Canadian Student Credit Cards
What are Student Credit Cards?
These are credit cards specially designed for students and helps them learning about establishing a perfect credit history. Such cards help students finance their tuition fees as well as living expenses while studying in college.
Why Get Student Credit Cards in Canada?
If you are studying in Canada and want to build a good credit history, acquiring a Canadian Student Credit Card is the ideal option for you. According to surveys, students are found to use credit cards in a more rational way as compared to aged people. Due to less unnecessary usage, they are able to repay the entire amount every month and prevent accruing of interest. This is testimony to the fact that most students use credit cards for the purpose of payments and do not intend to delay the required imbursement. Although credit card debt is a common problem among students, most of them are generally well advised and informed about usage of these cards. They consider it a powerful tool for shopping laptops, books, stationery and various other items online.
Benefits of Canadian Student Credit Cards
Efficient use of credit cards helps a student to establish a good credit rating. Considered as more flexible than a student loan, such credit cards are considered as the most convenient option for young students to borrow money for various academic purposes. Students have to make purchases within a credit limit. This helps them formulate a financial strategy that is necessary to build a good credit score. Such cards are considered lot safer for children. With these cards, kids do not require carrying cash with them any more for making purchases.
Types of Canadian Student Credit Cards
There are certain types of credit cards for student available in the market which worth a special mention:
MBNA Student awards World Points MasterCard
Such cards offer:
- 1000 Bonus World Points on account anniversary date
- “No Annual Fees” offer
- 1000 Bonus World Points after first purchase
- Security against any fraudulent activity
- No limits on rewards points
- 1 World Point for every USD spent on retail exchanges
BMO SPC AIR MILES Master Card
Users of this card are offered:
- 1.5x reward miles at Alamo Rent A Car and at National Car Rental locations
- 1 AIR MILES reward for every purchase worth USD20 through the card
- 19.5% interest rate
- 12.9% for USD 45 per year
- No annual charge
Student users are offered 10-15% SPC Card discounts at numerous retailers and restaurants throughout Canada.
If chosen properly, student credit cards can bring in huge rewards for those studying in Canada. Such cards are offered by numerous providers in the market. A student must carefully select a credit card keeping in mind the annual fees, payment terms, interest rates and conditions. The extent of benefits that students can get ultimately depends on their individual decision to use the cards more wisely and efficiently.
