Top Credit Cards For Travel Recommended For Students Studying Abroad In Canada 2023

08 Jun 2023 | Top Credit Cards For Travel Recommended For Students Studying Abroad In Canada 2023

Studying Abroad Studying in Canada

Understanding the Importance of Credit Cards for Travel

Study abroad in Canada is an enriching experience, but it comes with its own set of challenges, including managing finances in a foreign country. Choosing the right credit card can make a significant difference in your journey. In this guide, we'll walk you through the best options tailored for students, ensuring a smooth and secure financial experience during your studies.

Studying abroad in Canada opens up a world of opportunities, but it's crucial to have the right financial tools in place. Here, we'll explore why having a specialized credit card for travel is essential for students.

Benefits of Credit Cards for Students Study in Canada

Financial Flexibility: A dedicated travel credit card provides the flexibility to make purchases, pay for accommodations, and cover unforeseen expenses.
Currency Conversion: Avoid the hassle of currency exchange by using a credit card that offers competitive foreign exchange rates.
Emergency Assistance: Many credit cards offer round-the-clock customer support and assistance in case of emergencies, providing peace of mind to students far from home.

Features to Look for in Travel-Focused Credit Cards

Low or No Foreign Transaction Fees: A card with minimal or zero foreign transaction fees can save you a significant amount over time.
Travel Rewards and Bonuses: Look for cards that offer travel rewards, miles, or cashback, allowing you to make the most of your international experience.
Security Measures: Ensure the card offers robust security features like EMV chips and fraud protection to safeguard your finances.

Paying for Your Daily Purchases With Your Credit Card

Choosing the right card can make all the difference. Milesopedia has recently released its ranking of the best credit cards for Canadian students in February 2023. As everyone's financial situation and spending needs differ, students need to find a card that saves on annual fees, offers benefits matching their spending patterns, and helps build a strong credit history.

Carte Verte American Express

American Express offers a card with 10,000 Membership Rewards points as a welcome bonus, worth $100. The bonus can be converted into 10,000 Aeroplan points or 12,000 Marriott Bonvoy points. Spend $1000 within the first three months of joining to get the reward. The card has no annual fee, but the interest rates are 20.99% for purchases and 21.99% for cash advances.

BMO Cash Back Mastercard for Students

This Costco card offers 3% cash back on groceries, 1% on recurring bills, and 0.5% on other purchases. You can also get a $100 bonus for every $1,000 spent within the first three months. No annual fees apply. The interest rate for purchases is 20.99% and 22.99% for cash advances.

CIBC Aventura Visa Card for Students

Obtaining 12,000 Aventura points for travel is easy with this card. You only need to purchase $1 within the first two months of getting the card to qualify. Milesopedia recommends the CIBC Aventura® Visa* Card for Students as one of Canada's best student Visa credit cards with travel rewards. This card has no annual fee. The interest rate for purchases is 20.99%, while that for cash advances is 21.99%.

CIBC Dividend Visa Card for Students

Getting a $60 bonus for making a $1 purchase in four months is an appealing offer. This card has no annual fee and offers 2% cash back on groceries, 1% on gas, 1% on recurring payments, and 0.5% on other purchases. According to Milesopedia, "The CIBC Dividend® Visa* Card for Students is one of the best student cash back Visa credit cards in Canada." The interest is payable for purchases is 20.99% and 21.99% for cash advances.

Carte Visa RBC ION

This credit card offers rewards on grocery payments, digital games, and on-the-go purchases that can be redeemed for a credit balance or an Interac transfer. You can also enjoy a free three-month subscription to DashPass and save three cents per liter at Petro-Canada while earning 20% points. The interest rates are 20.99% for purchases and 21.99% for cash advances.

Tangerine Money-Back Credit Card

This card offers a 10% cash back (up to $100) for spending $1,000 on everyday purchases within the first two months if you apply before May 2, 2023. Afterward, you can choose two categories of investments and receive 2% discounts and 0.5% for all other purchases. There is no limit to annual cash back. Milesopedia ranks it as one of the best credit cards for home improvement, and it has no annual fee. The interest rate for purchases and cash advances is 19.95%.

BMO Air Miles Mastercard for Students

This card is ideal for travelers as it offers an attractive welcome bonus of 800 Air miles, translating to an $80 discount on purchases. Additionally, you earn 0.04 miles per dollar spent and 3X the miles for every $25 spent at participating AIR MILES partners and one reward mile for every $25 spent, including at Costco. Milesopedia notes it's one of the best no-fee Air miles credit cards. The interest payable on purchases is 20.99%, and 22.99% for cash advances.

KOHO Mastercard Prepaid Card

After making your first purchase within 30 days of acquiring the card, you can earn $40 in your KOHO account. Furthermore, this card is accepted at Costco and offers a 0.5% cash back on all your purchases. There are no annual fees associated with this card.

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Navigating the Options: Credit Cards for Travel Study Abroad in Canada

Now that we've established the importance of a travel-focused credit card, let's dive into the top options available for students studying abroad in Canada.

ScotiaGold Passport® for Students Visa Card: With no foreign transaction fees, this card is tailored for students exploring Canada. Earn travel rewards and enjoy comprehensive travel insurance coverage.

BMO AIR MILES®†† Mastercard®* for Students: Designed with students in mind, this card offers the convenience of earning AIR MILES®†† rewards on everyday purchases. Use your miles for flights, accommodations, and more.

CIBC Aventura® Visa* Card for Students: Maximize your travel experience with this card, offering flexible redemption options, complimentary insurance coverage, and the opportunity to earn bonus Aventura Points.