The one thing that holds this card back is the reward structure. Although you earn Avion points, Avion has three tiers, and points earned with ION cards are the least valuable. That said, your points still have flexibility, and there’s a way to upgrade your points to the higher tiers. Read my RBC Ion+ Visa review now.

Welcome bonus and earn rate

The RBC ION+ Visa credit card typically offers a bonus of up to 7,000 – 14,000 Avion points (a $50 – $100 gift card value).

The earning rate for the RBC ION+ Visa Vard is generous. You’ll get 3 Avion points per $1 spent on groceries, dining, food delivery, rideshares, daily transit, gas, EV charging, streaming, digital gaming and subscriptions. All other purchases earn you 1 Avion point per dollar spent.

The card does charge a monthly fee of $4 ($48 annually). While most student credit cards have a no or low annual fee, $4 a month is pretty reasonable. That said, if you have an RBC Signature No Limit Banking or RBC Advantage Banking for students account, the fee is waived.

Benefits and perks

As you read this RBC ION+ Visa review, you’ll quickly realize that most of the benefits included with the card are standard RBC benefits. That said, one perk stands out and will likely appeal to many people.

Mobile device insurance

When you purchase a mobile device (cellphone and tablet) and pay for it in full with your RBC ION+ Visa Card, you get mobile device insurance that covers up to $1,000 for two years. This insurance covers things such as damage, theft, and even loss. If you’re on a subsidized plan, you must pay your bill in full with your RBC ION+ Visa Card. Note that depreciation is factored into your payout if you ever need to make a claim.

Save at Petro-Canada

Anyone that fills up at Petro-Canada may be interested to learn that you’ll save 3¢ per litre on fuel and earn 20% more Petro points when paying with your linked RBC ION+ Visa Card. This may not seem like a big deal, but not only are you saving on gas, but you also get an increased earning rate on gas purchases, and you’re earning Petro points.

Earn Be Well points at Rexall

Although Be Well points isn’t the best loyalty program. If you regularly shop at Rexall, you can earn 50 Be Well points per dollar spent when you scan your Be Well card and pay with your linked RBC ION+ Card.

Save on delivery fees with DoorDash

RBC ION Visa Plus cardholders get a 3-month complimentary DashDash Pass subscription. With DashPass, you won’t pay any delivery fees if you spend at least $15 or more with DoorDash and pay with your RBC ION+ Visa Card. There is no limit to this $0 delivery fee benefit.

Purchase insurance

• Purchase security – 90 days
• Extended warranty – Up to one additional year

Purchase security is a benefit you hope never to use, but you’ll be glad you have it if you ever need it. Charging purchases to your RBC ION+ Visa card protects them from loss, theft, and damage for 90 days. As for the extended warranty, purchases charged to your card get the manufacturer’s warranty doubled, up to one additional year, to a maximum of five years.

How to redeem your points

As mentioned, Avion Rewards has three tiers. ION cardholders get the most basic version of Avion Rewards and get the following redemption options:

• Gift cards: 140 points = $1
• Travel: 172 points = $1
• Pay with Points: 172 points = $1

When you do the math, that works out to a value of .71 cents per point (CPP) for gift cards and .58 CPP for travel and statement credits. This is important since your earn rate of 3X on select categories is actually a real value of 2.13 cents per dollar spent when redeeming gift cards. If you’re redeeming for travel or a statement credit, it’s 1.74 cents.

Interestingly, you can transfer your Avion points to WestJet Rewards at the standard ratio of 100 Avion points for 1 WestJet dollar. This instantly increases the value of your points to 1CPP.

Alternatively, if you ever upgrade to a premium Avion card, such as the RBC Avion Visa Infinite Card, your points are upgraded too. That gives you access to more airline transfer partners and the RBC Air Travel Redemption Schedule. The Redemption Schedule can be very valuable since you can redeem a set number of points for significant flight discounts.

RBC ION+ Visa requirements

• You’re a Canadian citizen or permanent resident
• You’re at least the age of majority in your province or territory

What’s great about the RBC ION+ Visa Card is that it has no formal minimum income requirement. This makes it a great choice for students or new immigrants who want a credit card with a reasonable earning rate without worrying about a high personal income requirement. There’s also no formal minimum credit score to be approved, but I recommend having yours be at least 660 before applying. This puts you in good standing and can help increase your approval odds.

How the RBC ION+ Visa compares

To wrap up my RBC ION+ Visa review, I want to compare it to other cards to give you some perspective. Due to the unique reward structure and low annual fee, it’s hard to find exact comparisons. Instead, I’ll mention a few different cards that have similarities.

RBC ION+ Card vs. American Express Cobalt Card

While not entirely a fair comparison, many people will compare the RBC ION+ Visa card to the American Express Cobalt Card. Both cards have a monthly fee and a high earning rate. With the Amex Cobalt card, you’ll pay $12.99 monthly ($155.88 annually). As for the earn rate, you get 5 points per $1 spent on eats and drinks (includes groceries, restaurants, and food delivery), 3 points on streaming services, and 2 points on travel (includes rideshares and transit). All other purchases earn 1 American Express Membership Rewards point per $1 spent. Even with the higher annual fee, this card is worth considering since American Express Membership Rewards points are highly valuable.

RBC ION+ Card vs. RBC ION Card

Sticking to the RBC family, you could take a look at the e RBC ION Visa Card, which is the no fee version of the ION Card. With the basic version of the ION Card, you’ll earn 1.5 Avion points per dollar spent on groceries, rideshares, daily public transit, gas, EV charging, streaming, digital gaming and subscriptions. That’s basically half of what you get with the ION+ Card. All other purchases earn you 1 Avion point per dollar spent, and you get no mobile device insurance.

RBC ION+ Card vs. WestJet RBC Mastercard

Since you know that you can convert your Avion points earned with your RBC ION+ Card to WestJet dollars at a favourable rate, you may want to compare things to the WestJet RBC Mastercard. The WestJet card has an annual fee of $39 and earns you 1.5% back in WestJet dollars on WestJet flights or WestJet vacation packages. All other purchases earn you 1% back in WestJet dollars. You could easily make the argument that the RBC ION+ Card is better, but the WestJet RBC Mastercard comes with an annual companion voucher, which can be pretty valuable.

Final thoughts

My RBC ION+ Visa review is positive. The card is good for people in the following situations:

• You don’t have a high income – No minimum personal income requirement is needed for this card.
• You don’t want to spend a lot on annual fees – The monthly fee of $4 is reasonable for the earning rate and benefits you get.
• You may want to upgrade your card later – Although your points are flexible, they can be worth even more if you upgrade to a true Avion card later.

For a relatively low fee, you get a decent earning rate and mobile device insurance. While this card can’t compete with premium credit cards, it’s one of the best student credit cards in Canada and is ideal for someone looking for a low fee credit card.

*Refer to RBC page for up to date offer terms and conditions

While giving you more choice on how much cash back you can earn is definitely a huge advantage, that’s not something you should rely on alone when picking a credit card. Read my Tangerine money-back credit card review now to find out how much cash back you can earn, what other benefits are included, and how the card compares to others.

Tangerine Money-Back Card

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• No annual fee
• 10% cash back up to $1,000 in spending ($100 cash back) for the first 2 months
• 2% cash back on up to 3 categories
• 0.5% cash back on all other purchases

Welcome bonus and earn rate

The Tangerine Money-Back Credit Card often has a welcome bonus where you can earn 10% cash back in the first two months. This amount is usually capped between $100 and $200 in cash back.

As for the earn rate, you’ll earn 2% cash back on two categories of your choice. However, if you select to have your cash-back deposited right to your Tangerine savings account, you can choose a third bonus category that gives you 2% cash back. All other everyday purchases earn you 0.5% in cash-back.

Picking your categories is unique since every other cash back credit card out there has defined multipliers for each category. With this card, you get to choose the categories that will earn you the most cash back. One thing I don’t like is how travel doesn’t have its own category. Yes, there’s “hotel/motel,” but that’s just part of your travel expenses. Flights don’t fall under any cash-back categories, which means you can’t earn any bonus cash back with them. You’ll earn the base earn rate.

