Embarking on the exciting journey of student life comes with its own set of challenges, and managing finances is undoubtedly one of them. But fear not! In this blog post, we’re about to dive into the realm of financial possibilities tailored just for students — the world of the “Best Student credit cards in Canada.” Whether you’re a budding scholar or a seasoned student navigating the academic landscape, we’ve got your back with insights, tips, and the lowdown on credit cards designed to make your student life a whole lot easier. So, fasten your seatbelts and get ready to explore the financial avenues that can turn your student years into a savvy, budget-savvy success story!
If you’re a student looking for the best student credit cards, you’ve come to the right place. Having a credit card as a student can help you build credit and set a strong foundation for your financial future. In this article, we’ll explore some of the top options available to you.
NerdUp by NerdWallet
NerdUp by NerdWallet is a secured credit card designed specifically for individuals looking to build their credit. With its attractive features and benefits, NerdUp is a popular choice amongst students and young adults. This secured card offers a great opportunity to establish creditworthiness and develop responsible financial habits.
One of the standout features of NerdUp is its $0 annual fee, which makes it a cost-effective option for students who are just starting to build their credit history. Additionally, NerdUp does not charge any interest, providing cardholders with a chance to manage their finances without incurring additional fees.
To get started with NerdUp, you will need to make a minimum security deposit of $100. This deposit acts as collateral and determines your credit limit. The security deposit is fully refundable, and with responsible credit card usage, you can even increase your credit limit over time. NerdUp also offers a rewards program that incentivizes responsible payment behavior by gradually increasing the credit limit with each payment.
Key Features of NerdUp by NerdWallet:
- $0 annual fee
- No interest charges
- No credit check
- Minimum security deposit of $100
- Rewards program that increases the credit limit with each payment
With NerdUp by NerdWallet, students have the opportunity to build their credit responsibly and lay the foundation for a strong financial future. By using NerdUp consistently and making timely payments, individuals can establish positive credit history, which can have far-reaching benefits in their personal and professional lives.
Discover it® Student Chrome
The Discover it® Student Chrome credit card is widely recognized for its simplicity and outstanding cashback rewards program. This card is well-suited for students who want to earn bonus cash back without the hassle of activation requirements. With a focus on student-friendly benefits, the Discover it® Student Chrome offers a seamless and rewarding credit card experience.
Key Features of Discover it® Student Chrome
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No annual fee: The Discover it® Student Chrome card comes with no annual fee, allowing students to maximize their rewards without any additional costs.
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Bonus cash back: Cardholders can earn 2% cash back on eligible purchases made at gas stations and restaurants, up to $1,000 in combined purchases each quarter. Plus, they earn unlimited 1% cash back on all other purchases.
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Good Grades Reward: Students are eligible for a $20 statement credit each school year for up to five years when they maintain a GPA of 3.0 or higher.
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No foreign transaction fees: For students who plan to study or travel abroad, the Discover it® Student Chrome is an excellent choice as it doesn’t charge any foreign transaction fees.
With its straightforward rewards structure and student-centric benefits, the Discover it® Student Chrome is a top contender among student credit cards. Students who value simplicity and want to earn bonus cash back on everyday expenses will find this card to be a valuable addition to their financial arsenal.
Discover it® Student Cash Back
Discover it® Student Cash Back is a popular choice among students looking for a credit card that offers rewards. With this card, you have the opportunity to earn cash back on your purchases, making it a great option for students who want to maximize their spending power. One of the standout features of this card is the rotating bonus cash back categories. Each quarter, Discover announces new categories that will earn you 5% cash back, such as restaurants, grocery stores, or gas stations. It’s important to note that you do need to activate these categories in order to earn the bonus cash back.
Rotating Bonus Cash Back Categories
The rotating bonus cash back categories offered by Discover it® Student Cash Back allow you to earn extra rewards on specific types of purchases throughout the year. This can be a great way to save money on everyday expenses and earn cash back at the same time. Keep in mind that these categories change every quarter, so it’s important to stay updated on the current offers.
| Quarter | Categories |
|---|---|
| Q1 (January – March) | Gas Stations, Grocery Stores, and Wholesale Clubs |
| Q2 (April – June) | Restaurants and PayPal |
| Q3 (July – September) | Gas Stations, Select Streaming Services, and Wholesale Clubs |
| Q4 (October – December) | Amazon.com, Target.com, and Walmart.com |
By taking advantage of these rotating categories, you can earn up to 5% cash back on your purchases. It’s a great way to stretch your budget and make the most of your student credit card.
Capital One SavorOne Student Cash Rewards Credit Card
The Capital One SavorOne Student Cash Rewards Credit Card is an excellent choice for students looking to earn cash back on their everyday expenses. With this card, you can earn generous rewards on dining, entertainment, streaming services, and grocery store purchases. Plus, there is no annual fee, making it even more appealing for students.
One of the standout features of the Capital One SavorOne Student Cash Rewards Credit Card is its bonus cash back categories. These categories allow you to earn even more cash back on specific types of purchases. For example, you may earn a higher percentage of cash back on dining or entertainment expenses compared to other types of purchases. This can help you maximize your rewards and save money on the things you enjoy the most.
