Friday, November 25, 2022

How To Apply For Credit Card And Get Approved

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How to Apply for Credit Cards and Get Approved

Ollo offers two different types of credit cards- a Platinum Mastercard and a Rewards card and there is an Ollo credit card application for the same.

The Platinum Mastercard has NIL annual fees and helps you build your credit. You cannot apply for the credit card normally but only when invited. The APR of the card is 24.99%, and it will not charge you a late fee for clearing the APR late. It also charges you a fee from the amount withdrawn from the card- either $10 or 5% of the total withdrawn amount, whatever is more.

How To Apply For A Credit Card With Easy Approval

Once youve 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.

Eligibility criteria

Although it can vary between different credit card providers, to applyeven for some of the easiest credit cards to get approved for in Canada, 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 drivers license or government-issued ID
  • Your Canadian address, email address and phone number
  • Your employers name, phone number and address
  • Details of your income and expenses including a recent paycheque or bank statement

Unity Visa Secured Credit Card: Best For No Minimum Credit Score Required

Why we picked it: There is no requirement when it comes to credit score and applying for this card. Youll have to get started with a minimum deposit of $250, but being approved instantly can ease the process.

Pros: This card comes with a six-month balance transfer rate of 9.95% APR, although youll need to consider if its better to put the refundable deposit toward the amount already owed. This card also reports your monthly habits to the three credit bureaus, an awesome perk for improving your score.

Cons: The UNITY Visa Secured has a relatively high APR for a card of its type and comes with a $39 annual fee.

Who should apply? If youre looking for a card to simultaneously grow your credit with proper habits while having the opportunity to consolidate outstanding credit card debt, this card could be your safe haven.

Who should skip? If you think theres any chance you wont be able to manage your outstanding balance, there are better cards out there.

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Oakstone Platinum Secured Mastercard

  • No minimum credit score requirements! We invite all credit types to apply! No processing or application fees!
  • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
  • Helps strengthen your credit with responsible card use. Reports to three national bureaus
  • Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line.
  • Nationwide Program though not yet available in NY, IA, AR, or WI
  • Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.
  • See website for additional Oakstone Platinum Secured Mastercard® details

Which Types Of Credit Cards Offer Easy Credit Card Approval

How to apply for a credit card and get approved
  • 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 dont earn enough to apply for a credit card, you can consider applying for one as a joint applicant, by combining your income with your partners 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.

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Pros And Cons Of Easy Approval Credit Cards


  • Suitable for low-income earners. Since people with low incomes dont 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 dont 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.


American Express Global Transfer

As an alternative to Nova Credit, another option is to initiate an American Express Global Transfer from Canada to the US.

To be eligible for a Global Transfer, you need to have at least one Canadian-issued American Express account thats been open and in good standing for at least three months.

Then, you can call the Global Transfer office and tell them youd like to do a Global Transfer as a current Canadian cardholder to a US credit card, and then proceed to complete the US credit card application over the phone.

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What To Do If Your Credit Card Application Is Declined

If your application is rejected, you shouldnt 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 .

Instead, you might want to try the following:

  • Review the cards eligibility requirements.
  • Review your credit score and credit history.
  • Contact the provider if you cant narrow down the reasons why you werent approved.
  • Spend time improving your credit history or comparing other credit cards.
  • Apply for another credit card after a few months once youve improved your credit score.
  • Rejected applications can hurt your credit score even further, so its important to consider these conditions before applying.

    Can I Apply For A Credit Card Even If I Have No Credit History Or My Credit Is Bad

    How to apply for credit card and get approved [FUNDING GYM]

    If you have a poor credit score because of a past history of late payments, for example, that could make getting approved difficult. Or if you have no credit at all because you’re just starting to use it, that could also work against you. You could ask someone to apply for a card with you as a co-borrower or have someone add you to one of their cards as an authorized user. Both can give you purchasing power and help you build credit. You can also try to apply for a secured credit card.

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    Try To Fix The Problem

    If your credit score is low, take a few months to build it up. Use your credit card responsibly, make your payments on time and try to pay off the entire balance each month so youre not charged interest. Good credit habits will help you get approved on your next application. Plus, make sure you meet the eligibility requirements like youre the age of majority and your income meets the threshold.

    Bmo Preferred Rate Mastercard*

    For those looking to minimize debt, this $20-a-year Preferred Rate Mastercard from Bank of Montreal is our pick for the best low-interest credit card. The annual fee is refunded in the first year, and a lower-than-average interest rate of 12.99% means you can minimize interest on balances and new purchases. Plus, get a 3.99% introductory interest rate on balance transfers for nine months .

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    Winner: American Express Cobalt

    Card details

    • Annual fee: $155.88 .
    • Welcome Bonus of 20,000 Membership Rewards points when you spend a total of $3,000 in purchases on your Card in your first 3 months of Cardmembership
    • Earn 5 points per $1 on groceries and dining
    • Earn 2 points per $1 on travel, gas, and daily transit
    • Earn 3x the points on eligible streaming subscriptions in Canada
    • Earn 1 point per $1 on all purchases
    • Transfer points 1:1 to several frequent flyer and other loyalty programs

    The American Express Cobalt is one of the highest-earning rewards cards out there, offering up to 5 points per dollar on groceries and restaurants. Points are worth up to 1.75 cents each when redeemed for travel via Amexâs Fixed Points Rewards chart or 1 cent each if you want to keep things simple and use Amexâs straightforward Flexible Points program . The card has no specific income requirements, and when you apply online, you can get instantly approved in minutes if you qualify.

