Hot Student Stories

Who are some of the best credit lenders for students in Canada?

I am looking for the best credit for students in college. I am a second-year student studying in Canada, and I have been paying for my tuition using a government loan I secured in my first year. However, now that I live outside the university’s accommodation facilities, my expenses seem to have exponentially increased.

I am thinking of applying for credit from a private lender to ease my budget constraint. I am especially interested in credit with benefits such as student cashback. Who are the best credit lenders?

Frank Nichols

in Student Loans

1 answer

1 answer

Ralph Lopez on May 25, 2018

Well, weighing on the pros and cons of taking credit, I think the bottom line is that credit is necessary for easing student financial burden and growing a good credit history. Once you are through with college, you will discover the great importance of having a good credit score. You will need to purchase a house on a mortgage or buy a car on credit. All these require that you instill a sense of trust with the lender.

So, we have established the inherent value of getting a credit card. So, the main question now is, what are the features of the best credit cards for students?

  • It should not have annual fee charges: personal and other types of credit cards usually have a fixed amount that the user is expected to pay yearly for the maintenance of the card. However, since students have no regular income, most banks do not charge these fees for student cards.
  • Second, it should be easy to acquire without a credit history: most students do not have a credit history which is understandable since a student may not hold any employment at present or in the past. Therefore, a good student credit card should be able to let students apply with no credit and no need for a co-signer.
  • Finally, it should allow a student to borrow with ease: for any unexpected eventualities, you should be able to pull out money from your card and sort out your problems.

So, here are two of the best lenders of credit for students in Canada:

Scotiabank Visa Card: this card doesn’t ask for an annual fee. The card, however, requires that you have a part-time job earning at least $250 or at least a co-signer. The good thing about this card is that you get to earn points each time you use the card and redeem them for free movies.

BMO student MasterCard: this card does not have an annual fee, free membership, and 1% money back on all the purchases you make with your credit card. As a bonus for new members, there is an offer of 4% of your cash back in your first four months of usage. You don’t need someone with a credit history to back you up. As long as you provide proof that you are enrolled in a recognized university, your application is approved, and you get $500 in available credit. 

Ronald Miller2 years ago

You cannot mention the best credit for students in Canada and leave out Air Miles MasterCard by BMO. It is one of the most widely used credit cards for students. It gets its popularity from the program known as Air Miles.

Its features include:

  • Zero annual fees: I will emphasize on how important this advantage is for any credit card designed for students. Remember that you already have enough expenses on your back.
  • Up to 15% discount on hundreds of restaurants and retailers across Canada: how good is that? You get to pay less in making daily purchases at your favorite stores.
  • A lucrative bonus on first registration. You can get 500 air miles on first sign-up. Therefore, you can enjoy credit while earning point to travel home by air during the holidays.
  • You don’t need your parent to co-sign for you or an income: this card requires no credit history on the part of the applicant. 

Add you answer