Most credit cards in the market are designed for people who are employed or have a consistent flow of income. This is not the case for the BMO SPC MasterCard. Unlike the other credit cards available, this card is specially designed for students only. Therefore, if you are not a student in Canada, you cannot be eligible for this card. The card is available to students in the secondary or post-secondary level of study. However, you do not need to fall under the typical age bracket of a student, all you have to do is prove that you are a student. Other than this, you have to prove that you have a source of funds coming from somewhere. You do not have to be employed, financial support from parents or relatives could be enough.
Why the BMO SPC MasterCard is suitable for students
Availability of two options
BMO SPC MasterCard comes with two options on the rewards you get. The first one is the BMO SPC Air Miles MasterCard. This is the card that offers rewards in form of Air Miles. It is suitable for students who study miles away from home, therefore, they can travel back home more often. Ones you get the credit card; BMO offers you 800 Air Miles Bonus Miles as a welcome bonus. You also get 10 to 15% discount on purchases you make in partner stores. The second option is the BMO SPC Cashback MasterCard. This is the option that allows you to get rewards in form of cashback. As a welcome bonus you get 5% on all purchases you make for the first 3 months. Once the introductory period is over; your rate goes to 1% on every purchase you make using the card. With these options available, it’s up to you to choose the one that is most suitable for your needs.
It is a legitimate way to establish and grow your credit history
As a student, you have little to no financial responsibility because your college education is either funded by loan or by your parents. This, therefore, leaves only your daily upkeep on your hands, which means that it is the only responsibility you have. This is the best time to establish a credit history and the card can help you do exactly that. There is never a better time to do so than in your college years. This will set your financial future in the right direction since you already have an established credit history and a better credit score. With a good credit score in the future, you could qualify for loans that may help you establish a business or invest in one.
It is the best way to establish better spending habits
Having a credit card can be very tempting since this is like having disposable income available to you. However, when you start using a credit card early in life, you learn how to spend responsibly. The BMO SPC card has a $500 credit limit set for you at the beginning. When you keep the account in good condition, the limit is bound to be increased. This makes your future easy when you start earning as you will have learned how to spend responsibly.
Free SPC membership
Buying the SPC membership costs you $10 which will require you to make several purchases before you recover the money. With BMO cards, however, you do not spend a single dollar, instead, you start earning your rewards as soon as you start using the card.
Extended warranty on products
Whenever you purchase products using the card, you get extended warranty of up to a whole year after the purchase. This potentially leads to saving a lot of money in cases of product failure or malfunction.
There is the possibility of upgrading to a BMO Cashback card
Once you are done with college life and need to upgrade to a card that suits your position, BMO allows you to upgrade to their BMO Cashback card. However, they do not pressure you to get the upgrade, instead, you do it at your own timing. This allows enough time to prepare yourself financially and psychologically.
The BMO SPC MasterCard opens a whole new world for students. For instance, when you spend $3000 in three months, you get $30 at the end of it all. In addition, you get discounts on purchases made at partner outlets like Boston pizza. However, it is important to spend and pay the balance within the specified time otherwise it will work against your financial goals.