Best Instant Approval Credit Cards in Canada for November 2024
What You Should Know
- Instant approval cards let you know within minutes of application whether your application is approved or rejected.
- Instant approval is different from guaranteed approval because credit card providers will reject your application if you are not eligible for the card.
- Instant approval credit cards are usually processed and delivered to you within 5 to 7 business days.
- Some instant approval cards issue a digital card that can be used to make purchases right after approval.
Best Instant Approval Credit Cards for Rewards
- Receive 100 WestJet Dollars points when you spend $1,000.00 during the first 3 months.
$39.00
Purchase: 20.99%
Cash: 22.99%
Income Requirement Is Not Specified.
Fair
Rewards: WestJet Dollars Points
1 WestJet Dollars Point ≈ ¢100
- 0.015 WestJet Dollars Point for each $1 spent on: WestJet Purchases.0.015 WestJet Dollars Point ≈ $0.015 in cash equivalent.
- 0.01 WestJet Dollars Point for each $1 spent on: everything else.0.01 WestJet Dollars Point ≈ $0.01 in cash equivalent.
- Receive 3500 Avion points when you spend $500.00 during the first 3 months.
- Receive 3500 Avion points when you make 1 purchase.
$48.00
Purchase: 20.99%
Cash: 22.99%
Income Requirement Is Not Specified.
Fair
Rewards: Avion Points
1 Avion Point ≈ ¢0.58
- 3 Avion Points for each $1 spent on: gas, grocery, streaming, EV charging and entertainment.3 Avion Points ≈ $0.0174 in cash equivalent.
- 1 Avion Point for each $1 spent on: everything else.1 Avion Point ≈ $0.0058 in cash equivalent.
- Receive 10000 Aeroplan points when you spend $1,000.00 during the first 3 months.
- Receive 10000 Aeroplan points when you make 1 purchase.
$89.00
Purchase: 20.99%
Cash: 22.99%
Income Requirement Is Not Specified.
Fair
Rewards: Aeroplan Points
1 Aeroplan Point ≈ ¢1
- 1 Aeroplan Point for each $1 spent on: Air Canada.1 Aeroplan Point ≈ $0.01 in cash equivalent.
- 1 Aeroplan Point for each $1.5 spent on: everything else.1 Aeroplan Point ≈ $0.01 in cash equivalent.
$120.00
Purchase: 20.99%
Cash: 21.99%
Income Requirement Is Not Specified.
Fair
Rewards: Marriott Bonvoy Points
1 Marriott Bonvoy Point ≈ ¢0.7
- 5 Marriott Bonvoy Points for each $1 spent on: Marriott purchases.5 Marriott Bonvoy Points ≈ $0.035 in cash equivalent.
- 2 Marriott Bonvoy Points for each $1 spent on: everything else.2 Marriott Bonvoy Points ≈ $0.014 in cash equivalent.
Best Instant Approval Credit Cards for Cash Back
- Receive $10 in statement credit every month you spend at least $300.00 for the first 10 months.
$0.00
Purchase: 20.99%
Cash: 21.99%
Income Requirement Is Not Specified.
Fair
Cash Back
- 2% Cashback for each $1 spent on: gas and grocery.
- 1.25% Cashback for each $1 spent on: everything else.
$0.00
Purchase: 20.99%
Cash: 22.99%
Income Requirement Is Not Specified.
Fair
- Get up to 5% in Cashback on eligible purchases in the first 3 months. (Max Cashback $97.50)
- 0.99% Balance Transfer Rate for 9 Months with a 2% transfer fee.
$0.00
Purchase: 20.99%
Cash: 22.99%
Transfer: 22.99%
Income Requirement Is Not Specified.
Fair
Cash Back
- 3% Cashback for each $1 spent on: grocery.
- 1% Cashback for each $1 spent on: recurring bills.
- 0.5% Cashback for each $1 spent on: everything else.
$0.00
Purchase: 20.90%
Cash: 21.90%
Income Requirement Is Not Specified.
No Minimum
Credit Score.
Cash Back
- 2% Cashback for each $1 spent on: transit, restaurants, entertainment and recurring bills.
