5 Best Credit Cards for Students in Ontario

Key Takeaways:

  • Choosing the right credit card is essential for students in Ontario, as it can help build credit and manage finances responsibly.
  • The Scotiabank Scene Visa Card offers rewards in the form of Scene points that can be redeemed for free movies and more.
  • The BMO SPC CashBack Mastercard provides cash back on purchases and discounts at participating SPC partner stores.
  • The TD Rewards Visa Card allows students to earn travel rewards and offers additional benefits like travel insurance coverage.
  • The CIBC Dividend Visa Card for Students offers cash back on everyday purchases and convenient access to CIBC banking services.
  • The RBC Rewards+ Visa Student Card allows students to earn points on eligible purchases and access the RBC Rewards program.

Scotiabank Scene Visa Card

The Scotiabank Scene Visa Card is a popular choice among students in Ontario. This credit card offers rewards in the form of Scene points, which can be redeemed for free movies and more. It also provides opportunities to earn bonus points at select merchants, making it a great option for students who enjoy going out and experiencing entertainment.

With the Scotiabank Scene Visa Card, students can earn Scene points on every purchase they make. These points can then be used to enjoy free movies at Cineplex theaters, rent movies from the Cineplex Store, or even purchase concession items. The ability to earn rewards while making everyday purchases is a fantastic way for students to make the most of their spending.

In addition to the Scene points rewards program, the Scotiabank Scene Visa Card also offers other benefits tailored to students. Cardholders can enjoy exclusive promotions and discounts at various entertainment, dining, and retail partners. This makes the credit card an excellent choice for students who want to make their budget stretch further.

Furthermore, the Scotiabank Scene Visa Card has no annual fee, making it an affordable option for students. It also provides additional features such as purchase protection and extended warranty coverage, giving students peace of mind when making purchases.

Overall, the Scotiabank Scene Visa Card is a top choice for students in Ontario who want to earn rewards while managing their finances. With the ability to earn Scene points, enjoy exclusive promotions, and benefit from useful features, this credit card is designed to enhance the student experience and provide valuable advantages.

BMO SPC CashBack Mastercard

The BMO SPC CashBack Mastercard is an excellent credit card option for students in Ontario. With this card, students can enjoy the benefits of cash back on their purchases while also accessing exclusive discounts at participating Student Price Card (SPC) partner stores.

One of the standout features of the BMO SPC CashBack Mastercard is its cash back rewards program. Students can earn cash back on their everyday expenses, allowing them to save money and stretch their budgets. Whether it’s purchasing textbooks, groceries, or other essentials, every dollar spent can contribute to cash back rewards.

Additionally, the BMO SPC CashBack Mastercard provides access to the SPC program, which offers discounts at a wide range of popular retailers, restaurants, and services. Students can take advantage of these discounts to save even more on their purchases, making the card a valuable tool for those looking to make their money go further.

Another benefit of the BMO SPC CashBack Mastercard is that it has no annual fee. This means that students can enjoy the perks of cash back rewards and SPC discounts without having to worry about additional costs.

With the BMO SPC CashBack Mastercard, students not only have the opportunity to save money but also to build their credit history. By using the card responsibly and making regular payments, students can establish a positive credit history, setting themselves up for future financial success.

In conclusion, the BMO SPC CashBack Mastercard is a top choice for students in Ontario who want to save money, earn rewards, and build their credit. With its cash back rewards program, access to exclusive SPC discounts, and no annual fee, this credit card offers a winning combination for students looking to make the most of their finances.

TD Rewards Visa Card

The TD Rewards Visa Card is an excellent option for students in Ontario who want to earn valuable travel rewards. With this credit card, students can accumulate TD Rewards points that can be redeemed for flights, hotels, and other travel expenses, allowing them to explore the world without breaking the bank.

One of the key advantages of the TD Rewards Visa Card is its flexibility. Students can use their accumulated rewards points to book travel through the TD Rewards Center or by redeeming them directly with their preferred travel provider. This gives students the freedom to choose the best option for their travel needs and preferences.

Key Features of the TD Rewards Visa Card:

  • Earn TD Rewards points on everyday purchases
  • Redeem points for flights, hotels, and travel expenses
  • Flexible redemption options through the TD Rewards Center or with preferred travel providers
  • Additional travel benefits including travel insurance coverage

With the TD Rewards Visa Card, students not only have the opportunity to earn travel rewards but also enjoy additional benefits that enhance their travel experience. The card offers travel insurance coverage, providing peace of mind during trips. This includes coverage for trip cancellation, trip interruption, and baggage loss or delay, among other benefits.