Tangerine Money-Back Credit Card categories

As mentioned, the Tangerine Money-Back Credit card allows you to choose up to three categories where you’ll earn 2% cash back. There are ten categories to choose from, which are as follows:

• Grocery
• Furniture
• Restaurants
• Hotel/motel
• Gas
• Recurring bill payments
• Drug store
• Home improvement
• Entertainment
• Public transportation and parking
• E-Games
• Fitness
• Foreign currency spend

The money-back rewards categories are diverse, so it shouldn’t be hard to find the three you spend the most on. That said, there are a few quirks. Walmart Superstores fall under the grocery category, so any purchase you make there could earn you 2% cash back. Unfortunately, regular Walmarts and Costco don’t count as grocery transactions.

Gas at Costco does count towards the gas category since you pay for that directly at the pump. Recurring bill payments need to be automatic bill payments that are charged directly to your credit card. That means purchases like new hardware at your mobile provider wouldn’t count for the extra cash back.

Entertainment purchases refer to sports venues, theatres, amusement parks, tourist attractions, zoos and more. Finally, there’s public transportation which includes things such as buses, trains, taxis and even road tolls.

You can change your categories whenever you want to, but they don’t come into effect until the start of your next billing cycle. This is to prevent abusing categories or trying to game the system. This unique feature is the main reason why the Tangerine Money-Back credit card is considered one of the best cash back credit cards in Canada.

Benefits and perks

Since the Tangerine Money-Back credit card is an entry-level card with no fee, it comes with limited benefits. You get the following as a cardholder:

Purchase insurance

The Tangerine Money-Back Card provides you with the following insurance:

• Purchase assurance – This covers your purchases from theft, loss and damage for 90 days from the date of purchase.
• Extended warranty – Purchases charged to your card get the manufacturer’s warranty doubled, up to one extra year.

Balance transfer

With this card, you can make a balance transfer request that gives you a 1.95% interest rate for six months. This is a decent rate if you have an existing credit card balance you want to pay down. A 1% balance transfer fee applies, and you must do it within 30 days of account approval. Even though the interest rate goes up to 19.95% after the promotional rate period ends, the card is still one of the best balance transfer credit cards in Canada. 

How to redeem your cash back

The cash back you earn with your Tangerine Money-Back Credit Card is paid monthly. It can be redeemed into your Tangerine Savings Account or applied directly to your credit card balance. There is no minimum balance requirement for your cash back redemptions.

Purchase protection covers your purchases in the event of loss, theft or damage for 90 days from the date of purchase. As for the extended warranty, any purchases charged to your Tangerine Money-Back Card see its manufacturer’s warranty doubled by up to one additional year. Both benefits are often overlooked and not usually offered with a no-fee credit card, so cardholders of the Tangerine Money-Back credit card should consider this a win.

Tangerine Money-Back Card eligibility

To qualify for the Tangerine Money-Back Card, you must meet the following conditions:

• The age of majority in the province or territory in which you reside
• Be a permanent resident of Canada
• Have a gross annual income of $12,000 or more
• Have not declared bankruptcy over the past seven years

Although there’s no mention of the credit score required, it’s safe to assume that you need to be at least in good standing, so about 670+.

How the Tangerine Money-Back Card compares

Tangerine Money-Back Card vs. American Express SimplyCash Card

As a cash-back card, the Tangerine Money-Back card is comparable to other market leaders to a certain extent. For example, the American Express SimplyCash Card also has no annual fee and gives you 1.25% cash-back on all purchases. The Tangerine card gives you a higher earn rate on up to three categories, so it depends on what categories you spend the most on. That said, since both credit cards offer no fees, you could use your Tangerine card on three categories and then use the American Express SimplyCash card on all other categories to maximize your return.

Tangerine Money-Back Card vs. Tangerine World Mastercard

Another card worth considering is the Tangerine World Mastercard, a higher-tier version of the Money-Back Card that comes with mobile device and rental car insurance. It also has no annual fee, but one of the eligibility requirements is to have a gross annual income of at least $60,000 or a household income of $100,000.

If you prefer something that allows you to earn travel rewards or gives you comprehensive travel insurance, then you should consider one of the best travel credit cards in Canada over the Tangerine card.

Final thoughts

Overall, my Tangerine Money-Back Credit Card review is positive. The card is ideal for people in the following situations:

• You want customization – You get to choose up to three categories where you earn 2% cash back. All other purchases earn you 0.5% cash back.
• You don’t have a high income – The income requirement for this card is just $12,000.
• You don’t want to pay an annual fee – This is one of the best no fee credit cards in Canada.

The Tangerine Money-Back Credit Card keeps things simple by offering straightforward cash back that is paid out monthly. Although it may not have many additional benefits, the card will still be very attractive to many people, including students.

Scotiabank Scene+®* Visa* Card

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• No annual fee
• 2,500 Scene+ points when you spend $250 in the first 3 months
• Additional 5,000 Scene+ points when you spend $1,000 in the first 3 months
• Earn 2 Scene+ points per $1 spent at Cineplex theatres, cineplex.com and Empire owned grocery stores
• Earn 1 Scene+ point per $1 spent on all other purchases

Welcome bonus and earn rate

The first thing to understand is that the Scotiabank SCENE Visa is one of the best no fee credit cards in Canada. The welcome bonus is typically worth 5,000 Scene+ points, but you do need to spend $1,000 in the first three months of cardmembership to get it. This welcome bonus is one of the better offers for a no fee credit card.

As for the earning rate, it’s respectable. You’ll earn 2 Scene+ points per $1 spent at Empire-owned grocery stores (Sobeys, Safeway, IGA, Foodland, etc.), Cineplex (theatres and online), and Home Hardware. All other purchases earn you 1 Scene+ point per $1 spent.

Benefits and perks

This card is often called one of the best student credit cards. However, as changes have been made to Scene+, it’s also good for newcomers to Canada and anyone who doesn’t want to pay an annual fee. Unfortunately, you get no significant benefits with this card.

Save on car rentals

When renting a car at participating AVIS and Budget rent a car locations in Canada and the U.S., you can save up to 25% off the base rate when you pay with your Scotiabank Scene+ Visa Card.

3X points on some travel

Although it’s not advertised on the Scotiabank Scene+ Visa Card product page, you’ll earn 3 Scene+ points per $1 spent on hotels and car rentals booked from Scene+ Travel powered by Expedia. This is clearly outlined on the Scene+ website, so there’s no doubt.

Free supplementary card

There’s no annual fee when you add a supplementary cardholder to your Scotiabank® Scene+ Visa* Card account. This allows all users to accumulate Scene+ points into a single account. That said, supplementary users won’t build their credit score and the primary cardholder is responsible for all charges.

How to redeem your points

In case you didn’t know, Scotia Rewards and SCENE merged a few years ago to become Scene+. Since then, the program has added additional partners which gives you more flexibility with your points. You can now redeem 1,000 Scene+ points to get $10 off at the following:

• Travel
• Cineplex movie theatres and Cineplex.com
• Participating restaurants (Harvey’s, Swiss Chalet, East Side Mario’s and more)
• Participating grocery stores (Sobey’s, Safeway, Foodland, IGA and more) 

What’s great about Scene+ is that your travel redemptions are restricted to the Scotiabank travel portal. You can redeem your points on any travel purchase charged to your Scotiabank Scene+ Visa Card. That said, there’s a 5,000 Scene+ points ($50) minimum when going to book any travel route.

You can use your points for gift cards, Apple purchases, merchandise and statement credit, but the value is lower, so it’s not recommended. For more information, read my detailed Scene+ guide.

Scotiabank Scene+ Visa Card eligibility

• You’re a Canadian citizen or permanent resident
• You’re at least the age of majority in your province or territory
• You have a minimum personal annual income of $12,000
• You haven’t declared bankruptcy in the past seven years
• Your home address matches your credit report home address

While the Scotiabank Scene+ Visa Card has a minimum income requirement of $12,000, some people students who bank with Scotiabank have reported that it has been waived occasionally. Since this is considered an entry-level card, it’s often targeted at students and newcomers. That means it’s possible to get this card even if you don’t have a credit history.

