If you want a credit card that can be used almost immediately after approval, consider applying for an instant approval credit card. These cards use sophisticated underwriting algorithms to quickly determine eligibility so you’ll know if your application has been accepted within minutes.
Card issuers then deliver digital credit cards directly to your smartphone, making shopping immediate. Some credit cards even offer cash back rewards!
Low-interest credit cards
Canada offers numerous credit cards with low interest rates that can save you hundreds of dollars annually in interest payments, while also helping to consolidate and reduce other higher-rate debt. Some offer benefits such as warranty coverage and purchase protection; two such examples of such cards include National Bank Syncro Mastercard and HSBC +Rewards Mastercard – although to qualify you must be either a Canadian citizen or permanent resident over age majority in their province, not in bankruptcy and no longer be paying back other credit obligations such as student loans or student credit card balances on other cards that charge higher interest.
Credit cards with instant approval are those that are approved immediately when an online application is submitted and verified, typically within minutes. Issuers use automated checks on your application and will let you know whether it has been accepted or denied; making these cards an ideal solution for anyone in search of their first credit card.
Typically, a credit score of 660 or above will allow you to access most credit cards immediately. If your score falls below that threshold, however, secured credit cards or prepaid credit cards requiring security deposits may be necessary in order to rebuild damaged credit histories. These options won’t appear on your report but can help rebuild it over time.
Cash back credit cards
No matter your credit goals, cash back credit cards can be an invaluable tool in building or improving them. But make sure you pay off your balance on time to avoid interest charges; the best cash back cards provide rewards in the form of a percentage of spending that are typically distributed as statement credits once every year.
American Express’ SimplyCash Preferred Card is one of the top cash back credit cards in Canada, boasting a maximum earning rate of 5% on groceries, 4% on transit, 3% on gas, and 1% for everything else. Furthermore, this credit card comes equipped with 13 types of purchase and travel insurance such as emergency medical coverage and trip interruption protection – you’ll even know within minutes whether your application was approved or denied! Apply online and be informed within minutes as to whether it has been approved.
Capital One offers several instant approval credit cards, such as their Guaranteed Mastercard. Offering exceptional grocery cash back rates in Canada, this card also comes equipped with benefits such as travel medical and collision damage waivers – its annual fee being set at $79. It reports to credit bureaus on a regular basis.
Prepaid credit cards from KOHO may also provide an effective solution for those with poor credit. This Canadian Fintech company provides a MasterCard with no annual fee and 1% cash back on groceries and transportation purchases – making this an attractive alternative to standard credit cards and available to anyone meeting minimum income requirements.
Store credit cards
Store credit cards offer shoppers many perks, including exclusive offers, purchase protection and loyalty points. But they may also carry higher interest rates and fees; to make an informed decision before applying. In addition, most store cards require at least minimum income requirements and credit scores; to check on either aspect, the free Equifax credit score and report will help.
One of the most sought-after store credit cards in Canada is PC Financial World Elite Mastercard, offering high earn rates at Loblaws-owned stores and Shoppers Drug Mart as well as extra benefits like extended warranty and auto insurance coverage. Furthermore, Apple Pay and Samsung Pay digital wallet compatibility is included on this card as well. Another excellent choice is Home Trust Triangle Mastercard which gives users a 2% cashback earning rate at all retail outlets across Canada.
These credit cards are tailored specifically to help individuals build or repair their credit. With lower credit limits that help control overspending and regular reporting to credit bureaus, these cards can help your score improve over time. One option worth considering for Canadians looking to rebuild their credit is Capital One Guaranteed Approval Mastercard which offers great benefits yet has an annual fee slightly higher than others.
Rewards credit cards
Many Canadians enjoy earning rewards with their credit cards, from cash back or travel miles, these bonuses can add up and help save you money on everyday purchases. Many rewards cards exist in Canada – from some of the biggest issuers. But keep in mind that credit card companies make money through charging interest on any balances carried over month to month – however most Canadians pay their credit card off each month so don’t need to worry about interest charges on purchases!
Store credit cards tend to offer the best rewards credit cards for Canadians due to more lenient eligibility requirements; for instance, PC Financial Mastercard only requires an income minimum of $60,000 or household income of $100,000 in order to be approved, while another popular choice is MBNA Scene+ Visa Card which offers 2% cash back on purchases made eligible – while also boasting no annual fee!
To apply for a credit card, fill out an online application and provide some information. Your card issuer will run some automated checks to decide whether you are approved or denied and notify you within minutes – depending on the card, additional documentation may be necessary to confirm your identity.
Regardless of the type of card you are looking for, there are a few things that will help you get instant approval and earn rewards at the same time. A good credit score is a requirement, but you should also consider your spending habits and whether you want to focus on specific types of rewards.