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13 Best Instant Approval Credit Cards for Bad Credit in Canada 2024

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With instant approval credit cards, you apply for the card online and get approved without waiting around.

But what if you have bad credit? There are still instant approval cards that you can get, including secured credit cards, prepaid cards and instant approval credit cards with no deposit.

This guide will look at several of Canada’s top instant approval credit cards, like the Neo Secured Mastercard and the Scotia Momentum No-Fee Visa Card, to help you decide which is most suitable for you.

Best Secured Credit Cards With Instant Approval

If you are looking for credit cards for bad credit with instant approval, secured credit cards are often a good option. With these cards, you need to make a security deposit.

When you use your credit card, your credit limit is the same as your deposit amount. Therefore, there is less risk for the lender because they have your deposit, so they are more likely to approve your application if you have bad credit.

Secured credit cards with instant approval will often let you know you have been approved as soon as you apply.

Here’s a selection of the best instant approval secured credit cards:

Neo Secured Mastercard

The Neo Secured Mastercard is the best secured credit card in Canada, and it offers guaranteed approval. When approved, you also get a $25 bonus.

Neo Secured Credit

Best secured credit card for bad credit

Annual fee: $0

Rewards: Earn up to 15% cashback on first purchases at eligible partners, 5% cash back at partner stores, and 0.5% unlimited cashback on everything else.

Welcome offer: $25 bonus

Interest rates: 19.99%-22.99% for purchases, 22.99%-28.99% for cash advances.

Minimum income requirement: None

Recommended credit score:
N/A

None

neosecuredwithbanner

On Neo Financial’s website

  • Earn up to 15% cashback on first purchase at eligible partners.
  • Earn 5% unlimited cashback at partner stores.
  • Earn 0.5% unlimited cashback on everything else.
  • Create Subscription Bundles to get extra cashback, insurance, or subscriptions.
  • Choose your own credit limit.
  • Minimum security fund requirement of $50.
  • No overlimit fees.
  • Use auto-pay to avoid missing payments.
  • Guaranteed approval and no hard credit checks.

Earn up to 15% cashback

Good rewards for a secured card

No annual fee or overlimit fees

Guaranteed approval

High-interest rate

Few additional perks

If you have a bad credit score or no credit history, the Neo Secured Mastercard gives you a way to start improving your score while earning up to 15% cashback. We also like that it has no annual or monthly fees and offers guaranteed approval.

Home Trust Secured No Fee Visa

Home Trust Secured Visa

Good credit card for bad credit

Annual fee: $0 or pay $59 for a lower interest rate

Rewards: None

Interest rates: 19.99% for purchases or 14.90% if you pay an annual fee.

Minimum income requirement: None

Recommended credit score:
N/A

None

Home Trust Secured Visa card

On Home Trust’s website

  • Credit-building secured card.
  • Improve your credit rating as you make payments.
  • Option to pay no annual fee.
  • High approval rate.
  • Use anywhere Visa is accepted.
  • Designed for people with bad credit or no credit record.
  • Set your limit by choosing a deposit amount between $500 and $10,000.

Option to pay an annual fee for a lower interest rate

Improve your credit rating using the card

Flexible deposit limits

High approval rate

No premium perks included

The Home Trust Secured Visa provides people with low credit scores a way to access a credit card and start improving their scores. The option to pay an annual fee for a lower interest rate may be useful if you carry a balance, and the flexible deposit amount means you can choose how much credit you want to access.

Instant Approval Credit Cards With No Deposit

Several instant-approval credit cards in Canada do not require a deposit.

If you don’t want a secured credit card and prefer a standard card, the following cards may be a good option.

Here’s our choice of the best instant approval credit cards with no deposit:

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is a solid no-annual-fee cash back credit card. It also works well as an entry-level, student, and newcomer credit card.

Tangerine Money-Back Credit Card

Best no-fee cash back credit card

Annual fee: $0

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Minimum income requirement: $12,000

Recommended credit score:
600
900

Fair to Good

Tangerine Cash Back Credit Card

On Tangerine’s website

  • No annual fee.
  • Unlimited 2% cash back in two spending categories. Get an extra 2% cash back spending category when you deposit your rewards in a free Tangerine savings account.
  • Unlimited 0.50% cash back on all other purchases.
  • Cash back earned is paid out monthly.
  • 1.95% promotional balance transfer for first 6 months; 3% balance transfer fee applies ($5 minimum).
  • Purchase assurance to cover loss, theft or damage of new items purchased using the card for up to 90 days.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
  • Extended warranty for up to one extra year.

No annual fee

High cash back rates

Low-income requirement

Cash back paid monthly

Low-interest balance transfer

No travel insurance coverage

3% balance transfer fee

The Tangerine Money-Back Credit Card is one of the best cash back credit cards in Canada. It’s great for students and those who have a limited credit history. Cardholders can also enjoy no-fee chequing and a high interest savings account.

