A simple no-fee card that offers a good combination of low annual fees and generous rewards is great for students looking to build a credit history. The key is for students to pay off the balance every month so buying a first car or home in the future will be effortless. MoneySense found the best cards for students. Note: we’ve assumed a $1,000 monthly spend when working out our rewards calculation.
Winner: Scotiabank Scene Visa
It’s free: So no annual fee.
Fast and simple. Great way to watch free movies.
First purchase gets you 4,000 points. Get 4,000 bonus Scene points – enough for 4 free general admission movie tickets – when you make your first purchase on the card (Note:(a movie can be redeemed for 1,000 points).
Earn Scene points at Cineplex theatres: Earn five Scene points for every $1 you spend on Scene Visa purchases at Cineplex Entertainment theatres of Cineplex.com.
Earn 1 Scene point for every $1 you spend on regular credit card purchases.
Rent a car at Avis: car rental locations and save 20 per cent on the rental.
Redeem Scene points elsewhere: Sport Check allows members to earn and redeem their points at stores.
Second place: BMO SPC Cash Back Student MasterCard
• No annual fee
• 1 per cent cash back on all purchases
• $60 cash back welcome bonus
• Free SPC membership – a value of $10 every day. Through this program you’ll get an additional 10-15 per cent discount at hundreds of merchants across Canada.
• No reference letter, parent’s signature, or part-time income to be approved
Third: Tangerine Money-Back Credit Card
• No annual fee
• Not specifically designed for students but I would consider it one of the best credit cards for students
• 2 per cent cash back in three categories of your choice, and 0.5 per cent everywhere else
• No limits to how much cash back you can earn
• Convenience and choice – you choose the 2-3 categories that you want to earn 2% in based on your spending habits (you can change your selections at any time)
How much can you expect in rewards in one year*?
|Net reward (excluding 1st year sign-up bonus|
|Scotiabank SCENE Visa||$192|
|BMO SPC Cashback MasterCard||$120|
|Tangerine Money-Back Credit Card||$143|
*Based on $2,000 of monthly spending
Honorary Mention: BMO SPC Air Miles MasterCard
• No annual fee
• One Air Miles reward mile for every $20 that you spend on your credit card
• SPC discounts of 10-15 per cent at hundreds of stores
• 500 bonus miles
See the full ranking on MoneySense.ca
MORE ABOUT STUDENT FINANCE:
- Want free university? Changes to OSAP, Canada Student Grants could help
- University of Calgary gets $40-million to spur entrepreneurship
- New OSAP rules mean ‘free’ tuition for mature students
- On campus, there can be such a thing as a free lunch
- How students are turning social-media intuition into tuition
- For hire: The eyes and ears of a vet near you
- The best part-time jobs for students
- The boss who pays student debts
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