“The TD Rewards Visa Card rewards students with the opportunity to travel while providing valuable peace of mind with its travel insurance coverage.” – Casey Thompson, Personal Finance Expert

Rewards Structure:

Earn RateRedemption RateBonus
1 TD Rewards point per $1 spent100 TD Rewards points = $0.50 towards travel500 TD Rewards points upon first purchase

By using the TD Rewards Visa Card for their everyday purchases, students can earn TD Rewards points that quickly add up. The card offers an attractive 1 TD Rewards point per $1 spent, allowing students to maximize their rewards potential. Additionally, students can take advantage of a bonus 500 TD Rewards points upon their first purchase, giving them a head start on their travel rewards.

See also  7 Best Credit Card to Build Credit Score

The TD Rewards Visa Card is a popular choice among students in Ontario who value travel and want to make the most of their credit card expenditures. With its competitive rewards structure, flexible redemption options, and additional travel benefits, this card provides students with a convenient and rewarding way to turn their everyday expenses into exciting travel experiences.

CIBC Dividend Visa Card for Students

The CIBC Dividend Visa Card for Students is an excellent choice for students in Ontario who want to earn cash back on their everyday purchases. With this credit card, students can enjoy cash back rewards on essential expenses such as groceries and gas, helping them save money while building their credit history.

One of the key advantages of the CIBC Dividend Visa Card for Students is its flexibility. Students can earn up to 5% cash back on eligible purchases in popular categories like groceries and gas. In addition, they can earn 1% cash back on all other purchases. This program allows students to maximize their cash back rewards on items they frequently spend money on.

Another noteworthy feature of this credit card is the additional insurance coverage it offers. Students can benefit from Purchase Security and Extended Protection Insurance, providing peace of mind when making purchases and protecting their belongings.

In addition to the cash back rewards and insurance coverage, the CIBC Dividend Visa Card for Students also provides convenient access to CIBC banking services. Students can manage their finances easily with CIBC Online Banking and Mobile Banking, making it simple to keep track of their credit card activity and make payments on time.

Table:
Use this table to compare the features and benefits of the CIBC Dividend Visa Card for Students with other popular credit cards for students in Ontario.

FeaturesCIBC Dividend Visa Card for StudentsScotiabank Scene Visa CardBMO SPC CashBack Mastercard
Cash Back RewardsUp to 5% on groceries and gas, 1% on other purchasesScene points for free movies and moreCash back on purchases, discounts at SPC partner stores
Insurance CoveragePurchase Security, Extended Protection InsuranceN/AN/A
Banking ServicesAccess to CIBC banking servicesN/AN/A

This table provides an overview of some of the key features and benefits of the CIBC Dividend Visa Card for Students compared to other popular credit cards for students. It is important to consider individual preferences and needs when choosing the right credit card.

Overall, the CIBC Dividend Visa Card for Students offers a range of benefits that make it a convenient and rewarding option for students in Ontario. From earning cash back on everyday purchases to accessing additional insurance coverage and banking services, this credit card is designed to meet the unique needs of students and help them manage their finances responsibly.

RBC Rewards+ Visa Student Card

The RBC Rewards+ Visa Student Card is an excellent credit card option designed specifically for students. It provides access to the RBC Rewards program, allowing students to earn points for every eligible purchase they make. These points can then be redeemed for a variety of rewards, including merchandise, gift cards, and more.

One of the standout features of the RBC Rewards+ Visa Student Card is its purchase protection benefit. With this benefit, students can feel confident knowing that their purchases are protected against theft, loss, or damage for a certain period of time. This can provide peace of mind and added security when making important purchases.

Another useful feature of this student credit card is the mobile device insurance. As a student, a mobile device is often an essential tool for communication and productivity. With the RBC Rewards+ Visa Student Card, students can enjoy coverage for their mobile devices, safeguarding them against accidental damage or theft.

“The RBC Rewards+ Visa Student Card offers a range of benefits and rewards that make it a top choice for students. From earning points on purchases to valuable purchase protection and mobile device insurance, this credit card is tailored to meet the unique needs of students.”

Additionally, the RBC Rewards+ Visa Student Card comes with no annual fee, making it an affordable option for students. It also provides the opportunity to establish and build credit history, which is essential for future financial endeavors.

Whether you’re a student looking to earn rewards or simply want a credit card that offers added benefits and protections, the RBC Rewards+ Visa Student Card is worth considering. Apply today and start enjoying the perks and advantages tailored specifically for students.