How the Scotiabank Scene+ Visa Card compares

When reading my Scotiabank Scene+ Visa Card review, it’s essential to see how this card compares to others. Interestingly, this card could easily be compared to student, no fee, and travel credit cards. Let’s look at some other cards to see what they offer.

Scotiabank Scene+ Visa Card vs. American Express Green Card

The American Express Green Card is arguably the most comparable card. It has no annual fee and typically comes with a 10,000 American Express Membership Rewards points welcome bonus. Membership Rewards is a better program than Scene+ because you can redeem 1,000 points for a $10 statement credit. With Scene+, you only get that value on some redemptions. In addition, you can transfer your Membership Rewards points to other loyalty programs such as Aeroplan and Marriott Bonvoy.

Scotiabank Scene+ Visa Card vs. Tangerine Money-Back Card

Although it’s a cash back card, the Tangerine Money-Back Card is worth considering since you’ll earn 2% cash back on up to three categories of your choice. All other purchases earn you 0.5% cash back. I wouldn’t call this a comparable student credit card since you need a minimum personal income of $12,000 to be approved. However, this card does deserve a mention since it’s one of the most popular no fee cash back cards. If you want to earn cash back over points, this card could be a good fit.

Scotiabank Scene+ Visa Card vs. American Express Cobalt Card

Now, if you’re willing to pay a monthly fee of $12.99 for the ability to earn more points, the American Express Cobalt Card is the way to go. The earning rate is 5 points per $1 spent on eats and drinks, 3 points on streaming services, 2 points on travel and transit, and 1 point per $1 spent on everything else. American Express has no formal income requirement, but they often look at your credit history when considering your application. If you have an established credit profile and want more rewards, the American Express Cobalt Card is often the top choice for many people.

Final thoughts

My Scotiabank Scene+ Visa Card review is positive. This card is ideal for people in the following situations:

• You don’t want to pay an annual fee – With this card, you don’t need to worry about any monthly or yearly fees.
• You’re a student – This card is typically aimed at students, so it has lower eligibility requirements.
• You want simple rewards – Scene+ is a respectable rewards program that allows you to use your points on travel, groceries, Cineplex and more.

Even though the card comes with limited benefits, it’s still a great entry-level card. It has no annual fee, you earn flexible rewards, and it’s ideal for students and new immigrants who are looking to build their credit scores.

Since every card Scotiabank offers is different, it’s always in your best interest to compare things before making a decision. Quite often, you may realize there’s a perk included with one of the cards that may appeal to you. Here are the best Scotiabank credit cards in Canada.

Best Scotiabank card for travel

Scotiabank Passport Visa Infinite* Card

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• $150 annual fee
• 40,000 Scene+ points when spending $2,000 in the first 3 months
• 10,000 points when spending $10,000 in the first six months
• Earn 3 Scene+ points per $1 spent at Empire owned supermarkets
• Earn 2 Scene+ points per $1 spent on eligible grocery stores, dining, entertainment, and daily transit purchases
• Earn 1 Scene+ point per $1 spent on all other eligible purchases
• Visa Airport Companion Program membership + 6 passes per year
• No foreign transaction fees

It’s not hard to make a case that the Scotiabank Passport Visa Infinite Card is the bank’s flagship product. It has a high earning rate and it comes packed with benefits. You’ll earn 3 Scene+ points per dollar spent on Empire-owned grocery stores (Sobeys, FreshCo, Safeway, etc.), 2 points on all other grocery stores, dining, entertainment, and transit purchases, and all other purchases get you 1 point.

As for the benefits, there are no foreign transaction fees, so you’ll save 2.5% in fees compared to most other credit cards in Canada. You also get airport lounge access and six free annual visits via the free Visa Airport Companion Program membership. Finally, a comprehensive travel insurance package that covers travel medical, trip cancellation, flight delays, lost luggage, travel accidents, and more is also provided.

Admittedly, there are better travel credit cards from other providers, but this is easily the best all-in-one travel card since it includes many perks. It’s ideal for people who don’t want to carry multiple credit cards in their wallet.

Eligibility: A minimum personal income of $60,000 or a household income of $100,000 or at least $250,000 in assets under management. A credit score of 700 is also recommended.
Welcome bonus: You’ll typically get 35,000 to 50,000 Scene+ points as the welcome offer. In most cases, you’ll need to spend a minimum amount in the first three months and another in the first 12 months for the full bonus.

Best Scotiabank card for earn rate

Scotiabank Gold American Express® Card

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• $120 annual fee
• 30,000 Scene+ points when you spend $2,000 in the first 3 months
• 20,000 Scene+ points when you spend $7,500 in the first year
• Earn 6 Scene+ points per $1 spent at Empire owned supermarkets
• Earn 5 Scene+ points per $1 spent on grocery, dining, and entertainment
• Earn 3 Scene+ points per $1 spent on gas, and daily transit purchases
• Earn 1 Scene+ point on all other purchases
• No foreign transaction fees

Those who want to maximize their rewards should look at the Scotiabank Gold American Express Card. You’ll earn 6 Scene+ points per dollar spent at Empire-owned grocery stores, 5 points on other eligible grocery stores, dining, and entertainment purchases, 3 points on gas, public transportation, rideshares and streaming purchases, and 1 point on all other purchases. 

This card also has no fees for foreign currency purchases. That said, any foreign purchases you make with this card only give you the base earn rate of 1 Scene+ point per dollar spent. Whereas, the Scotiabank Passport Visa Infinite Card still gives you the multipliers on foreign purchases.

The other benefits you get with this card include a comprehensive travel insurance package and mobile device insurance, which covers your cellphone or tablet up to $1,000.

Eligibility: There’s no minimum income requirement. A credit score of at least 700 is recommended.
Welcome bonus: Typically worth between 40,000 and 60,000 Scene+ points when. To get the full bonus, you usually need to meet multiple minimum spending requirements.

Best Scotiabank card for cash back

Scotia Momentum Visa Infinite Card

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• $120 annual fee – first year free
• Earn 15% cash back on all purchases for the first 3 months (up to $2,000 in purchases)
• Earn 4% cash back on groceries, recurring bills and subscription purchases
• Earn 2% cash back on gas, daily transit and food delivery purchases
• Earn 1% cash back on all other purchases with no cash back limit
• Travel and mobile device insurance included

The Scotia Momentum Visa Infinite Card is the way to go for those who want to earn a lot of cash back. You’ll earn 4% cash back on grocery, recurring bills, and subscription purchases, 2% cash back on gas and daily transit purchases, and 1% cash back on everything else. It’s worth noting that your cash back is only paid out once a year in November. This may not bother some people, but many people prefer monthly payments.

You may have noticed that the Scotiabank Gold American Express Card arguably has a better earning rate. However, with the Gold card, you earn Scene+ points, and those are best used for travel, movies, and participating restaurants for maximum value. If you want a statement credit, which is like cash back, the value of your points drops considerably.

You do get some decent benefits with this card. You get an excellent travel insurance package that covers all the essentials. You also get mobile device insurance, which protects your tablet and cellphone as long as the full cost is charged to your Scotiabank Momentum Visa Infinite Card.

Eligibility: A personal income of $60,000, household income of $100,000 or a minimum of $250,000 of assets under management. A credit score of at least 700 is recommended.
Welcome bonus: Usually 10% cash back for the first three months, up to $2,000 in spending, and no annual fee for the first year.

Best Scotiabank card for students

Scotiabank Scene+®* Visa* Card

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• No annual fee
• 2,500 Scene+ points when you spend $250 in the first 3 months
• Additional 5,000 Scene+ points when you spend $1,000 in the first 3 months
• Earn 2 Scene+ points per $1 spent at Cineplex theatres, cineplex.com and Empire owned grocery stores
• Earn 1 Scene+ point per $1 spent on all other purchases

The Scotiabank Scene+ Visa Card can be highly appealing to students. That’s because Scene+ points can be redeemed at Empire-owned grocery stores, Cineplex theatres, and participating restaurants, such as Swiss Chalet, Kelseys, Montana’s, and more.

When it comes to the earning rate, you’ll get 2 Scene+ points per dollar spent at Cineplex theatres, cineplex.com and Empire-owned grocery stores, and 1 Scene+ point on all other eligible purchases. While this earning rate isn’t as good as other cards on this list, it’s reasonable for a no fee card. 

