Navigating the financial landscape as an international student can be challenging. From managing tuition fees to everyday expenses, students need a reliable and convenient way to handle their finances. One such solution is a credit card specifically designed for international students. In Canada, the Bank of Montreal (BMO) offers a range of credit cards tailored to meet the unique needs of international students.
Understanding the Student GIC Program
One of the standout offerings from BMO is the Student Guaranteed Investment Certificate (GIC) Program. This program not only helps students save for their education but also meets the requirements of the Student Direct Stream (SDS). The SDS is a pathway that facilitates faster processing of study permit applications for those planning to pursue their education in Canada.
The GIC is an investment account that offers a guaranteed rate of return over a fixed period. For international students, this is particularly beneficial as it demonstrates proof of funds a requirement for the SDS application. Moreover, the funds in the GIC are gradually released over the course of the first year in Canada, helping students manage their living expenses.
Credit Cards Designed for Student Life: Bmo Student Credit Card
BMO hasn’t stopped at savings they also provide credit cards specifically designed for students. These cards consider the unique financial situation of students, often having little to no income and requiring a tool to build their credit history in Canada.
2 Best Bmo Credit Card For International Students
BMO CashBack Mastercard for Students
The BMO Cash Back Mastercard for Students is an excellent choice for international students looking for a credit cards with no annual fees and a straight forward rewards program. With this card, students can earn a minimum of 0.5% cashback on all purchases, with higher rates of up to 3% on groceries and 1% on streaming services and other recurring bills. There is zero annual fees for BMO Cash Back Mastercard.
The BMO Cash Back Mastercard is a financial companion that rewards your everyday purchases with a generous cash back program. Imagine filling your grocery cart and knowing that each item brings you closer to tangible rewards, thanks to the 3% cash back on groceries. Managing your monthly bills with ease, while simultaneously earning 1% cash back on recurring payments. The card’s allure is amplified by the enticing $50 bonus for diligent spenders who reach the $6,000 mark in the first year, the card is accessible to a wide range of consumers, making it an attractive option for savvy spenders seeking to maximize their purchasing power.
The cash back rewards can be redeemed at any time of the year, providing flexibility and convenience for students. Additionally, the card offers discounts on car rentals, making it a great option for students who plan to travel or need a vehicle for commuting.
BMO AIR MILES Mastercard for Students
For Students who prefer to earn travel rewards, the BMO AIR MILES Mastercard for Students is an attractive option. This card allows students to earn AIR MILES Reward Miles on every purchase they make. These miles can be redeemed for travel, merchandise, events, and more.
The BMO AIR MILES Mastercard for Students is an excellent choice for students looking to establish their credit history while enjoying rewards. With no annual fee, this card offers a hassle-free experience. Upon application, you can earn 800 AIR MILES Bonus Miles after spending $1,000 within the first 3 months equivalent to $80 in AIR MILES Cash. Beyond the welcome bonus, you’ll earn 1 AIR MILE for every $25 spent, and when shopping at participating AIR MILES Partners, you’ll receive 3X miles for every $25 spent. Whether you’re exploring Barcelona’s vibrant culture, Madrid’s dynamic scene, London Bridge or Seville’s romantic charm, this card ensures you’re on the right track toward financial independence.
However, the monthly spending cap or bmo credit card limit of $500 for these categories ensures a balance. On the other hand, the BMO Air Miles Mastercard is a traveler’s delight, offering 1 Mile for every $25 spent and a generous 3 Miles per $25 at participating AIR MILES Partners. Both cards come with a purchase interest rate of 19.99% and a cash advance rate of 22.99%.
Like the CashBack Mastercard, the AIR MILES Mastercard for Students also comes with no annual fee. It also includes purchase protection and extended warranty, providing extra peace of mind for students.
Bmo Student Credit Card Requirements
Studying abroad is an exciting journey, but it also comes with its own set of challenges. One of these challenges is managing finances in a foreign country. To help international students navigate this, the Bank of Montreal (BMO) offers a range of financial products, including student credit cards and the New Start Program.
BMO offers a student credit card designed to meet the needs of students studying in Canada. This card provides a convenient way to make purchases, track spending, and build credit history in Canada.
Eligibility Requirements
- To be eligible for a BMO student credit card, applicants must:
- Be enrolled as a student at a recognized post-secondary school.
- Be between the ages of 18 and 24.
- Be a resident of Canada.
- Have reached the age of majority in their province or territory.
Studying in Canada as an international student can be a rewarding experience. With financial products like the BMO student credit card and the New Start Program, international students can manage their finances with ease and focus on their studies.
Building Credit History in Canada
One of the significant advantages of having a credit card as an international student is the opportunity to build a credit history in Canada. A good credit history can make it easier to get loans, rent an apartment, or even get a job in the future. Both the BMO Cash Back Mastercard and the AIR MILES Mastercard for Students report to the major credit bureaus, helping students establish a credit history.
Conclusion
Choosing the right credit card as an international student is an important decision. The BMO CashBack Mastercard for Students and the BMO AIR MILES Mastercard for Students are both excellent options, offering a range of benefits tailored to the needs of international students. By using these cards responsibly, students can manage their finances effectively while building a solid credit history in Canada.
Disclaimer: This article is intended for informational purposes only. Please consult with a financial advisor or the respective financial institution for more information.
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