Top 10 Best Instant Approval Credit Cards in Canada for 2023

Instant approval credit cards are a type of credit card that provides a quick and easy application process. Unlike traditional credit cards, which can take several days or weeks to process, instant approval credit cards can decide your application in minutes.

The application process for instant approval credit cards is usually completed online, and the application itself is typically short and straightforward. Some of the information you may need to provide when applying for an instant approval credit card includes your name, address, employment information, and income.

It’s important to note that just because a credit card is labeled as an “instant approval” credit card doesn’t mean everyone applying will be approved. Credit card issuers still need to evaluate your creditworthiness, and they will use your credit score, credit history, and other factors to determine whether you qualify for the card.

You can use it immediately if you’re approved for an instant approval credit card. However, remember that the credit limit you’re approved for may be lower than what you hoped. Additionally, instant approval credit cards may come with higher interest rates and fees than traditional ones, so it’s important to read the terms and conditions carefully before applying.

Overall, instant approval credit cards can be a convenient option if you’re looking for a quick and easy way to apply for a credit card. However, it’s important to understand the potential drawbacks and to carefully evaluate the terms and conditions before applying.

Features Of Top Instant Approval Credit Cards

When it comes to finding the best instant approval credit card in Canada for 2023, it is important to consider each card’s features. Here are some of the top features to look for:

High Approval Rates

One of the main benefits of instant approval credit cards is that they offer high approval rates. This means that even if you have a lower credit score, you may still be able to get approved for a credit card. Some of Canada’s top instant approval credit cards for 2023 offer approval rates of up to 90%.

Rewards Programs

Many of Canada’s best instant approval credit cards for 2023 also offer rewards programs. These programs allow you to earn points or cash back on your purchases, which can be redeemed for travel, merchandise, or statement credits. Some top rewards programs include the PC Optimum program, which offers points on everyday purchases, and the American Express Membership Rewards program, which offers points on travel and entertainment purchases.

Low Fees

The fees are another important feature to consider when choosing an instant approval credit card. Look for cards with low or no annual fees, low-interest rates, and balance transfer fees. Some of the top instant approval credit cards in Canada for 2023 offer no annual fees and low-interest rates, making them a great choice for those who want to save money on their credit card expenses.

Additional Benefits

Finally, many of Canada’s top instant approval credit cards for 2023 offer additional benefits, such as travel insurance, purchase protection, and extended warranties. These benefits can help you save money and protect your purchases, making them a valuable addition to any credit card. Be sure to read the fine print and understand each card’s benefits and limitations before applying.

Best Instant Approval Credit Cards In Canada For 2023

Several options are available when it comes to finding the best instant approval credit cards in Canada for 2023. Here are some of the top choices to consider:

American Express Cobalt

The American Express Cobalt card is a great option for those looking for a card with a generous rewards program. Cardholders can earn up to 5x the points on eligible eats and drinks and 2x the points on eligible travel and transit purchases. The card also offers a welcome bonus of up to 50,000 points, with a minimum spending requirement of $3,000 in the first three months.

Scotiabank Momentum Visa Infinite

The Scotiabank Momentum Visa Infinite card is a popular choice for those looking for a card with cashback rewards. Cardholders can earn up to 4% cash back on eligible gas, grocery, and recurring bill payments and 1% on all other purchases. The card also offers a welcome bonus of up to $300, with a minimum spending requirement of $1,000 in the first three months.

BMO CashBack MasterCard

The BMO CashBack MasterCard is another great option for those looking for a card with cashback rewards. Cardholders can earn up to 3% cash back on eligible gas, grocery, and drugstore purchases and 1% on all other purchases. The card also offers a welcome bonus of up to $100, with a minimum spend requirement of $1,000 in the first three months.

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is a popular choice for those looking for a card with no annual fee. Cardholders can earn up to 2% cash back on three chosen categories and 0.5% on all other purchases. The card also offers a welcome bonus of up to $150, with a minimum spend requirement of $1,000 in the first three months.

Capital One Guaranteed MasterCard

The Capital One Guaranteed MasterCard is a great option for those with bad credit or no credit history. The card offers guaranteed approval with no credit check required and a credit limit of up to $300. The card also offers a range of benefits, including travel accident insurance and purchase protection.

When looking for the best instant approval credit cards in Canada for 2023, it’s important to consider your financial needs and spending habits. By doing so, you can find a card that offers the rewards and benefits that are most important to you.

Criteria For Instant Approval

When looking for the best instant approval credit cards in Canada for 2023, it’s important to consider the criteria lenders use to determine whether or not to approve your application. Here are some of the most important factors to keep in mind:

Credit Score

Your credit score is one of the most important factors lenders consider when deciding whether or not to approve your credit card application. A good credit score can help you get approved quickly, while a poor credit score can make it difficult. Check your credit score before applying for a credit card; if your score is low, consider taking steps to improve it before applying.

