A fair credit score is between 560 and 659, falling above poor scores and below good and excellent scores. Here are the best credit cards for fair credit in Canada, including credit cards for a 600-650 credit scores.
We’ve chosen the best credit cards for fair credit in Canada by considering a number of factors based on the providers available through Finder. However, these cards are not representative of the entire market.
We considered rewards points, cashback or other basic perks such as extended warranties, purchase protection, annual fees and interest rates—all based on information provided to Finder. We also included an analysis of credit cards suitable for people rebuilding their credit scores.
No single credit card can be considered the right card for all Canadians. As such, we strongly recommend you compare credit card options before selecting and applying for a credit account. For our complete list check out our Best Credit Cards in Canada guide.
With the Neo Credit Mastercard, earn an average cash back of 5% (or 6% with the Premium plan) at local and national Neo partners including food delivery, streaming and rideshare services as well as restaurants, bars, cafes and retail stores. Earn a guaranteed 1% cash back (or 3% with the Premium plan) on gas and groceries. Premium members earn 0.5% cash back on all other non-partner spending. Pay $0 or $4.99 per month for the Base or Premium plan.
Cash back rewards. Up to 5% cash back (6% for Premium members)
Two plans, two rewards levels. The Base plan is free, but Premium gets you extra perks and higher cash back rates.
Highly-rated mobile app. Manage all your Neo Financial accounts and products, get personalized insights and spend with your virtual Neo card.
Welcome offer. Get $25.00 when you apply for the Neo Credit Mastercard. Plus, get up to 15% cashback on your first purchases at Neo partners.
High rates for poor credit. The purchase interest rate ranges from 19.99% - 29.99% depending on your credit score.
Low non-partner cash back rate. Get low or no rewards for spending outside Neo's partner network.
Pay for perks. Pay monthly for benefits like travel insurance, airport lounge access, credit score monitoring and purchase protection.
Annual Fee
$0
Purchase APR
19.99%
Cash Advance Rate
22.99%-31.99%
Balance transfer APR
N/A
Welcome offer
Get $25.00 when you apply for the Neo Credit Mastercard. Plus, get up to 15% cashback on your first purchases at Neo partners.
Rewards
With the Neo Credit Mastercard, earn an average cash back of 5% (or 6% with the Premium plan) at local and national Neo partners including food delivery, streaming and rideshare services as well as restaurants, bars, cafes and retail stores. Earn a guaranteed 1% cash back (or 3% with the Premium plan) on gas and groceries. Premium members earn 0.5% cash back on all other non-partner spending. Pay $0 or $4.99 per month for the Base or Premium plan.
Best fair credit card signup offer: Tangerine World Mastercard
This card is great if you want a $0 annual fee credit card with unlimited cash back rewards and an attractive promotional offer. Earn 2 on up to three cashback categories of your choice. Travel perks are limited but impressive for a no-annual-fee credit card.
Annual fee. This card has a $0 annual fee.
Cash back. Earn unlimited 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 unlimited 0.5% cash back on everything else. Conditions apply.
Balance transfer. Get a 1.95% interest rate on balance transfers for the first six months. You must request a balance transfer within 30 days of approval and activate your card within 45 days of approval. A 1% fee applies (waived for Quebec residents). Other terms and conditions apply.
Travel perks. Enjoy exclusive dining, retail and spa offers in over 650 airports worldwide with a complimentary Mastercard Travel Pass provided by DragonPass. Get free car rental insurance, and access over 1,300 airport lounges for $32 USD per visit. Stay connected with access to more than 1 million Wi-Fi hotspots globally through Boingo.
Additional cardholders. Add up to 5 additional cardholders for $0.
Minimum income requirement. You need a minimum personal income of $50,000 or a combined household income of at least $80,000 to apply for this card.
Foreign transaction fee. You'll face a 2.5% foreign transaction fee every time you use your card overseas or online with international retailers.
Limited travel benefits. This card doesn't offer many benefits you can get with premium cards such as complimentary travel insurance, free upgrades and discounted car rentals.
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 October 31, 2024.
Rewards
Earn unlimited 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 unlimited 0.5% cash back on everything else. Conditions apply.
Best entertainment credit card for fair credit: Scotiabank SCENE+ Visa Card
If you've have no credit history and are looking for a rewards card with a $0 annual fee, the Scotiabank SCENE+ Visa Card is worth taking a look at – especially if you're a big movie buff. Earn 2 Scene+ points on every $1 you spend at Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo and more. Plus, earn 2 Scene+ points per $1 spent at participating Cineplex theatres or cineplex.com, and earn 1 Scene+ point per $1 spent on eligible purchases elsewhere. Redeem your SCENE points for dining, entertainment, travel, groceries, statement credit and more.
Annual fee. This card has a $0 annual fee.
Rewards points. Earn 2 Scene+ points on every $1 you spend at Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo and more. Plus, earn 2 Scene+ points per $1 spent at participating Cineplex theatres or cineplex.com, and earn 1 Scene+ point per $1 spent on eligible purchases elsewhere. Redeem points for travel, dining, entertainment, statement credit and more.
