A credit card is a gateway to start developing good spending habits and building your credit score.
With a student credit card, you can earn rewards points by making eligible purchases with your card.
Also, when used wisely, a student credit card can become part of your long-term financial plan.
Several banks and other financial institutions offer different types of student credit cards in Canada.
While a lot of financial institutions offer student credit cards, not all of them are created equal. TD bank offers some of the best student credit cards in Canada.
In this article, we’ll discuss the different types of TD student credit cards and how you can get the card that is perfect for you.
So continue reading to find out what TD Bank has to offer!
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What is a Student Credit Card?
A student credit card is a type of card that is designed to be used by college and university students.
Student credit cards typically have lower credit limits than regular credit cards, and may also have rewards and other great perks.
Using a student credit card responsibly can help you to build your credit history, which can be helpful when you apply for loans or other types of credit in the future.
However, it’s important to use a student credit card wisely, as it can also lead to debt if not used carefully.
When choosing a student credit card, it is important to compare offers and find one that best suits your needs.
Also, ensure that you read the fine prints carefully before you apply so that you are aware of any fees or interest rates that may apply.
And always remember to stay within your credit limit so that you don’t end up with a hefty bill at the end of the month.
If you use it responsibly and pay off the balance in full each month, a student credit card can help you on your way to a bright financial future.
TD Student Credit Cards
When you need to prove to lenders that you can be trustworthy, having a credit history is essential and TD student credit cards are a wonderful way to get started.
TD Bank offers low-interest student credit cards that come with a lot of perks such as cash back and redeemable rewards points.
Let’s look at the student credit cards offered by TD Bank so that you can choose the one that is suitable for you.
TD Cash Back Visa Card
- Annual Fee: $0
- Interest Rate on Purchases: 19.99%
- Interest Rate on Cash Advances: 22.99%
- Credit Limit: $500 minimum
The TD Cash Back Visa Card is a no-fee credit card that offers you cash back on almost every purchase you make with the card.
Here are the various cash backs you can earn with the card:
- You will get a cash back of 1% on all qualified grocery and gas purchases you make with the card. Also, you will earn a 1% cash back on all recurring bill payments
- For every other qualified purchase you make with your TD Cash Back Visa Card, you will get a cash back of 0.5%
- You can also earn 50% more Stars at participating Starbucks stores
The good thing is that the cash back you earn with your card will not expire. This means you can redeem it at any time.
When you have $25 in Cash Back Dollars, you can redeem them for credit against your account balance.
TD Emerald Flex Rate Visa Card
- Annual Fee: $25
- Interest Rate on Purchases: 4.50% to 12.75%
- Interest Rate on Cash Advances: 4.50% to 12.75%
- Credit Limit: $1,000 minimum
The TD Emerald Flex Rate Visa Card is a great credit card if you are looking for a student credit card with a low-interest rate.
Although the card has an annual fee of $25, it has a low-interest rate that ranges from 4.50% to 12.75% on both purchases and cash advances.
This makes it a great student credit card for you if you intend to use your card for big purchases or if you are carrying a high balance.
With the card, you can access trip interruption insurance, trip cancellation insurance and travel medical insurance.
Also, when you use your card to spend money at participating Starbucks locations, you will get 50% Stars.
TD Rewards Visa Card
- Annual Fee: $0
- Interest Rate on Purchases: 19.99%
- Interest Rate on Cash Advances: 22.99%
- Credit Limit: $500 minimum
The TD Rewards Visa Card is a card that offers you several reward points on all eligible purchases you make with the card.
The card has an interest rate on purchases of 19.99%. However, if you get the card on October 29, 2022, you will enjoy an introductory rate of just 9.99% for your first 6 months.
Also, if you keep your account open and in good shape for the first 90 days, you will get up to 15,152 TD Rewards Points. When you redeem the points, it can amount to $50 on Amazon.ca.
The following are the rewards points you can enjoy with the TD Rewards Visa Card:
- For every $1 you spend on groceries, you will get 2 TD Rewards Points
- Also, for every $1 you spend at restaurants using your card, you will earn 2 TD Rewards Points
- If you use your TD Rewards Visa Card to make online travel purchases through Expedia, you will earn 3 TD Rewards Points
- For all other $1 purchases you make with your card, you will get 1 TD Rewards Point
As long as your account remains active, the rewards points you earn with your card will not expire. As a result, you can redeem your points at any time for things like gift cards.
Additionally, with the TD Purchase Security and Extended Warranty Protection, you can buy with assurance knowing that your qualified products are covered.
How to Choose the Best TD Student Credit Card
TD student credit cards are some of the best you can get because they offer great rewards, low interest and a lot of flexibility.
