Tangerine World Mastercard
- Enjoy a 10% cashback welcome bonus
- Earn unlimited cashback with no caps on earning potential
- No annual fee
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Top credit cards for fair credit in Canada
Compare credit cards for 650 credit score and below in Canada, learn how your fair credit score affects your credit eligibility, and get tips to improve your score.
Looking for the top credit cards for fair credit in Canada? A fair credit score sits between 560 and 659 — just a tier below a “good” score, which lies between a score of 660 to 724.
In our guide to credit cards for fair credit, below, you can compare a number of Canadian credit cards that are suitable for anyone with a credit score of 660 and below. Plus, learn more about what your credit score means, and learn useful time on how to improve your score and why keeping your credit score high is critical for lowering your borrowing costs.
Top credit cards for fair credit in Canada
| Credit card | Estimated minimum credit score | ||
|---|---|---|---|
 | Neo Financial Mastercard | 600 | |
 | Tangerine Money-Back Credit Card | 600 | |
 | Tangerine World Mastercard | 600 | |
 | RBC Cash Back Mastercard | 650 | |
 | BMO CashBack Mastercard | 660 |
Compare credit cards for fair credit by category
Top regular rate cashback card:
Neo Financial Mastercard
600
Min. credit score
Min. credit score
$0
Annual fee
Annual fee
Up to
4%
Cash back
Cash back
Get $25.00
Welcome offer
Welcome offer
The Neo Financial Mastercard lets you earn a solid cash back return on your everyday spending. Earn an average cash back of 5% at thousands of local and national Neo partners including most major gas and grocery stores, restaurants, gyms, coffee shops and more. Earn a guaranteed 0.5% cash back on all spend at non-partners. You can sign up for 3 different Neo credit card plans: Standard, Plus and Ultra. The card you choose will depend on how much cash back you want to earn and how much you're willing to pay for your monthly fee.
- Rewards. Average 5% cash back
- Choose between 3 card types. The Standard, Plus and Ultra.
- No insurance. You won't get any additional perks like travel insurance, roadside assistance or purchase protection.
| Annual Fee | $0 |
|---|---|
| Purchase APR | |
| Cash Advance Rate | 22.99% - 28.99% |
| Balance transfer APR | N/A |
| Welcome offer | Get $25.00 when you apply for the Neo Financial Mastercard. Plus, get up to 15% cashback on your first purchase. |
| Rewards | Earn an average cash back of 5% at thousands of local and national Neo partners including most major gas and grocery stores, restaurants, gyms, coffee shops and more. Earn a guaranteed 0.5% cash back on all spend at non-partners. |
Best signup offer:
Tangerine Money-Back Credit Card
600
Min. credit score
Min. credit score
$0
Annual fee
Annual fee
Up to
2%
Cash back
Cash back
10% cash back
Welcome offer
Welcome offer
Earn 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else. Categories include groceries, gas, restaurants, hotels, recurring bill payments, drug store, home improvement and entertainment. Plus, get access to a 1.95% interest rate on a balance transfer for the first 6 months.
- Earn rewards. Earn 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
- Annual fee. This card comes with a $0 annual fee.
- Balance transfer rate. Get a 1.95% interest rate on balance transfers for the first six months. To take advantage of this offer, you must complete the Balance Transfer request within 30 days of account approval and activate your card within 45 days of approval. A balance transfer fee equaling the greater of 3% or $5 will be charged on each transferred amount (fee is waived by Tangerine if you're a resident of Quebec).
- Low return on other purchases. Receive only 0.5 cash back on all other categories of spending.
- Currency conversion. You'll pay a foreign transaction fee of 2.5% on all overseas purchases.
| Annual Fee | $0 |
|---|---|
| Purchase APR | 19.95% |
| Cash Advance Rate | 19.95% |
| Balance transfer APR | 1.95% intro for the first 6 months (then 19.95% ) |
| Welcome offer | Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until July 5, 2023. |
| Rewards | Earn 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else. |
Top no annual fee card:
BMO CashBack Mastercard
660
Min. credit score
Min. credit score
$0
Annual fee
Annual fee
9 months
0.99% intro transfer APR
0.99% intro transfer APR
Up to
3%
Cash back
Cash back
Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases. Plus, earn up to 5% cash back as a welcome bonus and get a balance transfer offer.
- Earn cash back. Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
- Balance transfer rate. For the first 9 months, new customers can get a 0.99% introductory interest rate with a 2% fee on balance transfers from non-BMO credit cards. After that, balance transfers are subject to a 22.99% cash advance interest rate.
- No annual fee. This card comes with a $0 annual fee.
- Signup bonus. Get 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,500, after which standard cash back rates apply).
- Balance transfer offer. A 2% fee on balance transfers from non-BMO credit cards.
- Low return on other purchases. Receive only 0.5 cash back on all other categories of spending.
- Currency conversion. You'll pay a foreign transaction fee of 2.5% on all overseas purchases.
- Balance transfer fee. You'll pay a balance transfer fee.
| Annual fee | $0 |
|---|---|
| Purchase APR | 20.99% |
| Balance transfer APR | 0.99% intro for the first 9 months (then 22.99% ) |
| Balance transfer fee | 2% |
| Rewards | Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases. |
What is fair credit?
Credit scores in Canada range from 300 to 900 points. The “magic number” is said to be around 660 – a credit score higher than 660 is regarded as being in the “good”, “very good” or “excellent” range, while anything under 660 is regarded as “fair” or “poor”. A fair credit score sits just below the “good” credit range, starting at around 560 and going up to 659.
