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Best Student Credit Cards in Canada For 2025

Abid Salahi

Author

5 min read

Navigating the world of credit cards can be challenging, especially for students with little or no credit history. But fear not!

We've extensively researched and compared the best student credit cards Canada, providing an in-depth analysis to help you make an informed decision.

I was a student myself and never really thought about choosing the right credit card because it didn't seem like a priority at the time.

But I could have saved over $300 per year had I done some research and found student credit cards that worked well for me.

Let's dive into some of the best student credit cards Canada and why they stand out.

1. The All-Rounder: BMO Student Cash Back Mastercard

Our choice for: Highest cashback for students

BMO CashBack® Mastercard® for Students

4.8

Finly Rating

APPLY NOW

go to BMO's website

$35 Cash Rebate From FinlyWealth

Welcome Bonus*

5% cash back for the first 3 months, up to $2,500 in spend

First Year Value

$367.35

Based on $2,000/mo spending. Calculate your rewards

Annual Fee*

Interest Rates

21.99% / 23.99%□

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

We consider this card to be the best student credit card in Canada for it's competitive cashback rewards (3% on groceries, 1% on recurring bills), no annual fee and a generous welcome bonus. Plus, cashback redemption is flexible so no need to wait a year each time you want to get your cashback paid out.

Pros

No annual fee, making it a cost-effective option for all students.
Up to 3% cash back on groceries and 1% on recurring bill payments, giving fantastic rewards to students.
Save up to 7 cents per litre at Shell stations when linked with Air Miles.

Cons

Low base earn rate of 0.5% cash back on non-bonus purchases.
Limited insurance coverage (extended warranty and purchase protection only).

Rewards*

3% cash back on grocery purchases (maximum $15 per statement)
1% cash back on recurring payments like bills or subscriptions (maximum $5 per statement)
0.5% cash back on all other purchases

Insurance*

Coverage*

Purchase Protection
90 days
Extended Warranty
1 year

Benefits*

Details*

Car Rental Discount
Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool.
Gas Discount
Save up to 7 cents per litre at Shell stations when linked with Air Miles
Discount
Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las Vegas.
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.

Eligibility*

Credit Score
Poor
Annual Income
N/A

^*BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information. Check here for full details and current product information.

The BMO Student Cash Back Mastercard is a top choice for students seeking a well-rounded credit card. The card offers a straightforward 1% cashback on all purchases, allowing students to accumulate rewards without worrying about categories. And not to mention there's a 3% cash back on groceries!

There's no annual fee, making it budget-friendly for students. A standout feature of this card is the included Student Price Card (SPC) membership, granting access to exclusive discounts at a variety of popular retailers, restaurants, and services across Canada. This card can easily be crowed the title of best student credit card Canada.

2. The Credit Builder: Neo Secured Mastercard

Our choice for: Guaranteed approval and earning cashback

Neo Secured Mastercard®

Neo Secured Mastercard®

4.5

Finly Rating

APPLY NOW

go to Neo Financial's website

$45 Cash Rebate From FinlyWealth

Welcome Bonus

N/A

Rewards Rate

1% - 4%

Annual Fee

$60

$5 Paid Monthly

Interest Rates

19.99% - 29.99%□ / 22.99% - 31.99%□

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

If you have a poor credit score and are looking to rebuild it with a secured card, then the Neo Financial Secured Credit Card is the best card to go for. This card offers so much more compared to other secured credit cards on the market, including no monthly fees, a low deposit amount needed to get started, and it is the only credit card that offers some rewards on your purchases!

Pros

The minimum deposit requirement is only $50, making it accessible to all consumers
High cashback rates of up to 5% on average at Neo Partners

Cons

Interest rate could go really high for some customers
A monthly fee of $5

Rewards

1% cash back on grocery purchases up to $500 spending per month (3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to the 0.5-1% cash back tier after hitting spend cap
1% cash back on gas purchases up to $500 spending per month (3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to the 0.5-1% cash back tier after hitting spend cap
0% cash back on all other purchases with $0 in a Neo everyday account, or 0.5% cash back with $5k in a Neo everyday account up to $1,667 spending per month, or 1% cash back with $10k in a Neo everyday account up to $1,667 spending per month - drops to 0% cash back again after hitting spend cap
+5% earned on average at Neo Partners.

Note: our reward calculations use the base cash back rates assuming you do not hold any money in a Neo everyday account to earn the higher tier (boosted) cash back rates, otherwise the reward estimates may be higher.