So how do you determine which student credit card to choose?
If you are looking for the best TD student credit card, here are some things to compare before deciding which card is right for you: interest rates, fees, and repayment terms.
As you probably know, interest rates are important because they determine how much you will end up paying for your purchase in the long run.
The lower the interest rate, the less you will pay in the long run. For this reason, it is important to compare the interest rates of the three TD student credit cards before deciding which one to choose.
Fees are also important to consider when choosing a TD student credit card. Some cards have annual fees, while others do not. Be sure to compare the fees of different TD student credit cards before deciding which one is right for you.
Finally, repayment terms are important to consider when choosing a TD student credit card. Some have shorter repayment terms than others.
Some also have higher late payment fees than others. Be sure to compare the repayment terms of different TD student credit cards before deciding which one is right for you.
By considering all of these factors, you will be able to choose the best TD student credit card for your needs.
How to Manage Your Student Credit Card
If used correctly, a credit card can be a valuable tool. Here are some tips on how you can manage your student credit card:
First, it is important not to spend more money than you have. Just because you have a credit card does not mean that you have an unlimited supply of money.
It is essential to be mindful of your spending and only use your credit card for things that you know you can afford.
Secondly, it is important to make sure that you make your payments on time. If you miss a payment, you will likely be charged a late fee which can add up quickly.
Additionally, late payments can also damage your credit score, which can impact your ability to get loans in the future.
Finally, it is important to be aware of the interest rates on your credit card. If you carry a balance on your card, the interest will add up quickly and can end up costing you a lot of money in the long run.
If you are careful and take the time to manage your student credit card effectively, it can be a valuable tool that can help you stay on top of your finances.
How to Apply for a TD Student Credit Card
The process of applying for a TD student credit card is very simple. All you have to do is follow the simple steps below.
First, you have to compare the three TD student credit cards discussed above and choose the one that is best for you.
After making your choice, you can go to the TD online banking portal to apply for the card.
To complete the application process, you will need to fill out the TD Bank online form with your details.
You will need to provide the Bank with some basic information such as your name, phone number and email address. Ensure that the information you provide is accurate.
Once you have submitted your application, the bank will review it and send you an instant response letting you know if it has been approved or not.
Alternatives to a TD Student Credit Card
While TD bank offers a lot of student credit cards, it is not the only option out there. Several other alternatives in Canada can help you save money and increase your purchasing power while you are still in school.
Here are alternative student credit cards that you can use instead of a TD Student Credit Card:
CIBC Aventura Visa Card for Students
- Annual fee: $0
- Interest rate on Purchase: 20.99%
- Interest rate on Cash Advances: 22.99%
- and 21.99% for Quebec residents
If you are a student in Canada who is looking for a credit card with variable rewards points, the CIBC Aventura Visa Card may be worth looking at.
The card has no annual fee and offers a welcome bonus of up to 2,500 Aventura Points.
You can also several perks with the CIBC Aventura Visa Card which includes:
- 1 point for every $1 spend using your card on eligible grocery purchases, gas and drugs
- 1 point for every $1 you spend on travel through the CIBC Rewards Centre
- You will also get 1 point for every $2 you spend on all other purchases
- Additionally, you can get 10 cents off gas if you use your CIBC Aventura Visa Card to purchase gas at participating stations
BMO CashBack Mastercard for Students
- Annual Fee: $0
- Interest Rate on Purchases: 20.99%
- Interest Rate on Cash Advances: 22.99% and 21.99% for residents of Quebec
Another alternative to a CIBC student credit card you might want to consider is the BMO CashBack Mastercard.
Within the first 3 months of getting the card, you will get a welcome bonus of up to 5% cash back.
The BMO CashBack Mastercard has several other perks you can enjoy when you get it. Here are some of the perks:
- For all grocery purchases, you will enjoy cash back of 3%
- You get a cash back of 1% when you use the card for recurring bill payments
- For all other purchases you make with your BMO CashBack Mastercard, you will get 0.5% cash back
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Conclusion
The TD bank student credit cards are a good choice for students as you earn rewards which you could use towards school expenses and travel.
This article has discussed the three student credit cards offered by the bank and also provided you with some alternatives.
Whether you’d like cash back rewards or rewards towards travel and tuition, these cards will help you achieve your goal.
We have also explained the process of choosing the best TD student credit card above.
Hopefully, the task of choosing the best TD student credit card has been made easier for you.
If you have any questions or concerns, be sure to reach out to a TD banking professional who can help guide you through the application process.
And if you found this article helpful, please share it with other students who may also benefit from it.