Additional cardholders. Pay $0 to add another authorized user to your account, so you can rack up points faster.
Earn more. Earn up to 5,000 Scene+ points in the first 3 months. Apply by October 31, 2024.
Rental cars. Get a discount of up to 25% off at participating Budget and AVIS car rental locations in both Canada and the US..
Extra insurance available. Optional insurance is available (for a fee) to help pay down your balance if you become critically ill, disabled or can't work due to job loss, strikes or lockouts. If you pass away or get diagnosed with a Covered Critical Illness, your card balance can be paid off up to $10,000.00 or $50,000.00 depending on the coverage type. Terms apply.
Missed payment fee. You'll be charged a 24.99% rate on any missed payments.
Foreign conversion fee. Every time you charge a purchase to your card in a foreign currency, you'll incur a 2.5% fee.
Annual Fee
$0
Purchase APR
20.99%
Cash Advance Rate
22.99%
Balance transfer APR
22.99%
Welcome offer
Earn up to 5,000 Scene+ points in the first 3 months. Apply by October 31, 2024.
Rewards
Earn 2 Scene+ points on every $1 you spend at Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo and more. Plus, earn 2 Scene+ points per $1 spent at participating Cineplex theatres or cineplex.com, and earn 1 Scene+ point per $1 spent on eligible purchases elsewhere.
Best fair credit card with no annual fee: Scotia Momentum No-Fee Visa Card
Get a 0% introductory interest rate on balance transfers for the first 6 months with no balance transfer fee. Apply by October 31, 2024. Get 1% cash back on all eligible gas station, grocery store and drug store purchases and recurring bill payments, and get 0.5% cash back on all other eligible purchases.
Earn cashback. Get 1% cash back on all eligible gas station, grocery store and drug store purchases and recurring bill payments, and get 0.5% cash back on all other eligible purchases.
Annual fee. This card comes with a $0 annual fee.
Signup bonus. Earn a Earn 5% cash back on all purchases for the first 3 months (up to $2,000 spend). Plus, get a 0% introductory interest rate on balance transfers for the first 6 months with no balance transfer fee. Apply by October 31, 2024. when you sign up..
Low return on other purchases. Receive only 0.5% on all other categories of spending.
Annual Fee
$0
Purchase APR
intro for the first 6 months (then from 19.99% )
Cash Advance Rate
22.99%
Balance transfer APR
0% intro for the first 6 months (then 22.99% )
Welcome offer
Earn 5% cash back on all purchases for the first 3 months (up to $2,000 spend). Plus, get a 0% introductory interest rate on balance transfers for the first 6 months with no balance transfer fee. Apply by October 31, 2024.
Rewards
Get 1% cash back on all eligible gas station, grocery store and drug store purchases and recurring bill payments, and get 0.5% cash back on all other eligible purchases.
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 best 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.
Eligibility requirements. Besides your credit score, many card providers want you to meet minimum age and income requirements. If you aren’t yet the age of majority in your province or territory, check out our guide on credit card options for teens.
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.
Alternatives to fair credit cards in Canada
Getting a credit card for fair credit in Canada can be tough as there are limited options available. While strengthening your credit score to apply for premium cards, consider getting a prepaid card or secured credit card for non-cash purchases.
Prepaid cards are a lot like debit cards. You must deposit funds into your account to use it, so you can only spend what you have. Additionally, prepaid cards are not reported to credit bureaus and won’t help improve your credit score.
The upside is that these cards are easy to get and can be used to make online purchases.
Secured credit cards also require a deposit, which becomes your credit limit and is used as collateral in case you miss repayments.
Secured credit card payments are reported to credit bureaus, so these cards can be used to increase your credit score over time.
Compare secure & prepaid cards for fair credit in Canada
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. Inquiries on your report account for around 10% of your total score. 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. Submitting multiple applications within a short span of time typically counts as a single hit to your credit 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 Canada’s major credit bureaus (Equifax and TransUnion) if you notice an error on your report and ask that it be fixed.
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.
FAQs about credit cards for fair credit in Canada
It's possible to qualify for both secured and unsecured credit cards with a fair credit score. A secured card requires an upfront deposit that becomes your credit limit. To qualify for premium cards or the lowest interest rates, you'll need a good or excellent credit score.
You'll need to rebuild your credit score after bankruptcy to qualify for a most credit cards. Consider getting a secured credit card or credit builder loan. Making repayments on time and in full will improve your score and help you qualify for more premium credit products.
Compare more credit cards for a 600-650 credit score in Canada
1 - 9 of 9
Bottom line
A fair credit score will still qualify you 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. But a fair credit score is very close to a good score. A little extra financial effort could improve your score and give you access to credit cards with better perks.
Was this content helpful to you?
Thank you for your feedback!
To make sure you get accurate and helpful information, this guide has been edited by Stacie Hurst as part of our fact-checking process.
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio
Going abroad and wondering whether you can use your credit card while travelling? Here’s the lowdown on credit cards vs. cash, fees, and which cards to get.
Why pay for insurance? Credit card insurance has you covered when you travel, for purchase protection, extended warranties and more.
Feedback
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
