Excellent Credit Cards For Millennials That Will Save Them Money

account, bank, business-1778.jpg

Credit card companies usually receive a bad wrap, mainly because of how they ostensibly target young consumers. Be that as it may, credit cards have become a necessity to live and are highly correlated to our credit score. The problem is not necessarily credit cards; instead, the consumers lack understanding on how to benefit from them.

Consider the alarming rate of inflation (currently 3.7%), the never-ending hikes in College/Univesity tuition fees, and the unexplainably high cost of living. Subsequently, millenials and gen Z are struggling to achieve the level of wealth their parents and grandparents have. In addition to this, the Canadian education system fails to teach the students adequate financial and credit management, ultimately compounding the problem.


Unquestionably, millenials must learn to leverage credit cards to benefit their financial situation rather than using them to go into debt and that is undoubtful. I researched some of the best Canadian credit cards for millennials and Gen Z’ers to help them in their search. There are quite a few excellent picks, but I narrowed the list down to the top four, for ease of choice. Above all, these cards were picked based on their suitability for Millenials and Gen Z’ers, coupled with the many perks that promote their use.

Top 5 Credit Cards for Millennials & Gen Z’ers in Canada 2021

CANADIAN CREDIT CARDS
1) Scotiabank® Gold American Express® Card
2) Tangerine Money-Back Credit Card
3) Scotiabank Passport Visa Infinite Card
4) Scene Visa Card

Scotiabank Gold American Express Card

Best for grocery shopping & leisure spending

The Scotiabank Gold American Express Card has an impressive point-earning potential for its card users.  Moreover, any points earned can be exchanged for a cash refund, merchandise, or travel.

  • Welcome Bonus: You will receive 25,000 rewards points simply by signing up and spending $1,000 CDN in the first three months
  • Earn 5x Scotia Rewards points for every $1 CAD spent on eligible grocery stores, restaurants, fast food, and drinking establishments. This also includes food delivery apps, food subscriptions, movies, theatres, and ticket agencies.
  • Earn 3x Scotia Rewards points for every $1 CAD spent on eligible gas and daily transit. This also includes rideshare, buses, taxis, the subway, eligible select streaming services, and more.
  • Earn 1x Scotia Rewards point for every $1 CAD spent on every other purchase.
  • Annual Fee: $120.
  • No Foreign Transaction Fees: Only the exchange rate applies, making this card an excellent choice for travel.
  • Income Eligibility: Minimum annual income of $12,000. Many of the top competing credit cards have high-income requirements, making it difficult for young consumers to obtain. Indeed, the reduced income eligibility makes this card appealing for students and young adults.
  • Credit Score: Good to Excellent. (See this comprehensive guide on the importance of credit related to income vs. spending and credit approval).
  • Purchase APR: 19.99% | Cash Advance APR: 22.99%

It is easy to apply your points to purchases. Simply log into your account and select the “Apply Points to Travel” option. You will be prompted to use your accumulated points in place of travel costs (flights, rental cars, hotels, etc.). Moreover, there are no black-out periods or restrictions.


Tangerine Money-Back Credit Card

Best for lower-income applicants and those who prefer cashback

The Tangerine Money-Back Card is an excellent choice for customers interested in a cashback rewards system. Customers are given the option to choose two preferred categories that provide 2% cashback. This includes restaurants, drugstores, groceries, gas, and many more. Furthermore, customers who also carry a Tangerine Savings Account have the option to add a third category.

  • Welcome Bonus: Spend $5,000 CDN or more in the first three months and earn $250.
  • Cashback Payout:  Automatic monthly payout.
  • Earn 2% Cash Back on purchases in two selected categories, and 0.5% for all other purchases.
  • Annual Fee: $0.

Scotiabank Passport Visa Infinite Card

Best for travelers who prefer to collect points

The Scotiabank Passport Visa Infinite Card is designed for customers who travel frequently. Unquestionably, this is an excellent option for college and university students. Particularly for those who travel to and from school, racking up travel points.

Cardholders can enjoy complimentary passes to worldwide airport lounges, travel insurance, trip cancellation/ interruption, lost or delayed baggage, and rental car rental, among many other perks.

  • Welcome Bonus: Get up to 40,000 Scotia Rewards points in the first year (that’s up to $400 towards travel).
  • Earn 2 x Scotiabank Reward points for every $1 CAD spent on eligible groceries stores, restaurants, fast food, theaters, ticketing agencies, and transit.
  • Earn 1 x Scotiabank Reward points with $1 CAD on other eligible purchase.
  • Annual Fee: $139.
  • No Foreign Transaction Fees: The exchange rate is the only applicable fee, making this card an excellent choice for travel.

It is easy to apply your points to purchases. Simply log into your account and select the “Apply Points to Travel” option. You will be prompted to use your accumulated points in place of travel costs (flights, rental cars, hotels, etc.). Moreover, there are no black-out periods or restrictions.


Scene Visa Card

Best for lower-income applicants and those who love the movies

The Scene Visa Card is designed for customers who prefer cashback and loyalty points for free movie tickets at the Cineplex theater. Furthermore, it offers a redemption program at participating restaurants.

  • Welcome Bonus: Earn 2,500 reward SCENE points with your first $500 spent in everyday purchases in the first three months.
  • Earn 5 x SCENE points for every $1 CAD spent on credit card purchases at Cineplex theatres or cineplex.com.
  • Earn 1 x SCENE points for every $1 CAD spent on your everyday credit card purchases.
  • Receive $10 off at participating restaurants when you redeem 1,000 points.
  • Annual Fee: $0.
  • Income Eligibility: Minimum annual income of $12,000. It is difficult for millennials to obtain good quality credit cards because many top competing credit cards have high-income requirements. Indeed, the reduced income eligibility makes this card appealing for students and young adults.
  • Purchase APR: 19.99% | Cash Advance APR: 22.99%

Final Thoughts

Finally, finding the perfect credit card is not as straightforward as we might think, and that is without a doubt. Everyone has a preference on how to utilize a credit card. Some are regular travelers and prefer travel points, and other travelers enjoy cashback. In contrast, others simply want to enjoy life and use points on everyday purchases and movie tickets.


Indeed, credit card companies understand this, which is why there are numerous credit cards for different lifestyles and reward preferences. Choosing a credit card that best suits your lifestyle and needs can help you save money and get the most out of the rewards. Whether it be a higher cashback percentage on groceries, free flights, or discounted hotel stays.


Use this comprehensive guide to understand your eligibility, take advantage of rewards programs, and learn what best suits your needs.

Leave a Comment

Your email address will not be published. Required fields are marked *