Student credit cards offer multiple benefits, including affordable rates, discounts on student-related items and supplies, no annual fees, and the opportunity to build a solid credit history.
Student Credit Cards
Student cards are offered by small financial institutions and big banks such as the BMO, CIBC, Toronto-Dominion, and others. When looking for student credit cards Canada offers a selection of low-cost options to the student population.
Best Student Credit Cards
The best cards go with low rates, no foreign transaction fees, no overlimit fees, and no penalty fees on the first late payment. When shopping for the best student credit cards Canada offers great options to domestic and international students. Students have special needs and limited finances to make daily purchases, buy textbooks and supplies, and pay for room and board. With the best credit card Canada based students, both domestic and international, enjoy better purchasing power and quality of life.
Capital One Secured Credit Card
The secured credit card by Capital One is one option for full-time students who seek to build credit. This is a secured MasterCard that goes with no transfer fees and low annual fee. The maximum credit line is set at $3,000 and the minimum is $200. Like other credit cards for bad credit, this is a secured card that requires a deposit and payments are reported by the financial institution to the major bureaus.
Instant Approval Credit Cards Canada
Instant approval cards are usually offered by finance companies and banks and feature international acceptance, low introductory rates on deposits and transfers, no annual fees, and other benefits. Many establishments require good credit. Instant approval cards come with beneficial features such as long grace periods of up to 55 days, free supplementary cards, and easy application process. Some cards are also used to transfer high-interest balances.
RBC Student Credit Card
RBC offers a selection of borrowing tools, including student cards with cash back and no annual fees. Signature RBC Rewards Visa is available to students and offers the option to collect bonus points. Other cards that are available to students are the Cash Back MasterCard and RBC Rewards Visa Gold. The grace period is 21 days. An RBC credit card is a good choice for students who are new to credit, and they benefit from long-distance savings.
Scotiabank Student Credit Card
This is yet another option to build good credit and enjoy generous rewards. The scotiabank credit card comes is two versions designed for students, L'earn Visa and SCENE Visa. Students earn money rewards and are offered discounts on movie snacks and car rentals. Both cards go with no annual fee for additional savings.
TD Student Credit Card
Toronto-Dominion offers three cards that are suitable for students, TD Emerald Visa, TD Green Visa, and TD Classic Travel Visa. The good news is that td credit cards for students go with no or low annual fees and additional authorized cards offered free of charge. Some students are offered a low credit limit of $500, but there are many benefits. TD Classic Travel Visa, for example, offers rewards points to pay travel-related expenses such as park passes, car rentals, hotel stays, and so on. Points can be redeemed to purchase a trip as well. Another td credit card is Emerald Visa, which goes with no annual fee and preferred rates on car rentals. The td secured credit card is available to customers who need to rebuild credit and newcomers to Canada. The deposit made, along with other factors, determines the credit limit offered. Customers are offered secured versions of different credit cards, including TD Green Visa and TD Classic Travel Visa. In addition to secured cards, there are different td visa credit card options for worry-free travel and shopping. Customers are offered no annual fee, cashback, and other Visa cards with affordable rates. They enjoy financial flexibility and freedom and are offered access to low-cost borrowing options.
CIBC Student Credit Card
CIBC also offers student credit cards with cash advances of up to $1,000, no annual fee, and convenient mobile payment and mobile banking apps for secured purchases. The Classic Visa Card for Students offered by CIBC is one option to build credit. The card comes with optional and included features such as common carrier accident coverage for safe and secure travel. Students can choose from different cards that are available to them, including CIBC Classic Visa, CIBC Aventura Visa, Tim Hortons Double Double Visa, and CIBC Aero Platinum Visa. CIBC Aventura, for example, offers a large complimentary bonus of 5,000 rewards points and no annual fee. CIBC Tim Hortons is another option that offers coffee rewards and perks. The best part is that there is no minimum income requirement which makes this card particularly suitable for college students. CIBC Aero Platinum is yet a fourth option that offers bonus miles for grocery shopping, gas, and more. Rewards points are also earned at participating retailers and establishments, including inns, hotel chains, restaurants, and spas. A long-haul flight to the U.S. and Canada is worth 25,000 points.
Bank of Montreal Student Credit Cards
The Bank of Montreal offers two student credit cards with specialty features and no annual fees. The BMO SPC** AIR MILES MasterCard* comes with perks such as airmiles and free rewards and is a good pick for frequent travelers. Benefits:
- Discounts on dining, fashion, and other purchases
- Complimentary bonuses
- Student discounts
- Exclusive rewards program
This card features a competitive interest rate of 19.8 percent and is offered to Canadian permanent residents.
The BMO SPC** CashBack MasterCard* is another option for college students and comes with security features, travel benefits, and cash rebates. This card is ideal for customers who love to get cash back and discounts.
Annual fee: zero
Interest rate: 19.9 percent
Earn rate: 1$ back per $200 in purchases
Students enjoy generous discounts on travel, beauty, fashion, sports, and dining, along with added benefits such as roadside assistance, travel protection, and identity theft assistance. Whether applying for the rewards or cashback option, BMO requires information such as social insurance number, loan, credit card, and mortgage payments, amount and source of income, and employment details such as start date and address and name of employer.