In simple terms, a fair credit score in Canada means that you pose a medium level of risk to banks and other lenders when it comes to defaulting on your loan. The lower your score is, the more risk lenders perceive and the less money you’ll be able to qualify for. That’s why it’s important to maintain your score and take measures to improve your ranking where possible.
How to choose the right credit card for fair credit in Canada
- Compare your options. Aim to compare at least 3-4 credit cards to see which one will give you a high return on rewards, as well as perks, for the lowest fee.
- Search for a no annual fee card. Find a card that doesn’t charge an annual fee so that you can put the money you save onto your balance.
- Opt for a low interest rate. If you think you’ll carry a balance on your card, look for a card that has a low purchase APR to keep your payments manageable and cheaper.
- Ask about intro offers. Lock in a card that offers a signup bonus, a balance transfer offer and/or a low purchase rate offer in the first few months.
- Decent rewards. Tap into a card that offers a good return on cash back, points or miles and use that balance to help make your payments on time every month – or treat yourself to travel, gift cards or merchandise.
- Other benefits. Look for a card that offers basic benefits like fraud protection and extended warranty coverage.
Compare more credit cards for fair credit in Canada (approx. 650 credit score or lower)
1 - 8 of 8
Alternative cards for fair credit
There are very few credit card options on the market for fair credit scores. If you’re finding it difficult to get approved for credit cards with your current credit score, it’s worth considering some other types of plastic you are much easier to qualify for and can even help build up your credit score while you use it.
With a prepaid credit card, for example, you can only spend what you put down on your card. You can think of this type of card almost like a debit card. Unfortunately, your prepaid card payments aren’t reported to the credit bureaus, so you won’t be able to rebuild your credit this way. The upside is just about anyone can qualify, so you’ll still be able to access the benefits of having a credit card, like being able to make purchases online.
You can also consider getting a secured credit card. For this type of card, you’ll need to put down a deposit, which becomes your credit limit. The deposit is used to secure the balance on your account. If you default on your payments, the bank can use your deposit to pay off your outstanding balance. Otherwise, you’ll get it back when you close out your account. Your payments will be reported to credit bureaus, so these cards can help increase your credit score over time.
Compare card options for low credit scores
1 - 4 of 4
How to improve a fair credit score
- Make payments on time. This is the easiest way to improve your credit score, since your payment history accounts for roughly 35% of your total score.
- Keep your credit utilization ratio low. Your credit utilization ratio is calculated as the amount of credit you use vs. the total amount you have. Keep your spending low in relation to the total amount of credit you have access to. This accounts for roughly 30% of your credit score.
- Pay your balance off each month. Pay your balance off in full each month to improve your score and save money on interest.
- Only apply for credit you need. Every credit check on your account will drag down your score, so only apply if you need the credit and you’re sure you’ll qualify. Inquiries on your report account for around 10% of your total score.
- Don’t cancel old credit cards. Keep old cards open even if you don’t use them to maintain your total credit amount and the length of your credit history.
- Correct errors in your credit report. Contact both credit bureaus (Equifax and TransUnion) if you notice any errors on your report and ask them to fix it.
Consider a credit builder loan
Credit builder loans are specialized loans that are designed to help rebuild your credit. Lenders of these types of loans report your on-time payments to the credit bureaus – ensuring that every payment gets logged and your credit score increases faster than it would with a regular loan.
The downside of credit builder loans is that they sometimes come with higher interest rates (because most people applying for one have bad credit). You should generally try to avoid providers that charge excess fees to set up your credit builder loan.
Bottom line
A fair credit score will still let you qualify for many credit cards, but your options will be more limited and you won’t be able to take advantage of some of the most generous credit card offers on the market. However, a fair credit score places you very close to a good score, which means with a little budgeting and effort, you could improve your credit score and open yourself up to more financial products.
Canadian credit cards for fair credit FAQs
More guides on Finder
-
Bad credit loans in Edmonton, Alberta
From personal and payday loans to lines of credit, compare loans for bad credit in Edmonton.
-
How to buy Sui (SUI) in Canada
This guide provides step-by-step instructions on how to buy Sui, lists some exchanges where you can get it and provides daily price data on (SUI).
-
How to buy Pepe (PEPE) in Canada
This guide provides step-by-step instructions on how to buy Pepe, lists some exchanges where you can get it and provides daily price data on (PEPE).
-
How to buy Arbitrum (ARB) in Canada
This guide provides step-by-step instructions on how to buy Arbitrum, lists some exchanges where you can get it and provides daily price data on (ARB).
-
How to buy SSV Network (SSV) in Canada
This guide provides step-by-step instructions on how to buy SSV Network, lists some exchanges where you can get it and provides daily price data on (SSV).
-
How to buy USDD (USDD) in Canada
This guide provides step-by-step instructions on how to buy USDD, lists some exchanges where you can get it and provides daily price data on (USDD).
-
How to buy Blur (BLUR) in Canada
This guide provides step-by-step instructions on how to buy Blur, lists some exchanges where you can get it and provides daily price data on (BLUR).
-
How to buy FLOKI Inu (FLOKI) in Canada
This guide provides step-by-step instructions on how to buy FLOKI Inu, lists some exchanges where you can get it and provides daily price data on (FLOKI).
-
How to buy Aptos (APT) in Canada
This guide provides step-by-step instructions on how to buy Aptos, lists some exchanges where you can get it and provides daily price data on (APT).
-
How to buy EthereumPoW (ETHW) in Canada
This guide provides step-by-step instructions on how to buy EthereumPoW, lists some exchanges where you can get it and provides daily price data on (ETHW).