The best student credit cards in Canada for 2020

The 6 best student credit cards in Canada for 2020

• Best card for cash back: BMO CashBack Mastercard
• Best card for rewards points: Scotiabank Scene Visa Card
• Best card for flexible cash back: Tangerine Money-Back Card
• Best card for Air Miles: BMO Air Miles Mastercard
• Best store card for grocery points: PC Financial Mastercard
• Best secured card for bad / building credit: Home Trust Secured Visa

The BMO CashBack Mastercard is a straight-forward, no annual fee credit card that offers 1% cash back on all purchases. There is no income requirement, although you must be a Canadian resident and at least 18 years of age to qualify. Last but not least, the BMO CashBack Mastercard has a welcome offer that lets you earn 5% cash back on everything for your first 3 months (up to $100).

Why we like it:

This credit card has the trio of features that most appeals to students: 1.) no annual fees 2.) the ability to earn rewards on everyday purchases, and 3.) no income requirement.

Since this is a cash back credit card, students won’t have to think about the complexities or limitations of loyalty programs, and can instead get an injection of cash back on their credit card bill. This can be particularly valuable for students who want to focus on saving on their everyday purchases rather than racking up points for discounted flights. The card’s three-month welcome offer of 5% is also strong, particularly for a no fee card geared towards students.

Additional perks:

This card offers purchase and extended warranty protection and discounts on rental cars from eligible National and Alamo agency locations.

If one of your favourite ways to destress from college or university life is to watch movies on the big screen, then the Scotiabank Scene Visa Card may be the right credit card for you. With this card, students can rack up SCENE points on all purchases (not just those made at Cineplex Cinemas) that can be redeemed for free movie tickets or snacks at any Cineplex location. This card has no annual fee and a low income requirement of $12,000 (ideal for those who are earning a student’s wage), but applicants must be residents of Canada and of legal age in their respective province.

Why we like it:

For student movie buffs, the Scotiabank Scene Visa Card can offer potentially more savings than a straight 1% cash back credit card. Here’s why: while a 1% cash back card will earn you $0.01 for every dollar you spend, the Scotiabank Scene Visa Card will give you 1 SCENE point – which we’ve calculated adds up to a slightly higher average value of $0.0136 per dollar when redeemed for a 3D movie or $0.0112 for a general ticket. Not to mention, purchases made at Cineplex Cinemas using this card will get you a whopping 5 SCENE points. The card also has a 2,500 point welcome bonus after only $500 is spent on the card in the first 3 months, which is a low spending threshold to hit.

Cineplex is the largest cinema chain in the country, owning and operating over 160 theatres in the country, and that means finding a theatre to use your points at is easy. SCENE points can also be redeemed at a handful of popular student restaurants including Swiss Chalet and East Side Mario’s.

Additional perks:

Cardholders can earn an additional 10% off the price of movie tickets on Tuesdays and up to 25% off car rentals at eligible AVIS and Budget locations.

While the Tangerine-Money Back Card isn’t a student credit card per se, it does offer plenty of features that appeals to most college and university students. This card charges no annual fees, has a low income requirement of $12,000 and offers the ability to earn cash back on everyday purchases.

Tangerine-Money Back cardholders can get 2% cash back in two different “money-back” spending categories of their choice (there’s a range of categories to choose from including everything from groceries and restaurants to gas and hotels, and more). This card also offers 0.5% cash back on all other non-category purchases. It’s worth noting though, you may need at least some credit history in order to be approved for this card.

Why we like it:

The ability for cardholders to choose their bonus categories is a huge perk that is unique to this card. Combined with the fact that 2% cash back is one of the highest cash back rates of any no fee credit card on the market and it quickly becomes apparent how this card made it on our list of the best student credit cards in Canada. Plus, unlike most cash back cards, the Tangerine Money-Back will deduct your cash back rewards from your credit card statement every month instead of annually.

Lastly (and arguably most importantly), cardholders can unlock a third 2% money-back category when they also open a Tangerine Savings-Account under their name. This savings account has a high return rate of 1.25% and no annual fee or minimum balance requirement, which can also help to incentive students to build their savings.

If the aforementioned BMO CashBack Mastercard piqued your interest but you’re looking to invest in a points program instead of cash back, the BMO Air Miles Mastercard may be more up your alley. This card offers 0.05 miles per dollar, charges no annual fee, and there’s no income requirement to qualify. The card also features a two-stage welcome offer of 400 miles after you make your first purchase and an additional 400 when you spend $1,000 on the card in the first three months.

The miles earned on this card can be redeemed for either Dream Miles (which can be put towards free or discounted flights on select airlines) or Air Miles Cash (that can be redeemed for purchases at Air Miles partner stores).

Why we like it:

The BMO Air Miles Mastercard offers multiple opportunities to double dip rewards as you can earn twice the Miles on eligible purchases whenever you shop at retailers that are partnered with the Air Miles program, some of which include Rexall, Sobeys, Staples, and more.

Additional perks:

This card offers the same side perks as the BMO CashBack Mastercard: purchase and extended warranty protection as well as discounts on rental cars from eligible National and Alamo agency locations.

With the PC Financial Mastercard, students will earn 25 PC Optimum points per dollar at Shoppers Drug Mart locations and 10 points on all other purchases (including those at non PC-affiliated stores). This card has no income requirement and no annual fee, however, it’s not a full-fledged student card and therefore may require a credit history in order to be approved.

Why we like it:

PC Optimum points are redeemable at a rate of 10,000 points for $10, so if you spend a lot at Shoppers Drug Mart, you can reap significantly more value from the PC Financial Mastercard than you would with a flat 1% cash back card. PC Optimum points are also redeemable at over 2,500 stores associated with the PC Optimum program – from Shoppers Drug Mart and JoeFresh to popular grocery stores such as Loblaws and No Frills – so it won’t be difficult to put your card’s points to good use.

If you’re a student who’s racked up some debt or solely want to focus on building a credit history (rather than earning rewards) then the Home Trust Secured Visa could be an option worth considering. As a secured credit card, the Home Trust Secured Visa operates a little differently than the others on this list. You’ll put forward a deposit (minimum of $500) and use that as your card’s credit limit. By making purchases against your deposit and paying back what you owe on time every month, you’ll develop a good track record of paying off debt, in turn, developing a good credit history. There’s no income requirement and no annual fees.

Why we like it:

Since this card’s credit limit is tied to a deposit of the cardholder’s own money and can start as low as $500, it can help curtail bad habits related to overspending while also helping students develop a more conscious approach to using credit cards. The Home Trust Secured Visa also accept applicants with bad credit histories, including those who have been bankrupt in the past, which can be a saving grace for students who have run into trouble and racked up debts on a previous credit card or other loans (not associated with OSAP) such as car loans or payday loans.