The Best Instant Approval Credit Cards In Canada
By;Winston Sih;on June 8, 2021
If waiting stresses you out, consider one of these credit card options. In some cases, you can be approved on the spot and even start purchasing with your card right away.
The approval process for a new credit card can feel punishingespecially if you have to wait several days for confirmation and for your card to be mailed to your home. Luckily, many credit cards now offer instant approval, making the application process much quicker and much less stressful. After filling out an application with details on your personal background, the card providers website runs its checks and lets you know within minutes if your application has been approved or rejected.;
If youre approved with the information youve provided, your application is expedited for credit checks, card printing and mailing. And you can expect to receive a welcome package containing your card in five to seven business days.;
As a safeguard against fraud, at times an application may go under manual review, in which case the file gets forwarded for verification, sometimes taking an additional two to three business days before a final decision is made.;
As banking processes become increasingly digital, more credit-card applications are moving online, and more issuers are offering cards with applications that can be quickly approved.
Here are the best instant-approval credit cards you can apply for right now.;
Applying For A Credit Card And Waiting For Approval Or Denial Can Feel As Scary As Taking A Final Exam Or Giving A Public Speech
Knowing how to apply for a credit card is one thing, but knowing what issuers are looking for before you apply for a new card is really the first step to success.
When youre applying for your first credit card, youre essentially asking a card issuer to take a chance on you, says credit educator John Ulzheimer of The Ulzheimer Group.
Ulzheimers advice? Be realistic with your expectations.
Its very unlikely youre going to get a large , and you may not even get a modest credit limit, Ulzheimer says and thats OK. Building credit is a process, and you have to start somewhere.
Just remember: Depending on your credit , you may not be ready to apply for a credit card right now, but you can take proactive steps that may help you get approved in the future.
If you think youre ready, weve outlined how to apply for a credit card in eight steps. It all starts with checking your credit.;
Here are the steps to apply for a credit card.
Canadian Tire Triangle Mastercard*
The Canadian Tire Triangle Mastercard is a great option if you shop regularly at Canadian Tire, as well as CT Gas+, Sport Chek, Marks, and a variety of other retailers in the Canadian Tire family. If you apply in a Canadian Tire store and are approved, you may use the card immediately, rather than waiting for it in the mail. Or, if you apply online for instant credit and are approved right away, youll be able to proceed to checkout, where your card details will be pre-filled in the payments sectionso you can start earning 4% back on qualifying purchases immediately. You can also use your card through the Apple Pay or Google Pay apps to make purchases before you receive your physical card in the mail.
- Annual fee: $0
- Rewards at partner locations: 4% in Canadian Tire Money on purchases at Canadian Tire and partner stores, and $0.05 back at Gas+ and participating Husky stations
- Rewards on everything else: 1.5% on the first $12,000 spent on groceries per calendar year ; 0.5% on everything else
- Income requirement: None
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What Is An Instant Approval Credit Card
With an instant approval credit card, you can learn within minutes whether you are accepted as a cardmember.
A preliminary credit check is run, and the better your credit score, the more likely you will be granted the card.
Then, you are granted conditional approval, once the lender gets your score and approves your file, and a more thorough check of your file is conducted. Heads up that instant approval isnt a guarantee that you will be accepted.
As tempting as an instant approval offer might be, its important to shop around. Look at the fees and the features you dont want to choose the first card you find.
Reasons You Might Be Denied
If you are rejected for a credit card, the card issuer must give you the reason why. Other than a credit score that is too low, the reasons can be:
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Improve Your Chances Of Getting Approved
You’re more likely to be approved when you apply for a credit card you’re qualified for. For example, if you do not have much credit or you have bad credit, you probably won’t be approved for a premium rewards credit card. Some credit card issuer websites tell which credit cards are for excellent, average, or bad credit. Stick to the credit cards that most fit with your credit profile for the best chances at being approved.
Wait Before You Apply Again
If you were denied for a card, dont start applying for other cards right away because this could negatively impact your credit score. Wait until you know why you were denied and start making positive changes to improve your chances of being approved for the next card. When youre ready to apply, go for a credit card that fits your credit profile.
