How to Earn and Use Miles & Points as a Student

Miles & Points are for Students Too!

When I first started my Miles & Points journey, I was in my last year at university. I wished I had started sooner, especially when the only credit card I had at the time was a student CIBC Aeroplan Platinum card, where the primary earning rate was 1x in Aeroplan points on Gas, Grocery, and Air Canada purchases. 

Students should try to save as much as possible from all their different spending, whether it’s tuition, rent, groceries, or anything else. To make the most out of it, find ways to earn points and miles from these costs to help offset expenses and plan for future travel after graduation. Let’s explore how students can use loyalty programs and credit products to their advantage!

Unique Spending Opportunities for Students

Tuition and rent are students’ most significant expenses during their academic career. Both can total tens of thousands of dollars (or more) after completing all their studies. Although these may be huge expenses, specific ways exist to get credit back and re-apply it to future costs or travel.

Tuition

Thousands of dollars are spent on tuition when studying full-time. Institutions usually only accept payments through cash in person, a wire transfer, or through a debit service like Interac e-transfer. Some schools will accept credit card payments directly. 

However, beware that these can come with a high transaction fee. For example, when I studied at UBC, they charged 2.5% if I paid with a credit card. This can still be worthwhile if your card has a high earning rate in a strong program, or if you are meeting a minimum spend requirement. 

Another avenue if there is no credit card payment option offered directly by the school is a service called Plastiq, which allows you to pay bills like tuition with a credit card. Note that this also comes with modest fees starting at 2.9%. 

If you have a student loan through a bank, some banks are also available on Plastiq.

If you don’t want to go with the third-party solution, eligible Canadian citizens and permanent residents can take out interest-free student loans from the government. Although you can’t earn miles and points from taking out a student loan, having extra cash is helpful for any unexpected expenses or to pay off your credit card bills.

Rent

You can use Chexy to pay rent during your study period. Chexy allows users to use their credit cards to make e-transfer payments to their landlord, often the next day after. Check out our in-depth guide on how to use Chexy!

There is a fee of $1 plus 1.75%, which may not make sense for students who have a credit card with a basic 1:1 points or cashback rate. Tangerine does offer a $0 annual fee credit card with a 2% cash back rate if you select recurring payments as one of the earning categories, which will earn you 0.25% back on your rent after fees. I would recommend that students with a part-time job should apply for the card as there is a $12,000 income requirement, though often credit limits for students may be low due to the lack of credit history. 

If you have credit in good standing or have an income over $60,000 or a household income over $100,000, I would recommend using the Scotiabank Momentum Visa Infinite Card for payments instead, as it earns 4% cashback on recurring bill payments. Not only does it cover the transaction fees that Plastiq or Chexy impose, but cashback is also a lot easier to understand if miles and points are too complicated.

Maximizing Loyalty Programs and Discounts for Students

Students have access to various discounts in different spending categories. For those who attend school away from their home area, these discounts will be very valuable whenever you travel back home or find a job in a different region. Various student credit cards can enhance these discounts as well.

Travel

Air Canada

Air Canada Aeroplan offers 25 different flight passes for students, including long-haul destinations. A flight pass contains a number of flight credits, where one flight is redeemed per flight credit. For example, an itinerary from Vancouver to Toronto with a connection in Calgary will use up two credits: one from Vancouver to Calgary and another from Calgary to Toronto.

The cost per flight credit compared to booking individual flights yourself is a little higher, though any bookings made with the flight pass include seat selection and a lot more flexibility. With dynamic pricing, flight passes are great for last-minute bookings, where credits can be redeemed as late as two hours before departure. Flight passes can also be counted toward Air Canada Aeroplan Elite Status qualifications with SQS, SQM, and SQD.

Flight passes don’t have any stated blackout dates. However, flight credits are only valid for one year. There are options to extend any unused flight credits by three months for a fee.

Amtrak

Students have access to a year-round 15% off discount on rail travel, with no blackout dates. If you’re in a Canadian city with Amtrak service, taking the train is much slower but is more scenic than flying. It’s also a lot cheaper, plus you’ll have the freedom to roam around the train, without a middle seat as well.

