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Compare instant approval credit cards in Canada
Apply online for new instant approval credit cards and get approved in 60 seconds or less.
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.
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Looking for other instant approval cards? Compare prepaid cards
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.
What are instant approval credit cards?
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.
What are the typical eligibility requirements?
While it varies between credit cards, you’ll typically need to meet the following requirements for instant approval credit cards in Canada:
- Be at least 18 years of age, or the age of majority in your province or territory.
- Be a Canadian citizen or a permanent resident.
- Meet any minimum income requirements.
- Meet any minimum credit score requirements.
How do instant approval credit cards work?
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.
Benefits of instant approval credit cards in Canada
Getting an instant approval on your credit card in cases of emergency comes with benefits, such as:
- Instant discount and rewards. Depending on the card you’re approved for, you can use the discount on your purchases or earn rewards before your physical card arrives.
- Meet signup bonus requirements. If the card comes with a welcome offer, you get a chance to earn it early on.
- Instant access to certain card features. For example, an instant access balance transfer card can let you consolidate your debt much faster.
- Emergency credit line. This is helpful if you need to make a large purchase and you don’t have available credit on your other cards. Getting instant credit card numbers allows you to expand your credit card before getting your physical card. And if the card comes with a 0% intro APR period, you get an even higher value.
Compare more instant approval credit cards Canada-wide
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.
Instant approval credit cards with no credit check
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.
How to apply for an instant approval credit card in Canada in 4 steps
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.
Step 1. Compare your options.
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:
- Fees. Annual, foreign transaction, balance transfer, late and returned payment fees should all be taken into consideration.
- Rates. Check the APR for purchases, cash advances and balance transfers before settling on a card.
- Features. Rewards programs, balance transfer offers, signup bonuses, complimentary insurance and purchase protection are just a few benefits to take into account when comparing your options.
Make sure you can afford the card and that it offers the extra features you need to manage your credit.
Step 2. Check the eligibility requirements.
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:
- Good credit history. Most banks only accept applicants who have a good credit history with no evidence of defaults.
- Residential status. Depending on the card, you might only be able to apply if you’re a Canadian citizen or a permanent resident. Some banks do offer cards to temporary residents.
- Age. You’ll need to be at least 18 years of age, or the age of majority in your province or territory.
- Income. You’ll need to meet a minimum income requirement to receive approval for the card. If you don’t meet the income requirement of a card, you might want to compare low-income credit cards for more choice.
Step 3. Collect the necessary documents and information.
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:
- Proof of identity. You’ll be asked to provide proof of your identity such as your drivers license or SIN number.
- Personal details. You’ll need to provide your full name, residential address and contact details.
- Employment and income. You’ll need to provide proof of employment and income, including the details of your employer and recent pay slips. If you’re self-employed, you’ll need to provide your accountant’s details and if you’re retired, you’ll need to provide evidence of your pension and OAS payments or assets.
- Balance transfer details. If you’re applying for a balance transfer, you’ll need to provide the details of your existing accounts and the amount you’re transferring during the application.
To ensure a smooth and quick application process, make sure you have these details on hand before you begin your application.
Step 4. Apply online.
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.
What to do if your credit card application is declined
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:
- Review the card’s eligibility requirements.
- Review your credit score and credit history.
- Contact the provider if you can’t narrow down the reasons why you weren’t approved.
- Spend time improving your credit history or comparing other credit cards.
- Apply for another credit card after a few months once you’ve improved your credit score.
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.
Bottom line
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.
Frequently asked questions about instant approval credit cards
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