Even though this card has a minimum income requirement of $12,000 to be approved, many students without an income are often approved for this card if they bank with Scotiabank.

Eligibility: A personal income of $12,000 is required, but students may be approved without income. The recommended minimum credit score before applying is 660.
Welcome bonus: Typically worth 5,000 Scene+ points when spending $750 in the first three months.

Best Scotiabank card for low interest and balance transfers

Scotiabank Value Visa Card

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• $29 annual fee – First year free
• 0.99% interest rate on balance transfers for the first 9 months – 2% balance transfer fee applies
• 13.99% interest rate after the promotional period ends
• Up to 25% off at participating Avis and Budget car rental locations

Instead of focusing on rewards, some people may be more interested in reducing their debt. The Scotiabank Value Visa Card is a low interest credit card with a balance transfer option that could save you hundreds of dollars.

New cardholders have the option to perform a balance transfer with a 0% introductory interest rate for 10 months. Once the promotional period ends, the regular interest rate of 12.99% applies. Although a 1% balance transfer fee applies, you could potentially save hundreds of dollars.

Balance transfers are appealing since you can transfer an existing balance on a different credit card with a high interest rate and then transfer it to your Scotiabank Value Visa Card. If you were to focus on debt repayment during the promotional period, you would greatly reduce how much interest you’re paying. You won’t get any other benefits with the card, but the balance transfer alone is worth it for the low interest rates.

Eligibility: No income requirement, but you must be a Canadian resident and the age of majority in the province or territory in which you reside.
Welcome bonus: Usually, 0% interest on balance transfers for the first 10 months (1% fee applies), and the annual fee is waived for the first year.

Best no fee Scotiabank card

Scotia Momentum No-Fee Visa Card

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• $0 annual fee
• Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in purchases)
• 0.99% interest rate on balance transfers for the first 6 months
• 1% cash back on gas, groceries, drug stores and recurring payments
• 0.5% cash back on all other purchases

If you want a no fee cash back card, then the Scotia Momentum No-Fee Visa Card is the top choice for the best Scotiabank credit cards in Canada. The earning rate is 1% cash back on gas, groceries, drug stores and recurring payments. All other purchases get you 0.5% cash back.

Since this is a no fee card, you don’t get any meaningful perks besides up to 25% off at participating Avis and Budget locations. The Scotiabank Scene+ Visa Card also has no fee, but comes with a higher earning rate.

Eligibility: A personal income of $12,000. A credit score of at least 660 is recommended.
Welcome bonus: Typically 5% cash back for the first three months (Up to $2,000 in spending)

How do Scotiabank credit cards work

As you can see from above, Scotiabank has a range of different credit cards. Here’s how the different category options work.

Scotiabank Cash back Cards

Scotiabank Cash back cards start their year in December and accumulate points monthly. However, the actual Cashback is only given out annually. Each year in November you will be paid out your total Cashback for the previous year and then it will restart again in December.

Scotabank Scene+

Scene+ is the Scotiabank rewards program. As mentioned earlier, Scotia Rewards Points merged with Scene points a couple of years ago to create this encompassing rewards platform. Scene points can be earned by using your Scene+ credit card when shopping at eligible brand partners for everyday purchases. 

Scene+ points can then be redeemed either in store with brand partners or online/via the app. Your points can be used to book travel, purchase gift cards, for free movies, and more. As long as your account is in good standing and you remain active your Scene+ points won’t expire.

Scotiabank Low Interest Cards

Most credit cards have a typical interest rate of around 20%. Then you have balance transfer cards or even just low interest cards that offer lower values than that, making it easier for individuals who typically carry a balance on their credit card to pay it off. In the case of the Scotiabank Value Visa card, you do get a promotional period where the rate is 0% and then it goes to 12.99% which is still significantly lower than normal rates.

How to pick the best Scotiabank card

Since there are quite a few options when it comes to Scotiabank credit cards, you’ll need to figure out exactly what your needs are before you apply. Here are the things to look out for.

• Type of benefits – First off, determine the type of benefits you want when choosing one of the best Scotiabank credit cards. That could be travel rewards, cash back, low interest or even movie rewards. Once you know what you want, that makes things easy.
• Annual fee – Do you mind paying an annual fee? If you said yes, make sure the benefits you’re earning are worth more than that yearly fee.
• Welcome bonus – Always check to see what the welcome bonus is and what the criteria are to earn it.
• Additional benefits – For some people, the additional benefits such as no foreign exchange fees or access to airport lounges are important so check to see what each card offers.

How to apply for a Scotiabank credit card

1. Determine which credit card you want from the list above and click the “apply now” button. Make sure you qualify. Most credit cards will have a minimum income requirement. 
2. Once you have confirmed you qualify, gather all the required paperwork to apply. This includes all of your personal information. You will also need information about your income and possibly your SIN so have that handy.
3. Complete the form as required. Online applications are very straightforward and easy. Be sure to read any fine print to ensure that you understand all the terms and conditions.
4. Wait for approval. Many online applications offer immediate approval, but receiving the physical card could still take up to ten business days. Once you receive the card, activate it and use it as you wish.

FAQ

Are Scotiabank credit cards worth it?

If there is a Scotiabank credit card that meets your goals then sure. They have plenty of options for different needs. For those looking specifically at the Scene+ program, it’s a pretty decent rewards program. You do want to consider your shopping habits though and make sure that you already spend at partner brands, including eligible gas stations. Popular partner brands include Cineplex theatres, Sobeys, Foodland, FreshCo, Bestbuy, and Home Hardware.

Plus, if you are already a Scotiabank client, then it makes it even easier to have a credit card at the same place as your other financial products.

What is the best Scotiabank credit card?

The best credit card to pick will depend on your needs, but here’s my quick take.

If you love to travel, then the Scotiabank Passport is the best card. It’s pretty easy to earn points that you can redeem towards travel, and there are some great perks and benefits, including airport lounge passes and insurance coverage.

If you are rewards focused, but not necessarily a huge traveller, then the Scotiabank Gold will allow you to earn points the fastest.

*** Passport for all-in-one travel, Scotiabank Gold for earn rate, Scene+ for students

How do Scotiabank credit cards compare?

Scotiabank does have decent credit cards. However, if you are really looking at the best credit card rewards program, then American Express comes out on top. Their program offers great deals on travel, but points can also be used towards gift cards, merchandise, and more. Perhaps the biggest standout for American Express cards is that they have tons of partners that allow you to convert your points, adding to the programs flexibility.

Why get a Scotiabank credit card?

Scotiabank is one of the big five banks in Canada, so they have an established history that Canadians can rely on. If you have one of the premium Scotiabank chequing accounts, you can get one of their credit cards without paying an annual fee. This benefits you since you’ll be able to use a top tier card without worrying about any yearly fees. Even if you don’t bank with Scotiabank, getting one of their credit cards may be a good fit for you.

While most students will naturally turn to their regular bank to get a credit card, it’s worth shopping around since there are different cards worth considering. Here are the best student credit cards in Canada and why you should consider them.

Best cash back card for students

BMO CashBack® Mastercard®*

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• No annual fee
• 5% cash back (up to $100) on all purchases made in the first 3 months
• 3% cash back on grocery purchases
• 1% cash back on recurring bill payments
• 0.5% cash back on all other purchases
• 0.99% interest rate on balance transfers for 9 months (2% fee applies)

The best student credit card in Canada for cash back is the BMO CashBack Mastercard. Cash back is relevant for students since it’s an easy reward to understand. The earning rate for this card is 3% cash back on groceries, 1% on recurring bill payments and 0.5% on everything else.

Your cash back is paid out if you’ve accumulated at least $50 in rewards. Another bonus with this card is that you get an extended warranty on your purchases. Although I list this as the best student credit card for cash back, the Tangerine Money-Back Card (featured below) gives it a serious run for its money.

Eligibility: No income requirement, but you must be a Canadian resident and the age of majority in the province or territory in which you reside.
Welcome bonus: Usually 5% cash back (up to $100 in cash back earned) on all purchases for the first three months.