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Get Your Credit Card Payment Software And Hardware In Place
Once you have a method of processing credit card payments in place you may need to update your point of sale software and hardware to actually accept them.;
For example, if you run a brick-and-mortar business you may need to purchase checkout software to accept card payments or install a card reader that’s EMV chip-enabled at the checkout. Some payment service providers will also supply the equipment you need to get set up for accepting credit card payments in-store or via a mobile card reader.;
If you plan to accept credit cards online you’ll also need to set up a payment gateway for that. Again, this may be included with your merchant account or payment service provider plan.;
What Do Credit Card Companies Check When They Process Your Application
Card issuers vary in what they check when you apply for a credit card. In addition to what you provide, they will check your credit. Be prepared when applying, youll have to provide a plethora of basic information such as your name, phone, date of birth, address, and income, as well as some deeper-level details such as your liquid assets, Social Security number, mothers maiden name, citizenship status and more.
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Check Your Credit Report And Score
If you havent checked your and scores yet, this is a good place to start when trying to improve your odds of getting a credit card. Your credit report is a collection of information thats used to calculate your credit scores. This includes things such as payment history, account balances, inquiries for new credit, delinquencies, and public records.
You can get your credit report for free once per year from the three main , Experian, Equifax, and TransUnion, through the AnnualCreditReport.com website. If youve never checked your credit report before, it may be helpful to get all three reports at the same time to see how your credit history compares. You may have a creditor that reports to only one bureau instead of all three, for example, which could affect your credit score.
As you review your reports, check to make sure all the information is correct. If you see an error or inaccuracy, you have the right to dispute it with the credit bureau thats reporting the information. If the bureau verifies that an error exists, it is legally required to remove it or correct it, either of which could potentially add a few points back to your score.
How To Stop Credit Card Preapprovals
If you no longer want to receive prescreened credit card offers in the mail, you can limit them. Opt-out by visiting;OptOutPrescreen.com. You can opt-in again on the same website if you previously opted-out.
Opting-out will stop prescreened offers that used information from the three credit bureaus, but you may still receive offers from companies you already do business with or from companies who got your information from somewhere besides the credit bureaus.
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Before You Apply For A Credit Card
Applying for a credit card can be exciting and potentially a little nerve-wracking. Before you apply, its important to educate yourself and practice good credit habits from the beginning. Follow these seven tips to help lessen the stress involved in the application process and to help keep your financial future healthy.
Opensky Secured Visa Credit Card: Best For No Credit Check Needed
Why we picked it: On top of instant approval, theres no credit check with this card significantly increasing your chance at being approved.
Pros: The initial refundable deposit you make to secure the card will serve as your credit limit, putting you in some control. It also comes with basic Visa benefits, such as $0 fraud liability.
Cons: This card comes with an annual fee of $35 per year and doesnt provide a way to earn rewards.
Who should apply? If your credit is an obstacle to getting approved for a card, this secured option can be a great stepping stone to a high-end card. The simple approval process and lack of credit check make it extremely accessible.
Who should skip? If youre on the hunt for earning rewards, this isnt the card for you. Also, credit newcomers who dont have the ability to secure a card with a deposit should look to other credit cards for bad credit.
Read our OpenSky Secured Visa Credit Card review.
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What Does Instant Approval For A Credit Card Mean
Some credit card providers offer instant approval, which means a computer can very quickly check your credit score and the information you have provided once you’ve submitted an application.
Based on that information together, they might be able to give you an instant decision. Of course this might seem unfair, but they usually only make an instant decision where it is black and white.
For example, if you have a high income, a high credit score and you tick all the boxes for what the provider is looking for in applicants, then you will likely receive an approval instantly.
However, if you are somewhere in between, or there are some question marks over certain aspects of your application, you will likely not receive any decision instantly. In these cases your application will be manually looked over as normal.
