Best Student Credit Cards in Canada for 2023

Apply for a Tangerine Money-Back Credit Card by October 31, 2023 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*

1.95% interest on the transferred balance for the first 6 months

Regarded as one of the best credit card in Canada, Tangerine Money-Back Credit Card provides no annual fee, a lucrative 2% cash back in up to 3 merchant categories, and 0.5% on all other purchases with no caps, tiers or limits. It provides choice, value and convenience to beginner credit card users and even works great as a secondary credit card.

• No annual fee -The no annual fee for both primary and secondary holders means that you are not paying for your cash back.
• Unlimited rewards -Earn as much cash back rewards regardless of the category.
• Automatic monthly cash back redemption -Every month, Tangerine will either apply your cashback dollars against your credit card balance or deposit it directly into your Tangerine Savings Account.
• Flexibility - You can choose 2-3 categories for the 2% cash back and change categories once every 90 days to match your spending pattern.
• Get more cash back rewards -Maximize your credit card rewards by choosing another cash back credit card that has bonus categories and using your Tangerine card to expand and get more bonus categories.

If you've been looking for a credit card that offers money-back rewards, then the Tangerine Money-Back Credit Card might be right for you. The card has no annual fee and is designed to offer cash back on all purchases made with the card - anytime during the year!

Great credit card for those who would like to maximize the cashback they earn by choosing their spend categories to earn more cashback.

Viewed as one of the best credit cards in Canada, Tangerine Money-Back Credit Card provides no annual fee, a lucrative 2% cash back in up to 3 merchant categories, and 0.5% on all other purchases with no caps, tiers or limits. It provides choice, value and convenience to beginner credit card users and even works great as a secondary credit card. 

While geared towards young people, the American Express Cobalt^® Card  has plenty features and benefits that make it appealing to a wide range of people. It offers 5x more points on eats and drinks from grocery shopping to dining out, and 2x points on travel and transit. Additionally, the ability to transfer points to hotel partners or to the Fixed Points Travel Program makes this the best travel credit card in Canada with a fee. If you spend a lot on food and travel, then this credit card deserves a place in your wallet.

• Generous first-year rewards - You have the ability to earn up to 30,000 bonus points in the first year.
• Redeem anything you want -Reward points can be redeemed for travel, restaurant, movies, and merchandise. Unlike other rewards card, you can use your points for almost anything you want.
• Transferability of points -You can transfer points into the Marriott Bonvoy rewards system which unlocks access to amazing rewards programs like British Airways, Aeroplan, and more than 30 other airline partners. You can also transfer to the Hilton Honors rewards program at 1:1 ratio.
• Monthly fee - Instead of paying for a one-time annual fee, you are charged every month, giving you time to test out the card and cancel it if it's not the right fit for your spending habits.
• Free supplementary card - This usually costs an additional $50 on most rewards card. Get one for an immediate family member and boost your earning potential.

The American Express Cobalt^® Card started out as a credit card designed for millennials and young professionals. Today, it’s one of the most flexible and versatile credit cards out there. In fact, it’s now commonly used by people from all walks of life because of the lucrative benefits. 

One reason the American Express Cobalt^® Card is so popular is because of the quick rewards that come with it. Points can be earned on everyday purchases which is what makes the earnings accumulate so rapidly. On food and drinks, such as grocery, restaurant, food delivery, bar and cafe purchases, cardholders earn five points per dollar spent. 

On transit and travel, cardholders earn two points per dollar spent. These rewards are not limited to vacation only, cardholders will earn points when they spend on public transit, taxis and Ubers too. All other purchases earn one point per dollar spent. As you can see, no matter what your lifestyle is, you’ll quickly rack up points! 

Points can be redeemed to cover the cost of flights and accommodation with 1,000 points being equivalent to $10. Flights don’t have any blackout dates and you can choose any airline you’d like. In addition, the points can be used to cover fees and taxes. If you don’t have an upcoming trip, you can also spend your points on events through Ticketmaster at a rate of 2,000 points to $20. As you probably noticed, the rate of return is the same when you spend on travel and events which is fantastic! For less bang for your buck, you can also use your points for gift cards or merchandise purchases. 

