Whenever you’re at a brand new restaurant, do you must see the menu earlier than you order? Or do you eat what your foodie buddy says is nice, figuring out it’ll be superb? The reply might help you determine how you can decide a brand new bank card. Some folks need the power to check their choices side-by-side, whereas others need just some suggestions (from individuals who know what they’re speaking about). This web page provides each.
Finest pupil bank cards in Canada: Our editors’ picks
There’s an abundance of bank cards in Canada. However the choices are just a little extra restricted for college kids, 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—in reality, it makes your life simpler! As soon as what you need most out of a bank card, the selection turns into fairly clear.
| Finest bank card by class | It may be for you if… |
|---|---|
| Finest money again bank card for college kids BMO CashBack Mastercard Annual payment: $0 |
You spend most of your funds on groceries and like money again to journey rewards. |
| Finest journey bank card for college kids CIBC Aeroplan Visa Card for Students Annual payment: $0 |
You’re saving up for a visit and wish to earn factors towards flights and get there for much less. |
| Finest low-interest bank card Flexi Visa Annual payment: $0 |
You carry a stability every so often and wish to decrease curiosity costs. |
| Finest secured bank card Home Trust Secured Visa Annual payment: $0 |
You’re constructing or rebuilding credit score and want a card with assured approval. |
| Finest retailer bank card for college kids PC Mastercard Annual payment: $0 |
You store usually at Loblaw shops and wish to earn factors on groceries and necessities. |
| Finest pupil bank card for leisure Scotiabank Scene+ Visa Card for students Annual payment: $0 |
You’re a film lover who desires to earn free tickets and reductions on snacks—or apply these factors to journey, groceries, eating, and extra. |
Do you have to get your personal bank card?
Having your personal bank card and being a certified consumer—also called a supplementary cardholder—on a dad or mum or accomplice’s account are two various things. As a certified consumer, you’re in a position to entry the credit score of the first cardholder to make purchases, usually via a bank card with your personal identify on it. Nevertheless, these transactions don’t assist you to set up a credit score historical past or credit score rating. To construct a superb credit score rating, you’ll want your personal bank card account—and to repay the stability on time frequently.
Finest cash-back bank card for college kids: BMO CashBack Mastercard
The BMO CashBack Mastercard is a best choice for college kids in search of simple cash-back earnings. Combining no annual payment with a powerful 3% money again price on grocery purchases, this card provides college students an opportunity to earn money rewards in a high-spend class.
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BMO CashBack Mastercard
Annual payment: $0
Welcome supply: 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 stability transfers |
| Earnings required | None specified |
| Credit score rating | None specified |
Finest journey bank card for college kids: 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 payment, and it supplies a free SPC+ membership that permits you to take pleasure in financial savings of as much as 30% throughout 450-plus manufacturers.
CIBC Aeroplan Visa Card for College students
Annual payment: $0
Welcome supply: earn 10,000 Aeroplan factors if 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 | . |
Finest low-interest bank card for college kids: 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 kids seeking to decrease bank card debt. It additionally options advantages like restricted journey insurance coverage, rental automobile reductions, a month-to-month installment fee plan, and cellular machine insurance coverage.
Desjardins Flexi Visa
Annual payment: $0
Rewards: Doesn’t supply rewards.
Welcome supply: None right now.
Card particulars
| Rates of interest | 10.90% on purchases and 12.90% on money advances |
| Earnings required | Not specified |
| Credit score rating | Not specified |
Finest secured bank card for college kids: Dwelling Belief Secured Visa
The Dwelling Belief Secured Visa is an efficient instrument for Canadians aiming to determine or rebuild their credit score historical past. You set your personal spending restrict, which might vary from $500 to $10,000. If you happen to sometimes have hassle paying off your stability, you’ll be able to make the most of choosing between two rates of interest: 19.99% with no annual payment or 14.90% with a $59 annual payment.
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Dwelling Belief Secured Visa
Annual payment: $0
Rewards: Doesn’t supply rewards.
Welcome supply: None right now.
