OMG UPDATE: Question? Answer.

Updated on Thursday, April 16

#7128

QUESTION: What's the best Credit Card for Students?

15 comments

  1. I just have the best no-fee card I could get from my bank (TD). Gives me 0.75% cash back.

    You should go to your bank and talk to someone.

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  2. Cash-Back & Benefits: CapitalOne Vibe - No fees, 1% cash back
    High Credit Limit as a student with no permanent job: BMO SPC Mastercard

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  3. They are all shit - limiting me to 1k even though I'm a co-op student and have never missed a payment.

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    1. You must not know how to raise your credit limit, have a very short credit history, or only make minimum payments. You can, relatively easily, extend your credit if your FICO score is decent to high. My income is less than 10k annually and I have a 3 year credit history; my credit limit is at 20k at the moment.

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    2. Interesting, I have mine set to pay off the full balance automatically each month. 5 years of never missing a payment either, but they won't raise it because i'm a "student."

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    3. That is super odd. My limit is $1700 but that's only because I won't let the bank increase it; they call me every couple of months asking to do so (I'm with RBC).

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    4. 3.b, where are you getting credit from? I'm a "student" too but I have never had a problem increasing my limit.. Not sure why that's a roadblock for you, unless you mucked up big time sometime in the last 5 years.

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  4. I really like my SCENE credit card from scotiabank! If you just use it for everything like a debit card and then just transfer money from your chequing account onto your card, you accumulate points really quickly. I've gotten a lot of free movies and large popcorn and drink so I've gotten a lot of use out of it.

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  5. Replies
    1. +1 especially if it's the UW one with DP on it

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  6. It depends on what you do most frequently.

    Do you like spending less money on groceries and live near a walmart? WM Mastercard gives you $25 sign up credit, no yearly fees, high interest and you get points to spend at Walmart on every purchase.

    Like movies? Scene card -- like 4 said. Best to sign up when they give you a promotional 5000 scene points (1 point = $1, 1000 scene points is a free movie at any cineplex).

    Like other stuff? Look into PC (Like the walmart card but for Presidents Choice grocers like Zehrs), etc....

    I personally went with a cashback visa from my bank (TD) that's been pretty good to me thus far.

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    1. I agree with 6, it depends on what you spend the majority of your money on and whether or not this is your first card.

      If you're just starting out and spend less than 10k a year, I feel that any credit card that offers some benefit will suffice. The main point is establishing a credit history before aiming for the "fancy" cards.

      I started out with a CIBC Dividend Visa card (long credit history) but rarely make purchases on it since it doesn't offer me the best bang for my buck.

      I spend most of my money at restaurants and gas so my main card is a Capital One Platinum Mastercard (3% cashback at restaurants, 2% gas, up to 1% on everything else + double cashback for 3 months). You need an excellent credit history for this card though.

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    2. Important to note that the card 6a mentions is exclusive to costco members only.

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  7. 2% Cashback with RBC, no monthly fees as long as you purchase a minimum of 10$ a month.

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  8. Capital One offered me a credit card with a low rate, which to me was the most important thing.

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