Getting a new credit card can be exhausting, especially if you have to wait a long time before it is approved, printed, and sent to you. There are a lot of factors to consider when getting a new credit card in Canada. Therefore, applying for the right card and getting approved right away is a big win.
Luckily, tons of financial institutionsnotify you of your credit card application status on the spot. Some creditcards are easy to get in Canada, making the wait shorter and more manageable. Inthis article, you will find some of the most accessible credit cards you canget in Canada in no time at all.
Instant Approval Credit Cards
Usually, getting approval for a credit card cantake a long time. The duration is generally used to evaluate your records. Sometimes,your application may be reviewed manually before a decision is made. Thanks tothe digitalization of banking processes, the approval process can be instant,and your credit card will be instantly approved.
These types of cards are called instantapproval credit cards. That is cards with faster approval processes. Rather thanmake you wait, you will be notified of your approval immediately. If there isany need for a manual review, you will also be notified immediately. In Canada,several credit card providers issue instant approval cards.
Requirement for an Instant Approval CreditCard
To qualify for an instant approval creditcard, you need to meet the following requirements;
- You must be a permanent resident in Canada or a Canadian citizen – some cards offer a longer application process if you’re not a permanent resident of Canada.
- You must be 18 or 19 and older, depending on your province
- You must not have a history of bankruptcy when applying for an unsecured credit card
- A good credit score – to better your chances of getting an approval
Instant approval cards require correct and accurate information. The more information you provide, the higher your chance of a faster verification process.
Once your information has been verified, your application will go through a proper credit check.
All cards require credit checks, except you have an established history with the issuing institution, or you have applied for a secured card (you have provided a security deposit). Once your credit check is done, your credit card will be printed and mailed to you.
Easiest Credit Cards in Canada
Below are 5 of the easiest credit cards youcan get in Canada;
1. Canadian Tire Triangle MasterCard
Although quite specific in use, this card allows newly approved cardholders tomake purchases using Apple pay or Google Pay before receiving their physicalcredit card via mail. It doesn’t only get approved fast; you can also use itonce it is approved.
Some perks come with shoppingwith this card at the Canadian Tire shop or other Canadian Tire familyretailers like Mark’s and CT Gas+. You also start earning 4% back in CanadianTire Money on qualifying purchases from Canadian Tire and partner stores assoon as you start using your card.
Users get a CA$0.05back at Gas+ and participating Husky Stations. Except for Walmart and Costco,you will get 1.5% back on the first CA$12,000 you spend on groceries yearly and0.5% on everything else. There is no annual fee and no specified incomerequirement. This card has a purchase interest rate of 19.99%
2. Refresh Financial Secured Visa
This credit card is perfect for people with low credit scores and is looking to rebuild it. A credit check is not part of the evaluation process to get this card.
However, it is a secured credit card, so you need to make a deposit, and the application may require extra steps than usual. It has a low interest rate which helps you save more on interest and build your credit score.
This card has an annual fee of CA$12, with CA$3for maintenance every month. There is no specified income requirement, and thepurchase interest rate is 17.99%. You will get CA$100 each time you refer afamily member or a friend; the number of referrals is unlimited.
3. BMO Preferred Rate MasterCard
The Bank of Montreal issues this credit card. It is also an excellent option for people looking to build their credit score as it offers one of the lowest interest rates in Canada.
It has an annual fee of CA$20, which will be refunded in the first year, and a purchase interest rate and cash advance interest rate of 12.99%. There is no specified income requirement for this credit card.
As a welcome offer, you get a 3.99% introductory interest rate on balance transfers for nine months with a 1% transfer fee.
4. PC Financial MasterCard
This credit card is unique because there isno annual fee attached to it. You get your application status report withinminutes after submitting your application online.
It is a President’s Choice (PC) store cardlike the Canadian Tire’s card. You can use it in stores like Loblaws, NoFrills, Shoppers Drug Mart, Joe Fresh, and other stores under the President’sChoice umbrella. You can also use it for gas fill-ups at stations like Esso andMobil. The interest rate is, however, high.
With this card, users can earn at least 25points per CA$1 when they shop at Shoppers Drug Mart, about 30 points per CA$1when they fill up at Esso or Mobil, and 10 points per CA$1 when they shop atother stores under the PC umbrella.
There is no specified income requirement, andthe purchase interest rate is 20.97%
5. American Express Cobalt
Thiscredit card is great if you loverewards. Who doesn’t? It is arguably the best rewards credit card. You earnrewards (points) on eating out, food delivery, travel, lodging, and shopping.
All points are collected under American Express’s Membership Rewards Select program, and you can redeem them for travels directly on the American Express Travel portal.
You can also transfer your points to specific Hotel programs like Marriott Bonvoy or Hilton Honors. You can as well redeem the points for cash back on your credit card statement.
There is an annual fee of CA$120, which is chargedmonthly at CA$10. There is no specified income requirement, and you earn 5points for every CA$1 spent at eligible restaurants, bars, cafes, and fooddelivery in Canada.
