Student Smarts

Students in Canada can apply for student credit cards at all of Canada's major banks including TD Canada Trust, Scotiabank, RBC, CIBC and BMO. Below you will find direct links to each bank's student credit card information on their websites.

US Students can apply for student credit cards at the various large US banks including Citibank, Bank of America and Wells Fargo. Other lending institutions like insurance companies (eg.State Farm) and Discover also offer college visa cards.

Student credit cards are a great way for students to build a credit history. Its important to remember that when you buy or pay using your credit card, you are borrowing and will have to repay the debt sometime in the future.

Have a budget and know your limits when using a credit card so that you are not burdened with a large debt that you can't repay on time.

Some general information for you to consider when applying for a student credit card. First the interest rates tend to be high (currently 19% Per Annum for most banks in Canada). - you may need a cosignor (like a parent) if you don't have your your own income to service the credit card payments.

- In the US you will need a cosignor if you are under the age of 21, if you don't have your own source of income.

- Generally there is no annual fees or they are waived for student credit cards.

- Most banks offer only a small credit limit to reduce their exposure to bad debts.

- In the US some banks are offering students an intro 0 APR (Annual Percentage Rate) on student credit cards for a short duration like the first 6-12 months.

- Many banks are offering a cash back incentive of up to 5% or awards points for gifts and travel.

- Many banks are now offering prepaid credit card products because it's sometimes difficult for students to qualify.

Links to Canadian Banks offering Canada Student Credit Cards
TD Canada Trust Student Visa Cards
Scotiabank Student Visa Cards
CIBC Classic Visa for Students
BMO Student Banking
RBC Visa Classic Student Credit Card
RBC Student Credit Cards
mbna student centre

Links to US Banks offering USA Student Credit Cards
Bank of America Student Credit Cards
Discover Student Card for College Students
Chase Student Center