10 Best Student Credit Cards In Canada (Oct 2022)

September 9, 2022
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There are quite a few good 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 American Express Green Card as the #1 credit card for students in Canada due to its generous welcome bonus, no annual fee, and flexibility for redeeming rewards. With this card, you can request up to 9 additional cards at no cost and transfer your points between other rewards programs like Marriot Bonvoy, Aeroplan, and Avios.

What Is A Student Credit Card?

Student credit cards are a type of credit card that is available only to Canadian students between the ages of 18-24. These cards usually have low-to-no credit history requirements and are a decent stepping stone into the world of credit cards and credit score building. These cards usually have no annual fees and offer generous perks and benefits – better than those offered by regular no-fee credit cards. 

Student credit cards are a great way to earn cash back and travel points while you study. To apply for these cards, you just have to declare an 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 student credit cards Canada has to offer:

The Best Student Credit Cards In Canada

  1. American Express Green Card: Best for no annual fee and welcome bonus
  2. BMO Air Miles Mastercard: Best for travel perks
  3. BMO CashBack MasterCard: Best for high promotional cash back rate
  4. BMO CashBack Mastercard for Students: Best for redeeming cash back instantly
  5. Home Trust Secured Visa: Best for no credit score minimum
  6. KOHO Mastercard Prepaid Card: Best for no hard credit checks and referral program
  7. President's Choice Financial Mastercard: Best for generous welcome bonus and high earn rate of PC points
  8. SimplyCash Card from American Express: Best for no cash back limits
  9. STACK Prepaid Mastercard: Best for instant approval and access to a virtual card
  10. Tangerine Money-Back Credit Card: Best for customizable cash back categories

American Express Green Card

Great for no annual fee, additional cards for free, and the option to transfer points to other programs
  • Annual Fee
    $0
  • Interest Rate
    20.99% on purchases, 21.99% on cash advances
  • Welcome Bonus
    10,000 MR points
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn $10,000 Membership Rewards points as a welcome bonus after spending $1,000 in your first 3 months
    • Redeem your points for a statement credit on eligible purchases
    • Access to American Express Experiences and Front Of The Line
  • Pros & Cons

    Why we like it

    Great for no annual fee, additional cards for free, and the option to transfer points to other programs

    Pros

    • 10,000 MR points
    • No annual fee
    • Transfer points 1:1 to other loyalty programs (Aeroplan, Marriot Bonvoy, and more)
    • Request up to 9 additional cards at no cost
    • Purchase protection
    • Access to presale tickets and VIP seating in select events through American Express' Front Of The Line program

    Cons

    • Low base earn rate (1 point per $1 spent)
    • Very limited benefits
  • More Details

    Bonuses and fees

    The American Express Green Rewards Card is a premium travel card with an annual fee of $250. For the first three months, it offers a very generous earn rate of 10 MR points per $1 spent on eats & drinks, for up to $2,000 spent (20,000 points). To apply for this card, you need a good credit score of at least 660, and there is no minimum annual income requirement.

    Rewards

    You can earn MR points at a rate of:

    • 1 MR point on deliveries and travel-related purchases
    • 1 MR point on eligible hotels and car rentals

    Perks and benefits

    • Transfer your points to other flyer programs at a rate of 1 MR point for 1.2 Marriott Bonvoy, 1 Aeroplan point, or 1 Avios point  
    • Request up to 9 supplementary cards at no cost
    • Extended warranty

    Redeem your points

    There are four main ways you can spend your MR points:

    • Merchandise at eligible stores
    • Gift cards
    • American Express Travel Services
    • Online subscriptions

BMO AIR MILES MasterCard

Great for travel perks, bonus points on partner stores, and travel insurance
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    1,500 pts
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 1,500 AIR Miles bonus miles as a welcome bonus
    • No Annual fee
    • Discount on car rentals in Canada and abroad
    • Extended Warranty and purchase protection
  • Pros & Cons