- 0.5% Cashback for each $1 spent on: everything else.
Best No Fee Instant Approval Credit Cards
$0.00
Purchase: 20.99%
Cash: 22.99%
Income Requirement Is Not Specified.
Fair
Rewards: Avion Points
1 Avion Point ≈ ¢0.58
- 1.5 Avion Points for each $1 spent on: gas, grocery, streaming, EV charging and entertainment.1.5 Avion Points ≈ $0.0087 in cash equivalent.
- 1 Avion Point for each $1 spent on: everything else.1 Avion Point ≈ $0.0058 in cash equivalent.
$0.00
Purchase: 21.90%
Cash: 21.90%
Transfer: 21.90%
Income Requirement Is Not Specified.
Fair
Rewards: Capital One Mile Points
1 Capital One Mile Point ≈ ¢0.5
- 1 Capital One Mile Point for each $1 spent on: all eligible purchases.1 Capital One Mile Point ≈ $0.005 in cash equivalent.
- Receive 10000 Aeroplan points when you make 1 purchase.
$0.00
Purchase: 20.99%
Cash: 22.99%
Household: $15,000
Fair
Rewards: Aeroplan Points
1 Aeroplan Point ≈ ¢1
- 1 Aeroplan Point for each $1 spent on: gas, grocery and Air Canada.1 Aeroplan Point ≈ $0.01 in cash equivalent.
- 1 Aeroplan Point for each $1.5 spent on: everything else.1 Aeroplan Point ≈ $0.01 in cash equivalent.
- Receive $10 in statement credit every month you spend at least $300.00 for the first 10 months.
$0.00
Purchase: 20.99%
Cash: 21.99%
Income Requirement Is Not Specified.
Fair
Cash Back
- 2% Cashback for each $1 spent on: gas and grocery.
- 1.25% Cashback for each $1 spent on: everything else.
Best Low-Interest Instant Approval Credit Cards
$0.00
Purchase: 10.90%
Cash: 12.90%
Income Requirement Is Not Specified.
Fair
$0.00
*Home Equity is required as collateral.
Purchase: 8.99%
Cash: 8.99%
Individual: $15,000
Fair
$39.00
Purchase: 8.99%
Cash: 24.99%
Transfer: 8.99%
Income Requirement Is Not Specified.
Fair
- Receive 50000 Scene+ points when you spend $3,000.00 during the first 3 months.
- Receive 10000 Scene+ points when you spend $10,000.00 during the first 14 months.
$399.00
Purchase: 9.99%
Cash: 9.99%
Transfer: 9.99%
Individual: $12,000
Excellent
Rewards: Scene+ Points
1 Scene+ Point ≈ ¢0.7
- 2 Scene+ Points for each $1 spent on: all eligible purchases.2 Scene+ Points ≈ $0.014 in cash equivalent.
Best Bad Credit Instant Approval Credit Cards
$0.00
Purchase: 20.90%
Cash: 21.90%
Income Requirement Is Not Specified.
No Minimum
Credit Score.
Cash Back
- 2% Cashback for each $1 spent on: transit, restaurants, entertainment and recurring bills.
- 0.5% Cashback for each $1 spent on: everything else.
$0.00*
Purchase: 0.00%
No Income Required.
No Minimum
Credit Score.
Cash Back
- 5% Cashback for each $1 spent on: select merchants.
- 1% Cashback for each $1 spent on: grocery, transit, restaurants and food delivery.
- 0.25% Cashback for each $1 spent on: everything else.
Other Perks
- 5% Interest on Your Entire Balance.
- Credit Building: $10/month.
- Free Credit Score.
- Unlimited e-Transfers.
- Up to $100K of your money is protected by CDIC.
About Instant Approval Credit Cards
Nowadays, most credit cards offer instant approval. When looking for a credit card online, you might see terms such as ‘get a response within 60 seconds’ or ‘apply now and get a response in as little as 60 seconds.’ The credit card instant approval relies on the card issuer’s underwriting algorithms to determine whether you meet the qualification requirement.
