9 Best Instant Approval Credit Cards In Canada (Oct 2022)

September 10, 2022
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There are quite a few good instant approval credit cards out there, but some stand out above the rest for their impressive welcome bonuses, promotional cash back rates, and excellent rewards. I constantly keep up with the latest promo rates and policy changes and make my recommendations below based on years of experience.

I recommend the American Express Cobalt Card as the #1 instant approval credit card in Canada due to its low monthly fees, very high earn rate on Eats & Drinks, and 30,000 welcome bonus points. It is one of the most flexible cards, with the option to transfer your points to other programs, and it comes with comprehensive insurance.

What Are Instant Approval Credit Cards?

Instant approval credit cards are a type of credit card that approve (or decline) credit card applications instantly (or within a very short timeframe). These cards usually come in two groups: premium instant approval cards, which have high credit score requirements and annual fees, and no-fee instant approval cards (like secured credit cards), which have little-to-no score requirements and generally require a security deposit.

Premium instant approval cards have an average annual fee between $120-$150 and there are great options if you’re looking for a cash back or a travel credit card with excellent perks. Score requirements start at 660 and can go as high as 760. On the other hand, secured and no-fee cards that offer instant approval are very limited in terms of perks and benefits, and we can only recommend them if you have a bad credit score. Otherwise, you’re better off with a credit card that has higher requirements and better perks.

Without further ado, here are the best instant approval credit cards Canada has to offer:

The Best Instant Approval Credit Cards In Canada

  1. American Express Cobalt Card: Best for exchanging points with other rewards program
  2. BMO Eclipse Visa Infinite Card: Best for welcome bonus
  3. BMO Ascend World Elite Mastercard: Best for comprehensive medical and travel insurance
  4. TD Aeroplan Visa Infinite Card: Best for point earn rate at partner stores
  5. Scotiabank Passport Visa Infinite Card: Best for earning Scene+ points and no foreign transaction fees
  6. MBNA Rewards World Elite Mastercard: Best for flexible ways to redeem your points
  7. BMO Air Miles World Elite Mastercard: Best for travel perks and benefits
  8. American Express Platinum Card: Best for promotional earn rate for the first three months
  9. American Express Aeroplan Reserve Card: Best for hotel upgrades and access to lounges

American Express Cobalt Card

Great for exchanging MR points with other rewards program and high MR earn rate
  • Annual Fee
    $155 (1st year free)
  • Interest Rate
    20.99% on purchases, 21.99% on cash advances
  • Welcome Bonus
    30,000 MR points
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 2,500 Membership Rewards points as a welcome bonus after you spend $6,000 within a year ($500/month)
    • $300 in statement credits towards purchases charged to your card
    • $225 credit in American Express Prepaid Cards
    • Access to American Express Experiences
    • Access to American Express Front Of The Line presales
  • Pros & Cons

    Why we like it

    Great for exchanging MR points with other rewards program and high MR earn rate

    Pros

    • 30,000 MR bonus
    • Earn 5 points per $1 spent on eligible eats & drinks purchases
    • Transfer points 1:1 to other loyalty programs (Aeroplan, Marriot Bonvoy, and more)
    • Access to presale tickets and VIP seating in select events through American Express' Front Of The Line program
    • $100 Travel Credit and 4 complimentary visits to Plaza Premium Lounges
    • Comprehensive travel and medical insurance

    Cons

    • Needs a good credit score (660+)
    • High annual fee ($155)
  • More Details

    Bonuses and fees

    The American Express Cobalt Card is a premium credit card with an annual fee of $155. This card is unique because its Membership Reward points can be exchanged 1:1 with some of the best rewards programs, including the Aeroplan and the Marriot Bonvoy program.

    Rewards

    You can earn MR points at a rate of:

    • 5 MR points per $1 spent on eats & drinks
    • 3 MR points per $1 spent on streaming subscriptions
    • 2 MR points per $1 spent on travel & transit
    • 1 MR point per $1 spent on everything else

    Redeeming your points

    The American Express Cobalt Card offers plenty of options to exchange your points. You can spend them directly on categories like streaming subscriptions, various eats & drinks, movie tickets, or statements of credit.

    Additionally, you can Exchange your MR points for Aeroplan, Avianca LifeMiles, Hilton Honors, Choice Privileges, or Marriott Bonvoy points.