    Why we like it

    Great for travel perks, bonus points on partner stores, and travel insurance

    Pros

    • 1,500 bonus welcome points
    • Earn 3 BMO AIR MILES for every $25 spent at AIR MILES partner stores
    • Show your AIR MILES Card at participating partners and earn twice the amoung of AIR MILES
    • Add additional cardholders and get free AIR MILES
    • Comprehensive travel insurance
    • 25% off at National Car Rental and Alamo Rent a Car locations

    Cons

    • Needs a good credit score (660+)
    • Low earn rate when not shopping at partner stores (1 point per $25 spent)
  • More Details

    Bonuses and fees 

    The BMO AIR MILES Mastercard is a no-fee low-interest travel card. It comes with a generous welcome bonus and is a great option if you want to transfer your card balance: there is a 1% fee on transfers and an introductory interest rate of just 1.99% for the first 9 months. 

    Rewards

    You can earn AIR MILES in two ways. Rates are:

    • 3 miles per $25 spent at participating AIR MILES partners
    • 2 miles per $25 spent on groceries

    Additionally, you can get double the miles by showing your AIR MILES card at participating shops and retailers.

    Perks and Benefits 

    • 25% off at partner rentals National Car Rental and Alamo Rent A Car locations
    • Bonus miles when you add an authorized users
    • Warranty and purchase protection

    Insurance 

    The BMO AIR MILES World Elite Mastercard has comprehensive medical and travel insurance, including car rental, flight delay, and baggage insurance.

BMO CashBack MasterCard

Great for high earn rate on groceries and very low balance transfer fees
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    $25
  • Rec. Credit Score
    660+
  • Features & Benefits

    • $125 in cash back as a welcome bonus after spending $2,500 within your first 3 months
    • Get a 1.99% introductory interest rate on Balance Transfers for 9 months, 1% fee applies to balance amounts transferred
    • Redeem your cash back as a direct deposit, credit on your statement, or a deposit to your BMO InvestorLine account
    • Extended Warranty and purchase protection
    • Discount on car rentals
  • Pros & Cons

    Why we like it

    Great for high earn rate on groceries and very low balance transfer fees

    Pros

    • Earn 5% cash back on all purchases for the first 3 months
    • 3% cash back on groceries
    • Very low introductory interest rate (1.99%) for the first 9 months
    • Redeem any amount of cash back instantly & set up automatic deposits
    • Extended warranty and protection on all purchases
    • 25% off at National Car Rental and Alamo Rent a Car locations

    Cons

    • Cash back capped at $500/month
    • Low base earn rate
  • More Details

    Bonuses and fees

    The BMO CashBack Mastercard is a no-fee credit card that offers very competitive cash back rates, even compared to some premium credit cards. New cardholders can enjoy a 5% cash back on all purchases for the first three months. If you’re looking to transfer your balance, this is also a great option; the BMO CashBack Mastercard charges just 1% in transfer fees and has a fixed 1.99% rate for the first 9 months.

    Rewards

    The BMO CashBack Mastercard offers cash back on all purchases and bonuses in certain categories. Here’s the breakdown:

    • 3% cash back on groceries 
    • 1% on subscriptions like streaming services and utilities
    • 0.5% on all other purchases

    Perks and Benefits

    Redeeming Your Cash Back

    After accumulating $25 in cash back, you can redeem it at any time. Here are the options you have:

    • Set up deposits directly into a BMO account (Savings, Chequing, or InvestorLine)
    • Get a credit on your monthly statement
    • Set up recurrent payments when you accumulate a certain amount of cash back
    • Get a one-time lump sum payment

    Keep in mind your cash back rewards won’t expire as long as your account is in good standing.