Neo Financial Mastercard

The Neo Financial Mastercard is another instant approval cash back credit card. It has no annual fees and offers a bonus when you sign up.

Neo Credit

Excellent credit card for cash back

Annual fee: $0

Rewards: Earn up to 15% cash back for first purchases at eligible partners, 5% average cash back at partner stores for subsequent purchases, and 0.5% cash back on average on all purchases.

Welcome offer: $25 bonus on approval.

Interest rates: 19.99% – 22.99% for purchases.

Minimum income requirement: None

Recommended credit score:
600
900

Fair

neocreditwithbanner

On Neo Financial’s website

  • Earn up to 15% cashback on first purchases at eligible partners.
  • Earn 5% cashback at over 10,000 merchants.
  • Earn 0.5% cash back on all other purchases.
  • Unlimited cashback on purchases.
  • Use Subscription Bundles to get extra cashback by choosing from selected categories, or get other rewards on insurance or subscriptions.
  • App Insights provides a clear picture of spending habits.

Earn unlimited cashback

Earn up to 15% cashback on first purchases

No annual fee

Useful app

High-interest rate

No extra perks besides cashback

The Neo Financial Mastercard is a great way to earn up to 15% cashback without paying an annual fee. Subscription Bundles give you more control over where you make the most cash back, and the easy-to-use app provides insights into your spending habits.

Scotia Momentum No-Fee Visa Card

Scotia Momentum Visa Card

Good entry-level cash back credit card

Annual fee: $39

Rewards: Earn up to 2% cash back on high-spend categories.

Welcome offer: Receive a 0% introductory APR on balance transfers for the first six months.

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Minimum income requirement: N/A

Recommended credit score:
660
900

Good

Scotia Momentum Visa Card

On Scotiabank’s website

  • Earn 2% cash back on purchases at eligible gas stations, grocery stores, and drug stores, as well as on recurring bill payments.
  • Earn 1% cash back on all other eligible purchases.
  • Save up to 25% on car rentals at participating AVIS and Budget locations in Canada and the U.S.
  • Purchased items are insured against theft, loss, or damage for 90 days from the purchase date. 
  • The minimum credit limit is $500.

Low annual fee of $39

2% cash back applies to a variety of high-spend categories

Competitive purchase APR at 19.99%

Limited insurance benefits

Limited additional travel benefits

The Scotia Momentum Visa Card has a low annual fee and a straightforward cash back program. It’s a good starter credit card with various purchase types included in its 2% cash back category.

Scotiabank Value Visa

If you are looking for a low-interest credit card that’s easy to qualify for, the Scotiabank Value Visa is an excellent option.

Scotiabank Value Visa Card

Best for low-interest rates

Annual fee: $29

Welcome offer: No annual fee for the first year and 0% interest rate for cash advances for the first 10 months.

Interest rates: 12.99% for purchases and cash advances.

Minimum income requirement: N/A

Recommended credit score:
660
900

Good

Scotiabank Value Visa Card

On Scotiabank’s website

  • The annual fee is waived in the first year.
  • Low-interest rate of just 12.99%.
  • 0% promotional balance transfer rate for 6 months; 1% balance transfer fee.
  • Save up to 25% on car rentals at AVIS and Budget in Canada and the United States.
  • Minimum gross income requirement of $1,000 per month.

Low-interest rate on purchases

Low-interest rate on cash advances

Low minimum income requirement

No rewards

Few premium perks

The Scotiabank Value Visa Card is a no-frills credit card that offers a very low-interest rate on purchases and cash advances. While it does not offer many other perks, it is a good option for anyone who carries a balance.

Capital One Low Rate Guaranteed Mastercard

Capital One Low Rate Guaranteed Mastercard

Good low-rate credit card

Annual fee: $79

Rewards: Low-interest credit card.

Welcome offer: N/A

Interest rates: 14.9% for purchases and 21.9% for cash advances

Minimum income requirement: None

Recommended credit score:
N/A

Bad to Poor

Capital One Low Rate Guaranteed Mastercard

On Capital One’s website

  • Guaranteed approval if you meet the conditions.
  • Credit card activity is reported to credit reporting agencies to help build credit history.
  • Extended warranty and purchase assurance included.
  • Includes travel accident insurance, baggage delay, and travel assistance.
  • Includes car rental collision/loss damage waiver.
  • Comes with Zero Liability protection to cover you for unauthorized use of the card.
  • May require security funds.

Guaranteed approval

Low-interest rate

$79 annual fee may be high for some

Few premium perks and rewards

Security funds may be required

The main feature of the Capital One Low Rate Guaranteed Mastercard is the low interest rate, but you have to pay a slightly higher annual fee to get this compared to the standard Capital One Guaranteed Mastercard. Approval is guaranteed as long as you meet the conditions, and your activity is reported to the credit agencies to help improve your credit score.