Benefits of Having a Student Credit Card

Having a student credit card can offer several advantages for students in Ontario. These cards are specifically designed to cater to the needs and circumstances of students, providing them with valuable benefits that can contribute to their financial growth and well-being. Let’s explore some of the key benefits of student credit cards.

See also  Top Credit Cards for 680 Credit Score Picks

1. Building Credit History

One of the significant benefits of having a student credit card is the opportunity to build a credit history. By using your credit card responsibly and making timely payments, you can establish a positive credit history, which is crucial for future financial endeavors such as applying for loans or mortgages. Building good credit early on can make a significant difference in your financial prospects.

2. Learning Financial Responsibility

Managing credit responsibly is an essential skill, and having a student credit card provides an excellent opportunity to develop and practice financial responsibility. By using credit cards, students can learn how to budget, track expenses, and make wise financial decisions. These early lessons can lay a solid foundation for a lifetime of healthy financial habits.

3. Accessing Exclusive Rewards and Discounts

Many student credit cards offer exclusive rewards and discounts that can enhance the overall student experience. These rewards may include cashback on everyday purchases, discounts at partner stores, or points that can be redeemed for travel, merchandise, or other rewards. Taking advantage of these perks can help students save money and make their financial resources go further.

Student credit cards offer unique benefits tailored to suit the needs of students, whether it’s building credit, learning financial responsibility, or accessing exclusive rewards.

4. Emergency Financial Safety Net

A student credit card can also serve as a safety net during unexpected emergencies or financial situations. Having access to credit can provide peace of mind knowing that you have a backup plan in case of unforeseen expenses, allowing you to handle emergencies without undue stress or disruption to your finances.

5. Convenience and Digital Payment Options

In today’s digital era, having a student credit card provides convenience and flexibility in making payments. Whether you’re shopping online, paying bills, or managing subscriptions, credit cards offer a convenient and secure way to transact. Additionally, many credit cards come with mobile banking apps, enabling students to monitor their spending, set budget alerts, and manage their finances conveniently from their smartphones.

Tips for Responsible Credit Card Usage

Using a credit card can be a valuable tool for students to build credit and manage their finances responsibly. By following these tips and guidelines, students can ensure responsible credit card usage:

  1. Create a Budget: Establish a monthly budget to track income and expenses. This will help you stay on top of your finances and avoid overspending.
  2. Pay Bills on Time: Always pay your credit card bills on time to avoid late fees and negative impacts on your credit score.
  3. Keep Credit Utilization Low: Aim to keep your credit utilization ratio below 30% by using only a portion of your available credit. This demonstrates responsible borrowing and can positively affect your credit score.
  4. Monitor Credit Card Statements Regularly: Review your credit card statements regularly to spot any discrepancies or fraudulent activities. Report any suspicious transactions to your credit card issuer immediately.
  5. Avoid Impulse Purchases: Think twice before making impulsive purchases. Only use your credit card for necessary expenses or planned purchases that fit within your budget.
  6. Pay Credit Card Balance in Full: Whenever possible, pay off your credit card balance in full each month to avoid accruing interest charges. This will also help you stay within your budget.
  7. Be Mindful of Credit Card Limits: Avoid reaching the maximum limit on your credit card. High credit utilization can negatively impact your credit score and may make it difficult to obtain additional credit in the future.
  8. Seek Student-Friendly Credit Card Features: Look for credit cards that offer features tailored to students, such as low or no annual fees, cash back rewards, or discounts on student-specific expenses.

“Using a credit card responsibly can help students establish a positive credit history and develop good financial habits.”

By following these tips, students can navigate the world of credit cards with confidence and ensure responsible credit card usage, setting a strong foundation for their financial future.

How to Apply for a Student Credit Card in Ontario

Applying for a credit card as a student in Ontario is a straightforward process. By following these steps, you can secure a student credit card that suits your financial needs:

  1. Check the eligibility criteria: Before applying for a credit card, make sure you meet the eligibility requirements set by the credit card issuer. Typically, these criteria include being at least 18 years old and having a steady income or a co-signer.
  2. Gather the necessary documents: To complete your credit card application, you will need certain documents. These may include proof of identity (such as a valid passport or driver’s license), proof of address (such as a utility bill or bank statement), and proof of income (such as pay stubs or bank statements showing regular deposits).
  3. Research credit card options: Explore different credit card options available to students in Ontario. Consider factors such as interest rates, fees, rewards programs, and any special benefits that align with your needs.
  4. Submit your application: Once you’ve chosen a credit card, visit the issuer’s website or a local branch to begin the application process. Fill out the necessary forms and provide the required documents. Double-check all information for accuracy before submitting your application.
  5. Wait for approval: After submitting your application, it may take some time for the credit card issuer to review and approve your request. Be patient and wait for their decision.
  6. Activate your credit card: Once your application is approved, you will receive your credit card in the mail. Follow the activation instructions provided by the issuer to start using your student credit card.
See also  Best Credit Cards for Credit Score over 800