Income

Lenders also look at your income to determine whether or not you can afford to make your monthly payments. Generally, the higher your income, the more likely you will be approved for a credit card. Make sure to provide accurate information about your income when applying for a credit card.

Employment Status

Your employment status can also impact your chances of getting approved for a credit card. Lenders prefer applicants who have a stable job and a steady income. If you’re self-employed or have an irregular income, you may have a harder time getting approved for a credit card.

Debt-to-Income Ratio

Lenders also look at your debt-to-income ratio when deciding whether or not to approve your application. This ratio measures the amount of debt you have compared to your income. If your debt-to-income ratio is too high, lenders may see you as a risky borrower and deny your application.

Credit History

Finally, lenders look at your credit history to determine whether or not you’re a responsible borrower. Lenders may be hesitant to approve your application if you have a history of missed payments or defaults. On the other hand, if you have a history of making your payments on time and keeping your balances low, you may be more likely to get approved quickly.

Instant Approval Credit Cards

Benefits Of Instant Approval Credit Cards

Instant approval credit cards offer several benefits to consumers in Canada. Here are some of the advantages of applying for an instant approval credit card:

Quick Approval Process

With instant approval credit cards, you can receive a decision on your application within minutes of submitting it. This is much faster than traditional credit cards, which can take several days or weeks to approve. An instant approval card is an excellent option if you need a credit card quickly.

Easy Application Process

The application process for instant approval credit cards is straightforward and can be completed online or in-store. You only need to provide basic personal and financial information, and the credit card issuer will take care of the rest. This makes it easy for consumers to apply for a credit card without spending much time or effort.

Access to Rewards and Benefits

Instant approval credit cards offer access to rewards and benefits programs to help you save money and earn rewards. Many credit cards offer cash back, points, or miles for every dollar you spend, which can add up quickly. Additionally, many credit cards offer perks such as travel insurance, extended warranties, and purchase protection, which can provide added value to cardholders.

Improve Credit Score

Using an instant approval credit card responsibly can help you improve your credit score. By making timely payments and keeping your credit utilization low, you can establish a positive credit history and increase your credit score. This can help you qualify for better credit cards and loans in the future.

Overall, instant approval credit cards offer several benefits to consumers in Canada. By providing quick and easy access to credit, rewards, and benefits, these cards can be a valuable tool for managing your finances.

Potential Drawbacks Of Instant Approval Credit Cards

While instant approval credit cards can be a convenient option for those who need a credit card quickly, there are also some potential drawbacks.

Higher Interest Rates

Instant-approval credit cards often have higher interest rates than traditional credit cards. This is because the credit card issuer takes on more risk by approving applicants quickly without thoroughly reviewing their credit history. As a result, if you carry a balance on your instant approval credit card, you may pay more interest charges over time.

Lower Credit Limits

Instant approval credit cards may also have lower credit limits than traditional ones. The credit card issuer may not have enough information about your credit history to justify a higher limit. If you need a credit card with a higher limit, you may need to consider applying for a traditional credit card instead.

Limited Rewards and Benefits

Instant approval credit cards may have fewer rewards and benefits than traditional credit cards. This is because the credit card issuer may not be able to offer as many rewards and benefits to applicants who are approved quickly without a thorough credit check. If you are looking for a credit card with a wide range of rewards and benefits, you may need to consider applying for a traditional credit card instead.

Higher Fees

Instant approval credit cards may also have higher fees than traditional credit cards. This can include annual fees, balance transfer fees, and cash advance fees. If you are considering an instant approval credit card, read the fine print and understand the fees associated with the card before applying.

Overall, instant approval credit cards can be a convenient option for those who need a credit card quickly. However, it is important to consider the potential drawbacks before applying for one. Be sure to compare different credit card options and choose the one that best fits your financial needs and goals.

How To Apply For An Instant Approval Credit Card

Applying for an instant approval credit card is a straightforward process that can be completed online. Here are a few steps to follow:

  1. Research: Research the best instant approval credit cards available in Canada. Look for cards with low-interest rates, cashback rewards, and other benefits that meet your financial needs.
  2. Check eligibility: Once you have identified a card that suits your needs, check the eligibility criteria. Most instant approval credit cards require applicants to have a good credit score, a stable income, and a Canadian address.
  3. Fill out the application: If you meet the eligibility criteria, complete the online application form. You must provide personal information such as your name, address, date of birth, and social insurance number.
  4. Submit supporting documents: Some instant approval credit cards may require you to submit supporting documents such as proof of income, employment, or identity. Make sure you have these documents ready before you apply.
  5. Wait for approval: After submitting your application, you will receive a decision within minutes. Your credit card will be mailed to your address within a few business days if approved.

