Best Student Credit Card

[TheFuteballer]

Hey everyone, I am going into University this coming september and would like to have a credit card, mostly to just gain a credible credit history.. however the problem is that I won't be 18 until a while from now. Will I still be able to get a student credit card?

the reason why I would need one is I'll be living away from home and if the time comes that I want to buy something off ebay or the net, then it becomes a real hassle having to go to my parents everytime...

Anyways, I'm looking for a card with useful rewards (I know Presidents Choice card is good but what I am gonna do with discounts to groceries? I'm under a meal plan! :lol: ) and basically the best card I can get, what do you guys have in mind?

[blink]

If you aren't the age of majority yet, you will need a co-signer.

With a co-signer, I imagine it would be easy to any credit card. The citibank Enrich with its cash back would be nice.

You should be able to get a student Enrich card, after you are the age of majority (I am not sure whether it is easy to get without any credit history though).

Otherwise, the President's Choice m/c is not bad b/c you can also convert your points to movie tickets, chapters gift certificates, etc... although it is tough to get without any credit history.

Sometimes it is worth sucking it up for your first credit card - go with the closest bank - and then after 6 months, try for something like the cards mentioned above.

[TheFuteballer]

so how does the co-signer thing work? does the credit card go under that persons account but the card is in my name?

[gedwards]

It basically means that someone (likely your parents) would need to sign and guarantee your application. That means if you do not pay your bill they become responsible to pay the bill. You would need to check with the specific credit card company to see if this is possible as some may not issue cards to anyone under 18 even with a co-signer.

Another option (for those cards that allow it) is to have your parents add you to their credit card account. This way a seperate card would be sent to you to use but like the cosigner option ultimately your parents would be responsible if you do not pay.

Have you looked into paypal and having it hooked up to your bank account? That could be one option for buying things online and the funds would come out of your bank account like a debit card instead of a credit card.

[gedwards]

To answer your other question - yes a co-signed card would be in your name. It is your card like any other credit card the only difference is that the co-signer takes responsibility if you don't pay. However failing to pay would impact your credit rating.

[TheFuteballer]

i see..


as for PayPal, I currently have it linked to my bank account but I personally would rather use a credit card as you get a bit more safety I believe

so theres absolutely no way of getting my own credit card if I'm under 18? :confused: that sucks.. guess I'll just have to wait then..

[Dibble]

i see..


as for PayPal, I currently have it linked to my bank account but I personally would rather use a credit card as you get a bit more safety I believe

so theres absolutely no way of getting my own credit card if I'm under 18? :confused: that sucks.. guess I'll just have to wait then..

Yes, you have to be the age of majority to get your "own" credit card.

HOWEVER, you should check what's called a "pre-paid credit card" which is basically like a giant giftcard (you load it with your own money) and u can use it just like a credit card. Instead of having credit to pay for purchases, you pay for things with money you already have on it.

I believe you don't need to be 18 to get one of those.

[Tofu Drift Shinji]

TD will issue you a TD Green Visa if you have an account with them and can prove that you are enrolled in a university (bring them a letter of acceptance or timetable or the like). They gave me a TD Green Visa no questions asked a year after they first offered it to me (after I got into university) and I had initially declined when I started university.

The PC Financial Mastercard is great and not just for free groceries. You can use your PC Points earned from the PCF Mastercard for free gift certificates to Chapters/Indigo, movies (IIRC) and Roots GCs too, among other things. You can always give free groceries to your parents. I'm sure they wouldn't mind ;)

I considered switching over to PCF Mastercard from my current TD Green Visa (no benefits, but they offered to up my credit limit just recently), but am not sure whether I want to do that or not as, I find, Visa is more widely accepted than MC even though places usually take both.

[xt21]

I got a 2000 dollar credit limit on mine, it can get quite tempting at times

[Capt.]

Do I have to have a PCF account to get a credit card from them?

