Student Credit Cards

[djcyanide]

Hi, is it possible for a 17 year old who is going into 1st year university studies to get a secured/unsecured credit card without a co-signor? If so then whats the best no fee card to go for, preferably with some cashback and extended warranty on purchases? Thanks a lot guys

[netgeek]

As far as i know every credit card requires the holder to be at least 18 years of age or older.

[carabunny]

in my first year i applied to cibc student visa and BMO Mosiak mastercard, didn't have a job so cibc denied me but BMO accepted me so i got the cc from there. it does have cash back, 0.5% which is close to nothing, but no fees and what not. so it's pretty good, compared to the other visas/mc that give you absolutely nothing.

i now have the shoppers optimum visa and what the lady did for me at the counter was fill in my "other income" box with like my mother's income and it got approved. i don't know if that's what they're supposed to do... but i have an income of less than 15k but i still got approved. *shrug*

never had a parent co-sign for my credit card...

edit: probably because i as 18 when i entered uni... i dunno. i'm no help =(

[blink]

You have to be the age of majority (18-19 depending on province) to get a credit card in your own name, otherwise you will need a co-signer.

For a list of student credit cards, see http://www.fcac-acfc.gc.ca/eng/publi.../Student-e.pdf

I recommend getting anything that gives you a reward (not many) and then 6-12 months later apply for the President's Choice mastercard (PCMC) which gives you 1% back for groceries, books, etc. The PCMC is not a student card but you should have no problems getting it if you have a good credit history. That was how I approached it when I first got my credit card.

[djcyanide]

muchos gracias guys. I'll turn 18 this january and already have an income over 1500$ as required by some student cards. Thanks for the info!

[z_squared]

May not be what you want to hear, but BE CAREFUL with any form of credit...

It's a system designed to take as much money as possible from you the consumer. Always live within your means.

Sincerely,
The Preacher

[djcyanide]

thanks for the advice , i'll be sure to keep it in mind. My only interest in getting a credit card is start establishing credit and to make life a little easier when making online purchases and such. I plan to pay off what ever i owe in full as soon as that bill lands in the mail box

[supernerd]

I have 2 'student' credit cards and never used them. I only signed up for free gifts :P I found that normal credit cards are just as easy to get, and they have much higher limits and more incentives. My personal favorite: PC financial MC. I started off with a 1500 limit, and increased to 3500 within 3 months. 3 years later, I'm at 10,000 limit
Combine this limit with the equivalent of 1% "cash back" at superstore/loblaws/etc, I save 50 bucks on my $5000 tuition -- plus I get an extra month or so to pay it off

[UrbanPoet]

I have 2 'student' credit cards and never used them. I only signed up for free gifts :P I found that normal credit cards are just as easy to get, and they have much higher limits and more incentives. My personal favorite: PC financial MC. I started off with a 1500 limit, and increased to 3500 within 3 months. 3 years later, I'm at 10,000 limit
Combine this limit with the equivalent of 1% "cash back" at superstore/loblaws/etc, I save 50 bucks on my $5000 tuition -- plus I get an extra month or so to pay it off

haha Nice. Just like the time i signed u pfor a sears card to get $10 off

[crowdpuller]

I have 2 'student' credit cards and never used them. I only signed up for free gifts :P I found that normal credit cards are just as easy to get, and they have much higher limits and more incentives. My personal favorite: PC financial MC. I started off with a 1500 limit, and increased to 3500 within 3 months. 3 years later, I'm at 10,000 limit
Combine this limit with the equivalent of 1% "cash back" at superstore/loblaws/etc, I save 50 bucks on my $5000 tuition -- plus I get an extra month or so to pay it off

Not many school accept credit as a mode of payment for tution.

[f00kie]

I've got the Royal Bank student Credit Card. Applied on my birthday, at 7am, right when I turned 18, and received the card a week later. You do have to be a university/college student to receive the card. I also think I wrote my income was around the $7000 range, which it is, if that helps.

Now, I use my credit card everywhere I can, as I have a very low balance on my Royal Bank debit card (that way I earn interest at INGDirect). What's good about credit cards? You pay for something without using up your own money and have between 20-50 days to pay it back, interest free. I love it.

[Tharyn]

Most major banks have "Student" Credit Cards which don't require a minimum personal income, or co-signor, all you need is to be enrolled in a post-secondary instituion.

Also you need to be 18.

I got the TD Student Visa, have been using that and recent applied and got accepted for the PC MasterCard, stocking up on PC POints for groceries is great, especially with school coming up.

First thing's first, just check with your current banking institution and see if there's anyhting they can do for you.

--Mark

[stooples_employee]

Not many school accept credit as a mode of payment for tution.

Seneca accepts credit card
its great.. i have a crappy Scotibank Moneyback Visa... so i get some money back.. for last yr i got $80, not much but still something.. thats after like spending... almost 10K

[eliteblaze]

unforunately most unviersities except maybe uoft and york (still doubful) do not accept CCs. Just too much money to throw away overall

[cuiyinghost]

unforunately most unviersities except maybe uoft and york (still doubful) do not accept CCs. Just too much money to throw away overall

U of T accept CCs? never konw