In addition to the cash back rewards, the Capital One SavorOne Student Cash Rewards Credit Card also offers other benefits that can enhance your overall credit card experience. These benefits may include fraud protection, access to your credit score, and personalized account alerts. With these features, you can have peace of mind knowing that your card is secure and you have access to important account information.
Overall, the Capital One SavorOne Student Cash Rewards Credit Card offers a great combination of cash back rewards, bonus categories, and additional cardholder benefits. Whether you’re a student looking to earn rewards on your everyday expenses or someone who wants to build credit responsibly, this card is worth considering.
Capital One Quicksilver Student Cash Rewards Credit Card
The Capital One Quicksilver Student Cash Rewards Credit Card is a great option for students looking for a simple and straightforward cash back credit card. With this card, you can earn a flat-rate cash back of 1.5% on all purchases, making it easy to earn rewards without the hassle of rotating categories or activation requirements.
One of the key benefits of the Capital One Quicksilver Student Cash Rewards Credit Card is that it does not have an annual fee. This makes it a cost-effective choice for students who want to earn cash back without worrying about additional charges. Additionally, this card offers a variety of other perks, such as no foreign transaction fees and flexible redemption options for your cash back rewards.
When it comes to building credit as a student, having a credit card that offers cash back rewards can be a valuable tool. By using the Capital One Quicksilver Student Cash Rewards Credit Card responsibly and making timely payments, you can establish a positive credit history while earning rewards on your everyday purchases.
Key Features of the Capital One Quicksilver Student Cash Rewards Credit Card:
- Flat-rate cash back of 1.5% on all purchases
- No annual fee
- No foreign transaction fees
- Flexible redemption options for cash back rewards
| Card Benefits | Details |
|---|---|
| Cash back | Earn 1.5% cash back on all purchases |
| No annual fee | No additional charges for card membership |
| No foreign transaction fees | No fees for making purchases abroad |
| Flexible redemption options | Redeem your cash back rewards in various ways |
The Capital One Quicksilver Student Cash Rewards Credit Card is designed for students who want to earn cash back rewards while building credit. With its flat-rate cash back and no annual fee, it is an excellent choice for students who prefer simplicity and value. Start earning rewards on your everyday purchases and establish a solid credit history with the Capital One Quicksilver Student Cash Rewards Credit Card.
Bank of America® Travel Rewards credit card for Students
If you’re a student looking to start earning travel rewards, the Bank of America® Travel Rewards credit card for Students is worth considering. This credit card offers a range of benefits, including the opportunity to earn points towards travel expenses. However, it’s important to note that this card requires good credit for approval, so make sure to check your credit score before applying.
With the Bank of America® Travel Rewards credit card for Students, you can earn unlimited 1.5 points for every dollar spent on all purchases. These points can be redeemed for a variety of travel expenses, such as flights, hotels, and car rentals. Plus, there are no blackout dates, so you have the flexibility to book your travel whenever you want.
In addition to the rewards program, this credit card also offers a 0% introductory APR for the first 12 billing cycles on purchases, giving you some time to pay off your balance without accruing interest. It’s a great feature for students who may need a little extra time to manage their expenses.
Summary of the Bank of America® Travel Rewards credit card for Students
| Key Features | Details |
|---|---|
| Earn Rate | Unlimited 1.5 points for every dollar spent on all purchases |
| Redemption Options | Points can be redeemed for travel expenses, such as flights, hotels, and car rentals |
| Introductory APR | 0% introductory APR for the first 12 billing cycles on purchases |
| Credit Requirement | Good credit is required for approval |
Overall, the Bank of America® Travel Rewards credit card for Students is a solid option for students who want to start earning travel rewards. Just make sure you have good credit before applying to increase your chances of approval. Remember to use your credit card responsibly and pay off your balance on time to avoid accruing interest.
Discover it® Secured Credit Card
The Discover it® Secured Credit Card is an excellent option for individuals looking to build credit while enjoying rewards. As a secured card, it requires a cash security deposit, which serves as your credit limit. This deposit ensures that you can responsibly manage your credit and make timely payments.
Unlike many other secured credit cards, the Discover it® Secured Credit Card offers rewards. You can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Additionally, you’ll earn 1% cash back on all other purchases. These rewards can help offset the cost of the annual fee and provide additional value.
One of the unique features of the Discover it® Secured Credit Card is the possibility of upgrading to an unsecured card. After eight months of responsible credit card usage, Discover will review your account to determine if you qualify for an upgrade. This can provide greater flexibility and opportunities to further improve your credit score.
Discover it® Secured Credit Card Overview
| Key Features | Details |
|---|---|
| Annual Fee | $0 |
| Security Deposit | Minimum $200 |
| Rewards | 2% cash back on gas stations and restaurants (up to $1,000 in combined purchases each quarter), 1% cash back on all other purchases |
| Upgrade Possibility | After eight months of responsible credit card usage |
Who Should Consider the Discover it® Secured Credit Card?
