There is still controversy over credit cards and cash; while some people prefer to use credit cards for payments and purchases, others are still sticking to cash, but it is not the most suitable method as we approach the year 2021.
Credit cards are always the best fit and have many advantages, such as large purchases, credit cards allow making large purchases that require massive amounts, and the person needs a long time to save them.
They also provide a monthly account statement of transactions, which makes tracking expenses much more comfortable. Also, it can be Obtaining a financial loan from the bank using credit cards, according to the classification of this card and its owner’s ability to repay the loan.
Although credit cards may expose the owner to fraud, on the other hand, if it is lost, its loss can be reported, and it is stopped. As for the money, if it is lost or stolen, there is no possibility of returning it. Likewise, purchases can be made with credit cards and then split the cost over a long period.
These advantages are considered significant benefits for students in the age they are going through due to their low financial level and savings.
Here Are The Best Credit Cards For Students In Canada 2020
10. Home Trust Secured Visa Card
This card can be awarded quickly to you; therefore, this card may be one of the best credit cards students get. On the downside, the card will not give you any rewards, you will not enter any competitions, and you will only get the standard credit card interest rate of 19.99% on purchases.
- Annual fee: $0
- 19.99% interest rate on purchases
- The amount of security deposit sets the credit limit put down, between $500-$10,000
9. PC Financial Mastercard
PC Financial Mastercard offers a reasonably good return. The card will give you a reward of up to 25 PC Optimum points for every $ 1 you spend on Shoppers Drug Mart, a bonus of up to 20 points for every $ 1 you spend on PC Travel, and a reward of up to 10 points for every $ 1 you spend on all other purchases.
- Earn 25 PC Optimum Points per $1 spent at Shoppers Drug Mart / Pharmaprix.
- Earn 10 PC Optimum Points per $1 spent on all other purchases.
- Earn 30 PC Optimum Points per purchased litre of gasoline at Esso.
8. KOHO Prepaid Visa
KOHO is an outstanding prepaid card. The card gives you cash in the form of cashback on every purchase. It provides you with excellent saving features to help you save many saved amounts in different ways, and it provides an easy-to-use application.
- Welcome bonus: up to $15*
- Annual fee: $0
- FX feature: 1.5% FX fee
7. Stack Prepaid Mastercard
This card is one of the best cards available to students, and it is also a great card for anyone looking to save money, especially while travelling. This card does not impose any additional exchange fees while conducting foreign exchange operations. There are no fees for ATM withdrawals. Of course, there is no annual fee.
- Welcome bonus: N/A
- Annual fee: $0
- FX feature: 0% FX fee
6. Scotiabank SCENE Visa Card
This card provides excellent services to students as it believes in entertainment activity for students and its value in their lives.
This card gives you the ability to exchange SCENE points in Cineplex Entertainment in the form of rewards. SCENE Visa cardholders will earn points for purchases made with their SCENE Visa card.
- Welcome bonus: up to 1,250 bonus points
- Annual fee: $0
- Interest: 19.99% on purchases, 22.99% on cash
5. CIBC Dividend Visa Card
The CIBC Dividend Visa card enables you to get extremely valuable car rental discounts at participating locations worldwide when you pay with your CIBC Dividend Visa. This card also offers students desirable benefits that they can take advantage of.
- Free: No annual fee
- Get 2% cashback on grocery purchases (up to $6,000).
- 0.5% cashback on other purchases up to $6,000.
4. Tangerine Money-Back
The Tangerine World Mastercard offers excellent benefits to its holders, enabling them to live their lives efficiently and granting them many financial facilities.
However, to be approved for credit card holders, they must meet one of the following minimum criteria: $ 60,000 annually, total household income of $ 100,000, or $ 250,000 in a Tangerine Savings Account and Mutual Fund Account.
- Free: No annual fee
- 2% cash back per $1 spent in two different spending categories (pick from a total of 10 options)
- 0.5% on all other purchases
3.Neo MasterCard
Earn instant cash rewards when you pay at the stores you love. Earn rewards at hundreds of local and national businesses, including most major gas and grocery stores, restaurants, gyms, coffee shops and more.
No annual or over-limit fees. You keep the extra cash and decide where it goes. Get proactive alerts and notifications in real-time.
- Annual fee: $0
- Cashback rewards: Up to 20%
- Overlimit fee: $0
- 19.99% – 24.99% Purchase APR
- 22.99% – 26.99% Cash Advance APR
2. BMO Air Miles Mastercard
The BMO AIR MILES Mastercard gives you, among other things, the benefit of double Miles for every $ 20 you spend on the AIR MILES Partners 16C program. It also enables you to earn 1 mile for every 20 dollars you spend anywhere else, 16 billion, plus zero annual fees.
- No annual fee
- Welcome Offer: Up to 800 BMO Air Miles Bonus Miles
- Earn 1 Mile per dollar
- Get 2X the Miles when shopping at Air Miles partner retailers.
1. BMO CashBack Mastercard
The Student BMO CashBack Mastercard is an excellent card with useful features for students if you wish to increase the card’s credit score as a student and would like to recover some cashback.
- No annual fee
- Welcome Offer: 5% cashback on all purchases (up to $100) for the first three months
- 3% cash back on groceries
- 1% on recurring bills ($500 monthly cap on each category)
- 0.5% cashback on everything else
Source: RateHub
