Welcome to Milesopedia’s student page! We’ve put together all the resources you need to help you manage your finances, maximize your savings and make the most of your rewards programs. Discover practical advice on credit cards, student loans, insurance and much more.
As a student, you’re often advised first by your parents regarding your first credit card. Which is quite normal. However, they are not always aware of all the (latest) student offers on the market.
However, the first credit card is crucial to building your credit history in Canada. Look for a card designed for your needs as a student, that will help you move forward with your future projects.
As a new credit card holder, you’ll need to adopt these two habits:
Before signing up for a credit card, think about opening a bank account first. To choose, list your spending habits and analyze your financial needs:
Banks often offer bank accounts specially designed for students, with reduced or zero fees and additional benefits:
For example, BMO offers you $100 and 6 months of pizza at Domino’s under certain conditions, or banking services adapted for medical and dental students!
At Scotiabank, you can get a $100 welcome bonus as soon as you open an account.
A debit card is automatically provided when you open a chequing account, enabling you to:
A chequing account is essential for managing your money by tracking and centralizing your spending. It makes life easier:
Use our chequing account comparator to make your choice.
Prepare the documents you need to open an account. You will generally need :
A financial institution will usually offer you a credit card in addition to a debit card. Some offer extra benefits if you already have an account with them, but you can always get one from an institution where you don’t have a bank account.
A credit card allows you to borrow money from the bank, which is usually repaid at the end of the month. Interest charges are billed and are calculated according to the card’s annual interest rate (APR), the outstanding balance and how the balance is carried from month to month.
Use our credit card comparator to make a selection tailored to your needs, or take a look at our page of the best credit cards for students.
A wide range of options to suit different financial needs and lifestyles are available to Canadians. The credit card market is very dynamic. New products are introduced regularly, while less popular offers are withdrawn. There are over 200 credit cards on the market.
Milesopedia analyzes the credit card offers of Canada’s leading financial institutions on a daily basis to produce monthly rankings and annual rankings based on over 18,000 data points, such as annual fees, welcome offers and insurance. This exercise establishes 32 categories, making it easier for consumers to identify with a specific profile and objective. We have set up a points valuation system to help you calculate the return on your points.
See our general credit card guides:
To find out more :
Still unsure about buying your first student card? Here is a selection of the best credit cards for students:
Whether you’re looking to save money on everyday purchases or earn points for travel, these offers are specially designed to meet the needs and budgets of students:
Your behaviour is recorded in a detailed report on your credit history or credit file by credit bureaus: Equifax or TransUnion in Canada assigns you a number, called a “credit score.” Financial institutions then use this score to identify your creditworthiness, assessing the risk of lending you money or granting you credit.
Want a loan to buy a car, apartment or house? Your credit score will be essential to your future financial endeavours, such as obtaining a mortgage or car loan.
To find out more about credit scores, see our complete reports:
You may be wondering how loyalty or reward programs can help you.
Loyalty programs in Canada play a crucial role in the customer retention strategy of many companies, offering consumers a variety of benefits and rewards to encourage brand loyalty and repeat purchases. These programs cover a wide range of sectors, including travel, retail, financial services and more.
Having the right strategy in place is essential before signing up for a credit card. Consider the rewards you could earn: would you prefer travel points to save on hotel stays, airline tickets or cash back?
If you have any doubts about the benefits of reward points, look at the many testimonials we’ve gathered from our community!
Here’s an overview of Canada’s current state of loyalty programs, including trends, challenges and opportunities.
When we think of loyalty programs, we think of collecting personal information on consumers’ purchasing habits, personal preferences, contact information and sometimes even online behaviour.
Companies use these programs to personalize their offers and improve the customer experience. While this can offer significant benefits for both businesses and consumers, it also raises a number of issues relating to privacy and the security of personal data.
Consumers may not be fully aware of the extent to which their data will be used, particularly if it is shared with partners, advertisers, or other entities outside the original loyalty program. This may result in data being used for targeted marketing or other practices that may be perceived as intrusive.
With the vast amount of personal information stored, loyalty programs can become attractive targets for cyber attacks. Data breaches can expose consumers’ personal information, leading to risks of fraud and identity theft.
Questions of consent and transparency are crucial. Are consumers fully informed and do they understand what they are agreeing to when they sign up for a loyalty program? Privacy policies and consent practices must be clear and easily accessible, but this is not always the case.
Finally, with the new Bill 25 on the management of personal information in Quebec recently implemented (September 2023) and inspired by European law (RGPD), citizens have more protections and companies have obligations to fulfill. Companies must adopt responsible data management practices, such as :
Find out which loyalty programs exist and which ones you should sign up for with Milesopedia and all our related articles every week!
