Credit Cards for Students: Check Out the List of the Best Ones

However, choosing the right card can be a challenging task, so seeking help to choose a good card is a great option.

This article presents a list of the best credit cards for students, highlighting their positives and negatives to help you make an informed decision.

BMO CashBack Mastercard Student

This card is considered the best student credit card in Canada for several reasons.

It stands out with its welcome offer of 5% cashback on any purchase in the first 3 months, making it ideal for buying textbooks or other essential materials at the beginning of the semester.

Additionally, it is an excellent option as it rewards responsible spending by offering cashback on necessary purchases.

Positives

• No annual fee: Ideal for students who want to avoid additional costs.
• Cashback program: 3% cashback on grocery purchases, 1% on recurring bills, and 0.5% on all other purchases.
• Fraud protection: Advanced security coverage to protect your transactions.

Negatives

• Low initial credit limit: May not be sufficient for all students.
• High interest rate: Like many credit cards, the interest rate can be high if the balance is not paid in full each month.
• Limited cashback categories: Only a few categories offer the best cashback rates.
  

 

CIBC Aeroplan Visa for Students

If you’re looking to use your college vacations for traveling, whether for backpacking or just a small trip, this card is your best choice.

Even if you don’t travel, the points can be redeemed for merchandise, gift cards, and more.

With this card, you could earn over $600 in points in the first year of use.

Positives

• Aeroplan miles accumulation: Earn miles that can be used for travel and other benefits.
• Welcome offer: Bonus miles after the first purchase.
• No annual fee: Keeps costs low for students.

Negatives

• High interest rate: Can accumulate debt quickly if the balance is not paid.
• Complex rewards program: Can be difficult to understand how to maximize the benefits of the Aeroplan program.
• Redemption restrictions: Some restrictions may apply when redeeming miles for travel.

Scotiabank Scene Visa for Students

If you are a film major or studying for it, this card is an excellent option for you.

Although movie rewards may not seem very practical, if you have a tight budget, the points can be used for various things.

You could earn up to $278.51 in Scene+ points if spending aligns with Canadian averages.

Positives

• Scene rewards: Earn Scene points that can be exchanged for movie tickets and other entertainment.
• No annual fee: More affordable for students.
• Purchase protection: Additional coverage for purchases made with the card.

Negatives

• High interest rate: Beware of debt if the balance is not paid.
• Limited rewards: Scene points are mainly for entertainment, not as versatile as other rewards.
• Limited benefits: Fewer benefits compared to other student cards.
  

 

 

TD Rewards Visa Card

This card is much cheaper and economical, offering a median interest rate for holders.

It has a high earning rate and a significant possibility of earning points for large redemptions.

Moreover, it offers great value for a card with no annual fee.

Positives

• Flexible rewards program: Earn points that can be used for travel, merchandise, gift cards, and more.
• No annual fee: Eases financial management for students.
• Welcome offer: Bonus points after the first purchase.

Negatives

• High interest rate: Common in credit cards, can be problematic if not managed.
• Low credit limit: May be insufficient for some student needs.
• Specific points categories: Earning points faster depends on spending in certain categories.

Tangerine Money-Back Card

With this card, you can ensure you earn unlimited cashback, with a rate of 2% in up to three categories.

Additionally, you still earn 0.5% cashback on all your other purchases, even if they are not within your chosen categories.

Positives

• Cashback program: Choose three categories for 2% cashback and 0.5% on all other purchases.
• No annual fee: Keeps costs low.
• Flexibility: Ability to change cashback categories.

Negatives

• Low initial credit limit: May not meet all students’ needs.
• High interest rate: Standard in credit cards, requires attention to full balance payment.
• Fewer additional benefits: Compared to other cards, it offers fewer extra benefits.

BMO Air Miles Mastercard Students

This card accumulates air miles for all your purchases, and depending on your spending, these points can be spent much more easily.

You could earn up to $142.17 in cash in the first year of using this card, excluding welcome bonuses.

Additionally, it is an excellent option as it has no fees and is easy to qualify for, making it ideal for students.

Positives

• Air Miles accumulation: Earn miles that can be used for travel and other rewards.
• No annual fee: Accessible for students.
• Fraud protection: Advanced security for transaction safety.

Negatives

• High interest rate: Can be costly if the balance is not paid.
• Complex rewards program: Can be difficult to maximize the benefits of the Air Miles program.
• Redemption restrictions: Limitations may apply to using the miles.
  

 

 

CIBC Dividend Visa Card for Students

This card is very good for students as it has no annual fee and also offers cashback in useful categories such as groceries, gas, transportation, and dining.

It also has very advantageous security, with insurance coverage and many other benefits, such as an SPC+ membership.

You could also earn up to $295.14 in cashback annually, based on average Canadian spending.

Positives

• Cashback program: Earn cashback on all purchases, with bonuses in certain categories.
• No annual fee: Ideal for students with a limited budget.
• Fraud protection: Additional security for transactions.

Negatives

• High interest rate: Like other credit cards, requires care to avoid debt.
• Low initial credit limit: May not be sufficient for all students.
• Limited cashback categories: Less versatile compared to some competitors.

Choosing the right credit card is an important decision, especially for college students.

Each card has its own benefits and drawbacks, so it is crucial to evaluate your needs and spending habits.

Remember to consider interest rates, credit limits, and rewards programs when making your choice.

With the right information, you can find a card that helps build your credit and make the most of your purchases. Check out tips of credit cards for bad credit.