Cardholders benefit from travel insurance as well. The insurance covers things like travel accidents, car rental insurance, medical emergencies, flight interruption or delay among others. Last but not least, cardholders gain access to American Express Invites which are limited offer, exclusive events. 

All of these benefits sound amazing but there’s a cost for all the wonderful benefits. There’s a monthly fee of $12.99, which works out to be $155.88 per year. The monthly payment makes it easy for most to manage. Also, you need to make between $60,000 and $80,000 per year and have decent credit. The only disadvantage is the cap rate on the bonus points is 30,000. Another downside to this bonus is the points can’t be redeemed in a lump sum. This means there is a delay between when you earn the points and when you can redeem them. 

That being said, the American Express Cobalt^® Card is still an excellent option for those who travel a lot and make lots of eligible purchases.

If everything about this card sounds good to you, sign up today and receive an extra 2,500 points each month you spend $500 or more, an achievable spending rate for most! You can earn up to 30,000 Membership Rewards® points.

If you are comfortable with shelling out a small fee of $99 per year, then the SimplyCash Preferred Card from American Express is one of the best cashback rewards cards. Those who want to maximize their rewards can take advantage of the limited-time 10% cashback rewards. It also offers a comprehensive insurance package that's worth more than $100 in value.

 

Why We Like It:

• High cashback rewards One of the highest we've seen, the 10% promo cash back is a welcome opportunity for people who have a major purchase coming up. After the four-month promotional period is up, it returns to a still high 2% cash back with no limits. Cash back is applied as a statement credit to your account each September.
• Complete suite of insurance and protection plans This Amex card offers extensive insurance that includes insurance against rental car damage, travel accident, foreign medical, and baggage theft as well as double manufacturer's warranty and insurance against theft or damage for purchases.

The SimplyCash Preferred credit card allows you to earn while you spend. There are no categories or limitations - wherever you spend, you’ll earn cash back with no earning caps. While the credit card does come with an annual fee of $99, you’ll benefit from numerous perks in addition to cash back.

SimplyCash® Preferred Card from American Express

The American Express SimplyCash Preferred Card offers cardholders an incredible range of benefits that include high cashback rates and a referral bonus. American Express offers exceptional customer service to its cardholders, with customer care professionals that are available to answer questions and deal with card problems, such as lost or stolen cards, 24 hours a day.

Features and Benefits of the SimplyCash® Preferred Card

• Fantastic Welcome Offer. Earn up to $400 in Statement Credits
• Cash Back Rate. Earn 2% cash back on all purchases.
• Up to $1,500 cashback annually for approved referrals
• No Limit on Earnings. After the welcome offer expires, there are no limitations on earnings with the 2% rate. 
• Travel and Shopping Insurance. Travel abroad and shop around with peace of mind. Insurance coverage includes travel accident, car rental theft and damage, buyers assurance protection and much more.
• Entertainment Benefits. Access special event offers from American Express, such as theatre, music, fine dining, fashion and shopping.

Pros and Cons of the SimplyCash® Preferred Card

Pros

• Cashback is earned on every purchase made with your card
• There are no limits on the amount of cashback you can receive
• Travel insurance limits are generous
• Early access to concerts and other events

Cons

• Amex isn't accepted as widely as Visa and Mastercard

The Takeaway

The American Express SimplyCash Preferred Card is an excellent option for those who are looking for a generous cashback program. Individuals who travel frequently for business or pleasure can also benefit from this card's included travel insurance, which covers accidents, medical expenses, and even lost baggage. Although this card comes with great benefits, it's important for potential users to consider the downfalls, which is the fact that some retailers across Canada don't accept American Express cards.It is always good to have a Visa or Mastercard credit card as a backup.

 

Great for students and individuals who love going to the movies, the SCENE Visa Card gives generous points for movie ticket purchases at Cineplex Theatres and rewards you for everyday purchases on top of it. In addition, this card has no annual fee for both primary and supplementary cardholders. Try it, completely risk free, for no other reason than getting free movies.