[blink]

Do I have to have a PCF account to get a credit card from them?

No. The bank accounts and mastercard are offered by separate companies.

[FearSonic]

Bringing up an old topic.

I'm guessing the concensus in this topic is that PCF Mastercard is the best credit card for students? Any other suggestions? My mom suggested getting the Scotiabank Student VISA just to build up credit first.

[Drew_W]

BMO Mosaik as well...

If you really want a card, MBNA hands them out like coupons.

[atforum]

If you really want a card, MBNA hands them out like coupons.

and they snatch money back like hell. Bad rates !!!

[blink]

Bringing up an old topic.

I'm guessing the concensus in this topic is that PCF Mastercard is the best credit card for students? Any other suggestions? My mom suggested getting the Scotiabank Student VISA just to build up credit first.

If you have no credit history, it is unlikely you will be approved for a PCMC. Get any card to build up your credit history first, and then apply for the PCMC in 6-12 months.

[Drew_W]

and they snatch money back like hell. Bad rates !!!

Don't fall behind? You're stupid if you're using a credit card and not paying off the full amount. Get a LOC instead at like a third of the interest rate.

[TheFuteballer]

no but generally I've also heard ALOT of horrible storiees and bad htings about MBNA cards.. stay AWAYYY

[alysomji]

If you have no credit history, it is unlikely you will be approved for a PCMC. Get any card to build up your credit history first, and then apply for the PCMC in 6-12 months.

I agree. This is the best way and it should work for you.

[God_Anubis]

Get a part-time job at your school campus (there are plenty around) and a full-time job in the summer. That way you won't be be knocking on Daddy's door for $$$ (or raiding Mommy's fridge in the summer).

Stay away from credit cards, especially at this age. The "I need to build my credit rating" excuse is just about the lamest and most tiresome reason to get your hands on a cc.

There's a reason why the credit card industry is a multi-billion dollar industry.

[ragin_pyro]

Heh, I'm in the same boat..I was thinking of 1, to build credit. Also to order stuff off the net (mom is uneasy bout ordering off net) I only make like 1 or 2 purchases a year online. I'm sure I would have good self control, as anything debt related..I can't believe it..I know a few people, got comps on credit..so they had to pay it off...I pay everything up front.. But I can see how some people could go crazy once they get a cred card.."free money" Unless I really need one or something, I'm not going to get one, if I do, it's going to be very low limit..(can you go under $500?)

[blink]

can you go under $500?

The DesJardins student card starts at $300. It is really snazzy looking, though!

http://www.desjardins.com/en/dcu/produits_services/cartes/carte_etudiante/

[FearSonic]

Thanks for the warnings guys, but the credit card will be under strict supervision by myself and possibly my parents. I'm about to go into University and they figure I can use it to pay for books and pay in full, might as well build up credit that way. Also would let me order stuff online.

I'm VERY frugal, so don't worry about the card being used.

How about a Scotia VISA? My mom told me something about them having a student VISA?

[FearSonic]

The DesJardins student card starts at $300. It is really snazzy looking, though!

http://www.desjardins.com/en/dcu/produits_services/cartes/carte_etudiante/

That doesn't look bad, but I'm not sure if it's any good. Anyone have any opinions on this card?

[FearSonic]

Bump.

I'm trying to decide by the end of the week which cards to apply for. That Desjardin card looks nice and I'm going to try to see if I can get my mom to co-sign for a PCFinancial card.

[Justin]

I got a student credit about a year ago with a $500 limit. I just got the limit increased to $2000. Cibc uses a full automated system to increase credit limit. Type in card number, type in annual income, type in how much you want the limit increased by. Did all that and it said my limit is now $2000. For annual imcome i typed in $15000 because that is what i made this past year working part time and going to school part time. Now this year i will be quitting my job and going to school full time so my income will only be what ever i can make during 4 months in the summer, which will be a lot less then $15000. The system didn't ask if my annual income will be changing, so whatever.