Best general rewards card for students

Scotiabank Scene+®* Visa* Card

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• No annual fee
• 2,500 Scene+ points when you spend $250 in the first 3 months
• Additional 5,000 Scene+ points when you spend $1,000 in the first 3 months
• Earn 2 Scene+ points per $1 spent at Cineplex theatres, cineplex.com and Empire owned grocery stores
• Earn 1 Scene+ point per $1 spent on all other purchases

Many students love movies, so the Scotiabank SCENE Visa Card is likely a good choice. The earning rate is 2 Scene+ points per $1 spent at  Cineplex theatres, cineplex.com, Home Hardware and Empire-owned grocery stores. All other purchases earn you 1 Scene+ point per dollar spent. This is a very good reward rate.

Scene+ is one of the more flexible loyalty programs since you can earn and redeem points at Empire-owned grocery stores, Cineplex, select restaurants and more. Of course, since you’ll be paying with your Scotiabank SCENE®* Visa* Card, you can actually double dip on the points. Just show your membership number first, and then pay with your card.

The Scotiabank SCENE®* Visa* Card is arguably the best student card in Canada since it was designed for those in school. Plus, there’s no fee, so getting this card just makes sense.

Eligibility: Minimum income requirement of $12,000. If you bank with Scotiabank, they may sometimes waive this requirement.
Welcome bonus: Usually 5,000 – 10,000 Scene+ points when spending $750 – $1,000 in the first three months.

Best Aeroplan card for students

CIBC Aeroplan Visa Card

• No annual fee
• 2,500 Aeroplan points when you make your first purchase
• 2,500 points when spending $1,500 in the first 4 months
• 5,000 points when spending $10,000 in the first 12 months
• Earn 1 Aeorplan point per $1 spent on gas, groceries, and Air Canada
• Earn 1 Aeroplan point per $1.50 spent on all other purchases

Any student that’s thinking about travelling in the future should consider the CIBC Aeroplan Visa Card. The earning rate is 1 Aeroplan point per $1 spent on gas, electric vehicle charging, groceries, and Air Canada purchases. All other purchases earn you 1 Aeroplan point for every $1.50 you spend.

In case you didn’t know, Aeroplan is the loyalty program of Air Canada, the number one carrier in the country. With Aeroplan, you can use your points on any available Air Canada seat with no blackout dates. Aeroplan points are easily worth 2 cents per point, your welcome offer can have a value of up to $200. That’s pretty impressive for a card that doesn’t have an annual fee.

What some people don’t realize is that there’s a student version of the CIBC Aeroplan Visa Card. It’s essentially the same as the regular card, but there’s no income requirement. Plus, you get a free SPC membership. As an SPC member, you get discounts on over 450 top brands. This includes entertainment, dining, and retail.

Eligibility: No income requirement or credit history required.
Welcome bonus: Typically 10,000 Aeroplan points after your first purchase.

Best groceries card for students

PC Financial Mastercard

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• No annual fee
• Earn 25 PC Optimum Points per $1 dollar spent at Shoppers Drug Mart
• Earn 20 PC Optimum Points per $1 spent at PC Travel
• Earn 30 PC Optimum Points per litre at Esso/Mobil locations
• Earn 10 PC Optimum Points per $1 spent on all other purchases

My list of the best student credit cards includes the PC Financial Mastercard which is the best card for groceries and/or makeup. With this card, you earn 25 PC Optimum Points per $1 dollar spent at Shoppers Drug Mart, 20 PC Optimum Points at PC Travel, and 10 PC Optimum Points per on all other purchases. That’s a decent amount of bonus rewards.

If you do a lot of shopping at Loblaws-owned grocery stores or at Shopper Drug Mart, you can earn even more points through in-store promotions and targeted offers. Additionally, Shoppers Drug Mart often has bonus redemption promotions where you can get even more value for your points. E.g. Instead of getting $100 off for 100,000 points, you’d get $140 off when redeeming 100,000 points. 

If you didn’t know, PC Optimum is Canada’s largest retail loyalty program, so these points are easy to use. This card has no annual fee.

Eligibility: No income requirement. Recommended credit score of 640 and your credit history bein good standing.
Welcome bonus: None.

Best daily spending card for students

American Express Cobalt Card

• $15.99 Monthly fee ($191.88 yearly)
• 1,250 monthly points when charging $750 each month for a year (15,000 points total)
• Earn 5 points per $1 spent on eats and drinks
• Earn 3 points per $1 spent on streaming services
• Earn 1 point per $1 spent on all other purchases
• MESSAGE ME FOR A REFERRAL LINK

The American Express Cobalt Card isn’t marketed as one of the best student credit cards in Canada, but it’s arguably the best overall card due to its earning rate. You’ll get 5 American Express Membership Rewards points per $1 spent on eats and drinks, 3 points on popular streaming services, 2 points on travel and transit, and 1 point on all other purchases. That’s a lot of bonus categories. 

When redeeming your points, American Express Membership Rewards is very flexible. Not only can you redeem 1,000 points for a $10 statement credit, but you can also transfer them to Aeroplan and Marriott Bonvoy. This is essentially a hybrid cash back and travel rewards credit card.

The catch is to be approved for this card; you do need a credit history, which not many students may have. Plus, there’s a monthly fee of $12.99

Eligibility: No income requirement, but a good credit history is required. A credit score of 700 is recommended.
Welcome bonus: 2,500 American Express Membership Rewards points each month when you spend $500 for 12 months (30,000 points total). Occasionally, there’s a promotion where you can earn 20,000 additional points, but it’s rare. The offer has also been as low as 1,250 monthly points for 12 months, with a minimum spend of $750 each month.

Best low interest card for students

MBNA True Line Mastercard

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• No annual fee
• 0% balance transfer for 12 months – 3% balance transfer fee applies
• 12.99% standard interest rate
• Save with Avis Rent A Car and Budget Rent A Car

The MBNA True Line Mastercard is a good choice for students who think they’ll carry a balance on their credit card. While having debt is not ideal, it happens. With this card, the annual percentage rate (APR) is just 12.99%. For reference, most credit cards charge an interest rate of 20% to 24%, so there’s a significant distance. In addition, balance transfers are available with this card. You’ll get a 0% APR offer for 12 months, but a 3% fee does apply.

You don’t get any rewards with this card, but you do get discounts on car rentals at Avis and Budget Rent A Car.

Eligibility: No income requirement. Recommended credit score of 640.
Welcome bonus: Balance transfer option of 0% interest (intro APR) for 12 months. The balance transfer must be completed within 90 days of account opening.

Best card for students with an income

Tangerine Money-Back Card

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• No annual fee
• 10% cash back up to $1,000 in spending ($100 cash back) for the first 2 months
• 2% cash back on up to 3 categories
• 0.5% cash back on all other purchases

The Tangerine Money-Back Card is one of the best student credit cards in Canada since you can earn 2% cash back on up to three spending categories of your choice. You get two categories right away, such as gas stations, groceries, and entertainment purchases. A third category is given to you if you set your cash back to deposit automatically into your Tangerine savings account. All other categories earn you 0.5% cash back.

The ability to line up your student cash back with your spending habits is ideal since you can maximize your cash back. That said, you must have a no hidden fees Tangerine account to apply for this card. Plus, you must have an annual income of $12,000 to qualify for the card. Not many students earn that kind of money, but if you do, this is the card to get. There’s no annual fee if you’re approved for the card.

Eligibility: Tangerine account and a personal income of $12,000. Recommended credit score of 640.
Welcome bonus: 10% cash back up to $1,000 – $1,500 in spending for the first three months. This is one of the better credit card offers for students.

Best no FX card for students

Wealthsimple Cash Card

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• No annual fee
• Up to $3,000 welcome bouns
• 1% back in cash, stocks, or crypto on all purchases
• 4% interest on deposited funds
• No foreign transaction fees on purchases or ATM withdrawals
• CDIC insurance protection

My list of the best student credit cards includes the PC Financial Mastercard which is the best card for groceries and/or makeup. With this card, you earn 25 PC Optimum Points per $1 dollar spent at Shoppers Drug Mart, 20 PC Optimum Points at PC Travel, and 10 PC Optimum Points per on all other purchases. That’s a decent amount of bonus rewards.