    Insurance

    This card offers very complete coverage, including categories like:

    • Emergency Medical Insurance
    • Flight Delay Insurance
    • Lost or Stolen Baggage Insurance
    • Mobile Device Coverage
    • $250,000 Travel Accident Insurance

BMO Eclipse Visa Infinite Card

Great for high earn rate on groceries, gas, and transit
  • Annual Fee
    $120 (1st year free)
  • Interest Rate
    20.99% on purchases, 23.99% on cash advances
  • Welcome Bonus
    70,000 pts
  • Rec. Credit Score
    725+
  • Features & Benefits

    • Earn 70,000 bonus points as a welcome bonus for your first year
    • Earn a $50 lifestyle credit as a welcome bonus
    • Add an authorized user and earn 10% bonus points
    • Redeem your points to pay for purchases
  • Pros & Cons

    Why we like it

    Great for high earn rate on groceries, gas, and transit

    Pros

    • 70,000 bonus welcome points
    • Earn 5 BMO Rewards points per $1 spent on groceries, gas, and transit
    • Earn 10% more BMO Reward points when you add an authorized user
    • Car rental & mobile device insurance (for up to $1,000)
    • Complimentary Concierge service through the Visa Infinite Concierge program
    • Comprehensive travel and medical insurance

    Cons

    • Requires a minimum yearly income of $60,000
    • Needs an excellent credit score (725+)
  • More Details

    Bonuses and fees 

    The BMO Eclipse World Elite Mastercard has an annual fee of $120, and, like all BMO cards, it is completely waived for new cardholders for the first year. To apply for this card, you will need an income of $60,000 and a credit score of 725 or more. It offers attractive travel benefits and includes access to the Visa Infinite Troon Golf Benefit at over 95 resorts.

    Rewards

    With this card, you can earn points on every purchase. Here are the rates:

    • 5 points per $1 spent on dining, eats & drinks, gas, and transit
    • 1 point per $1 spent everywhere else

    Perks and benefits

    • 10% more points on all purchases when you add an authorized user
    • $50 annual Lifestyle Credit
    • Access to the Visa Infinite Luxury Hotel Collection and Visa Infinite Concierge

    Insurance 

    The BMO Eclipse Visa Infinite offers insurance in several categories:

    • Mobile device insurance
    • Travel insurance
    • Emergency medical insurance
    • Car rental collission
    • Extended warranty

BMO Ascend World Elite Mastercard

Great for travel perks and bonus points on all travel-related purchases
  • Annual Fee
    $150 (1st year free)
  • Interest Rate
    20.99% on purchases, 23.99% on cash advances
  • Welcome Bonus
    70,000 pts
  • Rec. Credit Score
    760+
  • Features & Benefits

    • Earn 70,000 points as a welcome bonus on your first year
    • Annual fee waived for the first year
    • Mastercard Travel Pass membership
    • Cover all flight charges and taxes using your points
    • Access to BMO Concierge services and Mastercard Travel Rewards when travelling abroad
  • Pros & Cons

    Why we like it

    Great for travel perks and bonus points on all travel-related purchases

    Pros

    • 70,000 bonus welcome points
    • Earn 5 BMO Rewards points per $1 spent on eligible travel purchases
    • Complimentary Mastercard Travel Pass membership (4 free passes/year) & BMO Concierge services
    • Earn 3 BMO Rewards points per $1 spent on dining, entertainment, and recurring bills
    • Annual fee is completely waived for the first year
    • Comprehensive travel and medical insurance for up to $2 million

    Cons

    • Requires a minimum yearly income of $80,000
    • Needs an excellent credit score (760+)
  • More Details

    Bonuses and fees 

    The BMO Ascend World Elite Mastercard is a premium travel card with an annual fee of $150 (waived for the first year for new cardholders). To apply for this card, you need an excellent credit score of at least 760, plus an annual income of $80,000 or more. It comes with a free Mastercard Travel Pass membership, medical coverage, and more.

