Personal Finance

Best credit card to build credit (student)?

  • Last Updated:
  • Mar 31st, 2013 3:48 am
13 replies
Deal Addict
Apr 15, 2004
1603 posts
capital one?
i had to give them 300 deposit for a 300 dollar credit card after couple of months they upgraded to 500, then 1000 now 1,500
Deal Addict
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Jun 26, 2006
2479 posts
do you have a student account with TD?
they can start you off with a credit limit of $500.
Deal Addict
Sep 4, 2011
1088 posts
BMO SPC mastercard.

i started with $1000 limit and now i have $2000 limit.
User avatar
Aug 30, 2011
448 posts
zerg00 wrote:
Mar 30th, 2013 9:56 am
BMO SPC mastercard.

i started with $1000 limit and now i have $2000 limit.
I started with SPC as well. couple months later I got MBNA sony card. MBNA was more generous to increase credit limit for me
Deal Expert
Aug 2, 2004
27782 posts
East Gwillimbury
When I was in school, they distributed a brochure with all the student credit cards

Each one offered $500. Make sure you use it and pay it off every month. They will quickly raise your limit.
May 28, 2012
9730 posts
If it were me, I would get a credit card from the bank I deal with the most. I would get one that had no annual fee and I would only buy what I can afford with the card, meaning I can pay off the balance in total every month...then you don't really need to worry about having to get a card with lower interest rates and such. It's never too early to adopt sound financial habits. Also, if you are a student with limited income, don't be in such a rush to have a high limit, especially if the temptation is there to spend money you don't have. It's nice to have perks with some credit cards, but they often have a high annual fee; so consider your spending habits and whether it's worth the money.
Deal Expert
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Dec 14, 2005
18185 posts

Moved from "Shopping Discussion" to "Personal Finance"
Congrats to the Arsenal Ladies - The FA Women's Cup Winners 2013 :)
Deal Addict
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Jan 16, 2009
2614 posts
127kmph wrote:
Mar 30th, 2013 10:06 am
I started with SPC as well. couple months later I got MBNA sony card. MBNA was more generous to increase credit limit for me
+1. This is what I did too. Except the MBNA smart cash one when it was good cash back.
Deal Addict
Jan 30, 2012
1284 posts
moevsworld wrote:
Mar 30th, 2013 6:43 am
What is the best credit card I can get as a student to build my credit up?
Just about any bank credit card will do to build credit. If you're a full-time student with a pulse, and you don't have a history of missing payments, banks will throw credit cards at you. Banks will often have on-campus kiosks and give you freebies to apply.

Banks want to build a relationship with you so that when you graduate and start working you will bring them other business.

The most important thing is to realize that a credit card is not income - don't go overboard buying things you can't afford. Pay your bill in full, on time every month. Missing payments is bad for your credit history.

As a student your income is probably low, so a card with no annual fee is a better choice.

A bank that will regularly consider you for credit limit increases is also a good idea, because the more credit you have but don't use, the higher your credit score. (IE, that means any bank except Capital One - Capital One has a policy of never increasing your credit limit when you ask)
Deal Addict
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Nov 2, 2008
1273 posts
I started with a generic one without fees [at the time before my RFD days] from my credit union 18yrs old at the time.
Was pre-approved in no time and they setup the online banking info on the spot, so as above, get one from your bank. Most nowadays have some sort of 'student' deal.
User avatar
Mar 29, 2013
29 posts
1 upvote
I started with a free RBC visa a few years ago, now have a credit limit of 10K.
Recently applied for CIBC Dividend with 5K credit limit.
The key is to get a brand credit card for free and pay in full for good credit rating.
Jr. Member
Sep 23, 2011
183 posts
Thanks guys, I applied for the BMO one since my chequeing account is with them and you guys have nice reviews about it.