The Nations Best Student Credit Cards for 2020

Why Get a Student Credit Card?

You’ve just stepped onto campus and its day one. You’re super excited and perhaps nervous all at once. You’ve got an agenda. Classes to attend, signing up for extracurricular activities, meeting your roommates or setting up your flat. Your plate is full.

But wait?!

Some of these items on your agenda require some moderate spending. Perhaps you’ve got rent to pay, purchase groceries, textbooks and school supplies, public transit costs and of course you can’t forget your cell phone and data plan.

Somewhere along the lines, you probably got to thinking, you’ve got a budget set up and you’re just going to use your debit card or cash to fund these expenses, right?

Think again.

Think, for a moment, about your future. When you graduate and “reality” kicks in, you will need something of great importance to assist you in your journey into and through adulthood. That, my well read friend, is good credit.

With good credit you will have an advantage when it comes to financing or purchasing a car whether it be new or used, getting approved for an apartment/condo rental, securing additional credit cards or a line of credit and finally the whopper, settling into a home mortgage.

With more and more restrictions passed on by government officials forcing the banks to clamp down on potential home owners, getting approved is harder than ever. Having a great credit score can deeply influence their decision, helping you qualify for the best possible mortgage rates and give you that leverage that you’re going to need. Needless to say, there are of course other factors involved, but why not take hold of the reins and give your future self a helping hand.

Having a credit card can help you achieve this. Instead of paying for groceries and gas with INTERAC why not choose to use your student Visa? Need some binders and a new backpack? Charge it to your new Mastercard. Challenge yourself with responsibility and pay off the entire balance at the end of your billing cycle and always before the due date.

If you can learn to manage your funds in this fashion, it will pave the way not only for developing great money management skills but also set you up in the good books with Canada’s Top Credit Reporting Bureaus.

Finding the Card Thats Fits Your Needs

Whats the deal with student category credit cards and what makes them right for you?

Green Light Approval Cartoon

For starters, most come standard with a “low” or preferably “no annual fee”. You’re on a tight budget and you are trying to save money where it matters. Having minimal up front and ongoing yearly costs can help you apply those funds towards more important things like printer paper and flash drives.

Another great reason to choose a student Visa or Mastercard is they usually don’t require a high minimum income and so the approval process is not as demanding giving lenders the green light in most situations. In some instances, you may be required to have a co-signer such as a parent or close family member, but I would suggest you first fill out the application on your own to submit and if the institution requires more information, they will happily contact you letting you know what your options are.

Top 3 Cards

  • Annual Fee: $0
     
  • Interest Rate: 19.99 %
     
  • Cash Advances: 22.99 %
  • Cash Advance Rate: 22.99 %
     
  • Interest Rate: 19.99 %
  • Annual Fee: $0
     
  • Interest Rate: 1.95% for 6 months
     
  • Cash Back Incentives: 2% in up to 3 Merchant Categories
     
  • Introductory 4% Double Cashback for approved applicants prior to July 31, 2019