15 Best Instant Approval Credit Cards for Bad Credit in Canada 2023

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. Then you can go ahead and open your card.

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 $20 bonus.

Home Trust Secured No Fee Visa

Plastk Secured Visa* Card

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.

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.

Scotia Momentum No-Fee Visa Card

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.

Capital One Low Rate Guaranteed Mastercard

RBC RateAdvantage Visa

Canadian Tire Triangle Mastercard

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 the best instant approval prepaid card in Canada. You get a $20 bonus when you join using the CASHBACK promo code.

EQ Bank Card

This Prepaid Mastercard works alongside the free EQ Bank Savings Plus Account and offers cash back on all purchases.

CIBC AC Conversion Card

Don’t want to pay annual fees for a no-FX credit card? The CIBC AC Conversion Card works, or you can use the EQ Bank Card or KOHO Premium.

STACK Prepaid Mastercard

Note that this card has a $7.99 monthly fee if you don’t meet the minimum monthly spend.

Mogo Visa Platinum Prepaid Card

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 Do 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:

• 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
Plastk Secured Visa Card	$48 plus a $6 monthly maintenance fee	17.99%	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
STACK Prepaid Mastercard	$0 to $7.99	0%	No FX fees
Mogo Visa Platinum Prepaid Card	$0	0%	Offsets carbon emissions

FAQs

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