If you do a lot of shopping at Loblaws-owned grocery stores or at Shopper Drug Mart, you can earn even more points through in-store promotions and targeted offers. Additionally, Shoppers Drug Mart often has bonus redemption promotions where you can get even more value for your points. E.g. Instead of getting $100 off for 100,000 points, you’d get $140 off when redeeming 100,000 points. 

If you didn’t know, PC Optimum is Canada’s largest retail loyalty program, so these points are easy to use. This card has no annual fee.

Eligibility: No income requirement. Recommended credit score of 640 and your credit history bein good standing.
Welcome bonus: None.

Best prepaid card for students

KOHO

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• No annual fee
• $20 for free when signing up with a referral link
• Earn up to 5% cash-back
• 1% cash back on groceries and transportation
• 0.5% interest on your spending and savings accounts with direct deposit set up

KOHO is one of the best student credit cards and best prepaid cards in Canada. With KOHO, you’ll earn 0.5% cash back on all purchases. You also have the option to round up every purchase to the nearest $1, $5, or $10, which goes into a savings account for you.

Although you get a lower earning rate with this card compared to Wealthsimple, you can build your credit score with this prepaid card if you opt into KOHO premium. Of course, the premium plan does have a monthly charge. You do get $20 for free when you sign up with my referral link.

Eligibility: Must create a KOHO account. No personal income or credit score is required.
Welcome bonus: $20 when signing up with a referral link.

What is a student credit card?

Student credit cards aren’t any different from traditional credit cards. You still have a credit limit, and you’re still required to make regular payments. What sets them apart is that some credit card providers have cards designed for students. As in, they typically have no annual fee, no or low annual income requirement, and benefits that appeal to students.

While some credit cards are literally called student credit cards, students aren’t restricted to just those cards. Most financial institutions have multiple credit cards that would be suitable for students. If you apply for a credit card through your bank or credit union, there’s a greater chance of being approved since you’ll already have an established relationship with them.

If you have a student banking package, a credit card is usually something you can get with it.

How do student credit cards work

While the best student credit cards in Canada are useful tools to help you manage your money, you need to be responsible with them. Unfortunately, you won’t learn how to use a credit card in school. Nor will your financial institution go over things in detail.  It’s up to you to figure out how student credit cards work.

Interest-free period

Credit cards are essentially a loan. When making purchases, your credit card provider gives you access to funds to spend. You get an interest-free period of at least 21 days. As long as you pay your entire balance by the due date on your monthly statement, no interest will be paid. You’re essentially getting a free loan. That’s why credit cards are so appealing.

Interest rates

Every credit card charges interest. Interest only applies if you don’t pay off your entire balance by the due date. Generally speaking, the interest rate for most credit cards is as follows:

• Purchases – 20% – 24%
• Cash advances – 22% – 26%
• Charge cards – 30%

As you can see, the interest rates are quite high. That’s why you want to ensure you always pay your bills on time.

Minimum payments

Every credit card statement lists a minimum payment. It’s typically 4% of your balance or a minimum amount. Whichever is higher (can differ by each card issuer). The minimum payment can be a bit deceiving. Technically speaking, that’s all you need to pay. However, you’d end up paying interest on the remaining balance. On a positive note, as long as you make that minimum payment, your account won’t be flagged for non-payment.

Other fees

When you get your credit card, be sure to read your cardholder agreement, as it’ll go over any additional fees that may apply. Things such as annual fees, balance protection, foreign transactions, and over-the-limit charges will likely come with an additional cost.

Rewards earned

Credit cards offer you rewards whenever you make purchases. Generally, the higher-tier card you have, the more rewards you’ll get. Since student credit cards are entry-level cards, the earn rate is usually quite low. The type of rewards you’ll earn depends on the card you have. The most popular rewards include:

• Travel rewards
• Cash back
• General rewards
• Store rewards

Additional benefits

Besides rewards, some of the best student credit cards in Canada come with additional benefits such as:

• Travel insurance
• Discounts at retailers
• No foreign transaction fees
• Balance transfer option

Types of student credit cards

Every financial institution will have multiple types of student credit cards available. Which one you choose is a personal preference. That said, you should choose one that aligns with your spending habits and the type of rewards you want to earn.

Travel rewards student credit cards

Travel rewards student credit cards are highly appealing to those who want to travel in the future. The concept is simple, you’ll earn points or miles that can be redeemed later for reduced free travel. The most popular travel rewards programs include:

• Aeroplan
• Marriott Bonvoy
• WestJet Rewards

There is an Aeroplan student credit card, but Marriott Bonvoy and WestJet Rewards do not offer one. If you want to travel later, earning travel points now is a good idea. When you graduate school and start making an income, you can apply for one of the best travel credit cards in Canada. 

Cash back student credit cards

Cash back student credit cards are easy to understand. Instead of earning points or miles, you’re getting money back on every purchase you make. Simply put, cash back credit cards are the easiest to understand. The amount of cash back you’ll earn depends on the card you get. When you’ll get paid also depends on the card, but it’ll usually happen in one of the following scenarios:

• Monthly
• Annually
• When you’ve earned a minimum amount of cash back

General reward student credit cards

Every financial institution has its own general rewards program where you can use your points on things such as travel, gift cards, merchandise, and more. Some of the most popular programs include:

• American Express Membership Rewards
• RBC Rewards
• Scene+
• TD Rewards 

Although you can use your points for different things, travel redemptions often give you the best value. Learn how to calculate the value of your points now.

Store credit cards

Store credit cards, such as those available from Amazon, Walmart, and PC Financial, aren’t advertised as student credit cards, but many have a low or no minimum income requirement. If you happen to shop at a store that offers a credit card a lot, signing up could be worth your while since you’d earn extra rewards.

Low interest student credit cards

Low interest student credit cards don’t earn you any rewards. Instead, you get a low interest rate which is arguably better than rewards if you typically carry a balance. That’s because the interest rate for most credit cards is 20% – 24%. In contrast, a low interest student credit card can have a rate of just 12.99%. That’s a significant difference if you’re carrying a balance and paying interest.

Who should apply for a student credit card

While it may seem obvious that students should apply for a student credit card, it’s not that simple. There are a few different scenarios where getting a student credit card may make sense.

Students looking to establish credit 

Since you only start building a credit history when you have a credit product in your name, students should get a student credit card right away. Note that if you currently have a supplementary credit card with your parents, you’re now building credit even if your name is on the card. You need to be the primary cardholder to build your credit history.

International students and newcomers 

People new to Canada should also apply for student credit cards as they’re the easiest ones to be approved for. Once you’ve established a good credit score, you can upgrade to a better card. Every financial institution will have a banking package aimed at international students and newcomers with a credit card.

People with a lower income 

Student credit cards typically have a no or low-income requirement. This makes them a perfect choice for anyone who doesn’t meet the minimum income requirement of higher-tier cards. To be clear, you don’t necessarily have to be a student to get a credit card that’s aimed at students.

How to compare student credit cards

Even though there are a limited number of student credit cards you can choose from, each one differs from the others. This can be confusing for some people since they can’t decide which one is best for them. Ideally, you want to consider the following to help you narrow down your choices:

• Annual fee – Most students are on a limited income, so getting a credit card with an annual fee isn’t worth it. That said, if you get more benefits than you pay in fees, go for it. 
• Rewards earned – Generally speaking, credit card rewards fall into two categories: travel and cash back. Travel rewards can be very lucrative, but it may take some time before you can make a redemption. Cash back is easy to understand, but they’re usually worth less than travel rewards. Pick the type of reward that you prefer.
• Welcome bonus – Some student credit cards give you an intro bonus for the first year when you apply for a new card. That said, it usually requires you to spend a set amount within 90 days of account opening.
• Shopping habits – If you happen to shop at the same merchants or go to the movies a lot, it’s probably worth getting a co-branded credit card so you can earn more points with their loyalty program. This will allow you to make redemptions more frequently.
• Interest rate – If you think you’ll carry a balance on your card, choose one with a lower interest rate to minimize the fees that you pay.

What are the eligibility requirements for student credit cards?