    Rewards

    With this card, you can earn points on all purchases, but some categories offer better rates:

    • 5 points per $1 spent on travel-related purchases
    • 3 points per $1 spent on entertainment, dining, and subscriptions & recurrent purchases
    • 1 point per $1 spent everywhere else

    You can redeem your BMO Ascend World Elite Mastercard points for:

    • Flights, hotels, vacation packages, and transportation
    • Contributions to your BMO Savings or Investment account
    • Directly use your points to pay for eligible purchases

    Perks and benefits

    • Complimentary Concierge services
    • 25% off at partner rentals National Car Rental and Alamo Rent A Car locations
    • Complimentary access to the Boingo Wi-Fi network worldwide
    • Zero liability policy

    Insurance 

    The BMO Ascend World Elite Mastercard lives up to its name and offers comprehensive travel and medical insurance, including:

    • Baggage delay and loss insurance
    • Flight delay insurance
    • Car rental insurance
    • Travel accident insurance
    • Medical emergency insurance
    • Roadside Assistance program

TD Aeroplan Visa Infinite Card

Great for earning Aeroplan points, a generous welcome bonus, and exclusive travel perks
  • Annual Fee
    $139
  • Interest Rate
    19.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    50,000 pts
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 10,000 Aeroplan points as a welcome bonus when you make your first purchase
    • Earn 20,000 bonus Aeroplan points after you spend $1,500 within 90 days
    • Earn 20,000 Aeroplan points as a welcome bonus when you spend $7,500 within 12 months
    • No annual fee for the first year
    • Emergency Road Services plus complimentary TD Auto Club membership
    • Access to Visa Infinite Concierge service
  • Pros & Cons

    Why we like it

    Great for earning Aeroplan points, a generous welcome bonus, and exclusive travel perks

    Pros

    • 50,000 bonus welcome points
    • Earn 1.5 Aeroplan points per $1 spent
    • Earn double the points when you pay with your card at over 320 partner brands
    • Your Aeroplan points won't expire as long as your card is in good standing
    • Comprehensive travel and medical insurance
    • Complimentary Concierge service

    Cons

    • Needs a good credit score (660+)
    • Requires a minimum yearly income of $60,000
  • More Details

    Bonuses and fees

    The annual fee is $139, somewhat high compared to other credit cards, but it makes up for it with very good perks and benefits and a completely free first year. It also comes with 50,000 Aeroplan points, and you get an additional 20,000 points when you spend $1,500 within 90 days of opening your account and when you spend $7,500 within 12 months of opening your account.

    Earning points

    With the TD Aeroplan Visa Infinite Card, you can earn points on everyday spending. For all purchases made from Air Canada, you’ll earn 1.5 Aeroplan points; the same rate applies when you purchase groceries and pay for gas. Earn 1 point on all other purchases.

    Perks and Benefits

    • Link your TD Aeroplan account with your Starbucks Rewards Account and earn 50% more Aeroplan points and 50% more Stars at Starbucks stores
    • Twice the points when you pay using the TD Aeroplan Visa Infinite Card at over 300 partner brands
    • Another benefit is that you can set up payments over $100 and pay them over 18 months at a 0% annual interest rate.
    • Enroll for NEXUS and get a $100 rebate every 48 months
    • Free Uber Pass membership for 6 months

Scotiabank Passport Visa Infinite Card

Great for complimentary airport lounge access and comprehensive medical and travel insurance
  • Annual Fee
    $139
  • Interest Rate
    19.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    25,000 Scene+ points
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 35,000 bonus Scene+ points in your first year as a welcome bonus
    • No foreign transaction fee
  • Pros & Cons

    Why we like it

    Great for complimentary airport lounge access and comprehensive medical and travel insurance

    Pros

    • 25,000 Scene+ points bonus
    • No foreign exchange fees when purchasing abroad or online
    • Earn 2x Scene+ points per $1 spent at grocery stores, restaurants, and daily transit
    • Waive interest rates on purchases over $100 when using Scotia SelectPayTM
    • 6 complimentary airport lounge access per year (over 1,300 lounges to choose from)
    • Comprehensive travel and medical insurance

    Cons

    • High annual fee
    • Requires a minimum yearly income of $60,000
  • More Details

    Bonuses and fees 

    The Scotiabank Passport Visa Infinite Card is a premium travel credit card with an annual fee of $139. To apply for this card, you need a good credit score of at least 660 and a minimum income of $60,000. This card doesn’t charge transaction fees (on purchases abroad or online) and offers useful travel perks for frequent travellers.

