While you’re at a brand new restaurant, do you must see the menu earlier than you order? Or do you eat what your foodie good friend says is sweet, understanding it’ll be superb? The reply can assist you resolve find out how to choose a brand new bank card. Some folks need the flexibility 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 affords each.
Finest pupil bank cards in Canada: Our editors’ picks
There’s an abundance of bank cards in Canada. However the choices are a bit extra restricted for college kids, who don’t essentially have a credit score rating or an annual earnings (each of that are frequent eligibility standards). That’s not a foul factor—in reality, it makes your life simpler! As soon as you realize what you need most out of a bank card, the selection turns into fairly clear.
| Finest bank card by class | It is perhaps for you if… |
|---|---|
| Finest money again bank card for college kids BMO CashBack Mastercard Annual price: $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 College students Annual price: $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 price: $0 |
You carry a stability sometimes and wish to decrease curiosity prices. |
| Finest secured bank card Dwelling Belief Secured Visa Annual price: $0 |
You’re constructing or rebuilding credit score and wish a card with assured approval. |
| Finest retailer bank card for college kids PC Mastercard Annual price: $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 college kids Annual price: $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 guardian or associate’s account are two various things. As a certified consumer, 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. Nonetheless, these transactions don’t allow you to set up a credit score historical past or credit score rating. To construct a great credit score rating, you’ll want your personal bank card account—and to repay the stability on time recurrently.
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 straightforward cash-back earnings. Combining no annual price with a powerful 3% money again fee on grocery purchases, this card affords college students an opportunity to earn money rewards in a high-spend class.
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BMO CashBack Mastercard
Annual price: $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 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 reap the benefits of journey rewards. This student-friendly card has no annual price, and it supplies a free SPC+ membership that allows you to take pleasure in financial savings of as much as 30% throughout 450-plus manufacturers.
CIBC Aeroplan Visa Card for College students
Annual price: $0
Welcome supply: earn 10,000 Aeroplan factors whenever 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 automotive reductions, a month-to-month installment fee plan, and cell system insurance coverage.
Desjardins Flexi Visa
Annual price: $0
Rewards: Doesn’t supply rewards.
Welcome supply: None presently.
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 device 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. In case you often have hassle paying off your stability, you possibly can reap the benefits of choosing between two rates of interest: 19.99% with no annual price or 14.90% with a $59 annual price.
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Dwelling Belief Secured Visa
Annual price: $0
Rewards: Doesn’t supply rewards.
Welcome supply: None presently.
Card particulars
| Rates of interest | 19.99% on purchases and 19.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 300 or increased |
Finest retailer bank card for college kids: PC Mastercard
Drugstores and grocery shops are the place many college students are inclined to spend probably the most. That makes the PC Mastercard a powerful choose for many who store regularly at taking part shops. With earn charges starting from 10 to 30 factors per $1 relying on the shop, you possibly can 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 increased |
| 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
In case you go to film theatres to get away from dorm drama or to take a break from learning, contemplate this card. What you spend on the cinema can flip into some good perks.
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Scotiabank Scene+ Visa card
Annual price: $0
Welcome supply: Earn as much as 5,000 bonus Scene+ factors inside 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 stability transfers |
| Earnings required | $12,000 per yr |
| Credit score rating | 660 or increased |
| 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 kids, we search for playing cards that haven’t any annual price, in addition to low earnings and credit score rating necessities—as a result of constructing a credit score historical past is a typical objective for individuals who use these playing cards. Past that, we contemplate the return on spending (for rewards playing cards), the acquisition APR (for low-interest playing cards), and different components primarily based 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 staff of skilled journalists works intently with main private finance specialists in Canada. That will help you discover one of the best monetary merchandise, we evaluate 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 faculty college students could not be capable of meet. Nonetheless, 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 earnings requirement. They will contemplate beginning with a secured card, the place they apply a deposit that they’ll 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?
Basically, candidates will want a chunk of presidency ID, a social insurance coverage quantity, a mailing deal with, 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?
In case you have been declined for a card, it could must do together with your credit score historical past or your earnings. Take into account a secured card or a bank card that’s aimed toward folks with below-average credit, as their necessities might be extra modest. When you received’t get the perks and advantages connected to different playing cards, accountable use can assist you construct up your credit score rating so you possibly can entry higher merchandise sooner or later.
Bank card ideas for college kids
You realize that you must be accountable in how you employ 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. Test your fee due dates
You most likely know that bank card payments arrive each month, however that doesn’t imply the due date to your fee is on the primary day. The date that begins your billing cycle is dependent upon when you’re accepted for the account, and it may very well be any day of the month. Make be aware of the due date and ensure you pay on time. Take into account including these dates to your faculty calendar, too.
2. Repay your stability in full
In case you’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 observe to repay your invoice in full, on time, each month. Not solely will this increase your credit score rating, however it would additionally allow you to keep away from expensive curiosity prices.
3. Heed the minimal stability
In case you do overspend, you’ll nonetheless must repay a few of your stability. Your invoice will present a complete stability and a minimal fee. You should pay at the very least the minimal fee, on time and each month, it doesn’t matter what. Lacking funds is without doubt 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 stability. At a mean of round 20%, this could 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 have to be paid again. In case you don’t or can’t, you’ll end up racking up curiosity prices 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 possibly can 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 is going to be tougher to repay your stability. Use your card selectively for smaller purchases, at the very least initially, and think about using debit for nearly every thing else.