BMO CashBack® Mastercard®* for Students

Great for high cash back rates, no annual fees, and credit building
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 5% cash back as a welcome bonus in your first 3 months
    • Redeem cash back instantly
    • Discounts on eligible car rentals
  • Pros & Cons

    Why we like it

    Great for high cash back rates, no annual fees, and credit building

    Pros

    • Earn 5% cash back on all purchases for the first 3 months
    • 3% cash back on groceries
    • No annual fee
    • Start earning cash back on all purchases (from 0.5% to 3% on select categories)
    • 25% off at National Car Rental and Alamo Rent a Car locations
    • Extended warranty and protection on all purchases

    Cons

    • Limited insurance that includes only purchase protection and extended warranty
    • Needs a good credit score (660+)
  • More Details

    Bonuses and fees

    The BMO CashBack Mastercard for Students comes with a promotional cash back rate of 5% on all purchases for the first three months. It doesn’t charge any kind of fee, but it does have a cap on how much cash back you can earn – the maximum you can spend is $2,500, so you can earn up to $125 cash back from the promotional rate.

    This card is great for students with no credit card history or a low credit score – it will report all your payments to Equifax and TransUnion so you can start building your credit.

    Rewards

    This card has very good earn rates, considering it doesn’t charge annual fees. Eventually, you might want to move on to the BMO CashBack World Elite Mastercard, but until you do, you can take advantage of the BMO CashBack Mastercard for Students:

    • 3% cash back on groceries
    • 1% on subscriptions like streaming services and mobile phone bills
    • 0.5% on all other purchases
    • 25% off car rentals at partner National Car Rental and Alamo Rent-A-Car locations worldwide

    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 – this is to make sure you can pay off any balance. This annual income can come from an allowance, scholarship, or employment.

    Redeeming Your Cash Back

    You can redeem your cash back whenever you want – there are no minimums or time restrictions. Here are the options you have:

    • Set up deposits directly into a BMO account (Savings, Chequing, or InvestorLine)
    • Get a credit on your monthly statement
    • Set up recurrent payments when you accumulate a certain amount of cash back
    • Get a one-time lump sum payment

Home Trust Secured Visa

Great for building your credit and the option to pay an annual fee for reduced interest rates
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 19.99% on cash advances
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    300+
  • Features & Benefits

    • Minimum security deposit of $500 ($10,000 max.)
    • Make purchases over the phone or online
    • Plan and book a vacation
    • Withdraw cash from over 1 million ATMs worldwide
    • Apply even if you declared bankruptcy in the past (A Discharge Certificate is necessary)
  • Pros & Cons

    Why we like it

    Great for building your credit and the option to pay an annual fee for reduced interest rates

    Pros

    • No minimum credit score or credit history requirements
    • Great for building your credit score (reports monthly to Equifax and TransUnion)
    • Option to pay a yearly fee of $59 to reduce purchase interests to 14.90% (from 19.99%)
    • Manage your account and pay bills from Home Trust Visa Online.
    • Sync with online payment platforms like the Apple Pay, Google Pay, and Samsung Pay
    • Fraud protection on all spendings

    Cons

    • Minimum deposit is $500
    • No welcome bonus or reward on purchases
  • More Details

    Bonuses and fees

    The Home Trust Secured Visa is a great way to start building your credit; it reports monthly to Equifax and TransUnion, and it doesn’t have a credit score minimum – virtually anybody can apply and get approved.

    In terms of fees, the Home Trust Secured Visa has two options:

    • Low-Interest Rate Option: $5 monthly fee (or $60/year) plus an interest rate of 14.99% on unpaid balances
    • No Annual-Fee Option: $0 annual fee (free) plus an interest rate of 19.99% on unpaid balances

    The main difference is that for the no annual fee option, you pay higher interest if you fall behind on payments. In general, we recommend the no annual fee option.

    You can start using the card after you make your first deposit; the minimum is $500, and the maximum is $10,000. Keep in mind you will only be able to use as much as you deposit.

