Once you’re at a brand new restaurant, do you must see the menu earlier than you order? Or do you eat what your foodie pal says is nice, understanding it’ll be wonderful? The reply will help you determine how you can choose a brand new bank card. Some folks need the flexibility to check 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 pupil bank cards in Canada: Our editors’ picks
There’s an abundance of bank cards in Canada. However the choices are somewhat extra restricted for college kids, who don’t essentially have a credit score rating or an annual earnings (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.
| Greatest bank card by class | It is likely to be for you if… |
|---|---|
| Greatest money again bank card for college kids BMO CashBack Mastercard Annual charge: $0 |
You spend most of your funds on groceries and like money again to journey rewards. |
| Greatest journey bank card for college kids CIBC Aeroplan Visa Card for College students Annual charge: $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 charge: $0 |
You carry a steadiness once in a while and wish to decrease curiosity costs. |
| Greatest secured bank card Residence Belief Secured Visa Annual charge: $0 |
You’re constructing or rebuilding credit score and wish a card with assured approval. |
| Greatest retailer bank card for college kids PC Mastercard Annual charge: $0 |
You store usually at Loblaw shops and wish to earn factors on groceries and necessities. |
| Greatest pupil bank card for leisure Scotiabank Scene+ Visa Card for college kids Annual charge: $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. |
Must you get your personal bank card?
Having your personal bank card and being a licensed person—often known as a supplementary cardholder—on a dad or mum or companion’s account are two various things. As a licensed person, you’re capable of 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 show you how 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 steadiness on time repeatedly.
Greatest cash-back bank card for college kids: BMO CashBack Mastercard
The BMO CashBack Mastercard is a best choice for college kids on the lookout for simple cash-back earnings. Combining no annual charge with a formidable 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 charge: $0
Welcome supply: Earn as much as 5% money again in your first 3 months. Circumstances 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 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 charge, 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 charge: $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 | . |
Greatest low-interest bank card for college kids: Desjardins Flexi Visa
Whilst you gained’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 trying to decrease bank card debt. It additionally options advantages like restricted journey insurance coverage, rental automobile reductions, a month-to-month installment cost plan, and cellular gadget insurance coverage.
Desjardins Flexi Visa
Annual charge: $0
Rewards: Doesn’t supply rewards.
Welcome supply: None at the moment.
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 kids: 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 personal spending restrict, which may vary from $500 to $10,000. For those who sometimes have hassle paying off your steadiness, you may make the most of choosing between two rates of interest: 19.99% with no annual charge or 14.90% with a $59 annual charge.
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Residence Belief Secured Visa
Annual charge: $0
Rewards: Doesn’t supply rewards.
Welcome supply: None at the moment.
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 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 choose for many who store often at collaborating 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 price $0.001 (redeem 10,000 factors for $10) |
Greatest pupil bank card for leisure: Scotiabank Scene+ Visa
For those who 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 charge: $0
Welcome supply: Earn as much as 5,000 bonus Scene+ factors throughout the first 3 months. Supply 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 yr |
| Credit score rating | 660 or greater |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey, retailer purchases and food and drinks at Cineplex and Scene companions |
How we decide one of the best pupil bank cards
Our editors apply their bank card experience and information of Canadians’ monetary objectives to provide you with choice standards that matches the wants of the supposed cardholder. For college students, we search for playing cards that haven’t any annual charge, in addition to low earnings 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 take into account the return on spending (for rewards playing cards), the acquisition APR (for low-interest playing cards), and different components based mostly 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 group of educated journalists works intently with main private finance specialists in Canada. That will help you discover one of the best monetary merchandise, we examine 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 pupil apply for a bank card?
Bank cards have an age restriction and, usually, earnings necessities that top college college students could not be capable of meet. Nevertheless, that doesn’t put all bank cards completely out of attain. If a highschool pupil is the age of majority (18 or 19 years outdated, 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 earnings 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 possibility is a secured bank card.
What does a highschool pupil want to use for a bank card?
Normally, candidates will want a chunk of presidency ID, a social insurance coverage quantity, a mailing tackle, an employment standing, and earnings info to use for a bank card.
I used to be declined for a pupil bank card—what can I do?
For those who have been declined for a card, it might need to do together with your credit score historical past or your earnings. Think about a secured card or a bank card that’s geared toward folks with unfavorable credit ratings, as their necessities might be extra modest. Whilst you gained’t get the perks and advantages hooked up to different playing cards, accountable use will help you construct up your credit score rating so you may entry higher merchandise sooner or later.
Bank card ideas for college kids
You understand you have to be accountable in how you utilize 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 cost due dates
You most likely know that bank card payments arrive each month, however that doesn’t imply the due date to your cost is on the primary day. The date that begins your billing cycle relies on if you find yourself authorised for the account, and it could possibly be any day of the month. Make observe of the due date and ensure you pay on time. Think about including these dates to your college calendar, too.
2. Repay your steadiness in full
For those who’re going to be accountable together with your bank card, you gained’t use it to spend cash you don’t have. Don’t go into debt. It’s greatest follow to repay your invoice in full, on time, each month. Not solely will this increase your credit score rating, however it’ll additionally show you how to keep away from expensive curiosity costs.
3. Heed the minimal steadiness
For those who do overspend, you’ll nonetheless must repay a few of your steadiness. Your invoice will present a complete steadiness and a minimal cost. You could pay not less than the minimal cost, on time and each month, it doesn’t matter what. Lacking funds is likely one of the worst issues you are able to do to your credit score rating. Paying solely the minimal signifies that you’re accumulating curiosity on the unpaid steadiness. At a mean of round 20%, this may 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 have to be paid again. For those who 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 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. It is going to be more durable to repay your steadiness. Use your card selectively for smaller purchases, not less than initially, and think about using debit for nearly all the things else.
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