Two of the best Canadian credit cards for students with insurance coverage, cashback options, and awesome perks.
Key Comparisons
| RBC Cash Back Mastercard | CIBC Aventura Visa Card for Students | |
| Estimated Credit Score | 660 | 300 |
| Annual Fees | 0 | 0 |
| Interest Rate | 19.99% | 20.99% |
| Insurance Coverage | Yes | Yes |
| Pros | 1. Gives cashback bonuses of up to 2% on groceries for a maximum of $6,000 in annual spending. 2. Get 3 cents off per liter of petrol when filling up a car at Petro-Canada. 3. Linking your RBC cash back card to your DoorDash account will waive the delivery fee and provide a free DashPass membership. | 1. No limitations on airlines you can use your points to book with or during blackout periods. 2. Points can be used to pay down your credit card balance or credit card purchases moments after you make them. 3. 90-day Purchase Security Protection in case your new purchase gets stolen or breaks. |
| Cons | 1. Cash back rewards drop to 1% after you accumulate $6,000 in grocery charges and 0.5% cash back on everything else up to $6,000. 2. No travel insurance or other perks. 3. Foreign transaction fee of 2.5%. | 1. High redemption minimum (to redeem points for a flight, you need to have at least 80% of the required points) 2. It doesn’t waive the normal 2.5% fee for all purchases made in a foreign currency. 3.No ability to transfer Aventura points to other loyalty programs. |
Key Benefits of RBC Cash Back Mastercard
Cashback and Rewards
It offers up to 1% cash back on all other purchases (0.5% cash back on the first $6,000 in purchases, then 1% cash back every $1,000 after that with no cap), and 2% cash back on grocery store purchases (on the first $6,000, then 1% cash back every $1,000 after that with no cap). The primary advantage of the card is that it provides pure cash back, the easiest and most flexible kind of credit card reward. There is also a fantastic perk for those who frequently fill up at Petro-Canada gas stations, offering 3 cents off each litre and a 20 percent bonus on Petro Points. On all of your purchases, you’ll get 1.5 percent cash back up to $25,000 in annual spending. If you’ve already spent that, you’ll begin getting 1 percent back.
Interest-free Grace Period
a minimum of 21 days without interest on fees and new purchases if you pay your statement balance in full by the payment deadline. You must pay interest from the transaction date until we receive your payment for the entire amount you owe if your statement balance is not paid in full by the payment due date. This applies to all fees and purchases included on that month’s statement. For cash advances, there is no interest-free period. Cash advances include withdrawals of cash, balance transfers, usage of RBC Royal Bank® credit card cheques, some types of bill payments, and activities that are similar to cash withdrawals. From the day the cash advance is made until we receive your payment in full, interest is added to the total amount you owe.
Other Benefits
Shopping online is extremely safe with the RBC Cash Back Mastercard because it has chip and PIN technology to protect the security of your account. You can immediately lock your credit card from the RBC mobile app if you misplace it or believe it may have been stolen. If you find your credit card later, you can always unlock it because locking it is only a temporary solution. Sadly, credit card theft is a common occurrence. I hope it never occurs to you. However, even if it does, you won’t be held responsible for any fraudulent purchases made by a third party because your RBC Cash Back Mastercard has zero liability coverage.
Key Benefits of CIBC Aventura Visa Card for Students
Insurance
You are $100,000 insured with this card whenever you take a ferry, an aircraft, a bus, or a train. Additionally, you can receive free payment protection, fraud warnings, and auto insurance. Security and dependability are top priorities for you as a student. Utilize the Aventura travel assistant when you are on the road to get customized trip planning and travel arrangements. You can also use the points to pay for taxes, transfer fees, and other flight-related expenses.
Perks
When you sign up, you can receive 2,500 Aventura points. You can also earn 1 point for every $1 spent, get a free Student Price Card membership, theft insurance, and an extended warranty. For speedy payments, you may easily add this card to your eWallet, Samsung Pay, Apple Pay, or Google Pay. Thanks to the Visa protection checkout services and the encrypted chip-enabled card, you can also take advantage of safer payments.
Points Rewards
On purchases made at gas stations, grocery stores, and pharmacies (up to a maximum of $6,000 annually), cardholders receive 1 point for every $1 spent. When booking travel through the CIBC Rewards Center, you earn twice as many points, while for all other purchases, you only earn one point for every two dollars.