Since you’ll be formally applying for credit when getting one of the best student credit cards in Canada, you’ll need to pass some basic requirements to be approved. You’ll likely be approved if you meet the following criteria:

​Minimum age

The most basic requirement for getting a student credit card is your age. You must be the age of majority in the province or territory where you reside. That would be 18 for those that live in Alberta, Manitoba, Ontario, Prince Edward Island, Quebec and Saskatchewan. It’s 19 everywhere else. Also, note that most student credit cards have an age cut-off of around 24. Don’t worry if you’re a mature student and older than that, you’d just apply for a traditional card.

Residency/student status 

Residents of Canada, including Quebec residents, are eligible to apply for a Canadian credit card. Note that you don’t need to be a Canadian citizen or permanent resident to apply. That means international students can apply too. Generally speaking, you would just need to provide proof of address and that you’re enrolled in a post-secondary school.

Credit score

Most student credit cards don’t have a formal credit score requirement, but a check will still be done. If you have bad credit from a previous account, that could affect your chances of being approved. If you have no credit history at all, your financial institution may still approve you for a credit card based on your existing relationship. 

Household income

While many of the best student credit cards in Canada don’t have a formal income requirement, some do. Keep in mind that doesn’t necessarily mean you need a job. Grants, scholarships, and even family allowances would count as income. Some entry-level cards have an annual minimum income requirement of just $12,000. If you qualify for one of those, you’d likely get better benefits than a student credit card. 

How to get a student credit card

Now that you know about Canada’s best student credit cards, it’s time to apply for one. Here are the places where you can get your card:

At a branch 

The easiest way to get a student credit card is to apply for one in person at your financial institution. That’s because the customer service representatives can sometimes get you approved for cards that you may not traditionally due to your established relationship. 

Go online 

If you know you meet the eligibility requirements for the card you’re interested in, you can apply online. This is especially handy if you’re applying for a card that’s not associated with your bank. 

At school 

Quite often, banks and credit unions will set up a pop-up on campus where you can immediately sign up for a credit card. They may even tempt you to sign up by offering you a free t-shirt or gift card. While this is an effective strategy for the banks, you’re better off researching the cards available to you before applying.

Student credit card pros and cons

Getting one of the best student credit cards in Canada may seem obvious if you’re a student, but you should never rush into things. It’s always a good idea to consider the pros and cons before making a decision.

Student credit card pros

• Build your credit score – Getting a student credit card will help you establish a credit history and build a good credit score as long as you use it responsibly.
• Easy approval – If you have a relationship with a financial institution, getting approved for a student credit card can be easy even if you don’t have any income.
• Learn to manage your money – Having access to credit is part of being an adult. A student credit card is a good way to introduce yourself to managing credit.
• Earn rewards – Although you won’t earn many rewards with a student credit card, you’ll still get something back on all your purchases.

Student credit card cons

• Must be responsible – This applies to all credit cards. If you use abuse your cards, you could quickly find yourself in debt with no way to get out of it.
• Limited choices – Due to the minimum income requirement with premium credit cards, students will have very few cards that they’ll qualify for.
• ​Low earn rate – Since student credit cards are entry-level cards, the earn rate you’ll get will be low.
• Few additional benefits –  Some premium credit cards have enhanced benefits such as travel insurance, mobile device insurance, and rebated. You won’t get much with student credit cards.

FAQ

Do student credit cards affect your credit score?

Your credit score is a number between 300 to 900. As a student, you may not have an established credit score yet, so getting one of Canada’s best student credit cards is important. As you use your credit card, your history will be reported to the two credit bureaus: Equifax and TransUnion. Having a good credit score is vital since it shows how creditworthy you are. If you ever need a loan in the future, such as a mortgage, your credit score will be one thing lenders look at.

Here’s a quick overview of how your credit score is calculated.

• Payment history – Your payment history is the most critical factor when determining your credit score. Be sure to pay your credit card bills on time and in full every month. At the very least, make the minimum payment, so your history shows no missed payments.
• Amount owed – The amount of credit you’re using relative to what you have access to is known as your credit utilization ratio. Generally speaking, credit bureaus what your utilization ratio to be under 30%
• Length of credit history – Since the length of your credit history helps determine your credit score, you should apply for a student credit card as soon as possible.
• Types of credit – Generally speaking, credit bureaus like to see people using different types of credit. As a student, that would be things such as a credit card and a cellphone or internet account.
• New credit – Every time you apply for new credit, your credit score drops by 5 to 10 points. As you can imagine, applying for multiple credit cards will drop your credit score rapidly, so avoid doing so.

What’s the difference between student credit cards and regular credit cards?

Some people wonder what the difference between student credit cards vs regular credit cards is. The reality is that there’s not much of a difference at all. Student credit cards typically have a no/low income requirement. The rewards and benefits you get would also be similar to regular credit cards, you’d just get fewer perks since you have an entry-level card.

That said, there are a few credit cards that are aimed directly at students. CIBC offers multiple student versions of their credit cards that include an SPC membership.

Student credit cards are a great way to start building your credit, but it’s a good idea to switch to a regular credit card as soon as possible since you get more benefits.

What’s the difference between charge cards and regular credit cards?

You’re assigned a credit limit from the start with a traditional credit card. For example, you might be given a $3,000 limit, to begin with. You can charge up to that amount until you pay down your balance. You don’t need to wait until your statement arrives. You can pay what you owe at any time, giving you access to more credit. If you want a higher credit limit, you’d have to call your credit card provider and request it.

Charge cards are a bit different. You get a credit limit assigned to you at the start. As you make regular payments, your limit will increase. Generally speaking, charge cards have very high limits for people that regularly pay off their balance on time. The one major difference with charge cards is that the full balance is expected to be paid when your statement is due. With regular credit cards, you only need to make the minimum payment. American Express has a few charge cards, but they also have traditional credit cards.

When should you stop using student credit cards?

Student credit cards are typically only valid while you are a university or college student studying in a post-secondary institution that qualifies. Once you leave your studies, the student credit card may only be valid for a short period of a couple of months. At this point in time, it’s time to apply for a regular credit card.

That being said, you don’t have to wait until you finish school to stop using your student credit card and apply for a more lucrative option. If you have been using your student credit card properly and are working, you may have built up your credit report enough to be able to qualify for something else that can earn you more points or cash back rewards. Just keep in mind that non-student cards with good rewards programs tend to come with fees.

Are there any student credit card alternatives?

Although the best credit cards for students in Canada have limited eligibility requirements, not everyone will be approved for one. While getting denied is not a good feeling, it’s not the end of the world. There are actually a few options available that will still give you access to credit card networks.

Prepaid credit cards

With prepaid credit cards, you’re preloading funds to spend. Which credit card network (Visa, American Express, Mastercard) you have access to depends on your prepaid card. Once you spend all your funds, you’ll need to reload your card to use it again. It almost acts as a debit card rather than a credit card as you are spending your own money rather than borrowing money.

Since you preload the cards with your own money, there are no checks required to get one as this type of card has zero risk for a bank or credit card issuers. However, these types of credit cards, while handy, are not meant to help you build credit which is a big drawback. There are a couple that offer credit building add-ons, such as KOHO, but it does come with an additional monthly fee.

Secured credit cards

Another option is a secured credit card, which is common choice among individuals have no or poor credit history. Similar to the prepaid cards, you will be required to put up some money upon receiving the card. However, this acts a security deposit and while it acts as your credit card limit, it doesn’t mean that you need to continually add money. You only need to put up the security deposit once and pay off your card properly. 

For example, say you get a secured credit card and put $500 on as your security deposit. This means your credit limit is $500. As long as you pay it off as per the contract, you can continue to spend money on the card. Then once, you are done with the secured credit card, you will get that $500 security deposit back.

With secured cards, your credit history is reported to the major credit bureaus which means that unlike prepaid credit cards, secured credit cards do help you build your credit history. Once your credit score increases, you can apply for a traditional credit card.

Student line of credit

A final option is to take out a student line of credit. These are supplied by your bank or financial institution of choice and can be applied for in person or via online banking or even the mobile app.  You’ll be given a limit and you can borrow up to that amount. Once you pay it off, you can borrow more up to your limit. Student lines of credit can be very handy and often have much lower interest rates that credit cards and student loans. Plus, as long as you pay it off properly, having a student line of credit can be helpful for your credit history.

