Top Canada Student Credit Cards

Going to college is an exciting time in life, a time of earning an education and degree, making new friends, and sometimes, traveling and living in new cities.  Today, it is common for parents or students to secure a student Canada credit card to make time at college not only easier but also safer.  However, while these credit cards share many of the same concepts as any other credit card, there are distinct differences.

Canada student credit cards actually serve a number of purposes.  For starters, these cards help college students build credit.  Most college students have very little established credit or no credit at all so as long as the credit card was managed appropriately, it would get them on the leader board.  Additionally, a student credit card provides a means of taking care of emergencies, purchasing school-related items, and even having a little spending money.  Then, a Canada credit card such as this creates a safety net for the student while giving mom and dad peace of mind.

When a person takes out a Canada student credit card, it is essential for him or her to understand how mismanagement of the card could affect their life and in very serious ways.  For instance, with damaged or ruined credit, buying a house or even being approved to rent an apartment would be impossible.   Bad credit would also make it impossible to buy a car or get approval for other secured loans.

Today, many companies are also using credit when determining whether to hire someone and car insurance companies are setting rates based on the person’s credit.  Therefore, a Canada student credit card must be taken serious.  In fact, some insurance companies will not even provide car insurance coverage for someone with bad credit.  On a positive note, when the right Canada student credit card were taken out and handled right, it would be a huge benefit.

When looking online for Canada student credit cards, most people are surprised at the number of credit card companies and banks that offer them, the different types of cards available, and all the special programs offered for this type of card in the form of rewards.  We wanted to provide a few examples of Canada student credit cards so people could see what the market is currently offering.

•    BMO SPC Air Miles MasterCard – In addition to being a great Canada student credit card, this one also provides travel air miles.  For the student who is away at college but travels back and forth to home on a regular basis, this card would be an excellent choice.  In addition, with this card the student would receive SPC discounts.  The Annual Percentage Rate is set at 19.50% and there is no annual fee.

•    BMO SPC Cash Back MasterCard – Another card offered from BMO is this one, which has the same Annual Percentage Rate and no annual fee but instead of travel miles being earned, students would actually earn cash.  With this, when purchases are made using the card, a certain amount of points would be earned and as it accumulates, the student would be able to redeem the points for cash.

•    MBNA Platinum Visa and MasterCards – This particular credit card company has more than 35 different types of cards.  Of these, 34 are affiliated with Canadian colleges and universities while the other one is an actual Canada student credit card.  Based on the card chosen, the student would receive a card with interest anywhere from 4.9% to 9.9%.  Other benefits of these cards include the cash back bonuses, travel rewards for airline travel, a variety of special offers, balance transfers, ATM withdrawals, and cash advances.