A student credit card is typically the first credit product a Canadian holds — and the habits formed in these early years have a lasting impact on your credit score. The best student cards have no annual fee, low or no income requirements, and earn some form of rewards on everyday spending.
Building Credit as a Student
- Pay your balance in full every month — carrying a balance costs 19.99%+ in interest, which erases any rewards earned
- Keep utilization under 30% — only use up to 30% of your credit limit to benefit your credit score
- Don’t close old accounts — length of credit history matters; keep your first card open even after you upgrade
- Check your credit report — view it free via Equifax or TransUnion; look for errors that could hurt your score
What to Look for in a Student Card
- No annual fee — don’t pay to build credit
- Low or no income requirement — many students earn little or work part-time
- Low or flexible credit limit — starts low but can increase as you demonstrate reliability
- Basic insurance — some student cards include purchase protection and extended warranty
Bank-Issued Student Cards
| Card | Annual Fee | Earn Rate | Programme | Income Req. |
|---|---|---|---|---|
| BMO Student CashBack Mastercard | $0 | 3% groceries, 1% recurring bills | Cash back | None |
| TD Student Visa | $0 | 1 TD Reward pt/$ spent | TD Rewards | None |
| RBC Student Visa | $0 | 1 Avion pt/$ spent | Avion | None |
| CIBC Student Visa | $0 | 1% cash back (select categories) | Cash back | None |
| Scotiabank Student Visa | $0 | 1x Scene+ on all purchases | Scene+ | None |
| Scotiabank Learn Visa | $0 | 1x Scene+ on all purchases | Scene+ | None |
| National Bank Student Mastercard | $0 | ncRewards | ncRewards | None |
No Annual Fee Cards Available to Students
These cards aren’t exclusively for students but have no annual fee and flexible income requirements — often a better earn rate than dedicated student cards:
| Card | Annual Fee | Top Earn Rate | Best For |
|---|---|---|---|
| Tangerine Money-Back Credit Card | $0 | 2% in 3 chosen categories | Students who want flexible cash back |
| BMO CashBack Mastercard | $0 | 3% groceries | High grocery earn for no fee |
| Rogers Mastercard | $0 | 1.5% everywhere | Simple flat-rate cash back |
| PC Financial Mastercard | $0 | PC Optimum points at Loblaws | Students who shop at Loblaws |
| CIBC Dividend Visa | $0 | 1% groceries & gas | CIBC banking students |
| TD Rewards Visa | $0 | 1 TD Reward pt/$ | TD banking students |
Prepaid Options for Credit Building
If you don’t qualify for a traditional card or prefer no risk of overspending:
| Card | Monthly Fee | Best For |
|---|---|---|
| KOHO Prepaid Visa | $0–$4 | Cash back + optional credit building add-on |
| KOHO Extra Prepaid Visa | $9 | Higher earn rates; credit building included |
| STACK Prepaid Mastercard | $0 | No FX fees; basic cash back |
| Mogo Visa Prepaid | $0 | Basic prepaid with credit score monitoring |
Related Articles
- Best No Annual Fee Credit Cards in Canada
- Best Credit Cards for Newcomers to Canada
- Best Secured Credit Cards in Canada
- Understanding Credit Scores in Canada
Card details current as of June 2026. Income requirements and approval criteria change — verify with the issuer before applying. See our Advertiser Disclosure.