Whenever you’re at a brand new restaurant, do it’s a must to see the menu earlier than you order? Or do you eat what your foodie good friend says is nice, figuring out it’ll be wonderful? The reply may help you determine how one can decide a brand new bank card. Some individuals need the power to match their choices side-by-side, whereas others need only a few suggestions (from individuals who know what they’re speaking about). This web page gives each.
Greatest scholar bank cards in Canada: Our editors’ picks
There’s an abundance of bank cards in Canada. However the choices are slightly extra restricted for college students, who don’t essentially have a credit score rating or an annual revenue (each of that are widespread eligibility standards). That’s not a foul factor—the truth is, it makes your life simpler! As soon as you recognize what you need most out of a bank card, the selection turns into fairly clear.
| Greatest bank card by class | It is perhaps for you if… |
|---|---|
| Greatest money again bank card for college students BMO CashBack Mastercard Annual price: $0 |
You spend most of your price range on groceries and like money again to journey rewards. |
| Greatest journey bank card for college students CIBC Aeroplan Visa Card for College students Annual price: $0 |
You’re saving up for a visit and wish to earn factors towards flights and get there for much less. |
| Greatest low-interest bank card Flexi visa Annual price: $0 |
You carry a steadiness every now and then and wish to decrease curiosity prices. |
| Greatest secured bank card Residence Belief Secured Visa Annual price: $0 |
You’re constructing or rebuilding credit score and want a card with assured approval. |
| Greatest retailer bank card for college students PC Mastercard Annual price: $0 |
You store usually at Loblaw shops and wish to earn factors on groceries and necessities. |
| Greatest scholar bank card for leisure Scotiabank Scene+ Visa Card for college students Annual price: $0 |
You’re a film lover who needs to earn free tickets and reductions on snacks—or apply these factors to journey, groceries, eating, and extra. |
Must you get your individual bank card?
Having your individual bank card and being a licensed consumer—often known as a supplementary cardholder—on a guardian or associate’s account are two various things. As a licensed consumer, you’re capable of entry the credit score of the first cardholder to make purchases, usually by means of a bank card with your individual title on it. Nevertheless, these transactions don’t show you how to set up a credit score historical past or credit score rating. To construct an excellent credit score rating, you’ll want your individual bank card account—and to repay the steadiness on time usually.
Greatest cash-back bank card for college students: BMO CashBack Mastercard
The BMO CashBack Mastercard is a best choice for college students on the lookout for simple cash-back earnings. Combining no annual price with a powerful 3% money again fee on grocery purchases, this card gives college students an opportunity to earn money rewards in a high-spend class.
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BMO CashBack Mastercard
Annual price: $0
Welcome provide: Earn as much as 5% money again in your first 3 months. Situations apply.
Card particulars
| Rates of interest | 21.99% on purchases, 23.99% on money advances, 23.99% on steadiness transfers |
| Earnings required | None specified |
| Credit score rating | None specified |
Greatest journey bank card for college students: CIBC Aeroplan Visa Card for College students
The CIBC Aeroplan Visa Card is tailor-made to the wants of scholars—particularly those that can make the most of journey rewards. This student-friendly card has no annual price, and it gives a free SPC+ membership that allows you to get pleasure from financial savings of as much as 30% throughout 450-plus manufacturers.
CIBC Aeroplan Visa Card for College students
Annual price: $0
Welcome provide: earn 10,000 Aeroplan factors while you make your first buy ($200 worth)
Card particulars
| Rates of interest | 20.99% on purchases and 22.99% on money advances (21.99% in Quebec) |
| Earnings required | None specified |
| Credit score rating | None specified |
| Level worth | . |
Greatest low-interest bank card for college students: Desjardins Flexi Visa
When you received’t earn rewards with this card, the Flexi Visa from Desjardins credit score union stands out as a low-interest, no-fee bank card for college students seeking to decrease bank card debt. It additionally options advantages like restricted journey insurance coverage, rental automotive reductions, a month-to-month installment fee plan, and cell system insurance coverage.
Desjardins Flexi Visa
Annual price: $0
Rewards: Doesn’t provide rewards.
Welcome provide: None presently.
Card particulars
| Rates of interest | 10.90% on purchases and 12.90% on money advances |
| Earnings required | Not specified |
| Credit score rating | Not specified |
Greatest secured bank card for college students: Residence Belief Secured Visa
The Residence Belief Secured Visa is an efficient instrument for Canadians aiming to ascertain or rebuild their credit score historical past. You set your individual spending restrict, which might vary from $500 to $10,000. If you happen to often have hassle paying off your steadiness, you may make the most of deciding on between two rates of interest: 19.99% with no annual price or 14.90% with a $59 annual price.
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Residence Belief Secured Visa
Annual price: $0
Rewards: Doesn’t provide rewards.
Welcome provide: None presently.