Mydoh is easily the best app I’ve seen on the market that allows parents and kids to talk about money in a fun and meaningful way. While some people think using an app to talk to their kids about money is counterintuitive, I think it’s one of the best ways to connect with children of all ages since it gives kids the independence they crave while allowing parents oversight.

Read my Mydoh review now and find out how the app gives kids the independence they crave while allowing parents oversight.

What is Mydoh?

Mydoh is a money management app and Smart Cash Card, which comes with a digital and physical Visa* Prepaid Card. It allows kids to earn and spend money while learning values that will help them build a strong financial foundation.

The app is backed by the security and trust of RBC, but it’s available to customers of any Canadian bank.

Mydoh was built to create a more accessible, inclusive, and effective financial ecosystem for all Canadians. It allows children to learn important earning, saving, and spending habits that will help them manage their own money for life.

When you sign up for a Mydoh account, up to two parents and five kids can participate at the same time. Sign up with promo code ‘SMART15‘ and get $15 in your account.

How does Mydoh work?

Mydoh is broken down into two accounts. You have one for parents, and one for kids.

Under a parent account, you’d be able to manage all of the activity including:

• Setting up tasks and allowances
• Sending your kids money
• Tracking earned and spent money
• React to spending decision
• Lock and unlock the included Mydoh physical card

For kids, they’d be able to do the following under their account:

• Manager their tasks
• Mark tasks complete
• Spend money earned with their virtual or physical Smart Cash Card
• Track money earned and spent
• Set up savings goals
• Learn money basics via games

Essentially, Mydoh is a virtual version of giving your kids an allowance and extra money when they perform tasks. While some parents are against the idea of giving their kids money to do chores, it’s similar to a job when you think about it. You perform a task, and you get paid. That’s how real life works.

From the parent’s perspective, they can send their kids reminders to perform tasks directly through the app. When kids perform the tasks assigned to them, they’ll get paid on Pay Day, which is every Saturday.

Since kids get a Smart Cash Card, which is basically a prepaid Visa card, they can make purchases whenever they like. At the same time, parents can see what purchases have been made and limit how much is being spent.

How much does Mydoh cost?

A Mydoh subscription is free for the first 30 days for two parents and up to five kids. Once your trial ends, it’ll cost $2.99 per month.

The 30-day free trial offer is activated on the date of completion of the Mydoh mobile app account registration process. After your free trial offer ends, a monthly subscription fee of $2.99 will be taken out of your Mydoh Wallet. You can cancel any time by contacting Mydoh. Mydoh reserves the right to cancel, modify or withdraw this offer at any time.

Admittedly, some people will find that price to be a bit much when they could just talk to their kids about money for free. But here’s the thing, kids don’t always respond to their parents well, and as a parent, you may have to constantly have to nag your kids to get tasks completed. The time you waste is worth much more than $2.99 a month.

Also, don’t forget that there’s a Mydoh physical card included that allows parents to oversee what their kids spend money on. That alone is likely a better value than just giving your kids a supplementary credit card.

Educating your kids about financial literacy with Mydoh

In this Mydoh review, I’ll cover the different tools that make learning about money more fun. Not only can kids see their money grow, but they can learn about different financial concepts, such as the cost of living and debt.

Savings goals

Kids can set up savings goals within their Mydoh account. For example, they can set up a savings goal for new shoes. While this concept is pretty straightforward, it’s more fun with the app.

Since every dollar spent will lengthen the time for kids to reach their goals, kids are forced to think about saving instead of spending. They’re essentially learning money concepts such as needs vs. delayed gratification.

Having a visual representation in the app goes a lot further since they’ll be promoted to save instead of spending impulsively.

Mydoh play

Mydoh play is where kids can learn about financial literacy through quick and easy to understand trivia. By introducing your kids early to money concepts, they can take what they learn and apply it to real-life situations that occur as they reach adulthood.

Since the facts are short, it’s a fun way to get kids to think about money. Mydoh covers various topics such as budgeting, housing, and the psychology of money. What’s interesting is that parents can see which lessons their kids are on or have completed. Since you’ll know they’ve recently read about certain topics, you can open up the money conversation as a family.

Mydoh alternatives

To be honest, there really isn’t a Mydoh alternative. Sure, there are some budgeting/money management apps such as Mint and YNAB, but those are more aimed at adults, and they need to link to your bank account.

There are also a few prepaid credit cards that give you spending insights, but those are also aimed at adults. Mydoh was built specifically to allow parents to teach their kids about money through an app while providing a prepaid card to which money can be sent to.

Final thoughts

My Mydoh review is positive. In my opinion, no better app helps parents teach their kids about financial literacy. Having a Mydoh Smart Cash Card is essential since it allows kids to spend money while giving parents oversight. Of course, since the app is always encouraging kids about financial literacy and saving, parents can sleep well knowing that their kids are building a solid financial foundation. Sign up with promo code ‘SMART15‘ and you’ll get $15 for free.

Mydoh

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• $15 Welcome bonus when using promo code ‘SMART15’
• subscription-free for the first 30 days
• $2.99 monthly fee
• Visa prepaid card included
• Savings goals

The problem with the cards I’ve mentioned is that they have a high minimum income requirement and annual fees over $100. What if you don’t meet the minimum income threshold and you prefer something that doesn’t have an annual fee> That’s where the TD Rewards Visa Card comes into play, think of it as TD’s entry-level travel credit card. Read my TD Rewards Visa Review now and find out if the card is any good

TD Rewards Visa Card benefits

• No annual fee (when applying by May 31, 2020)
• Earn 2,500 TD Rewards points when you make your first purchase 
• Earn 2,500 TD Rewards Points in each of the first 3 months when you spend a minimum of $250 per month, up to a total of 7,500 TD Rewards Points
• Earn 3 TD points per $1 spent when you book on Expedia for TD
• Earn 2 TD points per $1 spent on grocery, restaurant, fast food, and recurring bill payments
• Earn 1 TD Point per $1 spent on all other purchases
• Purchase security and extended warranty
• Discount on Priority Pass membership
• Discounts at Avis and Budget Rent-A-Car

TD has been changing around their sign up bonus lately with the current promotion being 2,500 points after your first purchase and then another 2,500 points for the first three months when you spend a minimum of $250 each month. This promotion is a bit better than the old one since it requires less spending, but it’s still more complicated than it needs to be.

The regular earn rate is 3 TD points per $1 spent on Expedia for TD; 2 points per $1 spent on grocery, restaurant, fast food, and recurring bill payments; and 1 point for everything else. Considering this is a no-fee card, that’s a respectable rate of return, but hardly the best.

You do get purchase security which protects your purchases from loss, theft and damage for 90 days, as well as extended warranty protection which doubles your manufacturer’s warranty up to one additional year.

Getting a discount on a Priority Pass membership is nice if you travel, but if lounge access is important to you, you’re better off getting a credit card with lounge access. Finally, you get a small discount of 10% at Avis and Budget Rent-A-Car in Canada and the U.S.; and 5% off international locations. 

How the TD Rewards Visa Card compares to others

Generally speaking, I consider all no-fee, entry-level travel credit cards to be similar as they all have pretty much the same benefits and earn rate. That said, the TD Rewards Visa Card does earn you extra points when you book through Expedia for TD which can be valuable. Each TD point has a value of 5 cents when booking through Expedia for TD, so that means you’re getting 1.5 cents in points for every dollar spent on Expedia for TD.

TD Rewards itself is a decent loyalty program. It doesn’t offer anything fancy, but it’s easy to understand which is why people love it. As mentioned, Expedia for TD gives you the best value for your points, but you can still use your points for any type of travel but it’ll cost you 250 TD Rewards points to claim $1 in travel which works out to 0.4 cents per point.

Once you start earning a higher personal or household income, you should consider upgrading to the TD First Class Travel Visa Infinite Card or one of the best travel credit cards in Canada.

Final thoughts

My TD Rewards Visa review is positive. It’s nowhere close to being a great travel credit card, but for what it is, it’s decent. If you’re looking for a no-fee travel credit card that doesn’t have a high income requirement, then this card might be a good fit for you.