Best Instant Approval Credit Cards in Canada for 2023
What You Should Know
- Instant approval cards let you know within minutes of application whether your application is approved or rejected.
- Instant approval does not mean guaranteed approval.
- Instantly approved applications are expedited for processing and your card is usually delivered to you within 5-7 business days.
- Some cards issue a digital card that can be used to make purchases right after approval.
Getting a credit card used to be a lengthy process that could take months. You had to apply for a credit card at a bank branch and wait for several weeks to be approved for one, and a few more weeks to actually get the card in your hands. Technological advances have made this process much quicker and now you can get almost instantly approved for many credit cards in Canada.
When looking for a credit card online, you might have come across terms such as ‘get a response within 60 seconds’, or ‘apply now and get a response in as little as 60 seconds’. These cards are instant approval credit cards that rely on the card issuer’s underwriting algorithms to determine whether you meet the qualification requirement. Within a few minutes (sometimes seconds) of filling out your applications, you will be notified if your application is approved or rejected. Some applications might require manual review, in which case you will receive a response within a few days of application.
Most credit cards offered by banks these days come with instant approval. Your bank may offer you additional perks and special offers on such credit cards. Following are some of the best instant approval cards available to Canadians.
| Credit Card | Annual Fee | Top Benefits |
|---|---|---|
| Rewards Credit Cards | ||
| American Express Cobalt | $155.88 |
|
| Scotiabank Gold Amex | $120 (first-year waived) |
|
| Store Credit Cards | ||
| Canadian Tire Triangle Mastercard | $0 |
|
| PC Financial Mastercard | $0 |
|
| Prepaid Credit Card | ||
| KOHO Premium Prepaid Credit Card | $84 |
|
| No Fee Cash Back Credit Cards | ||
| Neo Mastercard | $0 |
|
| Tangerine | $0 |
|
| Secured Credit Card | ||
| Plastk Secured Credit Card | $48 (+$6 monthly maintenance) |
|
| Low Interest Rate Credit Cards | ||
| RBC Visa Classic Low Rate Option | $20 |
|
| BMO Preferred Rate | $20 (first-year waived) |
|
Instant Approval Rewards Credit Cards
American Express Cobalt
21.99% on cash advances
- 5X reward points for eligible food and drinks purchases (including grocery).
- 3X reward points for eligible steaming subscriptions.
- 2X reward points for eligible gas, transit and travel purchases.
- AMEX Experiences - AMEX Offers, AMEX Front of the Line, American Express Invites.
- $100 USD Hotel Credit to spend on hotel amenities.
- Mobile Device Insurance - $1,000
- Travel Accident Insurance - $250,000
- Out-of-Province Emergency Medical Insurance - 15 days for cardholders under the age of 65
- Canadian Resident having reached mature age in the province of residence.
- No minimum income requirement
Scotiabank Gold AMEX Card
22.99% on cash advances
- 5X Scene+ points on eligible grocery, food, food subscription and entertainment purchases (Including Hello Fresh, SkipTheDishes, Chef’s Plate and Cineplex).
- 3X Scene+ points on eligible gas, daily transit and streaming service purchases (Including Uber and Netflix).
- 1X Scene+ points on all other purchases.
- 0% Foreign transaction fee.
- AMEX benefits - AMEX Offers, AMEX Front of the Line, American Express Invites.
- 24/7 Complimentary Concierge.
- Travel Accident Insurance
- Out-of-Province Emergency Medical Insurance - 25 days for cardholders under the age of 65, 3 days for cardholders over the age of 65
- Rental Car Collision/Damage Insurance - up to 48 days
- Canadian Resident having reached mature age in the province of residence.
- Have not declared bankruptcy in the past 7 years.
- Earn a minimum of $1,000 monthly gross income.
Instant Approval Store Credit Cards
Canadian Tire Triangle Mastercard
22.99% on cash advances (21.99% for Quebec Residents)
- 4% back in Canadian Tire Money at Canadian Tire and other participating stores.
- 5¢ per litre back in Canadian Tire Money on fuel at Gas+ and Essence+.
- 1.5% back in Canadian Tire Money at participating groceries.
- No interest financing for qualifying purchases of $150 and above.
- Zero liability fraud protection.
- Canadian Resident having reached mature age in the province of residence.
- No minimum income requirement specified.
PC Financial Mastercard
22.97% on cash advances (21.97% for Quebec Residents)
- 30 pts per litre at ESSO and Mobil.
- 25 pts per $1 at Shoppers Drug Mart.
- 20 pts per $1 on PC Travel.
- Mastercard Global Service.
- Purchase Protection for 90 days after purchase.
- Extended warranty up to 1 year.
- Canadian Resident having reached mature age in the province of residence.
- No minimum income requirement specified.
Instant Approval Prepaid Credit Cards
KOHO Prepaid Mastercard
- 2% instant cash back on grocery, food, drinks and transit.
- 0.5% cash back on everything else.
- No Foreign Transaction Fee.
- One free international ATM withdrawal per month.
- Price match.
- Zero liability fraud protection.
- Canadian Resident having reached mature age in the province of residence.
- No minimum income requirement specified.
Learn about more Prepaid Credit Cards
Instant Approval No Fee Cash Back Credit Cards
Neo Mastercard
21.99% on cash advances
- 5% average cash back on purchases at partner stores.
- 0.5% guaranteed cash back.
- Spending insights.
- Virtual card.
- Zero liability fraud protection.
- Canadian Resident having reached mature age in the province of residence.
- No minimum income requirement specified.
