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Top-Rated Student Credit Cards Available in Canada

Summer’s nearing its end and it’s time to return to school.

There’s sure to be plenty to purchase as you head back to campus. Textbooks and educational supplies aren’t free, nor are moving day costs or the essential Labour Day pizza gatherings and night-outs at the bar.

Today, let’s examine the top credit cards for students to consider having in your wallet this autumn that will reward your spending while you study.

Why Should Students Acquire Credit Cards?

With anxiety growing over tuition fees and living costs, a valid question to ponder is: why should a student get a credit card? Surely, with student loans being so expensive, credit cards can only be harmful?

The answer naturally varies by the cardholder. If you plan on carrying a balance or accruing interest, halt here and stick to a debit card. There’s no purpose in plunging further into debt while striving to complete your studies.

Conversely, if you can financially manage to always pay your bills timely and in full, and not overspend on your credit cards beyond your means, then credit cards are one of the prime ways to elevate your student experience.

Spending on credit cards can grant you access to enticing welcome bonuses and points programs that can help you offset those Reading Week and Summer travel costs. They can also provide you with cash to aid with daily living expenses.

Additionally, responsible credit usage aids in building your credit score and lengthens the age of your credit history. Therefore, don’t shy away from starting even while still in school. Solid personal finance habits are beneficial to establish early in your life and career, so you can reap the advantages in the future.

How Can Students Acquire Credit Cards?

Now that we’ve determined students can hold credit cards, the practical inquiry is: how do you get one into your possession?

Many students take out loans from their banks or provincial governments, and these might include an option to bundle a student credit card with the study package. Moreover, credit cards specifically targeted to students may have low or even no minimum personal or household income prerequisites as long as you’re studying and can maintain reasonable financial health.

If you do work, remember that this provides you with income to declare when applying for a credit card. There are also numerous bursaries, grants, and scholarships available to those attending post-secondary institutions, so don’t forget to mention these.

For those still living at home or with a partner, you can also list your household income on the application. While relying on parents to pay your bills isn’t ideal, including their income (with their permission, naturally) can enhance your chances of approval. If successful, you might start with a minimal credit limit on your first credit card, but you can request an increase once you’ve demonstrated responsibility with the card over time.

Note: International students may be eligible for credit card products, but it’s often best to apply in person at a branch.

The Best Student Credit Cards in Canada

Our compilation of the top student credit cards in Canada below represents those cards that we at Frugal Flyer believe strike an ideal balance between ease of approval, excellent rewards, and suitability for those still studying. 

Some of these cards might have income requirements or may not be clearly labeled as “Student” credit cards, but we’ve only included credit cards that we are confident students can be approved for.

American Express Cobalt Card

Foremost on our list is arguably one of the finest credit cards in Canada: the American Express Cobalt card.

American Express Cobalt Card

The American Express Cobalt card accumulates Membership Rewards points and enables cardholders to earn 5x Membership Rewards on eligible restaurant, food delivery, and grocery store purchases.

In 2024, we awarded this card as the Best Credit Card for Grocery Purchases.

Check out our American Express Cobalt card review for further details.

BONUS
15,000 Membership Rewards

MINSPEND
$9,000

NET VALUE
$174+

ANNUAL FEE
$156

FOREX FEES
Yes

EXPIRY

This product needs no introduction to regular Frugal Flyer readers. Despite a monthly fee, for just $12.99 a month, it offers 5x Membership Rewards points on dining and groceries, 3x Membership Rewards points on select streaming services, 2x Membership Rewards points on gas, rideshare, and public transport (as well as travel like flights and cruises until October 8th, 2024 only), and 1x on all other transactions. 

It also includes a host of travel insurance, such as out-of-province medical insurance, and particularly useful mobile device insurance when you either purchase your mobile outright with this card, or pay your monthly bill with it (up to $1,000 over 2 years).

Even though it isn’t marketed towards students, we regard this as the best student credit card in Canada due to its simplicity and excellent rewards. It has no minimum personal or household income prerequisites and can earn you a substantial number of points on your regular expenditures.

Moreover, American Express Membership Rewards points can be transferred to frequent flyer programs like Air Canada Aeroplan or redeemed for 1 cent per point on other purchases.