    Make All Of Your Monthly Payments On Time

    How to apply for a credit card and get approved

    If you take a close look at how your FICO score is determined, youll notice that the biggest factor playing into your credit score is your payment history. In fact, your payment history makes up a whopping 35% of your credit score.

    If you need to improve your credit before applying for a rewards credit card or simply want to keep it in perfect shape for the long haul paying all of your bills on time is the best and easiest way to do it. Conversely, missing a payment or paying your bills late can wreak havoc on your credit score in a hurry. You should avoid making late payments on any of your bills if you can.

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    What If Youre Declined

    There are a variety of reasons why your credit card application might be declined. Here are some to keep in mind:

    • You dont meet the cards minimum income requirements
    • Youre not a resident of Canada
    • The information on your application doesnt match your credit report
    • Your credit score is too low to qualify for that particular card

    Being declined for a card is not the end of the world. Try to find a card with lower income and/or credit score requirements. If your credit is poor, or you have no credit history, you should consider applying for a secured card, as theyre approved for almost anyone who can make the security deposit. After you build up your credit score with the secured card youll have a better chance at being approved for a more lucrative unsecured card the next time you apply.

    *This post was not sponsored. The views and opinions expressed in this review are purely my own.

    Some Caveats To Instant Approval Credit Cards

    In some cases, instant approval credit cards are only available to permanent residents, eligible work visa holders or citizens of Canada. If youâre new to Canada, youâll likely have to step into a bank branch or call over the phone for a more detailed conversation with a banking specialist to get a card.

    Additionally, you may not successfully complete an instant approval if your credit profile has incomplete or inaccurate information.

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    Opensky Secured Visa Credit Card: Best For No Credit Check Needed

    Why we picked it: Theres no credit check with this card, making it a great option for someone looking to get a credit card without a credit history.

    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 let you move up to an unsecured credit card.

    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 card with more features and benefits. The simple approval process and lack of credit check make it extremely accessible.

    Who should skip? This card isnt for anyone who wants a secured credit card that lets them eventually upgrade to an unsecured card after showing responsible use.

    Read our OpenSky Secured Visa Credit Card review.

    Consider A Secured Credit Card As Your Last Resort

    How to Apply & Get Approved for Credit Card in 4 Easy Steps

    If your credit score isnt high enough to qualify you for a traditional credit card, you should consider a secured credit card to get the ball rolling. Unlike unsecured credit cards that actually extend you a line of credit, secured cards offer credit that is tied to a cash deposit you put down.

    For example, many secured credit cards offer a $500 credit limit but require a $500 deposit to get started. While this may not seem beneficial at first, secured credit cards are often the only way for people with bad credit or no credit to raise their credit score.

    Once you begin using your secured card responsibly, paying it off each month, your credit score will improve, and youll typically be able to upgrade your card to an unsecured credit card and get your deposit back. If your credit score improves dramatically, you may even be able to qualify for a top rewards credit card after a stretch using a secured card. It really depends on your situation, your goals, and how much your score improves.

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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.

    Monitor Your Credit Score For Any Changes

    The easiest way to gauge your approval odds for a new credit card is to be informed. Become familiar with your credit report and and monitor your credit score frequently, especially as you implement good money habits to try to improve your score.

    From now through April 2021, you can get a free credit report every week from each of the three main credit bureaus by going to Federal law entitles everyone to one free credit report from each bureau per year, but in wake of the financial hardship from the coronavirus outbreak it has made credit reports more easily accessible.

    You can also check your credit score for free by logging into your credit card issuer’s site or by using a free credit score service accessible to anyone, such as , Chase Credit Journey or Discover Credit Scorecard.

    Learn more:

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    How Credit Cards Work

    Let’s start with the basics. When you use a credit card, you’re tapping into a line of credit from your credit card provider. You can use your credit card for everyday expenses, but we recommend only charging purchases that you can afford to pay off in full at the end of each month, so you don’t accumulate high interest charges.

    Each credit card has a set billing cycle, typically around 30 days. After your billing cycle ends, you’ll have a grace period during which you can pay off your purchases without accruing interest. If you don’t pay the entire balance before the due date, all purchases from the previous billing cycle will begin accruing interest based on your annual percentage rate, or APR. Credit cards are notorious for carrying high APRs, so you’ll want to factor credit card payments into your budget to avoid racking up debt.

    Monitor Your Credit And Get Matched With Credit Cards

    10 Smart Steps to Apply for a Credit Card â and Get ...

    Opening a credit card lets you add new information to your credit reports, which can help you build creditas long as you manage your new card responsibly. If you’re focused on improving your credit scores, you could use the card for one small purchase each month and then pay the bill in full.

    Monitoring your credit scores can help you understand where you currently stand, and when you might have a chance of getting approved for better credit cards. Experian lets you check and monitor one of your FICO® Scores for free. Once you sign into your account, you can also use Experian CreditMatchTM to compare credit cards and get matched with cards from our partners.

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