 

Why We Like It:

• Free movies - For starters, the generous sign-up bonus gives you around 2 to 5 free movies simply by checking out this credit card.
• No annual fee - The zero-yearly fee means that you are free to test if this credit card is for you.
• Generous rewards - Earn an impressive 5 points for every dollar spent at Cineplex Odeon Theatres (i.e. Famous Players, SilverCity, Scotiabank Theatres, Cinema City, Galaxy, etc.) and 1 point everywhere else.
• Redeem as soon as you can - Redeem for music, movies and other rewards for as low as 1,000 points.
• Points don't expire -You earn and get to keep your points for as long your account remains active.

Students who are serious in building their credit history may find the L'earn Visa Card to their liking. It has no annual fee, gives 1% cash back and has easy-approval requirements. While this student credit card has no bells and whistles in terms of rewards, the straightforward cash back structure offers enough rebates for you to save cash when you shop and delivers the advantages of a credit card minus the high-income requirement.

 

Why We Like It:

• No annual fee - Get started in building your credit history at no cost.
• Increased cash back rewards with each spend ? The tiered cash back structure lets you earn more rebates with more spending. Cash is automatically applied to your next upcoming bill and there is no limit to the amount of cash back you earn.
• Faster payment - Perfect for on-the-go shopping, this credit card delivers Visa payWave convenience. Simply wave your card or use the app on the counter to pay for your purchase. This credit card is also compatible with Apple Pay, Android Pay, and My Mobile Wallet.
• Car rental savings -Similar to the Scotia Value Visa, this credit card gives 20% discount on Avis rental cars.

The Home Trust Secured Visa is designed for individuals who need to rebuild or reestablish their credit. It offers easy approval for anyone and gives you a flexible credit limit, ranging from $500 to $10,000, depending on your security deposit. Of course, it also comes with other benefits such as a 21-day no-interest grace period and no annual fee.

Why We Like It:

• Easy application – Start rebuilding your credit score immediately. Almost everyone is approved for this secured credit card.
• No annual fee – You pay absolutely nothing to get and use this credit card.
• Flexible credit limit – From a minimum deposit of $500, you can get a credit limit scaling at 1:1 all the way up to $10,000. The security deposit will also be reimbursed in full (minus the outstanding balance) should the credit card be cancelled in the future.
• Low minimum payments – If you want to pay the minimum, you can pay whichever is higher: $10 or 3% of the monthly balance.
• Monthly reporting – Home Trust reports your progress to major credit agencies each month – jumpstarting your credit repair.

The Home Trust secured credit card is an excellent credit card that enables those who do not have a good credit score to rebuild and reestablish it.

Almost everyone is approved(No credit, poor credit, bankruptcy and  consumer proposal).

To be approved for this secured credit card, the applicants need to provide a security deposit of $500 minimum and be of the age of majority in the province of residence.

This credit card does not offer any rewards but provides a 90 purchase protection to insure eligible items against theft or damage for 90 days from the date of purchase.

Each month Home Trust reports to Equifax and Transunion. This will ensure that your payment and credit history related to your Home Trust Secured credit card is updated with the major Canadians credit bureaus accordingly. You will need to make your payments on time each month to rebuild your credit.

Home Trust will give you back your deposit when you close your account.

The Home Trust secured credit card is one of the best cards in the market that can help you build your credit.

 

The World Mastercard offers new perks to their customers that are not available to Tangerine Money-Back Mastercard users. Mobile insurance of $1,000, rental car insurance worth $65,000 for 31 days and Mastercard airport experiences are perks that cardholders gain access to. Both of these insurance packages are beneficial for individuals who have a smartphone and are renting cars often.

The Tangerine World Mastercard is a new addition to Tangerine’s financial products. As with the Tangerine Money-Back Mastercard, there is no annual fee, 2% cash back on three categories and 0.5% cash back on all other purchases. Some of Tangerine’s spending categories include restaurants, furniture, groceries, gas, home improvement and entertainment.

Apply for a Tangerine World Mastercard® by October 31, 2023 and earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.

The World Mastercard offers new perks to their customers that are not available to Tangerine Money-Back Mastercard users. Mobile insurance of $1,000, rental car insurance worth $65,000 for 31 days and Mastercard airport experiences are perks that cardholders gain access to. Both of these insurance packages are beneficial for individuals who have a smartphone and renting cars often. In addition, with the Mastercard LoungeKey membership, you can access airport lounges all over the world at a discounted rate.