    Rewards

    When you use this card to make purchases, you will earn Scene+ points at a rate of:

    • 2 Scene+ points per $1 spent on groceries, dining, entertainment, and transit
    • 1 Scene+ point per $1 spent on all other purchases

    There’s no limit to how much cash back you can earn in a year, and your points will not expire as long as your account is in good standing.

    Perks and benefits

    Some additional benefits include:

    • No foreign transaction fees
    • Complimentary access to airport lounges (6 per year)
    • Book travels directly from the Scene+ Travel portal
    • Complimentary Avis car rental membership plus 25% discount on car rentals
    • Access to the Visa Infinite Concierge, Hotel, and Dining and Wine programs

    Insurance

    • Flight delay insurance & trip interruption insurance
    • Travel emergency medical insurance
    • Car rental collision insurance
    • Car rental collission
    • Hotel/motel burglary insurance
    • Extended warranty protection

MBNA Rewards World Elite Mastercard

Great for high earn rates on restaurants, groceries, and household utilities
  • Annual Fee
    $120
  • Interest Rate
  • Welcome Bonus
    30,000 pts
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 20,000 bonus points as a welcome bonus after spending $2,000 within the first 90 days
    • Earn 10,000 bonus points as a welcome bonus when you enroll for paperless e-statements within the first 90 days
    • Earn 10% bonus points every year on the anniversary of your account
    • Redeem your points for cash back, travel, merchandise, or gift cards
  • Pros & Cons

    Why we like it

    Great for high earn rates on restaurants, groceries, and household utilities

    Pros

    • 30,000 bonus welcome points
    • Earn 5 points per $1 spent on restaurants, groceries, and household utilities
    • Annual birthday bonus of 10% of all the points you earned in the last 12 months (maximum 10,000)
    • Car rental & mobile device insurance (for up to $1,000)
    • Extended warranty on purchases
    • Comprehensive travel and medical insurance

    Cons

    • Requires a minimum yearly income of $80,000
    • High annual fee
  • More Details

    Bonuses And Fees

    The annual fee of the MBNA Rewards World Elite Mastercard is $120 plus $50 per additional cardholder. To qualify for this card, you need an annual income of at least $80,000 or a household income of at least $150,000.

    This card comes with a bonus of 10,000 points, and you can earn an additional $20,000 if you spend over $2,000 within 90 days of opening your account. You also get a bonus of 10,000 points if you enroll for paperless e-statements during that same period.

    On your birthday, you will get a bonus of 10% of the total number of points you earned in the past 12 months, completely for free, up to a maximum of 15,000 points per year.

    Rewards

    You can redeem your reward points for cash back, travel,  merchandise, and gift cards. You don’t have to worry about your points expiring; as long as your account is in good standing, points will never expire.

    Perks and Benefits

    Purchase at partner restaurants and grocery stores, or use your card to pay for digital media and household utilities and earn 5 points per $1 spent, for up to $50,000 per category. All other categories earn 1 point per $1 spent.

BMO AIR MILES World Elite Mastercard

Great for earning bonus miles, insurance, and discounts on Air Miles flights
  • Annual Fee
    $120 (1st year free)
  • Interest Rate
    20.99% on purchases, 23.99% on cash advances
  • Welcome Bonus
    2,000 Air Miles
  • Rec. Credit Score
    760+
  • Features & Benefits

    • Earn 3,000 AIR MILES as a welcome bonus
    • Mastercard Travel Pass complimentary membership
    • 25% discount on one worldwide AIR MILES flight per year
    • Access to BMO AIR MILES World Elite Travel and Medical Protection, and BMO Concierge Services
    • Mastercard Travel Rewards cash back offers when travelling and shopping abroad
  • Pros & Cons

    Why we like it

    Great for earning bonus miles, insurance, and discounts on Air Miles flights

    Pros

    • 2,000 Air Miles
    • Earn 1 AIR mile for every $12 spent
    • Get 3x the Miles when purchasing at select partner stores
    • 25% discount on one AIR MILES flight every year
    • Comprehensive travel and medical insurance
    • Complimentary Mastercard Travel Pass membership

    Cons

    • High credit score to qualify (at least 760)
    • Requires a minimum yearly income of $80,000
  • More Details

    Bonuses and fees

    The BMO AIR MILES World Elite Mastercard has a $120 annual fee with the option to waive it for the first year completely. To apply for this card, you need an excellent credit score of 760 or more, and an annual income of at least $80,000, or a household income of $150,000.

