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Student Credit Cards for december 2022 in Canada

Apply for a student credit card. On 04.12.2022 you have access to 6 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 6

Updated
01.12.2022
13:13
Toronto-Dominion Bank
TD® Cash Back Visa Card®
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

19.99% - 22.99%
Toronto-Dominion Bank
TD® Aeroplan® Visa Infinite Card
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $5,000
Rate
i

Effective interest rate on the product

19.99% - 22.99%
Scotiabank
Scotia Momentum® Visa Infinite Card
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

20.99% - 22.99%
Submit your credit card application online
Submit your credit card application online

Take advantage of our credit card selection system with a free credit check!

Royal Bank of Canada
RBC Visa Classic Low Rate Option®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

12.99%
Refresh Financial
Refresh Financial's Secured Card®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Canadian Imperial Bank Of Commerce (CIBC)
CIBC Costco® Mastercard®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

19.75% - 21.49%

Student Credit Cards calculator in Canada

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GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Student Credit Cards for december 2022

What is a student credit card?

Young adults who are in the process of learning or graduating spend a lot of time actually studying, having not much time for full-time employment. At the same time, studying means a significant financial contribution to tuition and accompanying expenses for books, food, clothing, and, simply put, living expenses.

Getting distracted with looking for money can have negative consequences on the efficiency of studying, and in such a situation, lenders offer a helpful tool that allows having a certain amount at a reasonable interest rate when you need it. This tool is called a "student credit card."

Students typically have little or no credit history, which can be a problem when getting approved for other loan products or credit cards with strict income requirements. So a student credit card indirectly helps improve credit history, establish a good credit score, and show other lenders that this particular customer is a responsible, low-risk borrower. This is the case if the borrower pays attention to timely repayments and plans expenses carefully. Otherwise, a student credit card may tempt the borrower to overspend and leave negative entries in the credit history, which will not be helpful in the future.

Using a student credit card not only helps you get access to money within the credit card limit, but it is also a good exercise in managing money, being disciplined with your obligations, and realizing the importance of building your own reserve fund while using loan funds for emergencies, enjoying the benefits of welcome points, bonus rewards, cash back, etc.

The student credit card is called this way because the credit product is targeted at students. Usually, lenders do not offer a high credit limit on students' credit cards to ensure that one can use a credit card responsibly and won't get into a financial pit.

According to open sources and statistics, student credit cards usually have higher APR and lower credit limits (1,000 dollars or less). Still, it is also possible to find student credit cards with low-interest rates. There are also various promotional programs with 0% interest rates and other benefits.

Before applying for the right student credit card, the student should consider the following:

  • how the credit card will be used;

  • what is the annual fee;

  • what are foreign exchange fees;

  • are there travel rewards;

  • what would be my credit card bill, and how to repay it;

  • do I get credit card bill in paper or electronic form

  • list of eligible grocery stores;

  • what other purchases can I make with my student card without overpaying fees;

  • options for car rental bookings if you need these;

  • list of participating air miles partners, bonus points and how to redeem them, whether they expire and when;

  • is there extended warranty protection for student credit cards in Canada;

  • eligible cash rewards;

  • what credit bureaus are your payments reported to;

  • what credit card debt can you afford per month;

  • what credit card issuer is reputable;

  • how to earn points;

  • amount or your current recurring bill payments;

  • what features are important to them;

  • what the penalties are for overdue payments;

  • payment deadlines;

  • interest rates on cash and cash-like transactions, etc.

Ask questions to understand how student credit cards work, see alternatives for bad credit and cash advances, use travel rewards, review alternatives in the marketplace, do calculations and use automated tools such as credit card calculators, and finally, make a list of questions that are important to you about your new credit card. Read the fine print because even if you missed some points in the agreement with the credit card holder, you agreed to abide by all of the lender's rules for that credit product.

Major types of student credit cards in Canada

There are many types of credit cards for students, depending on how you want to classify them.

  1. First, credit cards for students can belong to different payment systems, such as Visa or MasterCard.

  2. According to the amount of service fee, there are no-fee credit cards and credit cards with annual fees. With a fee-free student credit card, you can save money on managing the account.

  3. There are cash-back credit cards for students that offer a good selection of rewards. Students can earn rewards and redeem them.

  4. Student credit cards are either non-income based, or proof of income must be provided.

  1. Student credit cards for borrowers with poor credit mean that there were either problems with repayment of previous loans or the customer obtained this credit card as a tool to build credit and improve credit scores;

  2. Secure deposit-based credit cards and cards that do not require a prior deposit to use the card.

  3. Co-signer credit cards.

The student credit card must meet the borrower's criteria and be convenient to use with understandable rates. In fact, student credit cards often have a mix of features: no fees, good rewards, etc.