 

All in all, the Tangerine World Mastercard is an excellent choice because of the cash back rewards and other perks. Start earning cash on your expenditures today!

Tangerine Frequently Asked Questions

Is Tangerine a good credit card?

Tangerine has two credit cards. The Tangerine Money-Back Credit Card and the Tangerine World Mastercard. Both offer no annual fee and a 19.95% interest rate. They offer purchase assurance and extended warranty on products fully purchased with their credit cards.

Tangerine also offers 2% Money-Back Rewards in two categories of your choice and 0.05% on all other everyday purchases. If you deposit your Money-Back directly into a Tangerine savings account, you unlock a third 2% Money-Back Rewards category. This credit card has no cap on the amount of Money-Back Rewards you can earn. The Tangerine Money-Back Credit Card is a great choice and is competitive with the credit card options of big banks. The Tangerine World Mastercard has added benefits and is harder to qualify for. Benefits include: Mastercard travel rewards, Mastercard airport experiences, mobile device insurance, car rental insurance, and worldwide wi-fi hotspot access.

How do I qualify for a Tangerine credit card?

Tangerine Money-Back Credit Card

To qualify for this credit card, you must have: a gross annual income of $12,000 plus, be the age of majority in your province or territory, be a permanent resident of Canada and be clear of bankruptcies over the past 7 years.

Tangerine World Mastercard

To qualify for this credit card, you must have: $60,000 plus gross annual income OR $100,000 plus household income OR $250,000 in Tangerine bank accounts. AND you must: be the age of majority in your province or territory, be a permanent resident of Canada and be clear of bankruptcies over the past 7 years.

Does Tangerine do a credit check?

Yes, Tangerine will do a credit check as you must agree to a credit check as part of your application process for either credit card Tangerine offers.

What credit bureau does Tangerine use?

Tangerine pulls credit history and credit scores using the TransUnion credit reporting agency.

How do I increase my Tangerine credit card limit?

Tangerine does not provide information on their website about how to increase credit card limits. In most cases, maintaining a good payment history and low borrowing load will welcome credit increases. Often banks and creditors will offer regular increases without requests, but you will be asked and must approve these increases. If you would like a credit increase, you can call and speak to Tangerine’s client service representatives, who can walk you through their specific process and submit your request for a credit increase. Tangerine, like most banks, has an online credit increase form you should be able to complete and submit on your own too.

How can I apply for a Tangerine credit card?

You can apply for a Tangerine credit card online, but you will need to register as a Tangerine client first. If you are already a Tangerine client, you can apply online or call now.

Tangerine Money Back vs World Mastercard®

Wondering what's the difference between the 2 cards? Compare the Tangerine Money Back vs World Mastercard®

 

This card is perfect for any Canadian resident who wants a low-interest rate and coverage. With it, you can gain access to comprehensive travel insurance, price protection, zero liability protection, enhanced security, tap & pay, and worldwide acceptance.

HSBC +Rewards™ Mastercard® Review

 

If you are looking for a card with low interest and annual fees, the HSBC +Rewards™ Mastercard® could be a good option. One of the main draws to this card is that not only do you have low fees and interest, but also the opportunity to earn points on every purchase. Not everyone is familiar with HSBC as a bank, as it is more internationally focused.

However, Canadians can find an excellent credit card with flexible redemption as well as an enticing welcome bonus offer that could be just what they are looking for in a credit card. Here’s our review of the HSBC +Rewards™ Mastercard® to help you decide if it will meet your needs.

HSBC +Rewards™ Mastercard® Welcome Bonus

 

It’s always smart to look at welcome bonuses credit cards offer new cardholders. You will find a pretty generous offer for becoming a HSBC +Rewards™ Mastercard® holder with a first year annual fee waiver for the Primary Cardholder and 35,000 bonus HSBC Rewards points with a minimum purchase of $1,000 within 60 days of account opening. Earn 5,000 points*when you start your application online ($25 travel value)

This is twice as much time to get your bonus points, as many banks often require the spend within the first three months. As well, an HSBC Rewards point is worth $0.005 when redeemed for travel, so you start off right out of the gate with up to $150 available. All of this for a low annual fee of just $25.