[eliteblaze]

yes CIBC had me from $500 to $5000 in less than 12 months when I first got it :)

RBC $1000-> $6500

TD is fairly stingy tho

And I reported all income as is - not the 150,000 some people do


I'm probably a special case since I was working for an investment bank arm of a bank

[FearSonic]

How about ScotiaBank? How's their credit card?

[blink]

Bump.

I'm trying to decide by the end of the week which cards to apply for. That Desjardin card looks nice and I'm going to try to see if I can get my mom to co-sign for a PCFinancial card.

That sounds like a good idea... or apply for the Desjardins card first by yourself. Then in 1 year, apply for the PCMC yourself so that you don't need a co-signer.

In that first year, you could in theory pick any student CC to be your first CC. There aren't too many differences between them since not many have rewards.

[FearSonic]

That sounds like a good idea... or apply for the Desjardins card first by yourself. Then in 1 year, apply for the PCMC yourself so that you don't need a co-signer.

In that first year, you could in theory pick any student CC to be your first CC. There aren't too many differences between them since not many have rewards.

Good point, so either Desjardin or Scotiabank cards are for me. Would employees be able to give me any special deals btw? My friend works at a Scotiabank, think he'd be able to give me anything extra?

[blink]

Good point, so either Desjardin or Scotiabank cards are for me. Would employees be able to give me any special deals btw? My friend works at a Scotiabank, think he'd be able to give me anything extra?

Doubtful.

[FearSonic]

Doubtful.

Dang, I might as well get the Scotia card anyway, close to home and what not. I'll apply to both.

[blink]

Dang, I might as well get the Scotia card anyway, close to home and what not. I'll apply to both.

For sure... it is those small things, like convenience to fill out the application form, which makes the deciding factor for a first credit card! (That was how I wound up with a CIBC student card).

If you wind up with both, then you'll have both a visa and m/c which is not bad.

[MadKickz]

hey guys i got a royal bank student visa 2 and my credit limit is $3000, i been building up my credit since i was 18 im 19 now lol :)

the student visa from rbc is amazing my first limit was 2500 i never had to raise it or w.e as long as you have a pt job or ft job your fine DONT BUY THINGS YOU CANT AFFORD........

just control yourself people...

[eliteblaze]

you probably got a standard card

student cards are $1500 unless an excpeiton is made by a team leader or something..

[crimsona]

When I first entered university, walked in with no credit, no verifiable income sources (came to Canada after high school overseas), got rejected by the major banks (TD, CIBC, BMO). Ended up with a MBNA (ebay) Mastercard, they've been decent since.

From what I see from my other friends who entered uni at the same time as I did, their major banks CC limits ranged from 500-1000 at the beginning. MBNA gave me 1500 to start, and is currently 2500.

Rates are high, at 20% PA, but any CC will be substantially higher than a Line of Credit. I've only paid interest on my account once in 3 years, mainly because I accidentally failed to pay the full amount one month.

Benefits are quite decent. The ebay card used to give 70 cents USD for every $1 CAD you spent, but since the program dissolved, it's now giving 1% cashback, payable once a year in Jan.

[nolookingca]

The ebay card used to give 70 cents USD for every $1 CAD you spent, but since the program dissolved, it's now giving 1% cashback, payable once a year in Jan.

Are you saying that a few years ago you were getting pretty much $1 CAD for every dollar you spend? :eek:

[eliteblaze]

almost one CAD for ervery $100..

[masterballer]

i got the rbc one, im where u are in life right now, going to uni in sept. i got the rbc rewards...i get 1 point for every 2$ spent and its free....i got a 5000$ limit :D

[Drew_W]

i got the rbc one, im where u are in life right now, going to uni in sept. i got the rbc rewards...i get 1 point for every 2$ spent and its free....i got a 5000$ limit :D

There must be some wank trend going on now of giving students really high limits. :P

[Spor 13]

There must be some wank trend going on now of giving students really high limits. :P

Seriously..I got a RBC student card too and I've been at $1000 since I got it when I was 18. I have had a job and paid off my card but they never seem to raise it. whatever. My PC financial card limit, which I applied for 1 year after I got my RBC card, just keeps raising and raising the limit.