Tangerine Money-Back Credit Card

The next credit card on our list offers cardholders an impressive degree of customization with no annual fee: the Tangerine Money-Back Credit Card.

Tangerine Money-Back Credit Card

The Tangerine Money-Back credit card earns cash back and lets cardholders choose three accelerated spending categories to increase their cash back returns.

Check out our Tangerine Money-Back credit card review for further details.

BONUS
$100 cash back

MINSPEND
$1,000

NET VALUE
$100+

ANNUAL FEE
$0

FOREX FEES
Yes

EXPIRY
Oct 31, 2024

This card is great because it earns 0.5% cashback on all transactions, plus 2% cashback on two categories of your choice. Cardholders can unlock a third money-back category if their earnings are deposited automatically into a Tangerine Savings Account.

Bonus category options range from the ever-popular groceries, gas, and entertainment all the way to the more niche categories, such as furniture. That makes this

the sole credit card in Canada to accrue 2% on all items except Swedish meatballs during the annual obligatory back-to-school journey to Ikea. Cashback can be disbursed as a statement credit or placed into a Tangerine Savings account.

Please be aware: this credit card mandates a minimum gross yearly income of $12,000 from employment or scholarships, so confirm your eligibility based on personal or household criteria before applying.

You have the opportunity to earn $0 in FlyerFunds cashback incentives along with the welcome bonus upon approval for the Tangerine Money-Back Credit Card! Apply immediately.

Scotiabank Scene Visa Card

For those desiring to explore the splendid Scene+ Rewards program with a fee-free credit card, the Scotiabank Scene Visa card is the top pick.

Scotiabank Scene Visa Card

The Scotiabank Scene Visa card garners Scene+ Rewards points, offering cardholders a chance to earn 5x Scene points on purchases at Cineplex.

BONUS
5,000 Scene+

MINSPEND
$1,000

NET VALUE
$50+

ANNUAL FEE
$0

FOREX FEES
Yes

EXPIRY
Oct 31, 2024

The earning rates are:

  • 2 Scene+ points per dollar spent at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry, and Co-Op.
  • 2 Scene+ points for every dollar spent at Cineplex theatres and online at cineplex.com (including movie tickets, rentals, and concessions).
  • 1 Scene+ point per dollar spent on all other everyday purchases.

Scene+ ranks among the leading options for students in 2024 because Scene+ points can be redeemed at 1 cent each for all travel-related expenditures and groceries or liquor stores in the aforementioned list. This card requires a minimum annual income of $12,000.

You can earn $50 in FlyerFunds cashback incentives in conjunction with the welcome bonus when you are approved for the Scotiabank Scene Visa card! Apply now.

CIBC Aeroplan Visa Card for Students

For students looking to embark on their international journey on Miles & Points while saving money, the CIBC Aeroplan Visa Card for Students presents one of the most appealing choices.

cibc aeroplan visa card for students banner

This card has no annual fee, doesn’t require a minimum income, and enables cardholders to begin earning in the lucrative Aeroplan program.

The card awards 1 Aeroplan point per dollar spent on all gas, groceries, EV charging, and Air Canada purchases, and then 1 Aeroplan point per $1.50 spent on all other purchases (an overall earn rate of 0.66 Aeroplan points per dollar spent).

These points can be genuinely used for your initial Aeroplan adventures. While it may not get you into business class soon, everyone starts somewhere. Additionally, it’s the entry-level card on the Aeroplan hierarchy— you can always upgrade or apply for the enhanced CIBC Aeroplan Visa Infinite card later.

Apply for the CIBC Aeroplan Visa Card for Students here.

BMO CashBack Mastercard for Students

The BMO CashBack Mastercard for Students is fantastic as it has no stipulated numerical employment income requirements and no annual fee. BMO only insists that you have some form of income, regardless of the amount, from employment, scholarships, or grants.

If you are a student aged 18 to 24, have any kind of income, and are a full-time student, then you are eligible for the BMO Cashback Mastercard for Students. This card provides a flat earning rate of 0.5% cashback on all standard purchases.

bmo cashback mastercard for student earning rates

It also offers two earning multiplier categories: 3% cashback on groceries up to $500 per statement cycle, and 1% cashback on regular bill payments like cell phones or streaming services for the first $500 in purchases within a billing cycle.