Benefits

Details

Neo Premium ($4.99/month)
optional
Neo Travel Benefits ($4.99/month)
optional
Neo Food Cashback boost ($1.99/month)
optional
Neo Mind and Body Perks ($9.99/month)
optional

Eligibility

Credit Score
Poor
Annual Income
N/A

If you love a guaranteed approval and want to earn cash back on everyday purchases with an innovative brand, the Neo Secured Mastercard should be on your radar. You can earn 1% cash back on both groceries and gas purchases.

You also earn 5% cashback on average at Neo Partners!

Although you may have a $5 monthly fee, it makes for the perfect choice when you're spending money that's secured by your own limit of choice. The amount you fund the card essentially determines your credit and spending limits. Plus this card only requires a minimum security deposit as low as $50.

3. The Customizable Cashback Champ: Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

Finly Rating

APPLY NOW

go to Tangerine's website

I currently have or may soon have a Tangerine Savings account

Welcome Bonus

10% Cash Back up to $100 value

First Year Value

$348.79

Based on $2,000/mo spending. Calculate your rewards

Annual Fee

Interest Rates

20.95%* / 22.95%*

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.

Pros

Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
Easy credit score requirements needed for this card.
Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.

Cons

Insurance coverage is the most basic.
Very low cashback rate on the other categories not selected.

Rewards

2% on the choice of two categories chosen from the 10 offered by Tangerine
0.5% cashback on all other credit card purchases.

Insurance

Coverage

Purchase Protection
90 days
Extended Warranty
Up to a year

Eligibility

Credit Score
Good
Annual Income
N/A

^*Terms and conditions apply. Check here for full details and current product information.

Tangerine's Money-Back Credit Card is perfect for students seeking a tailored cashback experience. With this card, you can choose two categories (like groceries, gas, or dining) to earn 2% cashback, while earning 0.5% on all other purchases.

There's no annual fee, and if you opt to deposit your cashback rewards into a Tangerine Savings Account, you can select a third 2% cashback category. The card's online banking interface is user-friendly, making it ideal for tech-savvy students who prefer managing their finances digitally.

4. The Perks Galore: CIBC Dividend Visa Card for Students

The CIBC Dividend Visa Card for Students is designed for those who value rewards and perks. The card offers a generous 4% cashback on gas and groceries for the first four months, reverting to 1% cashback on eligible purchases thereafter.

With no annual fee, this card is accessible to students on a budget. Cardholders also gain access to exclusive CIBC events, offers, and experiences, adding an extra layer of excitement to their credit card journey.

An in-depth comparison:

When comparing these cards, it's essential to consider your spending habits and lifestyle.

The BMO SPC CashBack Mastercard and Tangerine Money-Back Credit Card cater to students who want a simple, no-fuss cashback program. The BMO card shines with its SPC membership, while the Tangerine card stands out with its customizable cashback options.

If your spending is more focused on specific categories, like gas and groceries, the CIBC Dividend Visa Card for Students may be a better choice. The higher cashback rate on these categories during the first four months and access to exclusive events make this card a strong contender.

For students who prioritize guaranteed approval, the Neo Secured Mastercard is the clear winner. The unique Neo Partners program sets it apart from the competition, offering valuable cashback who frequently shop at any Neo partner brands.

Additional Considerations:

Beyond rewards, it's important to consider other factors when selecting a student credit card:

Interest Rates: All four cards have similar interest rates, hovering around 19.99% for purchases and 22.99% for cash advances. As a student, it's essential to be aware of these rates and aim to pay off your balance in full each month to avoid interest charges.
Foreign Transaction Fees: If you plan to study abroad or travel internationally, be mindful of foreign transaction fees. Both the BMO SPC CashBack Mastercard and Tangerine Money-Back Credit Card charge 2.5% on foreign transactions. To minimize fees, consider using a card with lower foreign transaction fees or explore additional credit cards designed for travelers.
Credit Building Features: As a student, establishing a solid credit history is crucial. Look for cards that report your payment history to major credit bureaus, offer free credit score tracking, or provide educational resources on credit management.

Conclusion

Selecting the right student credit card is a personal decision based on your unique needs, lifestyle, and financial goals. By carefully considering the rewards programs, fees, interest rates, and credit-building features of these top student credit cards in Canada, you can find the perfect match for your situation.

Remember that responsible credit card use is essential for building a strong credit history, which will benefit you in the long run as you pursue future financial milestones, such as renting an apartment, buying a car, or securing a mortgage. With the right credit card in hand, you're well on your way to achieving financial success.