Credit cards you can get approved for more easily
Learn how to compare credit cards with more lenient eligibility requirements and increase your chances of being approved.
When applying for a credit card online, you’ll need to meet the eligibility criteria in order to be considered for approval. Some cards have stricter eligibility requirements than others, so it’s important to do your research and make sure you’re eligible for a card before you apply for it.
If you’re looking for credit cards that offer quick approval and cater to lower incomes, read our guide below to learn what you can do to improve your chances of being approved.
Which types of credit cards are easier to apply for?
Credit card eligibility requirements generally increase in demand with premium cards, like gold, black and platinum cards, that typically include more perks and benefits. That said, the following types of credit cards may have lower requirements for a successful application:
- Low income credit cards. Your annual income plays an important role in the credit card you can apply for. Low-income credit cards, as their name implies, have low minimum income requirements, which usually sit around $12,000 a year. Keep in mind, even these card providers will delve into your credit history.
- Low rate cards. If you plan to carry a balance on your credit card, getting a card with a low-interest rate could help keep costs down when compared to other options. A typical low interest rate card would not offer extras like concierge access and complimentary insurances, but it would offer all basic features you can expect from a credit card like fraud protection.
- Low credit limit credit cards. Cards with stricter eligibility criteria usually offer more features and higher credit limits, but if you have a low income, lower credit limits that normally start around $500 generally apply.
- Joint account cards. If you don’t earn enough to apply for a credit card, you can consider applying for one as a joint applicant, by combining your income with your partner’s income. If your partner has an existing credit card, you can even think about getting an additional card linked to their account.
- Low annual fee cards. Annual fees on credit cards vary, but cards with low fees are likely to have fewer extra features and usually have lower income requirements and more lenient eligibility criteria.
Pros and cons
- Suitable for low-income earners. Since people with low incomes don’t have too many options, this is one of the biggest advantages of credit cards with easy eligibility criteria. If you earn $12,000 a year or more, you can think about applying for a low-income credit card.
- Keep expenses in check. One risk of getting a credit card is overspending. A typical low-income credit card comes with a low credit limit, ensuring that you don’t end up making excessive purchases.
- Promotional interest rates. Certain low-income credit cards come with promotional interest rates that last for a specified period of time, usually between six to 12 months. These promotional rates normally apply only to balance transfers and prior debt, but some cards offer these rates on new purchases as well.
- Paying high interest. Credit cards charge interest on purchases and cash advances, and these two interest rates sometimes differ. With a card that charges high interest, if you don’t pay your balance in full each month, you could end up paying a significant amount in interest.
- Fees and charges. Depending on the credit card you choose, you might have to pay application fees and an annual fee for the card. Additionally, if you don’t make timely repayments, you will incur interest charges.
- Temptation to spend. A credit card can free up your cash flow and help build your credit history. However, make sure you stick to a budget and avoid the temptation to use the card for purchases that you can’t afford to pay off. It can be exceptionally easy to spend money on plastic.
How to apply for a credit card with easier approval
Once you’ve compared different credit card options, you can apply for a credit card online. Before you apply, be sure you meet the eligibility requirements and have the relevant documents on hand.
Although it can vary between different credit card providers, to apply, you would usually have to meet the following eligibility criteria:
- Be 18 years old or the age of majority in your province or territory
- Be a Canadian citizen or a permanent resident with a valid Canadian address
- Have a regular source of income
- Have a good credit history, which is usually a score of 650 or higher
Necessary documents and information
You also need to provide different types of information, which could include the following:
- Your full name, date of birth and details from your Canadian driver’s license or government-issued ID
- Your Canadian address, email address and phone number
- Your employer’s name, phone number and address
- Details of your income and expenses including a recent paycheque or bank statement
While you don’t have to earn a lot of money to get a credit card, you will have to repay any money you spend on it. If you don’t pay on time, you can rack up additional interest charges which can add to the cost. If you still wish to apply for a credit card, make sure you compare your options before applying for a specific card. The goal is to find a credit card that suits your own unique financial situation and spending habits.
Compare Canadian credit cards
The right credit card for you depends on your income, credit history, spending habits and individual needs. You can compare the eligibility requirements for a range of credit cards below to find a card that matches your financial situation.
Frequently asked questions
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