[masterballer]

i dont even have a job :D :D :D haha....

[eliteblaze]

you're probably a co-applicant then :)

That or consumer fraud - RBC credit guidlines say students get 1500 Max (unless you're classified as employeed instead)

[masterballer]

you're probably a co-applicant then :)

That or consumer fraud - RBC credit guidlines say students get 1500 Max (unless you're classified as employeed instead)


mom works there ;) :D

[tkyoshi]

mom works there ;) :D

Ahh okay, she probably co-signed. Which is no problem, just means if you default or run away she is liable for your debt.

[eliteblaze]

FSRs/account managers don't have discretion over hard limits on student card. I'd go co-sign or she jacked up your "income" and "verified" it herself.

mom works there ;) :D

[st7860]

hint: most banks, except for American Express Canada and a few others , do not verify employment status nor stated income as long as you have an established credit bureau history(for example: having had one card half a year or so)

[eliteblaze]

how does Amex verify income?

They never asked for anyhting other than proof of address through 2 credit card bills or 2 paystubs.

If you send them just the CC bills I don't see how they would know how much you make and where.

I know TD verifies through two statements of assessment from CRA if they don't "like" your credit score. The other banks i'm not sure

[LNahid2000]

I just got a credit card with TD since I'm going to University. It was extremely easy and I didn't have to fill out anything. The rep only asked for my student number and what school I'm going to. But that was probably because they already had all my info since my main account is with them. I only got a $500 limit but that's enough for me, for now.

[st7860]

how does Amex verify income?

They never asked for anyhting other than proof of address through 2 credit card bills or 2 paystubs.

If you send them just the CC bills I don't see how they would know how much you make and where.

I know TD verifies through two statements of assessment from CRA if they don't "like" your credit score. The other banks i'm not sure

yes, i meant amex sometimes asks for stubs. but most credit card companies don't care, if your score is reasonable, you can write in almost anything you want.

[mada726]

Has one of your people tried Capital One?

I heard that their rates are competitive (but not as quite good, unlike the others in my humble opinion). Details: http://www.capitalone.ca/canada/cards/comparecards.php?linkid=CAN_Z_CCR_Z_HOME_H1_01_G_C CR1

I heard that there is a secured credit card available as well - but there are a few drawbacks: The Annual Fee and (in some cases) you have to provide some security funds (or a security deposit) required for the card. All I found is these links:

Capital One Secured MasterCard:
http://www.capitalone.ca/canada/cards/secured.php?linkid=CAN_Z_CCR_Z_CCRCOM_C1_04_G_CCRS CR

HorizonsPlus Secured MasterCard:
http://www.horizonplus.ca/index.html

HomeTrust Secured Visa:
http://www.hometrust.ca/securedvisa/

As for prepaid credit cards, they work like regular credit cards, but the drawbacks are the monthly fees and the transactions fees. Not to mention about how many transaction you can use per month. To add insult to injury, you have to find a place on where you can reload your credit card at (either at the place where you purchased the (access code to request a personalized) card) or at other outlets near you. I found the providers for the prepaid credit cards:

These following cards are reloadable:
MyCard MasterCard: http://www.mycard.ca/
MyPlasticNow MasterCard: https://www.myplasticnow.com/
VivaCity MasterCard: https://www.vivacitymc.com/v1/en/apply.aspx
PrePayEDGE MasterCard: http://www.credit-cards.ca/ or http://www.prepayedge.ca/
xCard Secure MasterCard: https://www.xcardsecure.ca/
NextWave Titanium MasterCard: http://www.moneymart.ca/titaniumcards/prepaid_mastercard.asp

