The no annual fee MBNA Student Rewards Credit Card, issued by TD Bank, is the best credit card offer currently available to students in Canada. No credit history? No problem. No income? No problem. Want rewards? Check. No annual fee? Understood.
Whether you’re looking to establish a credit history, earn points, make purchases online, buy that little extra something or have a card for a rainy day this no-annual fee student card does the trick for students better than any other card in Canada.
We compared the MBNA Student Rewards card to student offers from RBC, BMO, Scotia and CIBC. The MBNA Student Rewards card offers:
- The strongest rewards rate: Twice the rewards earn rate as RBC’s student card – MBNA offers 1%, RBC offers .5%
- No annual fee: CIBC charges $39 for its student rewards card
- The easiest to get approved for: Scotia requires a part-time income and proof of income – MBNA requires neither.
MBNA Student Rewards Credit Card Review:
1. No credit history, part-time income or income verification required for students: While you would think this would be obvious for any student credit card, some Canadian banks still require students to have a part-time income, and to then verify that income by providing proof with pay stubs. MBNA does no such thing. The MBNA Student Rewards Credit Card tends to offer higher lines of credit to students than many other banks as well. This isn’t done to encourage debt, but rather to help students use their card on common large ticket purchases like an airplane ticket that might be $450 – where a $250 line of credit won’t get you very far.
2. No annual fees: This card is free. As we discussed above, many Canadian banks charge students an annual fee if they want to participate in a rewards program (CIBC $39 for the Student Aventura card). This card has no annual fee and gives you a rewards program, welcome bonus points and annual anniversary points – all for free.
3. Rewards: You can redeem your MBNA points for cashback, travel, brand-name merchandise, gift cards from top retailers and even charitable donations, which makes the program appealing regardless of your interest. The MBNA student rewards card offers 1 point per $1 spent when redeeming for travel, and each point is worth 1% per $1 spent (RBC Rewards Visa Gold for Students offer 1 point for every $2 spent, or .5% per $1 spent, half the value).
4. Interest Rate: The MBNA student rewards interest rate is 18.99%, which is right in line with what most other bank are charging. Regardless, credit card interest rates are not cheap. You should pay off your credit card every month. The best way to ensure you’re never late is to use automatic bill pay, even if it’s for your minimum payment. Whatever you do, don’t be late. It will defeat the purpose of having a student credit card in the first place, which is to build a good credit history.
If you’re looking for a student rewards credit card with no annual fee that is easy to get approved for without a credit history or part-time income, the MBNA Student Rewards Credit Card does the trick and then some – it gets the GreedyRates nod as the best offer available to Canadian students today.Apply Now!