Accepting Credit Cards Can Give Small Businesses A Boost
Running a small business means keeping a tight handle on cash flow. One way to facilitate the movement of money in and out of your business is to expand your payment options to include credit cards. Allowing customers to pay via credit card can make managing cash flow less stressful and eliminate the delays associated with waiting for check payments. If your business isn’t accepting credit card payments yet, changing that may be easier than you might think.
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What If My Application For A Credit Card Is Declined
If your application for a credit card is declined, then you should avoid attempting to apply for another anytime soon, as each application made appears on your credit report.
You may also benefit from checking your credit report and seeing if there are any clues as to why your application has been declined.
What Are The Types Of Information You Need On A Credit Card Application
Here are some details youll typically need to supply on a;credit card application, whether filling it out online or by;mail.
- How long youve lived at that address
- Whether you own or rent your home or have another type of living arrangement
- Country of citizenship
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Wells Fargo Cash Wise Visa Card
The Wells Fargo Cash Wise Visa® card is a simple, reliable cash back credit card for borrowers with good to excellent credit. While the card doesnt come with quite so many bells and whistles as a luxury rewards credit card, theres plenty to like about this straightforward cash back card.;
The Wells Fargo Cash Wise Visa® card earns an unlimited 1.5% cash back on all purchases, with no category restrictions or quarterly activations required. Theres an attractive introductory APR of 0% for 15 months on purchases and 0% for 15 months on qualifying balance transfers. After the introductory period, theres a 13.99%-25.99% APR based on your creditworthiness. The Wells Fargo Cash Wise Visa® card also has no annual fee, and comes with other perks like 24/7 fraud monitoring, zero liability protection, and cell phone protection.;
See more recommended credit cards if your FICO score is between 700 and 749;or 650 and 699.
It Can Take Several Weeks For A New Credit Card To Arrive
Eric is currently a duly licensed Independent Insurance Broker licensed in Life, Health, Property, and Casualty insurance.;He has worked more than 13 years in both public and private accounting jobs and more than four years licensed as an insurance producer.;His background in tax accounting has served as a solid base supporting his current book of business.
If you’ve never applied for a before you may be wondering how long it takes to get one. While it’s possible to apply for a credit card online and be approved within minutes, it can take a little longer for your card to arrive.;
Each card issuer is different when it comes to how long it takes to deliver a physical credit card to new customers. Understanding how the general process works can help you gauge how quickly you’ll be able to start using your new card once you’re approved.;
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American Express Cobalt Card*
The American Express Cobalt follows in the footsteps of Netflix, Spotify and other subscription services by charging a $12.99 monthly fee to use the card, as opposed to an annual fee of $155.88. Combined with a generous earn rate of 5 points per $1 on eligible restaurants, bars, cafés and food delivery in Canada, this card is definitely aimed at busy millennials who are out and about town with friends, as well as frequent travellers. On travel, youll earn 2 points per $1 on eligible transit and gas purchases in Canada, as well as travel purchases like flights and hotel, and 1 point per $1 on all other purchases.;
Points are collected under American Expresss Membership Rewards Select program, so you cant transfer points to Aeroplan or partner airline programs like you can with other Amex cards, but you may redeem for travel directly on the American Express Travel portal under the fixed and flexible points redemption schedules. Additionally, you may transfer points to select hotel programs like Marriott Bonvoy or Hilton Honors, or even redeem points for cash back on your statement.;
What Do You Need To Get Instantly Approved For A Credit Card
- You must be a permanent resident or Canadian citizen
- You must be the age of majority
- You must not have a history of bankruptcy if youre applying for an unsecured credit card
- A good credit score will increase your chances of being approved, whether youre applying for a secured or an unsecured card
Instant-approval applications require accurate information that matches any previous background information the provider or bank may already have on file , your social insurance number, employment and income information, and other optional information. The more information you provide, the more effectively the approval process can verify that you are indeed well, you!;
If youre approved instantly, the system will expedite your application for proper credit checks, though you may still be contacted for further confirmation of other details. Shortly after, your card will be printed and mailed to the address youve indicated. All cards require a credit check or score pull, with the exception of applications where you already have an established history with the institution, or when the credit card youve applied for is secured, meaning you would have provided a security deposit.;
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