Features of Canadian student credit cards

Canadian legislation on student credit cards is not as strict as in some countries, including the U.S., where the applicant must be at least 21 years old.

It is possible to obtain a student credit card from 18 years of age or another age of maturity set by the provinces. Even if a student has no income from their job, the issuers are fine with considering transfers from parents as a source of confirmed income required for approval, and only a co-signer is required. Applicants under the age of 18 can also use credit cards, only they do not own the credit card but can act as authorized users.

Canadian student credit card issuers allow this tool to be used to build a credit history and credit score and learn how to manage finances.

Students even enjoy rewards for travel, cash back on groceries, and special rates on recurring bills with some credit cards.

Many issuers offer credit card products with no annual fee for students, allowing them to focus on earning their diplomas and starting their careers.

It can be said that the Canadian student credit card is a status-based product available under age restrictions and study criteria.

Finally, Canadian student credit cards are aimed at all types of customers: good and bad (or no credit), who often do not have to pay foreign currency fees and can save money on paying fees for some banking services. Check out your credit limit and other important details before signing the documents because the right choice means satisfactory annual fees, good bonuses for all your purchases (or most categories related to everyday purchases), and good terms for recurring bill payments. Every piece that contributes to monthly expenses is important for a student loan. In addition, the price for a good credit history should be affordable.

Interest rates

Student credit card application involves checking alternatives to stick with the best option for credit card purchases. Student credit cards have different tariffs, and on average, credit card providers offer interest rates for purchases around  20% and higher. Some student credit cards have no annual fee or promotional period with waived fees. Depending on the province, interest rates might be higher; for example, in Quebec, it may be an additional 1% APR making the borrower pay more when spending money, but at the same time, it is the process when students can earn points, pay recurring bills and show responsible credit card use.

Part of interest expenses can be compensated due to the possibility of earning cash when redeeming rewards if the issuer provides such an option.

Many student credit cards offer promotional rates for traveling students and flexible tariffs depending on payment discipline. Interest rates are shown when you apply for a student credit card provided in online banking or a credit card agreement. Earning points progress of the student is also reflected online and in the app.

Online banking is a convenient way to control fees, due amounts, payment dates, etc.

Fees

Student credit cards may have such fees as:

  • annual service fee (if any);

  • fee for purchases;

  • fee for balance transfers;

  • fee for cash advances;

  • cash advance fee;

  • fee for going beyond the limit (over limit fee);

  • fee for late payment;

  • fee for cash-like transactions;

  • minimum payment amount;

  • foreign currency conversion fee;

  • minimum cash advance fee;

  • fee for using different ATM networks, etc.

You should ask for a list of the fees from the issuer of your student credit card and make sure that you are aware of the cost of using this financial instrument.

Where to get a student credit card in Canada

It is possible to obtain a student credit card from government financial institutions, credit unions, and other lenders.

There are a variety of offers available, and students should carefully weigh the different offers before applying for a credit card. Federal institutions may seem more formal, but from a legal standpoint, borrowers' rights are better protected because the state exercises strict oversight.

How to apply for a student credit card in Canada

The application for a student credit card can be made online and offline. It is possible to apply through the issuer's website or through a mobile app.

Offline means applying at a branch of the lender/issuer of the student credit card and receiving the application on campus.

The process is simple and often takes less than ten minutes to complete the personal information, residency, and other fields required on the issuer's site.

Best student credit cards in Canada

A prepaid card would be an acceptable option for someone who still does not count with a stable income source, however, a credit card with a low-interest or no anuual fee. Look through our rating to get a clue on the best student credit card for you.

Scotia Momentum® No-Fee Visa card

A Scotia Momentum® No-Fee Visa card is a convenient tool for everyday purchases that can help you to build your credit history. You can earn a 1% cash back on eligible gas stations, grocery, drug store purchases, and recurring payments.

BMO CashBack® Mastercard

One of the most popular credit cards for students is BMO CashBack® Mastercard®. It features a zero annual fee and attractive cash back that allows you to earn cash: 3% for groceries, 1% for recurring bill payments, and 0.5% for other spending. This BMO credit card is the Winner of the 2022 Milesopedia Best Cash Back Credit Card for Students.

TD Rewards Visa Card

A TD Rewards Visa Card does not require you to pay an annual fee. In addition, TD rewards points earn while you spend money on grocery purchases or payments of regular credit card bills never expire.

