Lori Meadows
International students in Canada can apply for credit cards with various banks and financial institutions. These include CIBC, RBC Royal Bank, Scotiabank, and KOHO. The eligibility criteria for international students typically include proof of enrolment in a Canadian educational institution, such as a student ID card or course timetable, and valid documentation of their student visa or permit. Some banks may also require international students to have arrived in Canada within a specified timeframe, usually within the last 12 to 60 months. It is recommended that students compare the different offers, perks, and eligibility criteria before choosing a credit card that suits their needs and financial goals.
| Characteristics | Values |
|---|---|
| Can international students get a credit card in Canada? | Yes |
| What are the requirements? | A Social Insurance Number (SIN), proof of enrollment, and government-issued ID (passport or Canadian driver's license) |
| What are some recommended credit cards for international students? | CIBC Dividend Visa Card for Students, Scotiabank Scene+ Visa Card, TD Credit Card |
| What are the benefits of a student credit card? | Building credit history, earning rewards, and strengthening credit profile |
| What is the minimum age to get a credit card in Canada? | 18 or 19 years old, depending on the province or territory |
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What You'll Learn
International students can get a credit card in Canada
Some banks in Canada offer credit cards specifically designed for international students. These cards often have lower spending limits and may require a co-signer. For instance, TD Canada Trust offers an International Student Package that includes a credit card, while CIBC offers the CIBC Classic Visa Card for Students. Scotiabank also offers a credit card for international students with no annual fees and no Canadian credit history required.
To build a positive credit history, international students should use their credit cards responsibly. This includes paying off the balance in full each month or making at least the minimum payment. It is also important to keep credit utilization under 30% and select a card that reports to the major credit bureaus in Canada: Equifax and Transunion. Building good credit will help international students in Canada secure phone plans, rent accommodation, and finance cars.
International students can also consider applying for a secured credit card or a student line of credit to build their credit score. Additionally, creating a spending plan and managing finances wisely can contribute to a positive credit history. By following these steps, international students in Canada can successfully obtain and utilize credit cards to build their financial profiles.
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Requirements for getting a credit card in Canada
International students can get a credit card in Canada, but it can be challenging to build a credit score without credit history. Student credit cards are available for those without a high credit score or credit history. These cards often have a low or limited maximum credit limit.
Age
You must be of legal age in the province or territory where you reside. The age of majority in Canada varies, so you can apply for a credit card at the age of 18 or 19.
Residency
You must be a Canadian citizen or resident.
Income
Many credit cards come with a minimum income requirement. However, some may give leeway depending on your circumstances and credit score. You may also be able to use your combined household income on your application.
Credit score
Your credit score and history will be considered when applying for a credit card. If you have a low credit score, take some time to build it up by using your credit card responsibly, making payments on time, and paying off the entire balance each month.
Debt
Your debt will be considered when applying for a credit card. Try to pay down any debt you are carrying, even student debt, by making small and manageable payments.
Spending plan
Create a spending plan to ensure you live within your means. List out all your expenses, including monthly bills, and put in your discretionary expenses, such as dining out and groceries. Then, write out all your income sources to craft your expense goals.
Credit bureaus
Make sure you select a card that reports to the major credit bureaus in Canada: Equifax and Transunion. This will ensure your responsible credit usage is documented, laying the foundation for accessing other credit options in the future.
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How to build your credit score as an international student in Canada
International students can build their credit scores in Canada in several ways, but it may take some time. Here are some detailed steps to help you build your credit score as an international student in Canada:
Get a credit card
The first step in building a credit history is to get a credit card. Student credit cards are a great option for international students who may not have a credit history or a high credit score. These cards often have low credit limits, but they can help you build your credit by using them responsibly. Make sure to select a card that reports to the major credit bureaus in Canada: Equifax and Transunion.
Use your credit card responsibly
Use your credit card to make purchases, but only buy things you could afford without it. Pay off your credit card balance in full at the end of each month to avoid carrying a balance and getting into credit card debt. Keeping your credit card balance low and making regular, on-time payments demonstrates responsible credit usage.
Create and manage a spending plan
Create a budget by listing all your expenses, including monthly bills and discretionary expenses. Then, list all your income sources, such as student loans, jobs, or parental support. Use your income to craft expense goals and figure out how to live within your means. Your spending plan is a living document, so regularly review and update it to ensure you stay on track.
Pay down any existing debt
Make small, manageable payments towards any debt you are carrying, including student loans and credit card debt. Paying off even a little bit of your debt regularly will improve your credit score and reduce the total amount you'll have to pay back after graduation.