SPC Card

The Student Price Card (SPC) is a $11.99 monthly membership service providing exclusive discounts to students. Similar to a CAA Membership, SPC has various discounts on a variety of categories including food and travel, like at Tim Hortons, Uber Eats, and Church’s Chicken. CIBC student banking account holders receive a complimentary SPC+ membership at sign up. Some discounts are only available to SPC+ members, including up to 20% off at Days Inn properties, a Wyndham brand.

Accommodations

For those lucky enough to have hotels near their campus, consider staying at hotels to build brand loyalty. I recommend taking advantage of welcome bonuses if you can or having some sort of savings because it can be expensive committing to mattress running with a student budget.

For example, I like to stay at properties convenient during exam weeks or any late-night events, especially as a commuter who doesn’t live around campus. They’re also great if you wanna get some late-night studying done away from the distractions you might get at home, where lounges become quiet and emptier versions of study rooms. 

These stays contribute to my progress towards Marriott Bonvoy Lifetime Status, where at this rate, I’ll have Platinum Lifetime Elite status before I hit 40. As a bonus, my midterm exam week and reading break this year are within the Marriott extra elite night promotion, where one night is credited as two Elite Night credits plus a 1000 Marriott Bonvoy points bonus.

The Best Credit Cards and Bank Accounts for Students

Credit Cards for Students

Credit cards are an excellent way for students to build credit scores and start their miles and points journey. I didn’t consider the points game seriously until I was in my last year of post-secondary, though I wish I had started as soon as I turned 18. The top credit card in my wallet as a student is the American Express Cobalt Card, which has a fantastic food and grocery earning rate. Kirin recently wrote an in-depth article all about credit cards for students.

Air Canada Aeroplan co-branded student credit cards are also available through CIBC, with a $0 annual fee. The credit card is the exact same as the CIBC Aeroplan Visa Card, though marketed towards the student demographic. The card isn’t very flashy in terms of benefits or earning, but it’s a decent starter card as all Aeroplan credit card holders receive a small discount on flight redemptions in addition to no points expiration.

Some schools have co-branded credit cards for those who want to support their alumni association. BMO has cards branded with UBC, McMaster, NAIT, SFU, University of Saskatchewan, University of Waterloo and Wilfred Laurier University. All of them have either a cashback card, with a 5% cash back bonus for the first 3 months, or an Air Miles co-co-branded card, with a 800 Air Miles welcome bonus. These cards offer no annual fee, which is not bad for the CashBack card with a 3% cash back rate after the welcome promotion ends.

Bank Accounts for Students

Student bank accounts offer full-service banking services at low to no fee until graduation or a certain period after graduation. Most student products at banks have a low barrier of entry for post-secondary students since it’ll usually be their first credit product. Getting a credit card early also helps build your credit score, which can unlock better-earning credit products and other financial products, like a Line of Credit, at a lower rate. If you have a student loan, you’ve already started building your credit score!

All of the big five banks offer a student chequing account product for post-secondary students. They all have no annual fee and unlimited free debit transactions, including Interac e-Transfers.

My primary student bank account is with CIBC, which has the best chequing account support after post-secondary studies, plus many discount benefits through SPC+.

Although student bank accounts may offer a discounted way to keep account balances and collect savings, some non-student banking products offer very similar rates and benefits without charging a fee after the student account period ends. My secondary account is the Simplii Chequing and Savings, with no annual fees, ATM access, and withdrawals at CIBC branches. Check out our article on the Best Bank Accounts in Canada!

Conclusion

Although students have tight budgets, there are different ways that they can squeeze the value and points out of each spend. From exclusive discounts to low-barrier-of-entry banking products, there is a variety of ways that students can start their miles and points journey! Moreover, when applying for some of the credit cards or banking products through our links above, Frugal Flyer will send you FlyerFunds cash rebates, as a thank you for following along with us!