Benefits and Features

 

In hand with the above-mentioned bonus, although not an extensive list of perks, there are many other benefits and features with the HSBC +Rewards™ Mastercard® including:

•       Low yearly fees of $25
•       Low interest rate of 11.99%
•       Double points on eligible dining and entertainment
•       Price Protection for comparison shoppers
•       Purchase insurance
•       No minimum income requirement so anyone can apply
•       Contactless payment perfect for pandemic shopping

The card is accepted worldwide and offers optional travel insurance for those who need it.

HSBC +Rewards™ Mastercard® Rates and Fees

 

As mentioned, you have very reasonable low fees with the HSBC +Rewards™ Mastercard® at just $25 a year for the primary cardholder and $10/year for associated cards issued. Other fees include:

•       2.5% foreign currency fee
•       5% of your balance transfer
•       $2 withdrawal fees for ATM withdrawals in Canada
•       $2 wire transfer fee

Where you really see a difference is in the low interest rate of just 11.9%. This represents exceptional savings for those who tend to carry a balance.

Earning HSBC Reward Points

 

HSBC +Rewards™ Mastercard® is designed to make it easy for people to both earn and redeem points. As with other cards, your points earned are broken down into categories, with 2 points for every $1 on eligible dining or entertainment purchases and 1 point for every $1 spent on everything else.

Redeeming HSBC Reward Points

 

Some people might find it confusing for points redemption as the value varies based on the rewards you choose. You can redeem for travel, gift cards, merchandise or financial rewards. If you were travelling 30,000 points is equal to about $150.

On the other hand, what people love about this approach is they have more flexibility and can use their points where they need them most or to suit their lifestyle. You can also use the Mastercard Pay App if you want to build up your cashback automatically then redeem your points to make purchases from their online rewards catalogue.

Redemption Options for HSBC Rewards Points

 

As mentioned, many people choose the HSBC +Rewards™ Mastercard® due to its flexibility on how points are redeemed whether it is travel rewards, gift cards, or merchandise. Your choices include:

•       Personal Finance such as your mortgage, credit card or savings account
•       Rewards towards gift cards, electronics and exciting experiences
•       Travel points towards flights, hotels, car rentals, etc.

As long as your account is in good standing, you never lose your points. That means you can continue to use your card to earn the number of points needed to meet certain goals whether it is planning a trip, paying down your mortgage or buying something special.

 

HSBC +Rewards™ Mastercard® Eligibility and Requirements

 

You just need to meet the age of majority in your home province and be a Canadian resident to apply. With no minimum income, it becomes easier to be eligible as long as you have a fair credit score of 680 or higher. Just be sure you have proof of identity and residency such as a driver’s license. You can apply online with an ID ready to go for instant verification.

HSBC +Rewards™ Mastercard® vs Scotia Value Visa Card

 

Another popular choice in this category of credit cards is the Scotia Value Visa card. Here’s how it lines up with the HSBC +Rewards™ Mastercard®:

•       Welcome offers: 0.99% introductory interest rate on balance transfers for the first 6 months
•       Annual fee: $29, $0 for supplementary cards
•       ARP interest rate: 12.99% on purchases, cash advances, balance transfers and Scotia Credit Card Cheques
•       Credit Limit: $500.00 minimum
•       Tap your Scotiabank Value® Visa* Card or your smartphone
•       Save up to 25% off base car rental rates at participating AVIS and Budget locations in Canada and the U.S.

One of the biggest advantages of the Scotia Value Visa card is if you have a balance owed on a high-interest rate card you can balance that transfer to your new card and pay only 0.99% interest for six months. Planned right you can save tons of money, especially if you can completely pay down the balance in that period. However, the card doesn’t offer the same benefits and features as the HSBC +Rewards™ Mastercard® such as rewards, price protection, extended warranties and more. It all depends on your goals and what is most important to you.

Who is this card good for?