Remember, applying for a credit card is a financial responsibility and should be done carefully. Be sure to read and understand the terms and conditions associated with the credit card before using it. With responsible usage and timely payments, you can build a positive credit history while enjoying the benefits of a student credit card in Ontario.

Comparison of Student Credit Card Options in Ontario

Credit CardEligibility CriteriaAnnual FeeFeatures
Scotiabank Scene Visa Card18+ years old, minimum income requirementNo annual feeRewards in the form of Scene points, bonus points at select merchants
BMO SPC CashBack Mastercard18+ years old, minimum income requirementNo annual feeCash back on purchases, discounts at SPC partner stores
TD Rewards Visa Card18+ years old, minimum income requirementNo annual feeTravel rewards, travel insurance coverage
CIBC Dividend Visa Card for Students18+ years old, minimum income requirementNo annual feeCash back on groceries, gas, and other essential expenses
RBC Rewards+ Visa Student Card18+ years old, minimum income requirementNo annual feeEarn points, purchase protection, mobile device insurance

Conclusion

In conclusion, student credit cards in Ontario provide numerous benefits for students looking to build credit and manage their finances responsibly. The top 5 credit cards mentioned in this article, including the Scotiabank Scene Visa Card, BMO SPC CashBack Mastercard, TD Rewards Visa Card, CIBC Dividend Visa Card for Students, and RBC Rewards+ Visa Student Card, offer unique features and perks tailored to the needs of students.

By choosing one of these credit cards, students can earn rewards such as free movies, cash back, and travel points, while also enjoying insurance coverage and access to exclusive discounts. Additionally, having a student credit card can help students establish a solid credit history and learn essential financial skills.

When using a student credit card, it’s important to use it responsibly. By following tips like budgeting, paying bills on time, and monitoring credit card statements, students can develop positive financial habits and avoid common pitfalls. Applying for a student credit card in Ontario is a straightforward process, and with the right card, students can start their credit journey on the right track.

FAQ

What are the best credit cards for students in Ontario?

The top 5 credit cards for students in Ontario are the Scotiabank Scene Visa Card, BMO SPC CashBack Mastercard, TD Rewards Visa Card, CIBC Dividend Visa Card for Students, and RBC Rewards+ Visa Student Card.

What rewards does the Scotiabank Scene Visa Card offer?

The Scotiabank Scene Visa Card offers rewards in the form of Scene points, which can be redeemed for free movies and more. It also provides opportunities to earn bonus points at select merchants.

What benefits does the BMO SPC CashBack Mastercard provide?

The BMO SPC CashBack Mastercard offers cash back on purchases and provides discounts at participating Student Price Card (SPC) partner stores. It has no annual fee and is a great option for students looking to save money.

What travel rewards can be earned with the TD Rewards Visa Card?

The TD Rewards Visa Card allows students to accumulate TD Rewards points that can be redeemed for flights, hotels, and other travel expenses. It also offers additional benefits like travel insurance coverage.

What cash back opportunities are available with the CIBC Dividend Visa Card for Students?

With the CIBC Dividend Visa Card for Students, students can earn cash back on groceries, gas, and other essential expenses. It also offers insurance coverage and access to CIBC banking services.

What rewards program does the RBC Rewards+ Visa Student Card provide access to?

The RBC Rewards+ Visa Student Card provides access to the RBC Rewards program, allowing students to earn points on eligible purchases. These points can be redeemed for merchandise, gift cards, and more.

What are the benefits of having a student credit card?

Having a student credit card allows students to build credit history, learn financial responsibility, and access exclusive rewards and discounts.

What tips are there for responsible credit card usage?

Tips for responsible credit card usage include budgeting, paying bills on time, keeping credit utilization low, and monitoring credit card statements regularly.

How can students apply for a student credit card in Ontario?

To apply for a student credit card in Ontario, students need to meet the eligibility criteria, gather the required documents, and follow the steps outlined in the application process.

Leave a Comment