3 Best BMO Student Credit Cards In Canada (Feb 2024)

October 30, 2022
Blog

There are quite a few good BMO credit cards for students in Canada, but some stand out above the rest for their low annual fees and generous perks. I constantly keep up with the latest promotions and changes in the credit card landscape and make recommendations based on years of personal experience.

I recommend the BMO CashBack Mastercard For Students as the #1 credit card for students in Canada due to its high promotional cash back rate for the first 3 months, no annual fee, and flexibility for redeeming rewards. With this card, you can access discounts at participating car rental stores, plus the option to upgrade to a premium credit card when you've built up your credit enough.

What Is A BMO Student Credit Card?

BMO student credit cards are a type of BMO credit card that are available only to Canadian students between the ages of 18-24. These cards usually have low-to-no credit history requirements. BMO student credit cards are a great stepping stone into the world of credit cards and credit score building and most of these cards have little-to-no annual fees. and offer generous perks and benefits.

BMO student credit cards can be a great way to earn cash back or travel points while you study. To apply for a BMO student credit card you will need to declare a source of income (from a part-time job, allowance, or a scholarship) and provide proof that you’re studying. Most large banks in Canada offer these types of cards plus the option to upgrade to one of their premium credit cards after you’ve built up your credit to an acceptable level.

Without further ado, here are the best BMO student credit cards Canada has to offer:

The Best BMO Student Credit Cards

  1. BMO CashBack Mastercard For Students: Best for promotional cash back rate
  2. BMO CashBack MasterCard: Best for cashback rewards with no annual fee
  3. BMO AIR MILES MasterCard: Best for earning AIR MILES

How Do BMO Student Credit Cards Work?

BMO student credit cards work exactly like regular credit cards. You can use them to make purchases and pay your balance when your statement is due. Additionally, most BMO student credit cards will report all your payments to Equifax and TransUnion so you can start building your credit early on.

BMO student credit cards usually offer lower cash back rates, lower point yields, and more limited features compared to regular credit cards. Still, they also tend to have lower credit score minimums and little-to-no annual income requirements. After you've built up your credit it's worth checking the best credit cards in Canada.

Pros & Cons Of A Student Cards

Pros: Why A BMO Student Credit Card May Be Worth It

  • You don't need a credit card history
  • Great for building your credit score  
  • You can declare income from a scholarship or an allowance to get your card approved
  • Little-to-no annual fees

Cons: Why A BMO Student Credit Card May Not Be Worth It

  • If you have a good credit score, it might more beneficial to go for a premium credit card
  • Limited perks and benefits
  • You are close to the upper age limit (24 years) and won't be able to use it for an extended period

How To Choose A BMO Student Credit Card In Canada

Low Or No Annual Fees

If you’re a student looking for a credit card, you probably don’t have a lot of cash on you to spend on annual fees – or the best setup to maximize the perks of premium credit cards. You should go for credit cards that have no annual fees and that allow you to declare your allowance or scholarship as income; this will make it more likely you will get approved.

Credit Building

One of the main reasons for getting a BMO student credit card is to start building your credit early on. Make sure your card provider reports to the three major credit card bureaus: TransUnion, Equifax, and Experian. This will save you a lot of money over time and open up financing opportunities.

Benefits

Based on your spending habits and the type of credit card you’re looking for, it’s key that you make sure the benefits from the credit card match your goals. It’s usually a good idea to go for a credit card with cash back on purchases or a travel card with miles and travel perks.

Welcome Bonus And Promotional Rates

Most credit cards in Canada come with a welcome bonus or promotional rates – BMO student credit cards are no exception. Welcome bonuses are one-time rewards for new cardholders; they can come in the form of bonus cash back or rewards points.

How To Apply For A Student Card In Canada

Keep in mind that to apply for this card, you need to be a student between the ages of 18- 24, and you will need to provide proof you’re studying in a recognized post-secondary school. You will also need to declare an annual income to make sure you can pay off any balance. This annual income can come from an allowance, scholarship, or employment.

Age

To apply for a BMO student credit card in Canada, you need to be a student between the ages of 18-24. For reference, the age of the majority in Alberta, Manitoba, Ontario, Quebec, Prince Edward Island, and Saskatchewan is 18 years old. In all other provinces, the age of the majority is 19.

Residency Status

Canadian credit cards are available to residents and non-permanent residents. You don't even need a credit history for other card types like prepaid, store, and secured credit cards. At the end of the day, residency requirements will depend on the specific credit card issuer.

Credit Score

Most BMO student credit cards in Canada have very low credit score minimums, as they target young adults with little to no credit history. Still, the higher your credit score, the more likely your application is going to be accepted.

BMO Student Credit Cards FAQs

What Is The Best Free BMO Student Credit Card In Canada?

The best free Student card in Canada is the Student BMO CashBack Mastercard. It offers 3% cash back on groceries, 1% cash back on subscriptions, and recurring bill payments like streaming services and mobile phones.

Is It Easier To Get A Credit Card As A Student?

Yes, credit card companies make it very easy for students to get a credit card. Still, there are alternatives if you’re not a student; secured credit cards and prepaid credit cards are available to almost everybody, no matter their credit history.

How Do You Apply For A BMO Student Credit Card?

To obtain a BMO student credit card, you must be considered eligible by the credit card provider. Eligibility requirements differ by credit card, but they often include the following:

  • You must be a student between the ages of 18 and 24 at a recognized post-secondary school
  • You must be a Canadian citizen or permanent resident, or an international student
  • You must have attained the age of majority in your province of residence
  • You must earn annual income from employment, scholarship/grant, student loan, or family allowance

Are BMO Student Credit Cards Worth It?

Yes, BMO student credit cards are worth it. They don't charge an annual fee, are relatively easy for, and are great for building a credit history. Once you have a high-enough credit score, you can apply for some of the best credit cards in Canada like the American Express Cobalt Card, the Gold Rewards Card and the Marriott Bonvoy travel rewards card.

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