    Earning points

    With the BMO AIR MILES World Elite Mastercard, the base point earning rate is 1 Mile for every $12 spent. Grocery and gas purchases at store partners earn three times the amount, 3 Miles per $12 spent

    Perks and Benefits

    • 25% discount on one AIR MILES flight every year
    • Complimentary Mastercard Travel Pass membership
    • Access to exclusive lounges
    • Mastercard Travel Pass membership, which allows travellers to go through an expedited Fast Track Security Lane at airports
    • Access to BMO’s Concierge Service to book flights and hotels and arrange transportation

    Insurance

    The BMO AIR MILES World Elite Mastercard has comprehensive medical and travel insurance, including car rental, flight delay, and baggage insurance.

    Rewards

    • AIR MILES Cash Rewards, exchange your Miles online or in-store when making everyday purchases at partner stores
    • Redeem points for gift cards, e-gift cards, or Prepaid Mastercards
    • Access to Mastercard Travel Rewards, earn points when you travel or make purchases outside of Canada

American Express Platinum Card

Great for high earn rate at eligible eats & drinks and the option to transfer points to other programs
  • Annual Fee
    $699
  • Interest Rate
    20.99% on purchases
  • Welcome Bonus
    90,000 MR points
  • Rec. Credit Score
    760+
  • Features & Benefits

    • Earn 90,000 Membership Rewards points after you spend $6,000 within your first 3 months
    • Earn 20,000 Membership Rewards points after spending $2,000 at eligible eats & drinks purchases within your first 3 months
    • Full access to the American Express Global Lounge Collection, the Centurion Lounge network, the Plaza Premium Lounges, and more
    • Redeem your points through American Express Travel Online, the Flexible Points Travel Program, or the Fixed Points Travel Program
    • Transfer your points to other reward programs: Marriott International, Hilton Hotels and Resorts, Radisson Hotel Group Americas, Hertz and Avis
  • Pros & Cons

    Why we like it

    Great for high earn rate at eligible eats & drinks and the option to transfer points to other programs

    Pros

    • 90,000 bonus welcome points
    • Earn 10 MR points per $1 spent on eligible eats & drinks purchases
    • Access to over 1,300 American Express lounges worldwide
    • Transfer MR points between Aeroplan and Avios (1:1)
    • Comprehensive travel and medical insurance
    • Travel accident and emergency insurance

    Cons

    • High annual fee
    • Needs a good credit score (660+)
  • More Details

    Bonuses and fees

    The American Express Platinum Card is a premium credit card with one of the highest annual fees, set at $699. It requires an excellent credit score of at least 760 to apply. This card offers a promotional earn rate of 10 MR points per $1 spent on eligible eats & drinks for your first three months. 

    Rewards

    You can earn MR points at a rate of:

    • 3 MR points per $1 on eats & drinks, dining, and food deliveries
    • 2 MR points per $1 spent on travel-related purchases (flights, hotels, and more)
    • 1 MR point per $1 spent on everything else
    • 1 additional point per $1 spent on eligible hotels or car rentals

    Perks and benefits

    • Access to presale tickets through Amex’s Front Of The Line program
    • Complimentary membership to Hilton Honors Gold Status and Marriot Bonvoy Gold Elite status
    • Exclusive access to American Express Experiences (entertainment, dining, retail)
    • Enroll for NEXUS and get a $100 rebate 
    • Special offers when booking travel through American Express Travel Online
    • Priority lane at the Toronto Pearson International Airport

    Insurance

    Like most American Express cards, the Platinum Card offers very complete coverage:

    • Emergency medical insurance
    • Flight delay & trip cancellation insurance
    • Lost or stolen baggage insurance
    • Mobile device coverage
    • $500,000 travel accident insurance