TD Emerald Flex Rate Visa Card

A TD Emerald Flex Rate Visa Card features a relatively low-interest rate on purchases and cash advances: TD Prime + 4.50% to 12.75%. You can earn rewards points at participating Starbucks locations with your Starbucks Rewards account.

RBC ION Visa

An RBC ION Visa is an attractive option for any post-secondary student as it features a zero annual fee, 6,000 welcome points equaling $60, and Avion points for every $1 spent on groceries, rides, gas, streaming, subscriptions, digital gaming, and more.

Requirements

  • The applicant for a student credit card must be of maturity age,

  • be a resident of Canada (foreign students are also eligible as they can confirm their relation to studying institution);

  • it is critical that the applicant did not file for bankruptcy within the past seven years.

  • Usually, no annual income requirements are established for the students but the lender has to see that there is a way to repay borrowed funds. It can be confirmed by showing cash flow from parents' transfers, savings, part-time job pay stubs, etc.

  • More detailed requirements should be checked with the lender you choose.

Pros and cons

Pros

  • It is a great tool to build a credit history and maintain a good credit score for responsible students;

  • Usually there is a welcome bonus;

  • it teaches financial discipline, managing a budget, and scheduling payments to avoid penalties;

  • it can teach the importance of financing purchases and building reserves for when the student graduates in the future and earns a higher income;

  • it is possible to avoid paying interest if there is a grace period and payments are made on time;

  • one learns to compare information and work with financial institutions, asking the right questions, which can be a good skill for future mortgages, car loans, etc.

  • making it possible to receive rewards and redeem them;

  • cashback is considered by some customers as a kind of additional income, although the credit card itself cannot be considered as a source of income, as the money must be paid back with interest and other applicable fees;

  • the credit limit is usually not too high and keeps students from overspending unless they get multiple credit cards and use them carelessly.

In any case, the decision to apply for a student credit card should be well-considered because it means being bound by the lender's terms for as long as the contract is valid. A postsecondary student has access to the rewards program for credit card beginners while making regular financial routines like making eligible purchases, making recurring payments, gaining reward points, and spending money. Secured credit cards mean less risk for both the borrower and the lender, and they allow making bill payments and arranging recurring payments. Having s secured card can be equal to purchase protection (to some extent), and it works perfectly for no credit score or bad credit.

Using student credit cards in Canada helps to get strong credit history

For complete and current information, the borrower should contact their lender (credit card issuer).

Cons

  • The interest rate may be high for a student;

  • the credit limit is quite modest;

  • obtaining cash is usually quite expensive;

  • if a credit card application is declined, it will affect your credit score on future loans. With each rejection, your credit score drops a little;

  • if you do not use a student credit card responsibly, interest costs can rise uncontrollably;

  • compound interest has a negative impact on the borrower who does not demonstrate financial discipline;

  • as a rule, information on income is required for the approval of the application, but it can be remittances from parents or a salary from a part-time job;

  • using a student credit card can lead to excessive spending and reliance on borrowing money to solve financial problems rather than making an effort to earn extra money.

It should be decided on an individual basis whether or not a student credit card is a good solution, but it depends primarily on how you use it, and some say it carries very little risk if you use it wisely.

Student credit card regulation in Canada

Credit card products, including student ones, are regulated on the Federal level and by provincial authorities. The third level of regulation is contractual, where the obligations of parties are provided.

As credit users, students have a right to get comprehensive information about terms of use and tariffs. In addition, lenders should protect personal data without illegally transferring it to third parties.

The Criminal Code of Canada (347.1) says that interest rates should be lower than 60%, but it should be mentioned that student credit cards normally never have such a high-interest rate.

Code of Conduct for Canada's Credit and debit card industry provides an outline for network requirements, policy elements, etc.

In the future, the regulation of student credit cards would be stricter to save the financial future of students from costly mistakes but at the moment getting a credit card is quite simple.

FAQ

Can a 17-year-old student get a credit card in Canada?

Getting own credit card in Canada is possible only from the moment of getting at least 18 years old. If it is needed to get a credit card before that, it is possible to be an authorized user but not the owner.

Can a student get a credit card without a job?

A student credit card is a credit that must be repaid if the limit is used, but to get a credit card, a student just has to show that there is an income that allows them to service the debt. It can be remittances from their parents or having a co-signer can help.

Can I get a credit card without an income?

It is possible to be approved for a student credit card having no income if there is a co-signer.