These two links aren't:
Citizens Bank Prepaid Visa: https://www.citizensbank.ca/Personal/Products/VISACards/VISAGiftCard/
Vancity myTreat Visa: https://www.vancity.com/MyMoney/ProductsandServices/Banking/CreditCards/GiftCards/

As for BMO Mosaik Credit Card - well I haven't heard much about it, but whenever you are at shopping mall or anywhere else, you will find people demanding you to apply one and get a free gift. I was bombarded by those people a couple of times (I don't have a credit card, yet) and tend to ignore them. That's my tactic. Ever got bombarded by those people before, folks? No offence, though.

[nolookingca]

As for BMO Mosaik Credit Card - well I haven't heard much about it, but whenever you are at shopping mall or anywhere else, you will find people demanding you to apply one and get a free gift. I was bombarded by those people a couple of times (I don't have a credit card, yet) and tend to ignore them. That's my tactic. Ever got bombarded by those people before, folks? No offence, though.

Yep. Can be fun to sit in a nearby coffee shop and watch though. :)

[st7860]

BMO Airmiles Mastercard 1 airmile per $20 spent, no annual fee, and $3.99 interest for 6 months on purchases and balances transfers/
http://www.redflagdeals.com/forums/showthread.php?t=276630&goto=newpost

[bmw_xperience]

your school will have their own cc thing.. I go to queens and they have the Queen's MBNA master card.

Their regular card don't have much benefits but their platinum one has a lot of benefits without annual fees. (I know cuz that is what I have)

The Queen's platinum has:
free rental insurance
free travel insurance
insurance up to $3000 if ever u can't pay off your cc
no annual fee

I think that this is a pretty sweet card gets u free rental insurance.. that is the biggest bonus!

[Jedi--]

BMO Mosaik as well...

If you really want a card, MBNA hands them out like coupons.

i tihnk i will have to agree on this, i got one when i statrted university, i think ti was trough ryerson or something, but honestly i dont know how i got one, it showed up in the mail. i dont remember filling out any application.
(dont judge me)

[Mr. D]

I have a CC Mosaik BMO with absolutely no annual fees or anything and it has 0.5% cashback. It started with 1000$ and now I called and increased my limit to 2000. It has been like almost a year and recently i started recieving calls from other banks and mainly my TD bank to offer me a card that starts with 5000$ but i rejected since TD credit cards have those annoying anual fees and they don't offer cashback which is the main thing i am using a credit card for. So when I look for a credit card the two things i look for are cashback option + no monthly or annual fees. It also saves you transactions cause my student TD bank account allows only like 10 transactions from my debit card and when i went over that limit i got charged like 15$... rip off. ;)


EDIT: Thanks for the "annual fees" correction. It's been changed. :)

[Drew_W]

I have a CC Mosaik BMO with absolutely no taxes or anything and it has 0.5% cashback. It started with 1000$ and now I called and increased my limit to 2000. It has been like almost a year and recently i started recieving calls from other banks and mainly my TD bank to offer me a card that starts with 5000$ but i rejected since TD credit cards have those yearly taxes and stuff and they don't offer cashback which is the main thing i am using a credit card for. So when I look for a credit card the two things i look for are cashback option + no taxes monhtly or per year. It also saves you transactions cause my student TD bank account allows only for like 10 transactions from my debit card and when i went over that limit i got charged like 15$... rip off. ;)

They're called annual fees, not taxes.

[nolookingca]

I have a CC Mosaik BMO with absolutely no taxes or anything and it has 0.5% cashback. It started with 1000$ and now I called and increased my limit to 2000. It has been like almost a year and recently i started recieving calls from other banks and mainly my TD bank to offer me a card that starts with 5000$ but i rejected since TD credit cards have those yearly taxes and stuff and they don't offer cashback which is the main thing i am using a credit card for. So when I look for a credit card the two things i look for are cashback option + no taxes monhtly or per year. It also saves you transactions cause my student TD bank account allows only for like 10 transactions from my debit card and when i went over that limit i got charged like 15$... rip off. ;)

taxes???? on CCs?? are you sure you aren't talking about annual fees? :confused:

[Mr. D]

I changed it, sorry. Its just in my language we use the word "taxes" for charges like those...