American Express® Aeroplan® Reserve Card

Great for high earn rate at eligible eats & drinks, access to lounges, and priority travel perks
  • Annual Fee
    $599
  • Interest Rate
    19.99% on purchases, 21.99% on cash advances
  • Welcome Bonus
    60,000 Aeroplan points
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 60,000 Aeroplan points as a welcome bonus after spending $6,000 within your first 6 months
    • Earn 20,000 Aeroplan bonus points after spending $2,000 at eligible eats & drinks purchases within your first 6 months
    • Earn 30,000 Aeroplan bonus points if you spend at least $1,000 each month (5,000 Aeroplan points per month)
    • Unlimited free deliveries 5% discount on partner restaurants when you spend over $15
    • Hotel Room Category Upgrade on the first and last night
    • Worldwide Companion Pass when you spend over $25,000 in a year
  • Pros & Cons

    Why we like it

    Great for high earn rate at eligible eats & drinks, access to lounges, and priority travel perks

    Pros

    • 60,000 bonus welcome points
    • High earn rate of 10 Aeroplan points per $1 on eligible eats & drinks
    • Priority Check-In, Boarding, and Baggage Handling when flying Air Canada
    • Access to Air Canada Maple Leaf Lounges and Café for you and a guest
    • 15% discount on parking rates
    • Earn 3 points per dollar spent with Air Canada and Air Canada Vacations

    Cons

    • High annual fee
    • You can only earn Aeroplan points
  • More Details

    Bonuses and fees

    The American Express Aeroplan Reserve Card is a premium travel card with a $599 annual fee, and a credit score of at least 725 is recommended when applying for this card. For the first three months after receiving your card, you will earn Aeroplan points at a rate of 10 points per $1 spent on eats & drinks, up to a maximum of 20,000 Aeroplan points ($2,000 spent).

    Rewards

    You can earn Aeroplan points at a rate of:

    • 3 Aeroplan points per $1 spent on Air Canada
    • 2 Aeroplan points per $1 spent on eats & drinks and food deliveries
    • 2 Aeroplan points per $1 spent at Rocky Mountaineer rail-tours
    • 1.25 Aeroplan points per $1 spent everywhere else

    Perks and benefits

    • Enroll in NEXUS and get a $100 rebate
    • Access to Maple Leaf Lounges a
    • Priority Check-in and Priority Boarding when flying Air Canada
    • Annual Worldwide Companion Pass if you spend at least $25,000 in a year

    Insurance

    Like most American Express cards, the Aeroplan Reserve offers comprehensive travel and medical coverage:

    • Emergency medical insurance
    • Flight delay & trip cancellation insurance
    • Lost or stolen baggage insurance
    • Mobile device coverage
    • $500,000 travel accident insurance

How Do Instant Approval Credit Cards Work?

It works like this: issuers make a list of the requirement, and potential customers send them (this list may include financial information, a government-issued form of identification, and a valid address). Within minutes, the customer will receive a notification – approving or declining their application.

One of the biggest factors credit card issuers consider is the credit score. Usually, instant approval credit cards require a good score, but you may find lower-tier cards that don’t.

Pros & Cons Of An Instant Approval Credit Card

Pros: Why an Instant Approval Credit Card may be worth it

  • Instant response – you will know for certain if your application was approved or declined
  • You can start making online purchases as soon as they send the card number
  • In case of an emergency, you can apply for an instant approval credit card

Cons: Why an Instant Approval Credit Card may not be worth it

  • Some high-end Instant approval cards may require at least a good credit score (700+)
  • It may not be your best option long term

How To Choose An Instant Approval Credit Card In Canada

Instant approval credit cards are regular credit cards that have the benefit that they can approve your application instantly. The things you should consider when picking a credit card are:

Annual Fee

One of the first things you should consider when shopping for a credit card is the annual fee. Based on your spending habits and the type of card, the yearly fee may overcome all the benefits you would otherwise earn. Generally, paying a higher yearly fee means valuable rewards, but you still have to plan accordingly to make the most out of it. For example, if you’re considering a cash back card, you need to ensure you will earn more than the annual fee. The same applies to travel credit cards; if you’re not using the rewards, they may expire without adding any value to your investment.

Interest Rates

Another important factor is the interest rates; if you find yourself falling behind often on credit card payments, it might be worth considering a low-interest credit card. The standard interest rate for credit cards is around 19.99%, which can easily outweigh the benefits if you miss payments often.

