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When you apply for instant approval credit cards online, you can be approved in under a minute. And if approved, you’ll typically receive your credit card in the mail within 1-2 weeks. Read on to learn more about instant approval credit cards in Canada, how to apply and how to compare the best cards for your financial situation.
A prepaid card works similar to a debit card in that it requires that you first load money onto the card before you can start spending. Prepaid cards are re-loadable cards that you can use for purchases wherever credit cards are accepted. Since your credit score won’t be affected when you use a prepaid card, they are usually fairly quick and easy to apply for. You’ll also have some of the same conveniences that using a major credit card offers such as earning cash back rewards.
An instant approval credit card has an application that returns a decision within a few minutes or less. Typically these are some of the easiest credit cards to get in Canada. Applications are online and usually take around 10 minutes to complete.
Instant approval credit cards are mostly aimed at those with good to excellent credit scores. Even if you meet the basic eligibility requirements and have an excellent credit score, there are a number of reasons your application may be declined. An instant approval credit card doesn’t mean your approval is guaranteed.
While it varies between credit cards, you’ll typically need to meet the following requirements for instant approval credit cards in Canada:
Most banks and credit card issuers allow you to apply for credit cards online. The credit card provider can access the online national credit bureaus – Equifax and TransUnion – and calculate its response using your credit status almost instantly. It’s only when there’s an issue with your application or credit history that it might take longer than 60 seconds for the issuer to process.
Applying online for credit cards with instant approval also has some security benefits. Your application will be protected by 128-bit encryption and an online application is easier to track, reducing the chance of lost documents.
Like any other credit card application, though, your approval will depend on your credit history, income and the information you included in your application.
Getting an instant approval on your credit card in cases of emergency comes with benefits, such as:
Your approval time for these credit cards will depend on the information you provide. Usually, a decision is instant or near instant, and you’ll receive it via email within a few minutes of completing your application. Before applying, be sure you meet the eligibility requirements for the credit card.
Each time you apply for a credit card, the lender checks your credit score as part of your application process. The lender needs to know if you are a trustworthy borrower and your credit score and history are the biggest indicators of that. Unfortunately, you can’t avoid a credit check when applying for a credit card unless you apply for a second card with the same provider.
To improve your chances of getting credit cards with instant approval, there are a few steps you’ll need to take to make sure you’ve completed your application properly.
As you can apply for most instant approval credit cards online and get approved within 60 seconds, it’s important to compare your options before applying. Rather than basing your decision on the fact that you could potentially receive approval within 60 seconds, make sure to consider the following:
Make sure you can afford the card and that it offers the extra features you need to manage your credit.
While you could receive approval within 60 seconds, you won’t receive approval at all if you don’t meet the eligibility requirements. Some of the criteria you’ll be expected to meet include:
When you apply for a credit card online, you’ll be required to attach a number of documents and provide some personal information to receive instant approval. Some of the personal information you’ll need to provide includes:
To ensure a smooth and quick application process, make sure you have these details on hand before you begin your application.
Once you’ve compared your options, made sure you meet the eligibility criteria and organized the necessary documents, you can select the ‘Go to Site’ button to begin your secure online application. This should only take around 10 minutes if you have all of the relevant details handy. Once you’ve submitted your application, you should receive your response within 60 seconds. You’ll either be approved, rejected or, if the bank needs to investigate a detail of your application in further detail, left pending.
If your application is rejected, you shouldn’t apply for another credit card straight away. Like with all credit cards, applying for several instant approval credit cards in a short period and having rejected applications on your credit file can further damage your credit score.
Instead, you might want to try the following:
You can use our guide on reasons why your credit card might have been declined to get started.
Rejected applications can hurt your credit score even further, so it’s important to consider these conditions before applying.
Credit cards with instant approval are an easy way to apply for a credit card online and get your credit card sooner. As instant approval credit cards still require you to meet the relevant eligibility requirements, it’s important to compare your options and prepare your application before submitting it to improve your chances of approval.
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