Becoming a new student at a Canadian university or college certainly has its challenges, but a credit card shouldn’t be one of them… not when there are so many benefits!

As an adult, you’re now eligible to enjoy the many advantages offered by establishing your own line of credit. However, finding the right credit card to match your needs requires research – especially when it comes to rewards. And, with so many rewards programs available, you need to determine what is important to you:

  • Do you want to save money?
  • Are you interested in exclusive rewards like access to special events?
  • Would you like to save up for something big, like a vacation trip?
  • Or would you rather use your reward points towards everyday purchases?

For your convenience, we here at RatemyRewards.ca would like to offer the following recommendations for anyone newly enrolled at a university or college. This is our list of the best credit cards for students in Canada in 2021:

  1. Scotia Momentum® No-Fee Visa Card
  2. Tangerine Money-Back Credit Card
  3. CIBC Aeroplan® Visa* Card
  4. CIBC Aventura® Visa Card
  5. Choice Card from American Express
  6. TD Rewards Visa Card

Scotia Momentum® No-Fee Visa Card

Recommended for: No annual fees, cash back

The Scotia Momentum® No-Fee Visa Card makes for an ideal credit card for new college and university students. Not only does this no-fee credit card require no annual fees, but also offers great incentives (for a limited time):

  • Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases)
  • Get 99% introductory interest rate on balance transfers for the first 6 month

As a worthy candidate to become your student credit card, this card provides cash back on everyday spending at these rates:

  • 1% cash back on eligible gas station, grocery store and drugstore purchases and recurring bill payments
  • 5% cash back on all other eligible everyday purchases

Tangerine Money-Back Credit Card

Recommended for: No annual fees, money back rewards

The Tangerine Money Back Credit Card is an ideal credit card choice for anyone attending school this fall in Canada. This card lets you earn unlimited Money-Back Rewards on everyday purchases—with no annual fee.

As well, this card offers a low promotional interest rate of 1.95% on your transferred balance for 6 months, for which a balance transfer fee of 1% on the amount transferred will apply. Users will also have access to these perks:

  • Monthly Money-Back Rewards
  • Unlimited Money-Back Rewards
  • Personalized Categories

This credit card’s cash back reward system works like this:

  • Earn 2% Money-Back Rewards in two 2% Money-Back Categories of your choice
  • Earn 0.50% Money-Back Rewards on all your other everyday purchases

CIBC Aeroplan® Visa Card

Recommended for: Travel, no annual fees

The CIBC Aeroplan® Visa Card has the great advantage of being a travel rewards card with no annual fee, meaning you can save up for a big vacation in the future without having to pay extra for it!

This ideal student credit card allows users to earn 10,000 Aeroplan points (worth $100) upon the first purchase made. Not only that, it offers insurance coverage for car rental collision and damage, plus extra protection for new purchases.

Start saving for rewards on this card:

  • 1x point on gas, groceries and with Air Canada directly, including through Air Canada Vacations®
  • 1x point for every $1.50 spent on all other purchases

CIBC Aventura® Visa Card

Recommended for: Travel, no annual fees

The CIBC Aventura® Visa Card makes for a great credit card choice for students. This travel rewards credit card enables new users to earn up to 10,000 Aventura® points (a $100 value), allowing users to get 7,500 bonus Aventura Points during their first purchase, and then earn up to 2,500 Aventura Points—all at no annual fee.

Not only that, this card offers extra protection on new purchases in the form of 90-day Purchase Security Insurance for stolen or broken new purchases in addition to these perks:

  • Aventura Travel Assistant
  • Access personalized travel booking and trip planning with no booking fees

Earn points on this card for big rewards:

  • 1x point on gas stations, grocery stores and drug stores
  • 1x point on travel purchased through the CIBC Rewards Centre

Choice Card from American Express

Recommended for: Rewards, no annual fees

The Choice Card from American Express is a strong contender for a student credit card by offering a strong rewards program for no annual fee. New users can earn 10,000 Bonus Membership Rewards® points (worth $100) when $1,000 in net purchases is charged to the card within the first three months of using it.

This card makes for a great choice for students interested in entertainment rewards:

  • Access to American Express Entertainment Experiences
  • Front Of Line E-Updates

Save up for big rewards using this point system:

  • 1x point for every $1 in card purchases

TD Rewards Visa Card

Recommended for: Rewards, no annual fees

The TD Rewards Visa Card is very suitable for a student by being a rewards credit card that is available with no annual fees. It offers a 9.99% promotional interest rate on purchases for the first 6 months for a limited time.

What’s more, card users can redeem TD Rewards Points towards purchases made at Amazon.ca with Amazon Shop with Points. This means users can use their points for everyday perks like cash back and gift cards, or save them since points never expire as long as your account is open and in good standing.

Start saving your points for this card using this point system:

  • Earn 2 TD Rewards Points for every $1 in grocery, restaurant and fast food purchases, and regularly recurring bill payments
  • Earn 3 TD Rewards Points for every $1 when you book travel online through ExpediaForTD.com
  • Earn 1 TD Rewards Point for every $1 you spend on all other purchases

Using these recommendations, any student is well on their way to finding the right credit card that matches their personal needs. Choose well, and start enjoying life with the rewards you deserve!

Learn more about credit cards and rewards programs at our blog! Read our recommendations on Canada’s best credit cards for travel, or which credit cards offer the best companion ticket offers. Find out which credit cards are best for free groceries, or best for free travel. Or, perform a one-to-one comparison of all available credit cards using our credit card comparison chart, or peruse our handy FAQ section!

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