The Nations Best Student Credit Cards for 2020
By Pedro Anatoyas
I
July 14, 2020
Canada's Best Credit Cards for Students
By Pedro Anatoyas
I
July 14, 2020
Why Get a Student Credit Card?
When you spend your money, wouldn’t you rather let your money earn something back for you in return? It’s like getting an extra scoop of ice cream for spending wisely.
And you’re going to spend that money anyways on the things that you need, right?
You could be earning yourself cashback rewards, which you can apply towards any number of items such as bills, groceries, extra school supplies, or a new pair of jeans.
You could be earning extra movie passes or using the points you’ve earned towards discounts at your favourite restaurants, be it dine-in or take-out.
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 some of the following expenses?
- Rent to Pay
- Groceries
- Textbooks and School Supplies
- Cell Phone and Data Plan
- Public Transit Costs
- Weekends with your BFF
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.
Best 3 Student Cards
At a Glance
$0
Annual Fee
$0
Annual Fee
$0
Annual Fee
Distinguishing Features
- 1 scene point for regular purchases
- points scene points for purchases made at Cineplex theatres or Cineplex.com
- Visa payWave
- Apple Pay
- Click to Pay
- My Mobile Wallet
- Earn 2% in up to 2 categories of your choice
- Choose from 10 popular categories
- Earn 2% in 3 categories of your choice with Tangerine Savings Account (See details below)
- Theft
- Loss
- Damage
Within 90 days of transaction and
- Can double the manufacturer’s warranty up to one extra year.
- 0.25% on the first $500
- 0.50% on the next $500
- 1% on any amoount over $1000
- TeleScotia®
- Scotia OnLine Desktop®
- Use the Scotia mobile app
Special Offers
Earn 2,500 for every month that you charge $500 minimum to card, up to 30,000 bonus points in the first year
Best Student Cards
Rate Raiders Top 3 Picks
Scotiabank Scene Visa
Earn 2,500 bonus SCENE points by spending $500 in purchases within first 3 months1 • $0 Annual Fee • $1 spent = 1 scene point • $1 spent at cineplex theatres or cineplex.com = 5 scene points! • You can redeem points for restaurant discounts.
Tangerine Mastercard
2% Cash Back in 2 Merchant Categories with no limits of the amount you can earn! Transfer and Save – 1.95% APR on balance transfers for 6 months (only transfers within the first 30 days are applicable) • $0 Annual Fee •
Scotiabank L'earn Visa
What Can Good Credit Do For You?
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 homeowners, 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
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.
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