Welcome Bonus And Promotional Rates

Most credit cards in Canada come with a welcome bonus or promotional rates. Welcome bonuses are one-time rewards for new cardholders; they can come in the form of travel miles for travel credit cards or higher cash back rates for the first couple of months. In some cases, it might be worth signing up for credit cards, taking advantage of the welcome bonuses, and moving on to a different one. Just keep in mind that if you have to pay an annual fee for that card, you should take full advantage of it for the whole year.

How To Apply For An Instant Approval Credit Card In Canada

Before applying for instant approval credit care, here are some things you should consider. For starters, instant approval credit cards are just regular cards that have the option to be approved instantly – assuming all requirements are fulfilled. Here’s what you should keep an eye on:

Age

In Canada, the minimum age to request a credit card is the age of the majority. Teens under that age can’t get approved for credit cards but can be added as authorized users to one of their guardian’s or parents’ credit cards. For reference, the age of the majority in Alberta, Manitoba, Ontario, Quebec, Prince Edward Island, and Saskatchewan is 18 years old. In all other provinces, the age of the majority is 19.

Proof of Identity

You will need to provide information verifying your identity. In this step, you can provide a photo of your Canadian passport, a driver’s license, a military ID, or an employee identification issued by the federal government.

Residency Status

Canadian credit cards are available to Canadian residents, work Visa holders, and citizens. If you’re not either of those, you will need to register with Equifax or TransUnion to provide your credit score information when you sign up for an instant approval credit card. You may also be required to visit a bank branch for more information.

If you don’t have a credit score, you might want to start with cards that don't have as many requirements, like a prepaid or secured credit card.

Credit score

Instant approval credit cards in Canada require a good to excellent credit score, with an average minimum of 725. The higher your credit score, the more likely your application will be accepted, but whether your application is approved or not, you will get an answer in just a couple of minutes.

Keep in mind that some cards may require a lower or a higher credit score, depending on the issuer.

Application

When you send out the application, you will need these documents:

  • Full name
  • Date of birth
  • Canadian driver’s license or government-issued ID
  • Physical address, email address, and phone number
  • Employer information: name, phone number, and address
  • Financial information, including income, expenses, and a recent paycheque or bank statement

You need to provide all the information to have your card approved. If you don’t, they may ask for additional information, and the process may take longer.

Instant Approval Credit Cards FAQs

Are Instant Approval Credit Cards Worth It?

Yes – instant approval credit cards are just regular credit cards, with the added perk of instant approval. Depending on what you’re looking for, you may benefit more from one type of card than another, it’s only a matter of finding the right card for you. If you make a lot of purchases at grocery stores or gas stations, a cash back card is ideal for you. A travel card is definitely for you if you travel a lot and want perks like cheaper flights and travel insurance.

What Is The Best Free Instant Approval Credit Card In Canada?

The best free Instant Approval Credit Card in Canada is the Neo Financial Mastercard. It comes with a promotional 4% cash back for the first 6 months, car insurance, and an extended warranty at select stores.

Can You Use A Credit Card As Soon As You Get Approved?

Yes. You can start using it immediately when the card issuer approves your application and sends you the credit card number. Keep in mind that you may have to wait a week for the physical card to arrive, but you can make online purchases immediately.

What Is A Fair Credit Score In Canada?

In Canada, a score of 560-659 is considered fair.

Credit scores range from 300-900, and Canada has two main credit bureaus: Equifax and TransUnion. Secured cards and prepaid credit cards are on the lower end of the scale, while instant approval credit cards are on the higher end. Scores ranging from:

  • 760-900 are considered excellent
  • 725-759 are considered very good
  • 660-724 are considered good
  • 560- 659 are considered fair
  • 300-559 are considered poor

Is It True That After 7 Years Your Credit Is Clear In Canada?

Yes. In general, your credit report's negative information (including missed payments) is cleared after 6 years. These are considered ‘negative’ information:

  • Missed payments on a debt (includes credit card debts)
  • Accounts sent to a collection agency
  • Bankruptcies

Keep in mind the debt is not cleared – just the negative information that appears on your credit report.

What Credit Card Can I Get With Bad Credit In Canada?

The best cards for low credit are secured, prepaid, and low-interest secured credit cards. There are many credit card options in Canada, even if you have a bad score. With some of these options, you can start building your credit to eventually access the more premium options like instant approval credit cards.

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