RBC RateAdvantage Visa

RBC RateAdvantage Visa Card

Good low-interest credit card

Annual fee: $0

Rewards: N/A

Interest rates: 4.99%-8.99% + prime rate for purchases and cash advances.

Minimum income requirement: None

Recommended credit score:
760
900

Very Good

RBC RateAdvantage Visa Card

On RBC’s website

  • Low variable interest rate.
  • Get a lower rate with a better credit rating.
  • No annual fee and no fee for additional cards.
  • Personalized offers on top brands to earn bonus points or get cash savings.
  • Save 3¢/L on fuel and earn 20% extra Petro-Points at Petro-Canada.
  • Earn extra Be Well points when you shop at Rexall. 50 points for every $1 spent on eligible products.
  • Free deliveries with DoorDash for three months.
  • Includes extended warranty insurance and purchase security for additional protection.

No annual fee

Low-interest rate

Includes several perks

Few premium perks

Can only earn points on specific purchases

The RBC RateAdvantage Visa Card is designed for people looking for a low-interest credit card. Rather than providing one fixed rate, it rewards users by offering lower rates for people with better credit ratings. If you carry a balance and want to pay less, this credit card could be a suitable option, especially as you don’t have to pay an annual fee.

Canadian Tire Triangle Mastercard

Canadian Tire Triangle Mastercard

Rewards: Collect 1.5% back in CT Money on grocery purchases; 4% on purchases at Canadian Tire (and affiliated stores); and more.

Welcome offer: N/A

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Annual fee: $0

Prepaid Instant Approval Credit Cards

Prepaid credit cards are not actually credit cards. They are more like debit cards because you deposit funds to your card and then spend your money rather than borrowing money.

Because of this, they often have less stringent requirements, and there are several instant approval credit cards that may interest you.

Here are our favourite prepaid credit cards with instant approval:

KOHO Mastercard

The KOHO Mastercard does not require a credit check and is an instant approval prepaid card in Canada.

KOHO Prepaid Mastercard

Top prepaid card in Canada

Annual fee: $0* monthly for Essential card.

Rewards: Earn up to 5% unlimited cash back on debit purchases and earn 5% savings interest on your entire balance.

Welcome offer: $20 welcome bonus after your first purchase (use CASHBACK promo code when signing up).

Interest rates: 0%

Minimum income requirement: None

Recommended credit score:
N/A

None

KOHO Prepaid Mastercard 1

On KOHO’s website

  • Free KOHO users earn 1% cash back on groceries, gas and transportation
  • Earn up to 5% cashback on debit purchases at participating retailers.
  • Instantly cash out your cash back whenever you want.
  • Earn interest on the savings account.
  • Access to free credit score checks
  • No credit check is required to qualify.
  • Optional credit-building tool for $10/month, plus access to 0% APR cash advances.
  • Get spending insights and balance updates in the app.

No annual fee

Earn up to 5% cashback

Instantly cash out cashback

$1.00 inactivity fee charged after 13 months of registering and 6 months of non-use

Credit-building service has a fee

The KOHO Prepaid Mastercard is a solid rewards prepaid card in Canada. It also provides an option for people with a bad credit score or no credit history to enjoy the convenience of a credit card in the form of a prepaid card. There are no credit checks, and you can earn up to 5% cash back on purchases.

EQ Bank Card

This Prepaid Mastercard works alongside the free EQ Bank Personal Account and offers cash back on all purchases. It also waived ATM fees at all Canadian locations and FX fees when you spend abroad.

EQ Bank Card

eq bank card-img

Earn up to 4%* interest on your balance

0.50% cash back on purchases

No monthly account or FX fees

Free ATM withdrawals

Neo Money Card

The Neo Money card is provided when you open a Neo Money savings account. This free card earns up to 5% cash back on purchases and can be used for online and in-person transactions. It is the best prepaid card in Canada and does not require a credit check.

Neo Money card

Rewards: Earn an average of 5% cash back at over 12,000 retail partners and a guaranteed minimum of 0.50% (up to $50 monthly); Earn 1% interest on your account balance.

Welcome offer: Earn up to 15% cash back on your first-time purchases.

Interest rate fee: 0%

Annual fee: $0 (no monthly fees)

What is an Instant Approval Credit Card?

An instant approval credit card is a credit card that, when you make an application, either approves or rejects it almost immediately.

You provide the required information, and the card issuer uses an algorithm to review your application and quickly decide whether you meet the requirements. Everything is automatic with no human input, so it can all happen instantly.

This is convenient because you don’t have to wait for days or weeks to find out whether your application has been approved, so you can start using your credit card sooner. This is useful if you need it for a purchase you are planning or a vacation.

