With a student credit card, students have the ability to build their credit history and establish a credit score while in school.
Who qualifies for a student card?
To apply for a CIBC student credit card, only one requirement needs to be met, you must have full-time status in a college or university.
Benefits of student credit cards
Student credit cards offer great benefits without annual fees. CIBC knows that students have special financial needs.
The CIBC student credit card has no annual fee (the current interest rate is 19.99%1 for purchases and 22.99% for cash1) and it comes with perks like:
- Purchase protection2: If a new qualifying purchase paid for with a card with Purchase Security and Extended Warranty Insurance is damaged or stolen within 90 days of purchase, your credit card insurance may aid in repair, replacement or reimbursement. Additionally, your credit card may offer extended warranty protection on qualifying purchases. Some of these warranty extensions can last up to one year, helping you handle the costs associated with repair or replacement.
Will a student card really help build credit?
A student card is a great way to build the credit history that other lenders and businesses need to see. This is why it is a good idea to open a student credit card when first opening your bank account(s).
A student credit card can create the foundation of a credit score that will help a student qualify for loans for major purchases they may want to make after graduation. However, it is important to stress that it can have the opposite effect, damaging a student’s ability to qualify for loans if not used correctly. You should always pay off your balance each month or at the very least make the minimum payment.
Applying for a student credit card
Complete a student card application online, which takes just a few minutes. If you have questions or would rather complete the application over the phone, call 1-800-465-4653.
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