Canada’s best instant approval credit cards for 2023

Best instant approval credit cards in Canada

Card Details Annual fee
Best for instant use
Canadian Tire Triangle Mastercard
• After being approved, start shopping instantly online
• Use with Apple Pay or Google Pay apps to make purchases before you receive your physical card in the mail
$0
Best for overall rewards
American Express Cobalt*
• 5 points per $1 on groceries & dining
• 3 points per $1 on streaming services
• 2 points per $1 on travel, gas & transit
• 1 point per $1 on everything else
$156
Best for no fee rewards
PC Financial Mastercard*
• 25 points per $1 at Shoppers Drug Mart
• 30 points per $1 at Esso/Mobil
• 10 points per $1 on everything else
$0
Best for cash back
SimplyCash Preferred Card from American Express*
• 2% unlimited cash back on all purchases
• 4% back on gas and groceries up to $1,200 in cash back annually
$120
Best secured card
Plastk*
• 1 pt per $1 spent
• Secured credit cards don’t typically offer rewards
$120
Best for low APR
BMO Preferred Rate*
• 12.99% on purchases
• 15.99% on cash advances
$20
Best for guaranteed approval
Capital One Guaranteed Approval Mastercard
• Guaranteed approval
• No income requirement
• Designed to help or rebuild credit
$59
Best for online approval 
Tangerine Money-Back*
• 2% cash back in up to three spending categories
• 0.5% on everything else
$0

Canada’s best instant approval credit cards for 2023

If you’re applying for a credit card, chances are you want it as soon as possible. Unfortunately, you often have to wait several days to see if you were approved, and then wait some more while the card makes its way to you in the mail. The good news is many credit cards now offer instant approval. You simply fill out an online application and the credit card provider runs automated checks—you know within minutes if your application has been approved or rejected. 

As banking processes become increasingly digital, online credit card applications are becoming more common, and more issuers are offering instant approval credit cards. Here are the best ones available in Canada right now. 


Best credit card for instant use

Canadian Tire Triangle Mastercard

At a glance: With this card, Canadians who regularly shop at Canadian Tire and partner stores will appreciate generous earn rates on purchases and the ability to easily redeem their Canadian Tire Money (CT Money). For a card with no annual fee, it includes some valuable perks like car rental collision insurance and access to Canadian Tire Services Limited’s Roadside Assistance Gold Plan. If you apply at a Canadian Tire store and are approved, you may use the card immediately. And if you apply online and are approved, you’ll be able to proceed to checkout right away. You can also use your card through the Apple Pay or Google Pay apps to make purchases before you receive your physical card in the mail.

  • Interest rates: 19.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
  • Earn rate: 4% back in CT Money on almost everything at Canadian Tire and partner stores; 1.5% at grocery stores (excluding Costco and Walmart); 0.5% everywhere else; $0.5 per litre back in CT Money every time you fill up at Gas+ and Essence+ locations
  • Welcome offer: New Card Member Bonus: Collect a total of 15% back (4% everyday plus 11% bonus) in CT Money‡ when you make your first purchase at any of our participating retailers* and activate your new Triangle™ credit card.
  • Annual income requirement: None

  • The generous 4% earn rate makes this a card to consider for those who shop with CT Money at Canadian Tire, Sport Chek, Mark’s, L’Équipeur, Atmosphere, Party City, Pro Hockey Life, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey, and participating Sports Experts stores.
  • This card has no annual fee.
  • With $1 in CT money equalling CAD$1, the rewards program is simple to understand.


Best rewards credit card 

American Express Cobalt*

amex-cobalt-review

At a glance: The American Express Cobalt fixes many of the drawbacks of some other rewards programs. It offers healthy accelerated earn rates and defines its spending categories extremely broadly. It makes redemptions easy and extremely flexible, even allowing you to transfer points to other programs. And it adds in a bunch of perks like an annual hotel voucher to make sure you want to keep it in your wallet.

  • Interest rates: 20.99% on purchases, 21.99% on cash advances
  • Earn rate: 5 points per $1 spent on restaurants, coffee shops, bars, grocery stores and food delivery services; 3 points per $1 on streaming services; 2 points per $1 on gas, transit, rideshare services and travel; and 1 point per $1 on everything else
  • Welcome offer: Earn 2,500 points for each month you spend $500, up to a maximum of 30,000 points—that’s $300 towards a weekend getaway or concert tickets.
  • Annual income requirement: None

Best no-fee rewards credit card

PC Financial Mastercard*

PC Financial Mastercard

At a glance: The PC Financial Mastercard is one of Canada’s strongest no-fee rewards credit cards for everyday essentials, and since it’s a store card, eligibility is often more lenient than with traditional bank credit cards. Approval decisions come within minutes of submitting your application online, and PC Financial reviews your income for consideration for the PC Financial World Mastercard (for which you need a personal income of $60,000 or household income of $100,000) and the World Elite Mastercard (personal income of $80,000 or household income of $150,000), which offer accelerated earn rates. 