Some of the best credit cards in Canada have an instant approval process. Even some business credit cards offer instant approval. Within a few minutes (sometimes seconds) of completing your applications, you will be notified if your application is approved or rejected. Some applications require manual review or additional documents, which may delay the application process by as long as 30 days.
Your application should be processed instantly if you have a good credit score and a couple of credit cards from large lenders. On the other hand, if you have an insufficient credit history or no credit cards on your credit report, the credit card provider will likely ask you for additional information.
What Are Instant Approval Credit Cards?
Instant approval credit cards tell you whether your application is approved or rejected immediately. Card issuers these days use underwriting algorithms that help them approve or reject an application within minutes. Nowadays, most credit cards from no-fee credit cards to high-end credit cards have an instant approval feature making it easy for Canadians to get apply for credit cards. Instant approval saves the applicant and the card issuer a lot of time by expediting the underwriting process, which may take weeks otherwise.
Usually, the physical card is delivered to the applicant within 5-7 business days. Some card issuers may also issue a digital card that can be used immediately upon approval. This can be particularly useful if you intend to use the card soon. For example, if you apply for a travel credit card that you want to use for an upcoming trip, you do not wish to wait for weeks to receive your credit card.
You can apply for instant approval credit cards online, over the phone, in person at a bank branch, or in-store (for store credit cards). All the large banks in Canada offer credit cards with instant approval. You will need to have some information handy when applying for an instant approval credit card. A typical credit card application would require the following information:
- Identity information and contact details.
- Occupation, income, and employment information.
- Mortgage payments and other payments, such as condo fees.
- Your current living arrangement (own house/rental/living with relatives).
- Your SIN number (optional but helpful).
Apart from these, you need to ensure you meet basic requirements such as:
- Be a Canadian resident.
- Be of mature age in your province of residence.
- Not have a declared bankruptcy in the last seven years.
How to Increase Your Odds of Instant Approval for a Credit Card
To be instantly approved, you need to meet the qualification requirements for the credit card. The following factors may affect the credit card instant approval decision:
Your Credit Score: You can check your credit score with Equifax and TransUnion for free. Doing so will not hurt your credit score and will help you determine if you are eligible to be approved for a particular credit card.
You may be eligible to apply for different kinds of credit cards based on your credit score. According to Equifax, credit scores from 660 to 724 are considered good, 725 to 759 are considered very good, and 760 and above are considered excellent. If you have a credit score below 660, you may not be approved instantly for an unsecured credit card, but you may still be approved for a secured credit card.
Income Requirements: Many credit cards have a minimum income requirement for approval. For example, some cards require a minimum annual individual income of $60,000 or a household income of $100,000. You must meet this requirement before applying for a credit card.
Accurate Information: It is important to provide accurate information about yourself on your application. If the information provided by you doesn’t match your background, your identity cannot be verified, and your application may need a manual review.
Number of Credit Inquiries: Every time you apply for a credit card, the lender performs a hard credit check, temporarily lowering your credit score. Too many credit checks in a short timespan can hurt your credit score and flag your credit file as risky, which may lead to your credit card application being rejected. If you have recently applied for a credit card, waiting for at least three to six months before the next application is ideal.
Credit Card Debt: A balance on your credit card accounts also negatively affects your credit score. Paying off a significant portion of your credit card debt before applying for a new credit card would increase your chances of approval.
Frequently Asked Questions
Can I Get a New Credit Card Instantly?
Yes, some credit cards can be used instantly from your phone. Some credit card issuers offer digital cards that can be loaded on your phone once your instant approval credit card application is approved. For example, American Express provides a digital credit card as soon as you are approved.
Can I Get a Credit Card in 3 Days?
You may not get a physical card within three days, but you may get a digital credit card as soon as your application is approved. It takes 5 to 7 business days to deliver your credit card, but some lenders offer a digital credit card that can be used on your phone as soon as you are approved.
How Is Instant Approval Different From Guaranteed Approval?
Instant approval does not guarantee approval, while guaranteed approval always leads to a successful application. Instant approval is often used on regular credit cards, while guaranteed approval is usually used for secured and prepaid credit cards.
Disclaimer:
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