[chriswalsh]

No one has suggest Canadian Tire MC yet. I got one before I left high school, with just a minimum wage job. The 1% CDNTire money adds up quick.

Also just got a costco membership so had to apply for AMEX card. Quite a bother though (they called me twice to find out about income/employment), but what can ya do eh.

[st7860]

I have a CC Mosaik BMO with absolutely no annual fees or anything and it has 0.5% cashback. It started with 1000$ and now I called and increased my limit to 2000. It has been like almost a year and recently i started recieving calls from other banks and mainly my TD bank to offer me a card that starts with 5000$ but i rejected since TD credit cards have those annoying anual fees and they don't offer cashback which is the main thing i am using a credit card for. So when I look for a credit card the two things i look for are cashback option + no monthly or annual fees. It also saves you transactions cause my student TD bank account allows only like 10 transactions from my debit card and when i went over that limit i got charged like 15$... rip off. ;)


EDIT: Thanks for the "annual fees" correction. It's been changed. :)

You should call TD Bank back and accept the $5,000 card. ask for the 'SELECT VISA'. its a GOLD card with NO annual fee.

[redmaple]

What's a good Visa card with a reward system and no annual fee?
I"m with TD but I don't think they give you reward points unless you spend a lot using the credit card.

[nolookingca]

What's a good Visa card with a reward system and no annual fee?
I"m with TD but I don't think they give you reward points unless you spend a lot using the credit card.

Maybe Citi Enrich if you don't plan on spending a lot?

[redmaple]

Maybe Citi Enrich if you don't plan on spending a lot?

Thanks, but that's a mastercard, isn't it?
I already have a mastercard. So I'm looking for a Visa since there are places that don't accept mastercard.

[blink]

Thanks, but that's a mastercard, isn't it?
I already have a mastercard. So I'm looking for a Visa since there are places that don't accept mastercard.

Check out the Desjardins visa. I think it has a money-back option. CIBC has the dividend visa but it has tiered money back, so if you don't spend a lot you only get like 0.25% back.
Otherwise, there are a few visas that give credit for specific stores - like Shoppers, Starbucks, etc.

Have you seen the credit card comparison yet?
http://www.redflagdeals.com/deals/main.php/articles/credit1/

[Agent_J]

Check out the Desjardins visa. I think it has a money-back option. CIBC has the dividend visa but it has tiered money back, so if you don't spend a lot you only get like 0.25% back.
The Desjardins visa gives you "BONUSDOLLARS" which are basically points to redeem for stuff. Also only the Gold card gives you that w/ no annual fee.

The CIBC dividend visa gives you cashback of 0.25% for amounts up to $1,500, 0.50% for amounts $1,500.01 to $3,000 and 1% for amounts over $3,000

[CSR]

The Desjardins visa gives you "BONUSDOLLARS" which are basically points to redeem for stuff. Also only the Gold card gives you that w/ no annual fee.

The CIBC dividend visa gives you cashback of 0.25% for amounts up to $1,500, 0.50% for amounts $1,500.01 to $3,000 and 1% for amounts over $3,000


Per month? / Per year?

[stooples_employee]

Thanks, but that's a mastercard, isn't it?
I already have a mastercard. So I'm looking for a Visa since there are places that don't accept mastercard.

Do you drink STARBUCKS? get a RBC Starbucks VISA, $10 free after first use. 1% of purcahses go towards your Starbucks Money. 3% if you automatically reload. This card serves as both a VISA and a Starbucks Value Card (make sure you specify which you want to use when you pay)

[axeman]

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