You get 2 points for every CA$1 spent on eligible transit and gas purchases in Canada as well as travel purchases – flights and hotel. You also get the point on every CA$1 you spend on other purchases.
As a welcome offer, you can get up to 30,000 points in your first year with an additional 15,000 points when you spend CA$3000 within your first three months if you apply by 5th May 2021.
Instant Approval Cards vs. GuaranteedApproval Cards
Instant approval cards are not the same as guaranteed approval cards. Instant approval cards usually have requirements you must meet. So, your approval depends on the criteria they use.
Guaranteed approval cards, on the other hand, are subsets of secured credit cards. They are the better option if you are looking to build a low credit score if you don’t have a credit score or repair your bad credit history.
Securedcards require deposits to secure your card limit in case you default on yourmonthly payments. Thus, instant approval cards do not have guaranteed approvals,and guaranteed approval cards may not be approved instantly.
Whenyou are applying for an instant approval credit card, keep these tips in mind;
- Know your credit score to know the kind of card you will apply for. Credit scores are essential, and depending on how low or high your credit score is, you may get a store credit card, a cashback credit card, or a premium credit card. If your credit score is too low, secured credit cards are the better option.
- Don’t apply for too many cards at once.
- Check for the income requirements before you apply to avoid denial.
- You should check your current debit card debts because banks use your credit card debts as approval criteria. Your credit card debts should not be more than 40% of your income or over 30% of your total credit limit. You should pay back some amount on your debt first before you apply.
- You should report all of your income, regular wages, side jobs, and part-time jobs when you want to apply and ensure that you don’t lie about it.
- You should track and monitor your credit file regularly. You should review it for inaccuracies or abnormalities and sort them out before applying for a new card to avoid issues during the application process.
It isquite easy to get your credit card application instantly approved as long asyou report the right and adequate information and take the proper steps. Thereare different cards to choose from, so you should compare the costs and benefitsand your eligibility status before you apply.
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Instant Approval Credit Cards
Instant approval credit cards are cards that have a faster approval process compared to traditional credit cards. Instead of waiting for a long time for your application to be reviewed, you will be notified of your approval status immediately. In Canada, several credit card providers offer instant approval cards [].
To qualify for an instant approval credit card, you generally need to meet the following requirements:
- You must be a permanent resident in Canada or a Canadian citizen.
- You must be 18 or 19 years old, depending on your province.
- You must not have a history of bankruptcy when applying for an unsecured credit card.
- A good credit score can increase your chances of approval [].
Easiest Credit Cards in Canada
The article mentions five credit cards that are considered among the easiest to get in Canada. Here's a brief overview of each card:
Canadian Tire Triangle MasterCard: This card allows you to make purchases using Apple Pay or Google Pay before receiving the physical credit card via mail. It offers perks such as earning Canadian Tire Money on qualifying purchases and has no annual fee. The purchase interest rate is 19.99% [].
Refresh Financial Secured Visa: This card is designed for people with low credit scores who are looking to rebuild their credit. It is a secured credit card, meaning you need to make a deposit. It has a low interest rate and offers a referral program. The annual fee is CA$12, with a monthly maintenance fee of CA$3 [].
BMO Preferred Rate MasterCard: This credit card, issued by the Bank of Montreal, is suitable for those looking to build their credit score. It offers one of the lowest interest rates in Canada and has an annual fee of CA$20 (refunded in the first year). It also provides a welcome offer for balance transfers [].
PC Financial MasterCard: This card is a store card affiliated with President's Choice (PC) and can be used at various stores like Loblaws, No Frills, and Shoppers Drug Mart. It has no annual fee and offers rewards points for purchases. The interest rate is relatively high [].
American Express Cobalt: This credit card is known for its rewards program. It offers points for various categories such as dining, travel, and shopping. The points can be redeemed for travel, cash back, or transferred to hotel loyalty programs. It has an annual fee of CA$120, charged monthly at CA$10 [].
Instant Approval Cards vs. Guaranteed Approval Cards
It's important to note the difference between instant approval cards and guaranteed approval cards. Instant approval cards have a faster approval process but still require you to meet certain criteria. On the other hand, guaranteed approval cards are typically secured credit cards and are a better option for individuals with low credit scores or no credit history. Guaranteed approval cards may not be approved instantly, as they often require a deposit to secure the card limit [].
Tips for Applying for an Instant Approval Credit Card
When applying for an instant approval credit card, consider the following tips:
- Know your credit score to determine the type of card you should apply for.
- Avoid applying for too many cards at once and check the income requirements before applying.
- Keep your credit card debts within a reasonable limit.
- Report all of your income accurately and honestly.
- Regularly monitor your credit file for inaccuracies or abnormalities [].
In conclusion, getting an instant approval credit card in Canada can be a convenient option if you meet the requirements and provide accurate information. It's essential to compare the costs and benefits of different cards before applying.