Best student cards 2012

We looked at all major student credit cards in Canada, searching for those with the best combination of low annual fees and generous rewards.

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by MoneySense staff
October 5th, 2012

Online only.

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When students first set foot on campus, they’re often pitched by credit card companies. Don’t sign up just because you’re offered a free Frisbee or box of cookies. Find a card to meet your needs and—since none of these are true low-rate cards—strive to pay off balances each month. Handle your card with care and you’ll build a good credit score that will help you buy a first car or home in the future.

To find the card that best matches your spending and re-payment patterns, try our Credit Card Selector Tool.

In the meantime, here’s our list of best low-cost cards that provide the highest average percentages of cash back for every dollar you spend:

1.


RBC
Cash Back MasterCard
Annual Fee: $0
Current Interest Rate: 19.99%
Card Details: Includes purchase security and extended warranty.

2.


Scotiabank
L’earn Visa
Annual Fee: $0
Current Interest Rate: 19.99%
Card Details: Includes car rental discounts.

3.


TD
Rebate Rewards Visa
Annual Fee: $0
Current Interest Rate: 19.99%
Card Details: Includes car rental discounts.

4.


Scotiabank
Scene Visa
Annual Fee: $0
Current Interest Rate: 19.99%
Card Details: Includes discounts on car rentals and movie snacks.

5.


TD
Classic Travel Visa
Annual Fee: $19
Current Interest Rate: 19.99%
Card Details: Includes car rental discounts.

6.


BMO
SPC Air Miles MasterCard
Annual Fee: $0
Current Interest Rate: 19.5%
Card Details: Includes discounts at various retailers, extended warranty, purchase protection.

7.


RBC
Signature Rewards Visa
Annual Fee: $39
Current Interest Rate: 19.99%
Card Details: Includes travel and car rental collision insurance, purchase security and extended warranty.

8.


RBC
Rewards VISA Gold
Annual Fee: $0
Current Interest Rate: 19.99%
Card Details: Includes travel and car rental collision insurance, purchase security and extended warranty.

What will you pay for your student credit card?

Here we show the net cost of the cards, assuming your unpaid balance is equal to your monthly spending.

Learn how we crunched the numbers for Canada’s Best Credit Cards 2012 by reading our methodology.

Have trouble paying off your balance month after month? Try one of these low-rate cards. Students who manage to pay off their balance every month are ahead of their class and ready for bigger rewards. Check out our Best cash-back cards 2012, Best travel cards 2012 and Best merchandise cards 2012 lists.

7 comments on “Best student cards 2012

  1. I'm not sure I love how much credit cards are being featured lately on MoneySense. I think a lot of people get themselves into trouble with them, and there should be more education on how not to need to use them.

    Reply

    • Hi @moneyaftergrad and thanks for your comment. Our week-long series on credit cards is nearly over and we hope that Canadians find it useful. We have and will continue to stress that credit cards must be used with caution (http://www.moneysense.ca/2012/08/22/canadas-best-credit-cards-2012/). But credit cards are also necessary in a lot of cases and if you're smart — spending only what you can pay off with cash in the bank every month — they offer some pretty great perks that can actually save you money, for example free car rental insurance on travel cards. Anyhow, thanks for reading.

      Reply

  2. i am totally disagree with the credit cards that are you recommending for the students. interest rate are extremely high

    Reply

    • Alice,
      Our top low-rate cards are best for Canadians who have trouble paying off their balance in full month after month, students included.

      Reply

  3. I'm completely agree here…There are so many points which make your stuff your more usable and informative too. I've bookmarked your site too for future reference. I'll be in your touch till your next updates…

    Reply

  4. Well done Author you have a good vision keep going on with your academic writing, the article is very interesting and academically written.Tump up.

    Reply

  5. When a student first steps into campus he is pitched with credit cards companies. There are various schemes and offers regarding student health insurance. But a student must cross check every aspect of the policy or insurance he is adopting and should select that scheme which suits his/ her needs. So this article is very much informative especially for students so that they could be aware of what a student health insurance is and which factors are to be considered while choosing the best one.

    Reply

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