Around nine out of ten Canadians now have at least one credit card. With online shopping ubiquitous now, a credit card has become essential.
Are you considering getting a credit card but unsure where to start? If you’re just starting your credit-building journey or don’t have much income yet, instant approval credit cards might be a good option. These credit cards offer fast approval without the long wait.
Imagine an unexpected expense like an urgent purchase or a family emergency. You’ll need funds fast. Applying for a loan can be stressful, especially if you don’t have any good credit to show yet.
Instant approval cards solve that problem. But remember that paying your bills on time is essential once you’re approved. Missing payments can hurt your credit a lot.
Can You Quickly Get Approved for Credit Cards in Canada?
You can easily get a credit card in Canada with an instant approval option. These cards speed up the process, so you won’t have to wait long for a decision. You’ll know if you’ve been approved immediately or if your application requires further review.
Some approvals happen in under a minute, and certain instant approval cards immediately let you start using them online. The physical card should arrive within a week or two.
However, remember that instant approval doesn’t necessarily guarantee you’ll get the card. You still need to be able to meet the credit card provider’s criteria, and that includes a credit check. This means getting accepted might be more challenging if you have a bad credit score.
How Do Instant Approval Credit Cards Work?
When you apply online, the credit card provider first pulls your credit history from Equifax or TransUnion. Their system then reviews your credit score, income, and other application details to determine if you’re eligible. And if your credit report meets their standards, approval happens almost instantly.
But suppose there’s an issue, like a bad credit score or having unpaid debts. In that case, your application might take longer as they’ll need to review it manually. Generally speaking, a higher credit score improves your chances of getting approved immediately.
As an early measure, checking your credit score beforehand is wise. You can get a free credit score with us. And don’t worry – checking your credit won’t impact your score.
Best Instant Approval Credit Cards in Canada
Both traditional and online banks in Canada now offer credit cards with instant approval. However, not all banks can provide this option because the technology needed for instant responses isn’t available everywhere.
There are several types of quick-approval credit cards worth considering. These include low-interest credit cards, cash-back cards, store cards, and rewards credit cards.
Low-Interest Credit Cards
Low-interest credit cards work like regular credit cards. As the name implies, there’s a lower interest rate. If you usually carry a balance, these cards can help you avoid high-interest charges that can add up over time.
Having a low interest rate makes it easier for you to manage debt. Low-interest credit cards also often have lower annual fees (or no annual fee at all).
A few low-interest credit cards worth considering are the National Bank Syncro Mastercard and the HSBC +Rewards Mastercard, which offer extra benefits like warranty coverage and purchase protection.
To qualify, you must be a Canadian citizen or permanent resident over the age of majority in your province, not in bankruptcy, and have no other credit obligations on different cards that charge higher interest.
Cash Back Credit Cards
A cashback credit card gives you a percentage of your spending back as cash. The cashback rate can range around 1-4%, depending on the card. You can redeem your cash rewards as a statement credit or directly deposit them into your bank account.
This option is great for everyday spending. For instance, the American Express SimplyCash Preferred Card offers up to 5% cash back on groceries and other purchases. Just make sure you pay off your balance in full, or interest charges could eat into your rewards.
Store Credit Cards
Loyal shoppers can benefit from store credit cards. They’re usually co-branded with a retailer with higher rewards when you shop at that store. You can also access exclusive deals and perks like purchase protection.
One solid option to consider is the PC Financial World Elite Mastercard, providing high rewards at Loblaws-owned stores and Shoppers Drug Mart. Another great choice is the Home Trust Triangle Mastercard, which gives 2% cash back at many retail outlets across Canada.
Rewards Credit Cards
What’s excellent about rewards credit cards is that you earn points or miles right away every time you use them to buy something. Rewards cards are appealing because they give extra value to everyday purchases, like free flights and hotel stays.
Paying off your balance each month is important to avoid interest charges. These charges can significantly reduce the value of your rewards
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Benefits and Drawbacks of an Instant Approval Credit Card
Instant approval credit cards provide several benefits that make your financial life easier.
- Speed: You get a decision almost immediately – sometimes within minutes. This can save you time compared to traditional credit card applications.
- Convenience: Applying online from anywhere makes the process hassle-free.
- Immediate Use: In some cases, you can use the card right away for online purchases while waiting for the physical card to arrive.
- Urgent Need: If you need a credit card quickly for an emergency or a planned expense, instant approval gets the card in your hands faster.
Just keep in mind that while instant approval credit cards are convenient, there are a few drawbacks to keep in mind. Even though the process is fast, approval isn’t guaranteed. Your application still goes through a credit check. So, if your credit score isn’t strong enough, you could be denied.
These cards might also come with fewer perks and rewards compared to the standard type. You might also face higher interest rates, especially if your credit score is lower. It’s important to first understand the terms before you go and apply.
Final Thoughts
Quick approval credit cards are a convenient way to access credit when needed. They can help you build credit, earn rewards, and easily manage everyday expenses. These cards provide a fast solution, but using them responsibly is essential so you don’t get deeper into debt.
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