers Red Mastercard, Rogers, Fido and Shaw postpaid customers can earn 2% cash back on all eligible purchases and get a 1.5x redemption bonus on Rogers, Fido and Shaw purchases – a 3% cash back value.
Check out our Rogers Red Mastercard review for more details.
$60 cash back
$0
$60+
$0
Yes
–
The best reason to seek this card is if you’re a Rogers, Fido, or Shaw postpaid customer, in which case you earn 2% cashback on all transactions.
If you’re not, you may not wish to consider this card even though it does earn 2% cashback on purchases in US Dollars (for a net foreign transaction fee of 0.5%), and 1% cashback on all other purchases. While it might not be one of the best credit cards with no foreign exchange fees, it still is a good option compared to most cards in Canada.
The reason this is an amazing option for students is that Rogers, Fido, and Shaw postpaid customers not only earn 2% on all transactions but can redeem this at a 50% bonus against services such as cellphone or internet bills sold by one of those three companies. This makes the effective earning rate of 3% cashback, the highest of any student-friendly credit card on this list.
Note that if you are a student who is new to credit, you will need to go to a physical Rogers store to apply for this card as the online application flow does not currently give students an opportunity to validate their student status. We will update this article once students are available to apply online.
You can earn $50 in FlyerFunds cash rebates in addition to the welcome bonus when you are approved for the Rogers Red Mastercard! Apply now.
Consider: Secured Credit Cards
If you can’t get approved for one of the above credit cards, or want to make sure that you’re being extra fiscally responsible, perhaps consider getting a secured credit card.
Secured credit cards require a security deposit, but usually have very high odds of approval. The credit limit you receive may only be equal to the amount that you provide as a security deposit but is often much higher depending on your history and creditworthiness.
Regardless, this is a good option because not only do secured cards have a high chance of approval and funds deposited to secure any purchases you make against default, but they also report to the major credit bureaus, helping you to continue building your credit history.
The best secured credit card we recommend here at Frugal Flyer is the Neo Financial Secured Credit Card.
The Neo Financial Secured credit card earns up to 5% cashback at partner retailers, a minimum of 0.5% across all purchases, has no annual fees, and is guaranteed approval with only a $50 minimum deposit. In 2024, we selected this card as the Best Secured Credit Card.
Check out our Neo Secured Credit Card review for more details.
$25 cash back
$0
$25+
$0
Yes
–
This card offers guaranteed approval and earns up to 5% cashback at the many partners that Neo has across Canada. Better yet, if your purchases on average make less than 1% cashback in a given month, Neo steps in to ensure that all purchase cashback is topped up to 0.5% cashback. Not bad for a secured card.
You can earn $25 in FlyerFunds cash rebates in addition to the welcome bonus when you are approved for the Neo Secured Credit Card! Apply now.
Conclusion
We hope that you’ve found our list of the best credit cards for students useful. Each of these products has been identified and vetted by the Frugal Flyer team as being appropriate for the needs of the modern on-the-go student, and we intend for you to be able to improve your educational experience by applying for any of these products.
Until next time, study hard and reward yourself harder.
Kirin Tsang
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