Pc Financial World Elite Mastercard*
Due to its association with Loblaws stores and Shoppers Drug Mart, the PC Optimum program offers members access to a wide variety of ways to earn PC Optimum Points, including gas, drug store and grocery purchases. With an earn rate of 30 points per $1 in Loblaws-owned stores , 45 per $1 at Shoppers Drug Mart, and 10 everywhere else, this card is one of the best no-fee cards for gas and groceries on the market. Its simple to redeem points. You simply show the card at checkout anywhere PC products are sold and get $10 back for every 10,000 points. Theres even an included package of travel and car rental insuranceand it carries no annual fee.
- Annual fee: $0
- Earn rate: 30 points per $1 in Loblaws stores and PC Travel 45 points per $1 spent at Shoppers Drug Mart 30 points per litre at Esso and 10 points everywhere else
- Income requirement: $80,000 or $150,000 , as well as a $15,000 minimum annual spending requirement
- Additional perks: Travel insurance car rental coverage
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We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
How Can I Apply For An Instant Approval Credit Card
The best way to apply is online, but you can also apply in person or over the phone. Youll need to provide some information to prove your identity and employment, including your:
- Employment status and place of work
- In some cases, your other debts and expenses
- Social insurance number
- Finally, youll need to consent to a credit check
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Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card provides several appealing features for cardholders looking to build or rebuild their credit. It reports to all three major credit bureaus so your on-time bill payments will help you establish a positive credit history. It’s also a good card for those who are seeking a bit more flexibility. You may put down a refundable security deposit starting at $49 to get a $200 initial credit line. While this card does not offer rewards on purchases, it provides some quality features. Once you’ve opened your account, you may be considered for an increase in your credit limit in as little as six months without needing to provide an additional deposit. And this card doesn’t charge an annual fee, setting it apart from some other similar cards.
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.
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We Analyzed 27 Credit Cards That Are Marketed Toward Consumers With No Or Poor Credit To Determine The Best Cards For Building Or Rebuilding Your Credit
Selects editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.
If you lack a credit history or have poor credit, opening a credit card can be a smart way to build or rebuild credit as long as you practice responsible financial behavior.
While there are thousands of credit cards available, most require some sort of credit history in order to qualify. This can make it hard for people with less than stellar credit , or no credit at all, to qualify for a card.
Secured credit cards are one of your best chances at qualifying for credit. They’re similar to traditional cards but require you to make a deposit in order to access a credit limit. Whatever amount of money you deposit becomes your credit limit. If you want a higher credit limit, you’ll need to deposit more money.
Your security deposit acts as collateral if you fail to make payments. But don’t worry about losing that money your deposit is refundable if you pay your balance in full and close your account.
Select analyzed 27 credit cards that are marketed toward consumers with no or poor credit to determine the best cards for building or rebuilding your credit. We considered a number of factors, including security deposit minimums, fees, rewards programs and APR.
Here are Select’s picks for the top credit cards for building or rebuilding your credit:
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 cant avoid a credit check when applying for a credit card unless you apply for a second card with the same provider.
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What Is The Easiest Unsecured Credit Card To Get Approved For
Unsecured credit cards require no cash deposit to open. It’s possible to get some unsecured cards if your credit is in the fair, or even bad, range.
If you have poor credit or no credit, consider these unsecured card options:
- The Credit One Bank Platinum Visa offers cash back with no security deposit required. This card does have an annual fee, however.
- Total Visa:The Total Visa is an unsecured credit card designed for people who don’t have perfect credit. The card reports to all three credit bureaus, which can help in building a better credit history. Note that there’s an initial program fee for opening an account.
- Petal 2 Visa:The Petal 2 Visa is a cash back rewards card that offers higher credit limits with no fees. There’s no deposit required at sign-up, and you can use the card to build or rebuild credit.
Best No Foreign Transaction Fee Card
Carrying a credit card that exempts you from foreign transaction feeswhich are charges of at least 2.50% on each purchase in a foreign currencyhelps you to significantly reduce your costs when buying abroad or online in a foreign currency. Canadians can choose from a handful of no-foreign-transaction-fee cards, including cards that have no annual fee and basic perks cards with higher annual fees and premium travel perks and even cards that successfully offset foreign transaction fees with an accelerated rate of cash back on purchases made in foreign currencies.
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Other Factors That Affect Your Credit Card Application
- Issuers like to see that you have a history of good credit. This includes making debt repayments on time and in full, avoiding carrying a balance for too long and using varying forms of credit responsibly.
- Utilization. This is the balance that youre currently using on one single credit card compared to that cards credit limit. A general rule of thumb is to keep your credit card debt to 30% or less of your spending limit.
- Employment status. While credit card issuers typically prefer people to have full-time employment, you could still be eligible for some cards if you work part-time, are self-employed or if you have a pension or other source of steady income.
- Income vs expenses. When you apply for a credit card, you will have to provide information about your current income, spending habits and any existing debts to help issuers determine whether you can manage more credit.
The 15 Best Credit Cards In Canada For 2021
Whether you’re looking to earn more rewards or save with the lowest interest rates – we’ll match you with the right cards in under 2 minutes.
Every year, Ratehub.ca rounds up the best credit cards in the country to help Canadians wade through the financial weeds to find the card most suited to their spending habits and lifestyle.
Like clothing, credit cards arent one-size-fits-all. Weve said this before the best one for you depends on your financial situation and maybe one that saves you money via a low interest rate, balance transfer offer or cash back, or provides value through rewards points that can be redeemed for travel and merchandise.
Alongside a few standout new mentions, several of the best credit cards in Canada for 2020 have also made it on our list for 2021 because they continue to offer great value.