 

This is the best card for people who want a card with rewards, don’t mind paying a low annual fee and are looking to reduce the interest they pay. If you have a fair to good credit score, but no income, you can reap the rewards of the points program, enjoy a low interest rate and use your reward points to help establish your financial health.

You can also use the rewards to work towards something like a trip or purchase. The HSBC +Rewards™ Mastercard® might have limited perks but compared to the Scotia Value Visa card you really are seeing much more value. You get a good base card that helps you save not just on interest but also on purchases in many categories allowing you to compare shop and still see savings if you find a better offer within 60 days of your purchase. It also offers excellent protection for this category of card.

You can also enjoy more nights out with double points earned on dining and entertainment, with those points used to pay for future meals and fun. All in all it is a nice rounded card for those looking to collect points on a low fee, low interest card.

How to Apply for the HSBC +Rewards™ Mastercard®

 

As with any credit card you can apply online using their online application form. Be prepared to provide ID to prove you are a Canadian resident such as a driver’s license or something with your address and a photo as well as your social insurance number. The process is quick and painless and if approved you should receive your card within a few days via mail.

Conclusion

 

The bottom line is that the HSBC +Rewards™ Mastercard® is a solid card offering enough perks to make it worth the low $25 annual fee. It is really a great starter card, but also allows you to reduce how much interest you pay if you tend to carry a balance. If you are looking for basic perks including a very respectable and flexible rewards program, you can use your card to work towards a dream trip or to help you out financially.

You can also simply use your rewards towards purchases, and everything you purchase provides points. However, if you are interested in no fees or extensive benefits and insurance, this isn’t the card for you. Although you will find cards with many more benefits that also help you earn rewards more quickly, this is the perfect choice for a starter card, or for people looking for the best of both worlds: Low annual fees and interest rates plus a way to collect rewards to go towards financial support or living life to the fullest.

American Express Green^® Card

 

• Welcome bonus: Earn 10,000 Bonus Membership Rewards® points when you charge $1,000 in purchases to your Card in your first three months of Cardmembership
• Cardholders earn one Membership Reward point for every $1 spent with the card
• Points can be redeemed toward eligible card purchases, such as groceries, dining out, and streaming services
• Front of the Line ticket access for concerts, dining, film, and other experiences with American Express Invites

The American Express Green^® Card is a points card that comes with a variety of benefits. Members receive points on every purchase and can redeem them for bill credits, gift cards, travel purchases, and eligible purchases on Amazon.ca. The card also includes special access to concerts, dining, and other experiences. As with all American Express cards, the Green Card comes with 24/7 access to customer care, fraud protection, and emergency card replacements when needed.

American Express Green^® Card

The American Express Green® Card is a points card that comes with a variety of benefits. Members receive points on every purchase and can redeem them for bill credits, gift cards, travel purchases, and eligible purchases on Amazon.ca. The card also includes special access to concerts, dining, and other experiences. As with all American Express cards, the Green® Card comes with 24/7 access to customer care, fraud protection, and emergency card replacements when needed.

 

Features and Benefits of the American Express Green® Card

• Welcome bonus: Earn 10,000 Bonus Membership Rewards® points when you charge $1,000 in purchases to your Card in your first three months of Cardmembership
• Cardholders earn one Membership Reward point for every $1 spent with the card
• Points can be redeemed toward eligible card purchases, such as groceries, dining out, and streaming services
• Front of the Line ticket access for concerts, dining, film, and other experiences with American Express Invites

Pros and Cons of the American Express Green® Card

Pros	Cons
No annual fees Potential to earn 10,000 Membership Reward points Points can be redeemed towards eligible purchases to reduce credit card bill Early access to concerts and other events	No travel insurance included with this card Amex isn't accepted as widely as Visa and Mastercard

The Takeaway

The American Express Green® Card is a simple, day-to-day credit card that's ideal for consumers who are after a card without annual fees. Its Membership Rewards program is a great benefit that shows appreciation for cardholders by providing access to the rewards they want most in return for using their card. While the 10,000 point bonus is a major selling point for this card, it's important for new cardholders to keep in mind that they need to spend $1,000 in the first three months to qualify for this benefit.

 

How Neo Card^TM (Secured)