Tangerine Money Back Credit Card
19.95% on cash advances
- 2% money-back in two categories of your choice.
- 0.5% money-back on all other everyday purchases.
- Redeem money-back rewards in the savings account or apply to credit card balance.
- 1.95% interest for six months on balance transfer within the first 30 days.
- Purchase Protection for 90 days after purchase.
- Extended Warranty doubles for up to 1 year.
- Canadian Resident having reached mature age in the province of residence.
- Minimum annual Income of $12,000.
Learn about more about Cash Back Credit Cards
Instant Approval Secured Credit Card
Plastk Secured Credit Card
21.99% on cash advances
- 1 reward point for every $1 spent on everyday purchases.
- 0% APR on purchases for the first 3 months.
- Monthly credit score update.
- None
- Canadian Resident having reached mature age in the province of residence.
- Adequate funds to cover a minimum requirement of $300 deposit.
Instant Approval Low Interest Credit Cards
RBC Visa Classic Low Rate
12.99% on cash advances
- Save 3¢ per litre on fuel at Petro-Canada.
- 50 Be Well points for every $1 spent at Rexall.
- Free DashPass for 3 months on DoorDash.
- Personalized RBC Offers.
- Purchase Protection.
- Extended Warranty.
- Canadian Resident having reached mature age in the province of residence.
- Income requirement not specified.
BMO Preferred Rate Credit Card
15.99% on cash advances
- None
- 24/7 emergency support across the globe.
- Access to credit score through online and mobile banking.
- Purchase Protection.
- Extended Warranty.
- Canadian Resident having reached mature age in the province of residence.
- Haven’t declared bankruptcy in the last 7 years.
- Income requirement not specified.
Learn about more about Low Interest Credit Cards
What are Instant Approval Credit Cards?
Instant approval credit cards are ones that instantly let you know whether your application is approved or rejected. Card issuers these days use underwriting algorithms that help them approve and reject an application within minutes of applying, based on the information provided by the applicant. Instant approval saves a lot of time for the applicant and the card issuer by expediting the otherwise lengthy underwriting process. The applicant does not have to wait for weeks to know if they are approved for the credit card.
In most cases, the physical card is delivered to the applicant within 5-7 business days. In some cases, the card issuer also issues you a digital card that you can start using immediately after being approved.
This can be particularly useful if you intend to use the card soon. For example, if you apply for a travel credit card and want to use it for an upcoming trip to maximize its benefits, you would not want to wait for weeks to know if you are approved for the credit card.
You can apply for instant approval credit cards online, over phone, in-person at a bank branch or in-store (in case of store credit cards). All the major banks in Canada offer credit cards with instant approval. You will need to have some information handy when you are applying for an instant approval credit card. A typical credit card application would require the following information:
- Identity information and contact details
- Occupation, income and employment information
- Mortgage payments and other payments such as condo fees
- Your current living arrangement (own house/rental/living with relatives)
- Your SIN number (mostly optional)
Apart from these, you need to ensure you meet basic requirements such as:
- Be a Canadian Permanent Resident
- Be of mature age in your province of residence
- Not be in bankruptcy
How Can You Increase Your Odds of Instant Approval?
To be instantly approved, you need to meet the qualification requirements for the credit card. Here are some factors to consider before you apply.
Your Credit Score: You can check your credit score with many websites (including the two main credit bureaus of Canada - Equifax and TransUnion) for free. Doing so will not hurt your credit score, but will help you determine if you should apply for a particular credit card.
Based on your credit score, you may be eligible to apply for different kinds of credit cards. According to Equifax, credit scores from 660 to 724 are considered good, 725 to 759 are considered very good and 760 and above are considered excellent. Regularly checking your credit report and maintaining a healthy credit score helps you get approved for credit more easily and with better terms.
If you have a credit score below 660, you may not be approved for an unsecured credit card. However, depending on the card issuer, you may be approved for a store credit card. If you have very good or excellent credit scores, your chances of getting an instant approval for the more premium range of cards are much higher. If you have a credit score below 600 or don’t have a credit history, you should consider applying for a Secured Credit Card instead.
- Meet the income requirements: Many credit cards have a minimum income requirement for approval. For example, some cards require you to have a minimum annual income of $60,000 or household income of $100,000. You must carefully review this requirement before applying for a credit card.
- Provide Accurate information: It is important to provide accurate information about yourself on your application. If the information provided by you doesn’t match your background, your identity cannot be verified and your application may be rejected.
- Recent credit enquiries: Every time you apply for a credit card or a mortgage, the lender performs a hard credit pull, which negatively impacts your credit scores temporarily. Too many credit checks in a short span of time can hurt your credit score and flag your credit file as risky, and your application may be rejected. If you have recently applied for credit, it is ideal to wait for at least three to six months before the next application.
- Pay off your previous credit card debt: If you already have substantial debt on your existing credit cards, paying off a significant portion before applying for a new credit card would increase your chances of approval.
How is Instant Approval Different From Guaranteed Approval?
Even after an instant approval, you will still need to undergo a credit check and meet all the requirements of the application. If you have a bad credit score or don’t meet some of the requirements, your application can still get rejected. On the other hand, credit cards with guaranteed approval approve your application even when you have bad credit. These credit cards often require you to make a security deposit that acts as a collateral in case you miss your payments.
Bottom Line
With many banks and financial institutions offering instant approval, getting a credit card has become a much quicker process. You can get most credit cards within a week of applying. However, before applying for instant approval, you should make sure your credit score is in accordance with the requirement for the credit card and you meet all the qualification requirements for the credit card.