The use of a credit card has changed too much in this generation. Earlier it was used to make money on credit. But now it has a completely different meaning for college students. Credit cards and now used for creating a credit history. Hence we are listing the best credit cards in Canada for college or university going, students.
Whenever you want to take a loan from the bank be it a student loan or a personal loan, they ask you to show them your credit score. However, college students have very little or almost no credit history. Thus you must work upon creating a strong credit history. This is as simple as taking a student credit card on your name and maintaining a strong payback record.
Besides, the credit card is also very essential for students to be independent. Book cabs, hotels and any other stuff using your student’s credit card and enjoy college life.
Features Of Best Student Credit Card in Canada
The best student credit cards will have no Annual fees and give you plenty of reward points for every transaction that you make. Most importantly, every student’s credit card should provide easy approval with no credit history.
Students often struggle for credit card approval. This is because of the poor credit history on no credit history at all. However, you can ask your parents who has a good credit history to Co-sign for you.
Almost every other credit card company provides you offers so that you join them. Choosing the right one is very important. To help you choose the right students’ credit card in Canada we have put a list of top-rated Canadian student credit cards, based on fees, rewards, and ease of approval.
List of best Canadian students credit card 2018
1. Scotiabank L’earn VISA Card
Scotiabank is one company which provides students credit card at no annual maintenance fees. This is a very big plus point it for the students. Besides, earn up to 1% cashback every year with Scotiabank students credit card. If you use your credit card wisely you can earn a decent amount of reward points easily and quickly.
scotiabank has a tie-up with many companies on which you get a heavy discount on the interest rates. The interest rate ranges from 19.99% to 21.99% depending on the type of transaction. You can apply for this students credit card at any branch.
2. MBNA Rewards Mastercard
MBNA Rewards MasterCard is another one in a top list of best students credit card for college going students. This students credit card is very straightforward and can help you create a strong credit history why earning rewards.
You get one point for each dollar that you spend. This is convenient as you get enough cashback. This rewards MasterCard also provides you with 5000 points after your first purchase. The reward points can be flexibly redeemed for Merchandise, travel, and email charitable donations.
This card comes with no Annual fees as well. There is also no cap fun learning reward points. The interest rate is 99.99% for all transactions from purchases to balance transfer to cash advances.
3. Tangrine’s Money-back Credit Card
This students credit card is especially beneficial for those who want to say one a variety of their most common purchases. You can earn up to 2% cashback on shopping in various categories.
The only thing we do not like about this credit card is that it requires a fairly good amount of credit score to get approved. Apart from it, everything is good and it doesn’t have any annual maintenance fees. Thus, this credit card is mostly for those who are pursuing higher studies like Masters and have a part time part-time job. Regardless, the right candidate will find that the card readily competes with those in high tires.