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.
Hereโs 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: $60
Rewards: Earn up to 5% cash back at partner stores.
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:
None
On Neo Financial’s website
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:
None
On Home Trust’s website
Instant Approval Credit Cards With No Deposit
Several instant-approval credit cards in Canada do not require a deposit.
If you donโt want a secured credit card and prefer a standard card, the following cards may be a good option.
Hereโs our choice of the best instant approval credit cards with no deposit:
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 5% cash back at partner stores.
Welcome offer: $25 bonus on approval.
Interest rates: 19.99% โ 22.99% for purchases.
Minimum income requirement: None
Recommended credit score:
Fair
On Neo Financial’s website
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 2.99% 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:
Good
On Scotiabank’s website
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 0.99% interest rate for cash advances for the first 9 months.
Interest rates: 13.99% for purchases and cash advances.
Minimum income requirement: N/A
Recommended credit score:
Good
On Scotiabank’s website
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:
Bad to Poor
On Capital One’s website
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:
Very Good
On RBC’s website
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
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: na
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Minimum income requirement: $12,000
Recommended credit score:
Fair to Good
On Tangerine’s website
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 4% savings interest on your entire balance.
Welcome offer: $40 welcome bonus after your first purchase (use GETCASH promo code when signing up).
Interest rates: 0%
Minimum income requirement: None
Recommended credit score:
None
On KOHO’s website
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
Earn up to 4.00%* 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 up to 3% cash back at Neo partners.
Welcome offer: $10 bonus with $50 deposit; plus $25 bonus if you also get a credit card
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 donโt 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.
Donโt 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 โApply Nowโ 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 donโt 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:
- Unsecured Credit Cards
- Secured Credit Cards
- Prepaid Credit Cards
- Low-Interest Credit Cards
- Balance Transfer Credit Cards
Best Instant Approval Credit Cards For Bad Credit Comparison
Credit Card | Annual Fee | APR | Rewards |
Neo Secured Mastercard | $0 | 19.99%-26.99 for purchases, 22.99%-28.99% for cash advances | Average of 5% cash back |
Home Trust Secured No Fee Visa | $0 to $59 | 19.99% | N/A |
Tangerine Money-Back Credit Card | $0 | 19.95% | Up to 2% cashback |
Neo Financial Mastercard | $0 | 19.99%-26.99% for purchases, 22.99%-28.99% for cash advances | Average of 5% cash back |
Scotia Momentum No-Fee Visa Card | $0 | 19.99% for purchases; 22.99% for cash advances | Up to 1% cash back |
Scotiabank Value Visa Card | $29 | 12.99% for purchases and cash advances | N/A |
Capital One Low Rate Guaranteed Mastercard | $79 | 14.90% for purchases, 21.90% for cash advances | N/A |
RBC RateAdvantage Visa | $0 | Prime rate + 4.99% – 8.99% | N/A |
Canadian Tire Triangle Mastercard | $0 | 19.99% for purchases, 22.99% for cash advances | Up to 4% in CT Money |
KOHO Mastercard | $0 | 0% | Up to 5% cash back, earn interest on balance |
EQ Bank Card | $0 | 0% | 0.5% cash back, earn 2.50% interest on balance |
CIBC AC Conversion Card | $0 | 0% | Hold up to 10 currencies |
Neo Money Card | $0 | 0% | Earn up to 5% cash back |
FAQs
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.
Neo Financial and Home Trust are two of the best financial institutions to apply for credit cards when it comes to ease of approval.
There is no specific credit score requirement to apply for a Canadian Tire credit card.
Itโs 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.
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?