If you meet the minimum annual income of $15,000 from employment, scholarships, or bursaries, consider the regular version of this card, the BMO Cashback Mastercard.

If you apply for the regular version of this credit card, you can earn $50 in FlyerFunds cashback incentives along with the welcome bonus upon approval! Apply today.

Rogers Red Mastercard

The Rogers Red Mastercard offers an attractive credit card option for any student as it has no specified minimum income requirements and no annual fee. This should facilitate easier approval, especially if you have some employment income, scholarship, or bursary income, or reside in a supportive household situation.

Rogers Red Mastercard

With the Rogers Red MastercardRogers, Fido, and Shaw postpaid customers can accumulate 2% cashback on all qualifying purchases and receive a 1.5x redemption bonus on Rogers, Fido, and Shaw purchases – an overall 3% cashback value.

View our Rogers Red Mastercard review for comprehensive details.

BONUS
$60 cashback

MINSPEND
$0

NET VALUE
$60+

ANNUAL FEE
$0

FOREX FEES
Yes

EXPIRY

best motivation to pursue this card is if you are a Rogers, Fido, or Shaw postpaid client, where you gain 2% cashback on all expenditures.

If you aren’t, you might not want to opt for this card even though it does provide 2% cashback on purchases in US Dollars (resulting in a net foreign transaction fee of 0.5%), and 1% cashback on other purchases. It may not rank among the top credit cards without foreign exchange fees, yet it remains a solid alternative compared to most cards in Canada.

The reason this is a superb choice for students is that Rogers, Fido, and Shaw postpaid clients not only receive 2% on all expenditures but can redeem this with a 50% bonus towards services such as mobile phone or internet bills sold by any of those three companies. This brings the effective earning rate to 3% cashback, which is the highest among all student-friendly credit cards listed here.

Bear in mind that if you are a student who is new to credit, you will need to visit a physical Rogers store to apply for this card as the online application process currently does not provide students with a way to verify their student status. We will update this article once students can apply online.

You can gain $50 in FlyerFunds cash rebates in addition to the welcome bonus upon being approved for the Rogers Red Mastercard! Apply now.

Consider: Secured Credit Cards

If you can’t get accepted for any of the above credit cards, or want to ensure you are being extra financially diligent, perhaps think about getting a secured credit card.

Secured credit cards necessitate a security deposit but generally have high approval odds. The credit limit you obtain may only match the amount you provide as a security deposit but is frequently considerably higher based on your history and creditworthiness.

In any case, this is a great option since secured cards not only have a high likelihood of approval with funds deposited to secure any purchases you make against default, but they also report to the major credit bureaus, assisting you in building your credit history continuously.

The most recommended secured credit card here at Frugal Flyer is the Neo Financial Secured Credit Card.

Neo Secured Credit

The Neo Financial Secured credit card provides up to 5% cashback at participating retailers, a minimum of 0.5% across all expenditures, has zero annual fees, and offers guaranteed approval with just a $50 minimum deposit. In 2024, we named this card the Best Secured Credit Card.

Read our Neo Secured Credit Card review for more information.

BONUS
$25 cashback

MINSPEND
$0

NET VALUE
$25+

ANNUAL FEE
$0

FOREX FEES
Yes

EXPIRY

This card guarantees approval and provides up to 5% cashback with the numerous partners Neo has across Canada. Moreover, if your purchases on average generate less than 1% cashback in a given month, Neo ensures that all purchase cashback is raised to 0.5% cashback. Quite impressive for a secured card.

You can earn $25 in FlyerFunds cash rebates in addition to the welcome bonus upon being approved for the Neo Secured Credit Card! Apply now.

Conclusion

We trust that you’ve found our selection of the best credit cards for students insightful. Each of these products has been recognized and evaluated by the Frugal Flyer team as being suited to the requirements of today’s mobile student, and we aim to help you enhance your educational experience by applying for any of these products.

Until next time, study diligently and reward yourself generously.

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