If you're a student in Canada, the right credit card can do two things simultaneously: help you earn rewards on everyday purchases and begin building the credit history you'll need for an apartment, a car loan, or a mortgage down the road.
The catch? Most premium cards require income thresholds students can't meet. The good news is that several of Canada's best no-fee cards have no income requirements at all — and some offer reward rates that rival premium cards costing $150 per year.
We reviewed 18 student-eligible cards across all major Canadian banks and credit unions. Here are the seven that actually stand out.
Cards are scored on five criteria: reward rate (35%), approval accessibility (25%), annual fee (20%), perks and insurance (10%), and credit-building features (10%). No card pays for placement. Ever.
1. American Express Cobalt Card
The Cobalt is the most rewarding student card available in Canada, full stop. Its 5x points on food and drinks — which includes UberEats, DoorDash, and Skip the Dishes — is unmatched at any fee tier. The first year is free, making it an easy first pick for any student who orders food regularly.
"The Cobalt earns points faster than any comparable card at this price point — and the first year is free."
2. Scotiabank Scene+ Visa
The Scene+ Visa earns 5x points at Cineplex theatres and 3x at grocery stores — a strong combination for students who still go to movies and cook at home. Points are redeemable for free movies, travel, and statement credits. No annual fee, ever.
3. BMO CashBack Mastercard
The BMO CashBack Mastercard offers a clean 3% on groceries — the highest flat grocery cashback among no-fee student cards. If you cook more than you order out, this card beats the Cobalt on real-world earnings. Cash is deposited directly to your account once per year.
If you spend more than $300/month on groceries, the BMO CashBack earns more than the Cobalt on that category alone — even accounting for the Cobalt's superior food delivery rate.
What to look for in a student card
Before applying, it helps to understand what actually matters — and what's marketing noise.
- No annual fee: Never pay a fee on a first card. The rewards rarely justify it at student spending levels.
- No income requirement: Many cards advertise low thresholds — but some have none at all. Target those first.
- Reports to both bureaus: Ensure the card reports to both Equifax and TransUnion to maximize credit-building impact.
- Low APR: You should always pay your balance in full — but if you ever carry a balance, a lower rate matters significantly.
"The best student card is the one that matches your actual spending — not the one with the most impressive welcome bonus."
The bottom line
For most Canadian students, the American Express Cobalt Card is the clear first choice — especially in year one when the fee is waived. If you're more of a home cook, the BMO CashBack Mastercard edges ahead on grocery spending. And if you have zero credit history, start with the TD Student Visa or Capital One Guaranteed Mastercard to establish your file before upgrading.
Whatever you choose, apply for one card, use it for everyday purchases, and pay the balance in full every month. That habit, maintained for 12–18 months, will put you in a strong credit position heading into your post-graduation years.