Students may accumulate additional physical activity within their daily commutes by public transit, but current research is inconsistent. The purpose of this study was to explore the relationship between undergraduate students’: (a) perceptions of having a discounted bus pass and transit-related physical activity; (b) perceptions of having a discounted bus pass and weekly physical activity levels; and (c) transit-related physical activity and weekly physical activity levels. Undergraduate students from a Canadian university completed a 61-item online questionnaire. Data was analyzed using descriptive statistics, three bivariate correlations, and three independent samples t-tests. Inductive content analysis was conducted on the open-ended responses to identify major themes from quotations. Students’ perceptions of the discounted bus pass and their transit-related physical activity had a significant relationship (p<0.001). There were non-significant relationships between participants’ perceptions of the discounted bus pass and weekly physical activity scores (p=0.18), and participants’ transit-related physical activity and weekly physical activity scores (p=0.37). Students perceived the discounted bus pass as a facilitator, barrier, or having no influence on their physical activity. In conclusion, students who are provided with discounted transit passes may enhance their transit-related physical activity. Additional research using objective physical measures are warranted.