The Discover it® Secured Credit Card is an ideal choice for individuals who are new to credit or have a limited credit history. With responsible use, this card can help you establish and improve your credit score. Additionally, the rewards program allows you to earn cash back on your everyday purchases, making it a valuable tool for building credit while enjoying some financial benefits.
If you’re looking for a secured card that offers the potential for an upgrade to an unsecured card, the Discover it® Secured Credit Card is a great option. After establishing a track record of responsible credit card usage, you may be eligible for an upgrade, which can provide more opportunities and perks in the future.
Overall, the Discover it® Secured Credit Card is a reliable choice for those who want to build credit, earn rewards, and potentially upgrade to an unsecured card. With no annual fee and the opportunity to establish positive credit habits, it’s a valuable tool for financial growth.
Benefits of Building Credit as a Student
Building credit as a student can have numerous benefits that extend beyond your college years. By proactively establishing and maintaining good credit, you set yourself up for future financial success and opportunities. Here are some key benefits of building credit as a student:
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Access to Better Interest Rates: Building credit allows you to qualify for loans and credit cards with lower interest rates. This can save you significant money over time when you need to finance major purchases, such as a car or home.
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Improved Financial Security: Having good credit provides a safety net during unexpected situations. If you encounter an emergency or need to cover unexpected expenses, having a solid credit history can help you secure a loan or line of credit to bridge the gap.
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Enhanced Job Opportunities: Some employers may conduct credit checks as part of the hiring process, particularly for positions that involve financial responsibility. By building credit early on, you demonstrate financial responsibility and may increase your chances of landing your desired job.
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Increased Rental Options: When you’re ready to transition from dorm life to renting your own apartment, landlords often consider credit history when evaluating potential tenants. By building credit as a student, you enhance your chances of securing a desirable rental property.
Establish Good Credit Habits:
Keep in mind that building credit takes time and consistency. It’s important to establish good credit habits early on, such as making payments on time, keeping credit utilization low, and avoiding excessive debt. By developing responsible credit practices as a student, you build a solid foundation for your financial future.
| Benefit | Description |
|---|---|
| Access to Better Interest Rates | Qualify for loans and credit cards with lower interest rates |
| Improved Financial Security | Have a safety net during unexpected financial situations |
| Enhanced Job Opportunities | Demonstrate financial responsibility to potential employers |
| Increased Rental Options | Improve chances of securing a desirable rental property |
Who Should Apply for a Student Credit Card
If you are considering applying for a student credit card, it’s important to understand the eligibility requirements and other factors that may impact your application. Here are some key points to consider:
- Age Restrictions: Federal law limits who can get credit cards if you are under the age of 21. In most cases, you will need to have a co-signer, such as a parent or guardian, to apply for a student credit card.
- Income Requirements: Some student credit cards may require you to have a minimum income to qualify. This helps ensure that you have the financial means to repay any charges you make on the card.
- bad credit: If you have bad credit, it may be more challenging to get approved for a student credit card. In such cases, you may want to consider cards specifically designed for people with bad credit or look into alternative options.
Alternatives to consider if you don’t qualify for a student credit card include:
- Becoming an authorized user on someone else’s credit card
- Applying for credit cards designed for individuals with no credit history
- Using a rent-reporting service to build credit through your monthly rent payments
It’s important to note that while a student credit card can be a great tool for building credit, it’s essential to use it responsibly. Make sure to pay your bills on time, avoid charging more than you can afford to repay, and keep track of your spending to stay within your budget.
By understanding the eligibility requirements and considering your options, you can make an informed decision about whether a student credit card is right for you.
Conclusion
Student credit cards are a valuable tool for building credit and establishing responsible credit card usage. These cards offer numerous benefits and rewards, making them suitable options for students who want to start building their financial future today.
By using student credit cards responsibly, you can develop good credit habits that will benefit you in the long run. Building credit as a student is crucial for future financial endeavors, such as buying a home, getting a car loan, renting an apartment, setting up utilities, getting hired, and even starting a business.
When choosing a student credit card, consider factors such as annual fees, rewards programs, and credit requirements. The NerdUp secured credit card by NerdWallet is a great option for those looking to build credit with no annual fee and no credit check.
Discover it® Student Chrome and Discover it® Student Cash Back are known for their simplicity and bonus cash back categories, while the Capital One SavorOne Student Cash Rewards Credit Card and Capital One Quicksilver Student Cash Rewards Credit Card offer specific cash back categories and a flat-rate cash back, respectively. The Bank of America® Travel Rewards credit card for Students is a suitable choice for those who prioritize travel rewards, but keep in mind that it requires good credit for approval. Lastly, the Discover it® Secured Credit Card provides an opportunity to build credit with a secured card that offers rewards and the potential for an upgrade to an unsecured card.
When using any credit card, it’s important to use it responsibly. Make timely payments, keep your credit utilization low, and avoid carrying a high balance. Responsible credit card usage will help you build a positive credit history and improve your credit score over time.