Don’t confuse them with guaranteed approval credit cards. Instant approval cards still have requirements and often carry out a credit check, but they have faster approval processes.

How Instant Approval Credit Cards Work

The only difference with instant approval credit cards is the fast approval process. Otherwise, they are the same as other cards.

You can have secured, no-deposit and prepaid instant approval cards. The name just refers to the application and approval process.

Instant approval credit cards are usually only available when you apply online. Then, card issuers use their algorithms to instantly process your application and make a decision.

The specific application process will depend on the card you are applying for. Once you have provided all the required information, you should find out immediately if you have been approved.

How to Apply for an Instant Approval Credit Card

Applying for an instant approval credit card is a simple process. Start by choosing the best card for your circumstances, and use the cards in this guide as a starting point.

Once you have chosen a card and are certain you meet the application requirements, visit the website and find the application section. This will normally be a button saying “Apply Now” or something similar.

Go through the process, providing any information requested. For example, you may need to answer questions about your employment status, income, personal details, address, etc.

The exact process will vary depending on the card you are applying for. Then apply and wait for approval, which should happen almost instantly.

Pros and Cons of Instant Approval Credit Cards

There are pros and cons to keep in mind when applying for instant approval credit cards in Canada.

Pros

  • The instant approval makes the application process convenient.
  • No need to wait for days or longer to get a decision.
  • There are many credit cards to choose from, so you should find something to meet your requirements.

Cons

  • Credit cards for bad credit often don’t have as many premium perks.

Types of Credit Cards in Canada

There are several types of credit cards in Canada that may come with instant approval:

Best Instant Approval Credit Cards For Bad Credit Comparison

Credit CardAnnual FeeAPRRewards
Neo Secured Mastercard$019.99%-26.99 for purchases, 22.99%-28.99% for cash advancesAverage of 5% cash back
Home Trust Secured No Fee Visa$0 to $5919.99%N/A
Tangerine Money-Back Credit Card$019.95%Up to 2% cashback
Neo Financial Mastercard$019.99%-26.99% for purchases,  22.99%-28.99% for cash advancesAverage of 5% cash back
Scotia Momentum No-Fee Visa Card$019.99% for purchases; 22.99% for cash advancesUp to 1% cash back
Scotiabank Value Visa Card$2912.99% for purchases and cash advancesN/A
Capital One Low Rate Guaranteed Mastercard$7914.90% for purchases, 21.90% for cash advancesN/A
RBC RateAdvantage Visa$0Prime rate + 4.99% – 8.99%N/A
Canadian Tire Triangle Mastercard$019.99% for purchases, 22.99% for cash advancesUp to 4% in CT Money
KOHO Mastercard$00%Up to 5% cash back, earn interest on balance
EQ Bank Card$00%0.5% cash back, earn 2.50% interest on balance
CIBC AC Conversion Card$00%Hold up to 10 currencies
Neo Money Card$00%Earn up to 5% cash back

FAQs

What is the easiest credit card to get in Canada with bad credit?

If you have bad credit, there are several credit cards you may be able to get. We recommend the following Neo Secured Card and the Tangerine Money-Back Credit Card.

Which bank gives credit cards easily?

Neo Financial and Home Trust are two of the best financial institutions to apply for credit cards when it comes to ease of approval.

What credit score is needed for Canadian Tire?

There is no specific credit score requirement to apply for a Canadian Tire credit card.

Can I get an unsecured credit card with a 500 credit score?

It’s difficult to get an unsecured credit card with a very low credit score. Check out the best instant approval credit cards with no deposit in this guide for a starting point.

What is the minimum credit score for an unsecured credit card?

There is no set minimum credit score requirement for unsecured credit cards. Most require a good credit score of 660 or more, but some may have more lenient requirements.

Related: Find out which is better for you, Secured or Prepaid Credit Cards?

Best Credit Offers in June 2024

Get the top savings and spending account and stop paying costly bank fees ($20 Bonus)

Save on fees and access unlimited transactions, eTransfers & bill payments.

Get a $20 instant bonus after completing your first purchase.

Earn up to 5% unlimited cash back and up to 5% interest on your balance.

Guaranteed instant approval with any credit score + free budgeting app.

Get this guaranteed approval credit card for any credit score ($25 bonus)

Get an instant $25 welcome bonus.

Earn 5% unlimited average cash back at thousands of locations.

Guaranteed approval for poor and bad credit scores. Takes 3 minutes.

No monthly fees and up to 15% cashback on your first-time purchases.

Stop paying monthly fees with a free chequing account + $400 bonus

Get a $400 cash bonus when you set up a qualifying direct deposit.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly or annual account fees.

Earn a high interest rate on your savings (6.00% interest rate offer).

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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