The best rewards cards for
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The best low interest cards for
The best balance transfer cards for
- Best credit card for Costco:
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Picking The Right Companion For Your Wallet
Identifying your spending habits and unique credit card needs is crucial to narrowing down a final choice. Compare the best credit cards by issuer, card feature and more and see which card applies the most to your needs. After you input your unique criteria and preferences, as well as your common purchasing patterns, the tool will curate a list of cards which are suited to you personally.
Getting the best credit card is a simple matter, regardless of which card perks you desire most. Whether you want a high cashback percentage, amazing travel rewards, accelerated credit improvement, or if you just want to nab this months most lucrative credit card promotions in Canada, its easier than ever to find the best options available on GreedyRates. If you need any further assistance when making an ultimate decision, feel free to contact us by email and well give you a helping hand.
Qantas American Express Discovery Credit Card
$0.00 p.a. ongoing
- Receive 10,000 bonus Qantas Points when you apply by online by 27 October 2021, are approved and spend $750 on your new Card within the first 3 months. Offer available to new Card Members only.
- Earn 0.75 Qantas Point for every $1 spent on Card purchases, except spend at government bodies in Australia where you will earn 0.5 Qantas Points per $1 spent.
- Pay no annual card fee.
- Receive 10,000 bonus Qantas Points when you meet the criteria.
- Ongoing $0 annual fee.
- Complimentary purchase and refund protection.
- There is a 3% foreign transaction fee.
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How To Rebuild Your Credit With A Secured Credit Card
Once youve chosen a card from the list above, its time to think about rebuilding your credit score. Remember that as time passes and you use your credit responsibly, the credit bureau will automatically adjust your score. Here are some other rules to keep in mind:
- Always pay your credit card bill on time. This should go without saying, but its crucial to pay at least your minimum amount due every single month. If you easily lose track of due dates, set up automatic payment with your online bank, or use alerts in your calendar. A missed payment can set you back.
- Use your card. Yes, you read that right. Part of the point of having a card is to rebuild your credit reputation, which means demonstrating responsible use. Youre not simply trying to pay down debt youre showing you can be trusted with a loan. Using your card even for small purchases and paying it off in a timely fashion is the best way to do so.
- Pay off your balance in full. And pay it off every month. Even though credit card use is an important part of building your credit, you shouldnt run a balance, as doing so will not only cost you in terms of interest, but can also hurt your credit score by increasing your credit-utilization ratio .
- Dont max out your card. When future lenders look at your usage history, theyll want to see that you put no more than 30% of the maximum allowed amount on the card. Otherwise, you might seem overextended.
How To Improve Your Credit Score
If your credit score is too low to qualify for an unsecured credit card, here are the ways you can improve your credit score:
- Apply for a secured credit card and never miss a payment
- Pay down the balances on any revolving credit agreements to less than 30% of the credit limit
- Make all of your payments for services like cell phones and electricity bills
- Keep old credit accounts open to make your credit history longer
- Do not apply for several credit cards from many different lenders at the same time this is called a hard inquiry and can decrease your credit score
Ultimately, improving your credit score comes down to demonstrating that you are trustworthy with credit, which means paying off your existing credit tools every month. If you do this, eventually your credit score will improve enough that you will qualify for an unsecured credit card.
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Definitions Of Good Credit/bad Credit
There are 3 major credit reporting agencies: Experian, TransUnion, and Equifax. Credit card issuers use 1 or more of these reporting agencies to access your credit score/history and determine if granting credit to you is warranted.
While definitions and calculations vary, credit scores generally range from 300-850.
Experian defines poor credit as a credit score between 300-579 and a fair credit score as 580-669.
Equifax considers a credit score of 700-749 as good and 750+ as excellent.
Knowing the credit score range youre in is a critical first step in the process of securing a credit card.
Bottom Line: While you will need an excellent credit score to secure the best premium rewards-earning credit cards, you can still qualify for rewards-earning credit cards with a fair credit score or above.
Build Your Credit And Earn 1% Cash Back On All Eligible Purchases1
- Make purchases like with any credit card
- Build your credit by making on-time payments
- Earn 1% Cash Back on all eligible purchases1
- Your linked savings account works as a security deposit2
Read terms and conditions for important information about APRs, fees, eligible purchases, balance transfers and program details.
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The 7 Best Instant Approval Credit Cards In Canada For 2021
- Instant approval credit cards make applying for a card quick and easy letting you know whether your application is approved or rejected on the spot in just minutes.
- If youre instantly approved, expect to receive your physical card in the mail within 5 to 7 business days.
- The Canadian Tire Triangle Mastercard is the first instant-use credit card in Canada. You can add the card to your digital mobile wallet as soon as youre approved online.
- Instant approval doesnt mean guaranteed approval. For cards that are super easy to get ,
Canadian Tire Triangle Mastercard
Although quite specific in use, this card allows newly approved cardholders tomake purchases using Apple pay or Google Pay before receiving their physicalcredit card via mail. It doesnt only get approved fast you can also use itonce it is approved.
Some perks come with shoppingwith this card at the Canadian Tire shop or other Canadian Tire familyretailers like Marks and CT Gas+. You also start earning 4% back in CanadianTire Money on qualifying purchases from Canadian Tire and partner stores assoon as you start using your card.
Users get a CA$0.05back at Gas+ and participating Husky Stations. Except for Walmart and Costco,you will get 1.5% back on the first CA$12,000 you spend on groceries yearly and0.5% on everything else. There is no annual fee and no specified incomerequirement. This card has a purchase interest rate of 19.99%