Monitor your credit score and report
You can obtain a free copy of your credit report once a year from Equifax and TransUnion, the two main credit reporting agencies in Canada. Reviewing your credit report helps you identify any errors and see the impact of your financial decisions. Monitoring your credit score and report regularly allows you to track your progress and make any necessary adjustments.
By following these steps and maintaining financial responsibility, international students in Canada can effectively build their credit scores and work towards achieving financial stability and independence.
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Best student credit cards in Canada
International students can get a credit card in Canada, and there are several options available. Student credit cards are a great way to build a credit score, even if you don't have much credit history. Here are some of the best student credit cards in Canada:
CIBC Dividend Visa Card for Students
The CIBC Dividend Visa Card for Students is a popular choice, offering cashback rewards and no annual fee. Cardholders can earn 2% cashback on groceries and 1% cashback on all other purchases. There is no minimum income requirement, and the credit limit is $1000. It is a good option for those who want to build their credit score, as it reports to the major credit bureaus in Canada.
Scotiabank Student Credit Card
Scotiabank offers a student credit card with no annual fee and a range of benefits. The card provides Scene+ points on everyday purchases, which can be redeemed for travel, gift cards, and more. Additionally, Scotiabank's StartRight™ Program provides international students with proof of financial support and easy access to their money to help pay for living expenses while studying in Canada.
BMO CashBack Mastercard for Students
The BMO CashBack Mastercard for Students is another excellent option, offering the highest cashback on groceries in Canada without an annual fee. Cardholders can earn 3% cashback on groceries, 1% cashback on recurring bill payments, and 0.5% unlimited cashback on all other purchases. The card also offers purchase protection and discounts on car rentals.
National Bank mycredit™ Mastercard®
National Bank offers a no-fee mycredit™ Mastercard® for students. It provides a simple way to build credit and manage expenses. Additionally, students in certain fields may be eligible for a unique offer that includes a Platinum Mastercard® with no annual fee for the first three years.
Simplii Cashback Visa and Tangerine Mastercard
These cards offer no-annual-fee options with lucrative cashback rewards. The Simplii Visa requires a minimum income of $15,000 and offers 4% cashback on restaurants and bars, and 1.5% cashback on gas, groceries, and drugstores. The Tangerine Mastercard, with a minimum income requirement of $12,000, offers 2% cashback on up to three categories of the cardholder's choice out of eight options.
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Student credit card perks
International students can get a credit card in Canada, and it can be a great way to build a credit history. Student credit cards are designed for those with little or no credit history and can help students get access to other credit options in the future.
There are several perks to having a student credit card in Canada. Firstly, many student credit cards have low or no annual fees, making them affordable and accessible. Secondly, student credit cards often offer rewards or cash back on purchases, which can be redeemed for travel, merchandise, gift cards, or account credits. Some cards, like the BMO Cashback Mastercard, offer flexible redemption options, allowing you to deposit your cash back rewards into a savings or investment account. Additionally, some cards provide extra perks like savings on rental cars, Starbucks rewards, and mobile device insurance.
Some institutions, like Scotiabank, offer welcome bonuses and point values with their student credit cards. For example, Scotiabank offers a CAD 100 cash offer for new Preferred Package for Students and Youth customers and 5,000 Scene+ points (valued at CAD 50) for new Scotiabank Scene+ Visa Card customers.
Furthermore, student credit cards can help with budgeting and managing expenses. Some cards have apps that analyze spending and provide budgeting tools, helping students develop good financial habits. Student credit cards also often come with purchase protection and extended warranty features, providing added security for purchases.
It's important to note that while student credit cards offer perks, responsible usage is crucial. Students should ensure they pay off their credit card balances in full and on time to avoid interest charges and maintain a good credit score.
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Frequently asked questions
Yes, international students can get a credit card in Canada. Many big banks and Fintech companies offer credit cards to students with little credit history and income.
A credit card is a handy way to pay for day-to-day expenses. It also allows you to make secure online payments. Additionally, you can build your credit history, which will be useful if you plan on living in Canada after you graduate.
The RBC Cash Back Mastercard is available to international students who have arrived in Canada within the last 12 months. The Scotiabank StartRight™ Program also helps international students get a credit card with a limit of up to $5,000 with no annual fees. CIBC offers a Dividend® Visa* Card for Students, which includes a \$25 cash back offer for the first purchase within the first 4 monthly statement periods.
It is important to compare the terms and perks of different credit cards before signing up. Consider whether you want a card that helps you earn points or one that gives you a percentage of your spending back. Also, look at the annual fee and interest rate and choose the option that best aligns with your lifestyle, spending habits, and priorities.