Managing your budget as a student presents unique challenges, including fluctuating exchange rates, variable living costs and the need to plan ahead.
Here are a few recommendations for effective budget management:
Travel can be rewarding and affordable if you know how to take advantage of the great deals and offers available to students.
You’re young, but certain types of insurance can be particularly useful for students, protecting you against various risks during your studies. Here are a few insurances to consider to protect you against unexpected expenses or life hazards.
Our advice:
For students, exploring savings options such as a TFSA (Tax-Free Savings Account), RRSP (Registered Retirement Savings Plan), or RESP (Registered Education Savings Plan) can be beneficial, depending on your financial goals and situation.
Here are some recommendations:
Every situation is unique, so it’s important to consider your own financial needs and goals before deciding which account is right for you.
Despite these laws and protections in place for Canadian consumers, no one is immune to fraud or identity theft. As a student, your bank details could end up in the hands of fraudsters despite all precautions. It’s important to be aware of the different techniques used by fraudsters.
Always be cautious when you receive a call from an agent asking for financial information. The institution may ask for your surname, first name, date of birth and address to identify you, but never your Social Insurance Number (SIN), for example. A fraudster may try to gain your trust by giving you collected information or by calling you with a number impersonating the institution’s (spoofing).
If in doubt, hang up and call the financial department yourself. Fraudsters use a variety of methods:
Fraudsters pose as agents of the Canada Revenue Agency (CRA) or another tax authority, claiming that you owe money for unpaid taxes. They often threaten serious consequences, such as arrest or prosecution, if you don’t pay immediately, usually by bank transfer, gift cards, or other untraceable means.
In this scam, fraudsters pretend to be associated with a major technology company (such as Microsoft, Apple, or an antivirus provider) and claim that your computer is infected with a virus or compromised in some other way. They offer to fix it for a fee or try to get you to give them remote access to your computer, which can lead to the theft of personal information or the installation of malware.
Scammers call pretending to be your bank or credit card company, reporting a problem with your account, such as a suspicious transaction. They try to scare you into confirming personal information or account details, which they then use to commit fraud.
With the COVID-19 pandemic, health-related scams have emerged, where crooks pose as public health officials, offering screening tests, vaccines, or treatments in return for payment or personal information.
Victims receive calls informing them that they have won a lottery or prize (which they never entered) but must pay fees or taxes to claim their winnings.
These SMS messages may appear to come from legitimate organizations, such as banks, government agencies or well-known companies, and attempt to trick you into divulging personal or financial information or clicking on malicious links.
Consult our articles on fraud to stay alert and pass on these security measures to your friends and family:
There are many resources in Canada for students to understand the Canadian financial system, taxes, benefits, and more.
Participate in workshops, webinars, and financial advice, often provided free of charge by banks, community organizations, and government institutions. Follow the “L’argent ne dort jamais” Facebook group or visit their website Educfinance.
And don’t miss our Milesopedia events ! We organize one or two 5 to 7 events each year, so that the community can exchange ideas on the different ways of collecting and using points.
As a student, it’s important to assess your specific needs and circumstances to determine which financial products will support you in your early years. It’s important to re-evaluate every one or two years, so that you can benefit from offers that are always adapted to your needs.
To start, list your sources of income (scholarships, part-time work, family support) and expenses (rent, food, school supplies, transportation). Use budgeting apps or spreadsheets to track your spending and adjust your habits to avoid deficits. You’ll find a tool to download in our toolbox.
Yes, a bank account is essential to manage your money efficiently, receive payments such as salaries or scholarships, pay your bills, and avoid carrying around a lot of cash.
A chequing account with few or no management fees and features like online banking is ideal for students. Some banks offer special student accounts with additional benefits.
Yes, several types of insurance can be useful, including health insurance (if not covered by a family or provincial plan), home insurance to protect your belongings in your student housing, and travel insurance if you plan to travel.
Take advantage of student discounts, buy second-hand supplies and books, use public transport, and limit non-essential expenses. Also, consider opening a TFSA to save and invest your money effectively.
Yes, many banks offer student credit cards with simplified eligibility criteria. They’re an excellent way to start building your credit if you use them carefully and pay the balance in full each month.
Start by getting a student credit card, use it for regular purchases and pay the balance in full and on time every month. Avoid spending more than you can afford and never miss a payment.
Consult your university’s financial aid department to explore scholarship, grant or loan options. Also consider getting a part-time job or reducing your expenses.
Avoid taking on credit card debt, neglecting to set up an emergency fund, spending without following a budget, and subscribing to unnecessary services that could drain your finances.
