A Guide to TD Bank’s student credit cards

Credit cards can be a great tool for college students looking to establish their credit history. From earning rewards for purchases to building financial literacy, TD Bank’s student credit card program offers many benefits for Canadian students. In this article, we'll tell you everything you need to know about the TD student credit card and what the Wise card has to offer for students.

TD Bank’s Student Credit Cards

There isn’t just one TD student credit card, and they aren’t specifically for students. TD Bank simply recommends a few selections of their regular credit cards that they believe are best for students.

TD Bank suggests students use one of three options: the TD Cash Back Visa Card, the TD Emerald Flex Rate Visa Card, and the TD Rewards Visa Card¹. The cards may seem similar at first glance, but they do have several distinct differences that make them better or worse for different types of students.

TD Cash Back Visa Card

Benefits/Advantages: No Annual Fee¹; 50% more stars at Starbucks; option for Payment Plans; savings on Avis and Budget car rentals; card made from 90% recycled plastic²

Interest Rate for Purchases: 19.99%¹

Interest Rate for Cash Advances: 22.99%¹

Best for: Spenders who want cash back to help them pay for their account balance

TD Emerald Flex Rate Visa Card

Benefits/Advantages: 50% more stars at Starbucks; option for Payment Plans for purchases over 100 CAD; compatible with Apple and Samsung Pay; emergency cash advances up to 500 CAD; card made from 90% recycled plastic⁴

Interest Rate for Purchases & Cash Advances: TD Prime Rate (currently 7.2%³) + 4.50-12.75% (depending on your credit assessment)¹

Fees: CAD 25 Annual Fee¹

Best for: Students who spend little with their credit card; students who need the assurance of a low interest rate when they forget to/can’t pay their bills

TD Rewards Visa Card

Benefits/Advantages: No Annual Fee¹; access to TD Rewards (pay your account balance, travel expenses, or for TD merchandise and gift cards); 50% more stars at Starbucks; option for Payment Plans for purchases over 100 CAD; savings on Avis and Budget car rentals; card made from 90% recycled plastic; special offer for students available until January 2024⁵

Interest Rate for Purchases: 19.99%¹

Interest Rate for Cash Advances: 22.99%¹

Best for: International students in Canada (recommended as part of the TD International Student Banking Package⁶)

What Are The Requirements For TD’s Student Credit Cards?

Canadian students can apply for a TD student credit card online, and you are likely to hear back quickly. To apply, you must be:

• A permanent resident of Canada
• The age of majority in your territory/province (usually over 18 or 19)
• Able to provide a valid email address¹

As long as you’re able to fill those TD student credit card requirements, you should be well on your way to getting your TD student credit card of choice.

But how does this work for international students? We mentioned there is a TD Bank credit card international students are encouraged to apply for, so it is possible, but the criteria are a little different compared to Canadian citizens.

International students in Canada are only able to apply for a card with the TD International Student Banking Package, which includes:

• A TD Student Chequing Account
• a TD Rewards Visa Card
• A Savings Account of your choice
• a 50 CAD Amazon.ca Gift Card⁶

If you are a Canadian international student, you must apply for the package in person. You are eligible for this package if you are:

• The age of majority in your territory/province (usually over 18 or 19)
• A full-time post-secondary student in Canada with Proof of Enrollment
• Able to provide
  • Your Government of Canada issued Study Permit
  • A piece of identification (valid passport, Canadian driver’s license, or Government of Canada ID)
  • A Quebec Acceptance Certificate (CAQ), if studying in Quebec
  • a Taxpayer Identification Number (TIN), if not provided before⁶

Whether you’re an international or domestic student, the process for applying for a card can be tedious, and it isn't even guaranteed that you’ll get approved. Is there another, easier way?

Meet the Wise Card - Spend like a local wherever you go

Wise is an international money transfer service that is putting hidden fees in the past. Founded in 2011, Wise is a new money service business (MSB) that is trusted globally by all kinds of users, from huge corporations to students just starting out. The Wise card is the perfect alternative to a credit card, especially for students. With Wise, you can:

• Spend in Canadian dollars (CAD), Euros (EUR), US Dollars (USD) and British Pounds (GBP) at the mid-market rate
• Pair the Wise card with your credit card for added accountability
• Enjoy transparency and no hidden fees
• Transfer money easily with Interac e-transfer
• Hold over 40 currencies
• Send to 70+ countries
• Receive money in 9 different currencies

Here’s an example of how Wise helps you save money during cross currency transactions:

All of these features make Wise the perfect choice for Canadian students looking to forego the stress and hassle of traditional banks. Plus, it’s a great option for international students who want to send and receive money from home at a low cost.

Registering for an account with Wise is free, and their pricing and fees are always low and transparent, making it perfect for students learning to manage their finances. To start managing your money as a student, check out the Wise App on Google Play Store or the App Store!

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Sources:

1. TD Canada Trust

2. TD Canada Trust

3. TD Canada Trust

4. TD Canada Trust

5. TD Canada Trust

6. TD Canada Trust

Sources verified on 27 September 2023