Student Credit Cards in Canada: How They Work

Student cards often have lower limits, student-tailored benefits, low-interest options; contact the issuer about eligibility; legal age in your province to apply; secured cards for people with no credit history.

Primary cardholder must be the age of majority; some issuers allow authorized users under the age of majority; guarantors are responsible for the balance without account access; additional cardholders' purchases won't help build their credit history.

Credit report created when you first borrow or apply for credit; lenders send information to Equifax and TransUnion.

Minimum payment methods (flat amount usually $10 plus interest and fees, or higher of about $10 and typically 3%); 5% minimum for Quebec residents since August 1, 2025; risks of missed or late payments.

Interest from the date of purchase if the balance isn't paid by the due date; check statements for errors; sharing card, PIN, security code or password may make you financially responsible for unauthorized transactions.

Use less than 30% of total credit limit; keep utilization low even if paying in full; payment history is the most important part of the score; avoid multiple applications at once or too close together; closing an older account loses history and available credit.

Banks must send an electronic alert without delay when available credit falls below $100 or a set amount; automatic with opt-out; not received without contact information.

Cutting up a card, letting it expire or not using it doesn't cancel the account.

Free credit reports online from Equifax and TransUnion.