  • Interest rates: 20.97% on purchases, 22.97% on cash advances, 22.97% on balance transfers
  • Earn rate: At least 25 points per $1 spent at Shoppers Drug Mart; 30 points per $1 at Esso and Mobil gas stations; and 10 points per $1 everywhere else
  • Welcome offer: Earn 20,000 PC Optimum™ points with a new PC® Mastercard®
  • Annual income requirement: None

Best cash back credit card 

SimplyCash Preferred Card from American Express*

At a glance: With a 2% unlimited cash back earn rate on everything you buy—plus a boosted rate of 4% on eligible gas and grocery purchases—the SimplyCash Preferred Card from American Express will appeal to those looking for an easy-to-understand rewards structure without charts or restrictions. If you shop at retailers who accept American Express cards, this is a cash back card to consider.

  • Interest rates: 20.99% on purchases, 21.99% on cash advances
  • Earn rate: 4% cash back on eligible gas and grocery purchases up to $1,200 in cash back annually; 2% cash back on everything else.
  • Welcome offer: Earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your card. This could add up to $400 in statement credits in the first 10 months.
  • Annual income requirement: None

Best secured credit card

Plastk Secured Visa*

plastk secured visa

At a glance: Secured credit cards don’t typically offer anything in the way of perks, so with a points program in place, the Plastk Secured Visa is a stand-out. Pay a deposit (in the minimum amount of $300) to get started and earn 1 point per $1 spent on the card while building up your credit. 

  • Earn rate: 1 point per $1 spent
  • Interest rates: 17.99% on purchases, 21.99% on cash advances, 17.99% on balance transfers
  • Welcome offer: Customers get 5000 Rewards Points ≈ $20.00 redeemable after 3 months*.
  • Annual income requirement: None

Best low-interest credit card 

BMO Preferred Rate Mastercard*

BMO-Preferred-Rate-Mastercard

At a glance: Those looking for a low-interest credit card to help them pay down debt will want to check out the BMO Preferred Rate Mastercard. A low $20 annual fee, a regular interest rate of 12.99% on purchases, free additional cardholders and an appealing welcome offer all make this a strong package. 

  • Annual fee: $20
  • Interest rates: 12.99% on purchases, 15.99% on cash advances
  • Earn rate: None
  • Welcome offer: Receive a 0.99% introductory interest rate on balance transfers for nine months with a 2% transfer fee, and get an annual-fee rebate for the first year (a $20 value).
  • Annual income requirement: None

Best credit card for guaranteed approval

Capital One Guaranteed Approval Mastercard

capital one guaranteed approval credit card

At a glance: Designed to help you build or repair credit, the Capital One Guaranteed Approval Mastercard is available to those who are in the age of majority in their province or territory, who haven’t applied for a Capital One account more than once in the past month, who don’t have an existing or pending Capital One account, or who haven’t had a Capital One account in bad standing in the last year. Those with a poor credit history are automatically approved for a secured Capital One card.

  • Annual fee: $59
  • Interest rates: 19.8% on purchases, 19.8% on cash advances, 19.8% on balance transfers
  • Earn rate: None
  • Welcome offer: None
  • Annual income requirement: None

Best online instant approval credit card

Tangerine Money-Back Mastercard*

At a glance: The no-fee Tangerine Money-Back Mastercard offers 2% cash back on two spending categories of your choice—including groceries, restaurants, gas, entertainment, recurring bill payments—plus a third category when you get your rewards automatically deposited into your Tangerine savings account. You also earn 0.5% cash back on all other purchases and there are no limits on how much you can earn.

  • Annual fee: $0
  • Interest rates: 19.95% on purchases, 19.95% on cash advances, 19.95% on balance transfers
  • Earn rate: 2% cash back on purchases in up to three spending categories and 0.5% cash back on everything else
  • Welcome offer: Earn 15% cash back when you spend up to $1,000 in everyday purchases within your first 2 months (up to a limit of $150 cash back). Must apply by January 31st, 2023.
  • Annual income requirement: $12,000

What do you need to get instantly approved for a credit card?

As with any credit card application, there are a few requirements you’ll need to meet in order to obtain an instant approval credit card. 

  • You must be a permanent resident or Canadian citizen. (If you don’t meet this requirement, there are credit cards that allow applications without this criteria, such as secured credit cards.)
  • You must be the age of majority. In Canada, the age of majority is 18 or 19 years old and older, depending on your province of residence.
  • You must not have a history of bankruptcy if you’re applying for an unsecured credit card. Most rewards and low-interest credit card options are unsecure, but there are secured credit cards that you can apply for even if you’ve declared yourself bankrupt.
  • No matter the kind of credit card you’re applying for, a good credit score will increase your chances of being approved.

Before you start an instant approval application, make sure you have the following information at hand: 

  • Your social insurance number
  • Your employment information
  • Your income information

The application form may ask for other information, and some of it may be optional. Bear in mind that the more details you provide, the more efficient the approval process will be. 

Once you’re approved, your application will still have to go out for proper credit checks. All cards require a credit check, except for secured cards and cards from an institution that you have an established relationship with. In some cases, you’ll be contacted for information or clarification. Shortly after, your card will be produced and mailed to the address on file.

Frequently asked questions

More of Canada’s best credit cards:

This article was originally published on Feb. 5, 2020, and has since been updated.

Sumber: www.moneysense.ca

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