Card particulars
| Rates of interest | 19.99% on purchases and 19.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 300 or larger |
Finest retailer bank card for college kids: PC Mastercard
Drugstores and grocery shops are the place many college students are inclined to spend essentially the most. That makes the PC Mastercard a robust decide for many who store continuously at collaborating shops. With earn charges starting from 10 to 30 factors per $1 relying on the shop, you’ll be able to accumulate rewards shortly.
Card particulars
| Rates of interest | 21.99% on purchases, 22.97% on money advances and % on stability transfers |
| Earnings required | None specified |
| Credit score rating | 560 or larger |
| Level worth | 1 PC Optimum level is price $0.001 (redeem 10,000 factors for $10) |
Finest pupil 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 finding out, take into account this card. What you spend on the cinema can flip into some good perks.
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Scotiabank Scene+ Visa card
Annual payment: $0
Welcome supply: 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 stability transfers |
| Earnings required | $12,000 per yr |
| Credit score rating | 660 or larger |
| 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 the very best pupil bank cards
Our editors apply their bank card experience and data of Canadians’ monetary objectives to give you choice standards that matches the wants of the supposed cardholder. For college kids, we search for playing cards that haven’t any annual payment, in addition to low revenue and credit score rating necessities—as a result of constructing a credit score historical past is a standard objective for individuals who use these playing cards. Past that, we take into account the return on spending (for rewards playing cards), the acquisition APR (for low-interest playing cards), and different elements based mostly on the class. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about our selection process and how MoneySense makes money.
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Why belief us
MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial group of educated journalists works carefully with main private finance consultants in Canada. That will help you discover the very best monetary merchandise, we evaluate the choices of main establishments, together with banks, credit score unions and card issuers. Learn more about our advertising and trusted partners.
FAQs
Can a highschool pupil apply for a bank card?
Bank cards have an age restriction and, usually, revenue necessities that top faculty college students could not have the ability to meet. Nevertheless, that doesn’t put all bank cards totally out of attain. If a highschool pupil 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 take into account beginning with a secured card, the place they apply a deposit that they will spend, as these assist construct a credit score historical past. A stable choice is a secured credit card.
What does a highschool pupil want to use for a bank card?
Usually, candidates will want a chunk of presidency ID, a social insurance coverage quantity, a mailing tackle, an employment standing, and revenue data to use for a bank card.
I used to be declined for a pupil bank card—what can I do?
If you happen to had been declined for a card, it could must do together with your credit score historical past or your revenue. Think about a secured card or a credit card that’s aimed at people with bad credit, as their necessities will probably be extra modest. When you received’t get the perks and advantages hooked up to different playing cards, accountable use might help you construct up your credit score rating so you’ll be able to entry higher merchandise sooner or later.
Bank card suggestions for college kids
it’s worthwhile to be accountable in how you utilize your bank card—however what, precisely, does that imply? Learn on for recommendations on utilizing your bank card to enhance your credit score rating and keep away from any issues.
1. Test 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 will depend on if you end up authorised for the account, and it might be any day of the month. Make word of the due date and ensure you pay on time. Think about including these dates to your faculty calendar, too.
2. Repay your stability in full
If you happen to’re going to be accountable together 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 assist you to keep away from pricey curiosity costs.
3. Heed the minimal stability
If you happen to do overspend, you’ll nonetheless must repay a few of your stability. Your invoice will present a complete stability and a minimal fee. It’s essential to pay at the least the minimal fee, on time and each month, it doesn’t matter what. Lacking funds is likely one of the worst issues you are able to do on your credit score rating. Paying solely the minimal signifies that you’re accumulating curiosity on the unpaid stability. At a mean of round 20%, this will add up shortly.
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 costs along with wrecking your credit standing.
5. Don’t max out your bank card
Your bank card can have a credit score restrict; that’s the sum of money you’ll be able to technically borrow on it. However spending all the way in which as much as your restrict—that’s, maxing out your card—is reckless. It will likely be tougher to repay your stability. Use your card selectively for smaller purchases, at the least initially, and think about using debit for nearly the whole lot else.