    Perks and Benefits

    • Withdraw cash at any time from any Visa ATM worldwide
    • Use your card wherever Visa is accepted
    • You can apply even if you declared bankruptcy in the past
    • Budget your spending by limiting the amount you deposit
    • Completely covered against fraud through Visa’s Zero Liability Policy

KOHO Mastercard Prepaid Card

Great for automatic RoundUps and no annual fees
  • Annual Fee
    $0
  • Interest Rate
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    300+
  • Features & Benefits

    • No foreign exchange fee
    • Price protection
    • Complimentary personalized financial coaching
    • Receive both a physical and virtual card
    • Load funds via e-transfer or direct deposits
    • Sync your KOHO card with Apple Pay, Google Pay, and Samsung Pay and receive real-time spending notifications
    • 10% cash back for 90 days after referring a friend
  • Pros & Cons

    Why we like it

    Great for automatic RoundUps and no annual fees

    Pros

    • 0.5% cash back on all purchases
    • No annual fee
    • Refer friends and earn 10% cash back on all purchases for 90 days
    • Set up automatic RoundUps to grow your savings
    • Track your spending habits in real-time
    • Access your payroll 3 days early

    Cons

    • Low cash back rate plus no bonus points on any category
    • 1.5% forex exchange fees
  • More Details

    Bonuses and fees

    The KOHO Reloadable Prepaid Mastercard doesn’t require a high credit score or a good credit history. This card has no annual fees and is compatible with most other KOHO services: you can manage it from your KOHO mobile app, build your credit, and link it with your KOHO Savings account. Anybody can apply for the card and approve it in just a few minutes.

    Perks and Benefits

    Some of the perks and benefits of this card are a base back on all purchases, a promotional cash back rate at partner stores, and low foreign exchange fees. Here’s the breakdown:

    • 10% cash back at partner stores (online and in-person)
    • 0.5% cash back on all purchases

    Additional benefits include:

    • No hard credit checks
    • No foreign fees when purchasing abroad or online
    • Create a KOHO Save account and start to earn interests on your balance (1.2% APR)
    • Set up automatic RoundUps to grow your savings
    • Reload your card through e-transfers or direct deposits

President's Choice Financial Mastercard

Great for earning PC points and very low credit score requirement
  • Annual Fee
    $0
  • Interest Rate
    20.97% on purchases, 22.97% on cash advances
  • Welcome Bonus
    20,000 pts
  • Rec. Credit Score
    560+
  • Features & Benefits

    • Earn 20,000 PC Optimum points as a welcome bonus
    • Extended warranty and purchase assurance
    • Access to Mastercard Global Services
    • Fraud protection and Proactive monitoring to manage and protect your credit card information
  • Pros & Cons

    Why we like it

    Great for earning PC points and very low credit score requirement

    Pros

    • 20,000 bonus welcome points
    • Earn 30 PC Optimum points per litre of gas at Esso and Mobil gas stations
    • Earn 10 PC Optimum points per $1 spent on groceries, household utilities, and beauty products
    • Doubles the warranty period offered by the manufacturer when using the card
    • No annual fee
    • Low credit score requirement (560+)

    Cons

    • No travel insurance
    • Requires a minimum yearly income of $60,000
  • More Details

    Bonuses and fees

    The President's Choice Financial Mastercard is a store credit card that offers very generous rewards when you shop at any of their partner stores. It doesn’t charge annual fees, and you can earn bonus points on most everyday purchases.

    Rewards

    PC Financial is partnered with a lot of stores; here are some of the best rewards by category:

    • 10 PC points per $1 spent on grocery stores (Loblaws, No Frills, and more)
    • 25 PC points per $1 spent at drugstores (Shoppers Drug Mart)
    • 30 PC points per litre of gas at Esso gas stations
    • 10 PC points per $1 spent everywhere else 

    Make sure to check the PC Financial site for new partner stores.