Card particulars
| Rates of interest | 19.99% on purchases and 19.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 300 or greater |
Greatest retailer bank card for college students: PC Mastercard
Drugstores and grocery shops are the place many college students are inclined to spend probably the most. That makes the PC Mastercard a robust decide for many who store often at taking part shops. With earn charges starting from 10 to 30 factors per $1 relying on the shop, you may accumulate rewards rapidly.
Card particulars
| Rates of interest | 21.99% on purchases, 22.97% on money advances and % on steadiness transfers |
| Earnings required | None specified |
| Credit score rating | 560 or greater |
| Level worth | 1 PC Optimum level is value $0.001 (redeem 10,000 factors for $10) |
Greatest scholar bank card for leisure: Scotiabank Scene+ Visa
If you happen to go to film theatres to get away from dorm drama or to take a break from learning, contemplate this card. What you spend on the cinema can flip into some good perks.
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Scotiabank Scene+ Visa card
Annual price: $0
Welcome provide: Earn as much as 5,000 bonus Scene+ factors throughout the first 3 months. Provide ends Oct. 31, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | $12,000 per 12 months |
| Credit score rating | 660 or greater |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey, retailer purchases and foods and drinks at Cineplex and Scene companions |
How we decide one of the best scholar bank cards
Our editors apply their bank card experience and information of Canadians’ monetary objectives to give you choice standards that matches the wants of the meant cardholder. For college kids, we search for playing cards that haven’t any annual price, in addition to low revenue and credit score rating necessities—as a result of constructing a credit score historical past is a typical aim for individuals who use these playing cards. Past that, we contemplate the return on spending (for rewards playing cards), the acquisition APR (for low-interest playing cards), and different elements primarily based on the class. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about our choice course of and how MoneySense makes cash.
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Why belief us
MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial staff of educated journalists works carefully with main private finance consultants in Canada. That will help you discover one of the best monetary merchandise, we evaluate the choices of main establishments, together with banks, credit score unions and card issuers. Study extra about our promoting and trusted companions.
FAQs
Can a highschool scholar apply for a bank card?
Bank cards have an age restriction and, usually, revenue necessities that top college college students might not have the ability to meet. Nevertheless, that doesn’t put all bank cards fully out of attain. If a highschool scholar is the age of majority (18 or 19 years previous, relying on their province or territory), there are some choices.
Bank card candidates in highschool ought to search for playing cards that don’t require a credit score historical past and have a low or no revenue requirement. They will contemplate beginning with a secured card, the place they apply a deposit that they’ll spend, as these assist construct a credit score historical past. A strong choice is a secured bank card.
What does a highschool scholar want to use for a bank card?
Basically, candidates will want a chunk of presidency ID, a social insurance coverage quantity, a mailing tackle, an employment standing, and revenue info to use for a bank card.
I used to be declined for a scholar bank card—what can I do?
If you happen to have been declined for a card, it could should do along with your credit score historical past or your revenue. Contemplate a secured card or a bank card that’s geared toward individuals with a bad credit scoreas their necessities can be extra modest. When you received’t get the perks and advantages hooked up to different playing cards, accountable use may help you construct up your credit score rating so you may entry higher merchandise sooner or later.
Bank card suggestions for college students
You realize that you must be accountable in how you employ your bank card—however what, precisely, does that imply? Learn on for tips about utilizing your bank card to enhance your credit score rating and keep away from any issues.
1. Examine your fee due dates
You in all probability know that bank card payments arrive each month, however that doesn’t imply the due date on your fee is on the primary day. The date that begins your billing cycle depends upon if you end up accepted for the account, and it might be any day of the month. Make be aware of the due date and ensure you pay on time. Contemplate including these dates to your college calendar, too.
2. Repay your steadiness in full
If you happen to’re going to be accountable along with your bank card, you received’t use it to spend cash you don’t have. Don’t go into debt. It’s finest apply to repay your invoice in full, on time, each month. Not solely will this enhance your credit score rating, however it can additionally show you how to keep away from expensive curiosity prices.
3. Heed the minimal steadiness
If you happen to do overspend, you’ll nonetheless have to repay a few of your steadiness. Your invoice will present a complete steadiness and a minimal fee. You will need to pay at the least the minimal fee, on time and each month, it doesn’t matter what. Lacking funds is without doubt one of the worst issues you are able to do on your credit score rating. Paying solely the minimal implies that you’re accumulating curiosity on the unpaid steadiness. At a median of round 20%, this will add up rapidly.
4. Don’t overspend
In case it’s not clear: Don’t overspend! Credit score is borrowed cash, and a bank card isn’t a debit card. All the cash you cost to your card should be paid again. If you happen to don’t or can’t, you’ll end up racking up curiosity prices along with wrecking your credit standing.
5. Don’t max out your bank card
Your bank card could have a credit score restrict; that’s the amount of cash you may technically borrow on it. However spending all the best way as much as your restrict—that’s, maxing out your card—is reckless. Will probably be more durable to repay your steadiness. Use your card selectively for smaller purchases, at the least initially, and think about using debit for nearly the whole lot else.
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