It is important to note that instant approval credit cards may have higher interest rates and fees than traditional ones. Therefore, reading the terms and conditions carefully before applying to avoid any later surprises is essential.

Tips To Increase Your Chances Of Instant Approval

If you’re in a rush to get a credit card and want to increase your chances of instant approval, you can do a few things to make the process smoother. Here are some tips to help you get approved for an instant approval credit card in Canada:

1. Check Your Credit Score

Before applying for a credit card, checking your credit score is important. Your credit score is one of the main factors lenders consider when deciding whether to approve your application. A higher credit score can increase your chances of getting approved for a credit card with a lower interest rate and better rewards.

2. Apply For The Right Card

Different credit cards are designed for different types of consumers. Before applying for a credit card, ensure you’re applying for the right one. For example, you may want to consider a secured credit card if you have a low credit score. Secured credit cards require a security deposit, which reduces the risk for the lender and may make it easier for you to get approved.

3. Provide Accurate Information

When applying for a credit card, provide accurate and complete information. Double-check your application before submitting it to ensure all the information is correct. Providing inaccurate information can result in your application being denied.

4. Keep Your Debt-To-Income Ratio Low

Your debt-to-income ratio is the amount of debt you have compared to your income. A high debt-to-income ratio can make getting approved for a credit card more difficult. To increase your chances of approval, try to keep your debt-to-income ratio low by paying off debts and increasing your income.

5. Avoid Applying For Multiple Cards At Once

Applying for multiple credit cards at once can hurt your credit score and decrease your chances of getting approved for any of them. Instead, apply for one credit card at a time and wait for a response before applying for another.

By following these tips, you can increase your chances of getting approved for an instant approval credit card in Canada.

Understanding Your Credit Score

Your credit score is a number that represents your creditworthiness. It is based on your credit history, which includes your payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries.

Credit scores in Canada range from 300 to 900, with higher scores indicating better creditworthiness. Lenders use your credit score to determine your creditworthiness and the interest rate they will offer you on credit products.

Here are some factors that can impact your credit score:

  • Payment history: Making payments on time is one of the most important factors in maintaining a good credit score. Late or missed payments can negatively impact your credit score.
  • Credit utilization refers to the amount of credit you use compared to your total credit limit. High credit utilization can negatively impact your credit score.
  • Length of credit history: The longer you have had credit, the better it is for your credit score.
  • Types of credit used: A mix of credit products, such as credit cards, loans, and lines of credit, can positively impact your credit score.
  • Recent credit inquiries: Applying for credit can result in a hard inquiry on your credit report, which can negatively impact your credit score.

It is important to regularly check your credit report to ensure accuracy and to identify any errors or fraudulent activity. You can obtain a free copy of your credit report from the two credit bureaus in Canada: Equifax and TransUnion.

In summary, understanding your credit score is important for maintaining good creditworthiness and obtaining the best interest rates on credit products. You can improve your credit score and financial health by paying your bills on time, keeping your credit utilization low, and regularly checking your credit report.

Frequently Asked Questions

What are some Canadian bank cards with instant approval?

Some Canadian bank cards with instant approval include the American Express® Aeroplan® Card, SimplyCash® Preferred Card from American Express, and the Scotiabank Momentum® Visa Infinite* Card.

What are the best credit cards to build credit in Canada?

The best credit cards to build credit in Canada include the Capital One® Low Rate Guaranteed Mastercard®, the Refresh Financial Secured Visa, and the Home Trust Secured Visa Card.

Are there any credit cards in Canada with no credit check and instant approval?

Yes, some credit cards in Canada offer no credit check and instant approval, such as the KOHO Prepaid Mastercard® Card and the BMO® CashBack® Mastercard®.

Which store credit cards offer instant approval in Canada?

Some store credit cards that offer instant approval in Canada include the Canadian Tire Triangle™ Mastercard®, the Walmart Rewards™ Mastercard®, and the Hudson’s Bay Mastercard®.

Are there any guaranteed approval credit cards in Canada with no deposit?

Yes, some guaranteed approval credit cards in Canada with no deposit include the Refresh Financial Secured Visa and the Home Trust Secured Visa Card.

What is the fastest way to build credit with a secured credit card in Canada?

The fastest way to build credit with a secured credit card in Canada is to use it responsibly by making timely payments and keeping the balance low. It’s also important to monitor your credit report regularly to ensure that your credit score is improving.

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