    Perks and benefits

    • 21-day interest-free grace period on purchases
    • 4 free additional authorized users
    • Extended warranty

SimplyCash Card from American Express

Great for promotional cash back for the first 6 months, and road trip plus flight insurance
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 21.99% on cash advances
  • Welcome Bonus
    $200
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn $200 cash back as a welcome bonus after you spend $5,000 within the first 6 months
    • No limit to the amount of cash back you can earn
    • Access to exclusive virtual events and special offers
    • Access to American Express Experiences
    • 24/7 Customer Service
  • Pros & Cons

    Why we like it

    Great for promotional cash back for the first 6 months, and road trip plus flight insurance

    Pros

    • $200 bonus
    • Earn 4% cash back on all purchases for the first 6 months
    • Earn 1.25% cash back on all purchases after the welcome period ends
    • There's no annual limit to how much cash back you can earn
    • Book your travel with the SimplyCash card to get road trip & flight insurance
    • Earn up to $750 cash back bonus when referring friends & family

    Cons

    • Cash back rewards can be redeemed once a year
    • It isn't as widely accepted in Canada as Visa or Mastercard
  • More Details

    Bonuses and fees

    The SimplyCash Card from American Express is a no-fee cash back card that offers a steady rate across all purchase categories. For new users, there’s a promotional cash back period of six months where you’ll earn 4% cash back on all purchases, up to a maximum of $200 cash back ($5,000 spent).

    Rewards

    After the promotional period ends, you can still earn cash back. You will earn:

    • 4% promotional cash back for the first six months
    • 1.25% cash back on all purchases after the promo period ends
    • Up to $750 cash back bonus for approved referrals

    Insurance

    This card offers very complete coverage, including categories like:

    • Emergency Medical Insurance
    • Flight Delay Insurance
    • Lost or Stolen Baggage Insurance
    • Mobile Device Coverage
    • $250,000 Travel Accident Insurance

STACK Prepaid Mastercard

Great for instant approval, no annual fees, and CDIC insurance
  • Annual Fee
    $0
  • Interest Rate
  • Welcome Bonus
    $5
  • Rec. Credit Score
    300+
  • Features & Benefits

    • 20% cash back on select hotels with STACK Travel
    • Discounts on a variety of merchants
  • Pros & Cons

    Why we like it

    Great for instant approval, no annual fees, and CDIC insurance

    Pros

    • $5 bonus
    • Instant approval (no credit or credit history checks)
    • Load money with e-transfers, visa debit, through payroll deposits, or at select merchants
    • Access to a Virtual Card and a digital wallet
    • Redeem rewards at over 150 partner stores
    • Insured directly by the CDIC for up to $100,000

    Cons

    • No welcome bonus
    • Doesn't help you build your credit score
  • More Details

    Bonuses and fees

    The STACK Prepaid Mastercard is a no-fee reloadable card that doesn’t have a credit score requirement. It doesn’t have a minimum deposit either, but you will need to deposit before you can start using your card.

    This card doesn’t charge foreign fees on purchases abroad, online, or ATM fees (keep in mind the ATM network may charge a fee).

    Rewards

    Has a unique rewards system: it doesn’t use points or rewards but instead offers discounts on purchases up. Here are some of the offers available:

    • $1 off grocery purchases (up to 4 times every month)
    • $1 off gas purchases (up to 4 times every month)
    • $5 every time you refer a friend

    Make sure to check STACKS' site; they’re always partnering up with different stores and offering deals and discounts on purchases.

    Perks and benefits

    • Instant cash back on everyday purchases
    • Supported at over 140 retailers
    • Earn cash back on FX and ATM withdrawals
    • Special offers every week
    • Set up payroll payments and get paid 2 days earlier

    Insurance

    This card is insured by the CDIC for up to $100,000 per insured category per user.

Tangerine Money-Back Credit Card

Great for no annual cash back limit and a low interest rate on balance transfers
  • Annual Fee
    $0
  • Interest Rate
    19.95% on purchases
  • Welcome Bonus
    $100
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn $100 cash back welcome bonus after spending $1,000 within your first 2 months
    • Earn bonus cash back on 2 categories plus an additional category when you link your Tangerine Savings Account
    • No limit on how much cash back you can earn
  • Pros & Cons

    Why we like it

    Great for no annual cash back limit and a low interest rate on balance transfers

    Pros

    • $100 bonus
    • Select 2 Money-Back categories and start earning 2% cash back (0.50% cash back on all others)
    • There's no annual limit to how much cash back you can earn
    • Cash back earnings are paid out monthly
    • Customizable cash back spending categories
    • Low 1.95% interest on balance transfers

    Cons

    • Very limited features
    • Low cash back rate compared to other cash back cards
  • More Details

    Bonuses and fees

    The Tangerine Money-Back Credit Card is a no-fee cash back card that can be customized to match your spending. With this card, you can choose your favorite cash back categories and earn bonus cash back. It comes with a promotional cash back rate of 15% on all purchases for the first 2 months, capped at $1,000, so you can earn up to $150 in cash back.

    Perks and Benefits

    The Tangerine Money-Back Credit Card brings a lot of flexibility compared to other cash back cards out there. For starters, cardholders can choose their preferred cash back categories and earn 2% cash back in two categories – three if you create a Tangerine Savings Account – and 0.5% cash back on all others. Here are the eligible categories:

    • Gas
    • Groceries
    • Pharmacies & drug stores
    • Entertainment
    • Hotels & motels
    • Home Improvement
    • Restaurants
    • Transportation

    Keep in mind you can change your chosen categories at any time, but it might take some time for it to take effect.

    Redeeming Your Rewards

    Cash back rewards are deposited directly into your Tangerine Savings Account, if you have one (highly recommended, to unlock the third bonus category), or applied to your credit card balance. Cash back rewards are paid out monthly, and there is no limit to how much cash back you can earn.

How Do Student Credit Cards Work?

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 student credit cards will report all your payments to Equifax and TransUnion so you can start building your credit early on.

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.

Pros & Cons Of A Student Cards

Pros: Why A Student Credit Card May Be Worth It

  • Apply without a credit card history
  • Start building your credit score with a large credit card company 
  • You can declare income from an allowance or a scholarship to get your card approved
  • Very low annual fees

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

  • Student credit cards usually have an age limit of between 18-24 years old
  • Benefits and perks are not as good as regular credit cards

How To Choose A Student Credit Card In Canada

Here are the things you should consider when looking for a student credit card:

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 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 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 – 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 Redeem Your Student Credit Card Rewards

Depending on the type of card you choose (cash back, travel, low interest, or rewards cards), you will have different options to redeem your rewards. Some of the most common options to redeem your rewards include:

  • A direct deposit to your checking or savings account
  • A check sent to your mail
  • A statement credit
  • Gift cards
  • Merchandise

In general, cash back and gift cards are a lot more flexible than store-locked rewards. When choosing a student credit card, confirm the redemption options match your goals.

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 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 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.

Personal Or Household Income Requirements

Student credit cards don’t usually have hard income requirements; most allow guardians or parents to add authorized users. Alternatively, students may declare employment, allowance, or scholarship income to increase their chance of approval.

Student Credit Card FAQs

Are Student Credit Cards Worth It?

Student cards might be worth it for you:

  • If you are a student with no credit history
  • If you want to start building your credit history with a large credit card company
  • If you want to access financing opportunities and enjoy lower interest fees on auto or home loans

Student cards might not be worth it for you:

  • If you’re looking for low-interest rates – students are considered high risk, and thus interest rates tend to be very high
  • If you’re looking for high credit limits
  • If you want premium perks

What Is The Best Free 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 bills 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.

Can A Student With No Income Get A Credit Card?

Yes, if you’re a student with no stable income, you can still apply for a student credit card. Most credit card issuers allow students to declare their allowances of school grants as income for the purpose of applying for a credit card. 

Even if you don’t have this option, you can still apply for a student credit card. However, the chances of getting approved may be slightly lower.

How Many Credit Cards Should I Have?

A common strategy when it comes to credit cards is to have two cards; one with cash back benefits and a specialized card that offers benefits that fit your long-term goals. That way, you earn money on all purchases and also work towards your long-term goals. Usually, it’s a good idea to have cards from the same issuer to keep things as simple as possible, but that’s not always an option.

The major drawback of having too many credit cards is the fees and interest charges on each; you may not earn enough in rewards to justify the annual fee (if applicable). It’s also harder to keep track of several cards, and you might miss a payment.

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