When applying for a credit card, you must typically wait several days to see if you’ve been approved, and then wait some more for the card to arrive via snail mail. Luckily, many credit cards now offer instant approval: simply fill out an online application and the credit card provider will let you know within minutes if your application has been approved. Some providers may even give you a digital card to use right away. Here are our picks for the best instant approval credit cards in Canada.
Featured credit cards
SimplyCash Preferred Card from American Express
Home Trust Secured Visa Card
American Express Cobalt Card
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
Best instant approval credit cards by category
| Best credit card by category | Why we love it |
|---|---|
| Best for instant use Neo Mastercard Annual fee: $0 | Get an instant-use virtual credit card via the Neo Financial app, and add it to Apple Pay or Google Pay |
| Best for overall rewards American Express Cobalt Annual fee: $156 | Some of the highest earn rates in Canada (with up to 5x the points on dining and groceries), combined with a flexible rewards program |
| Best for no-fee rewards PC Mastercard Annual fee: $0 | High return on spending at the largest grocery and drug store network in Canada, with low eligibility requirements |
| Best for cash back SimplyCash Preferred Card from American Express Annual fee: $120 | 4% back on groceries and gas, and 2% back on all other purchases |
| Best secured card Home Trust Secured Visa Annual fee: $0 | Guaranteed approval regardless of your credit score, with the option to pay no annual fee or receive a low APR of 14.90% if you opt to pay an annual fee |
| Best for low APR BMO Preferred Rate Mastercard Annual fee: $29 | A low 13.99% on purchases and 15.99% on cash advances |
| Best store credit card Canadian Tire Triangle Mastercard Annual fee: $0 | Shop online instantly after being approved, and make purchases using Apple Pay or Google Pay before receiving your physical card in the mail |
Best credit card for instant use
At a glance: The Neo Mastercard lets you earn up to 5% in cash back on purchases at Neo partners, as well as 1% to 4% cash back on gas and groceries and up to 1% cash back on everything else (depending on how much money you have in your Neo Everyday account balance). Essentially, the more you save, the more cash back you get when you spend.
Neo Mastercard
Annual fee: $0
- 15% on first purchases at over 10,000 Neo partners
- 5% on average at Neo partners
- 4% on gas (max.)
- 4% on groceries (max.)
- 1% on everything else (max.)
Welcome offer: None at this time
Card details
| Interest rates | 19.99% to 29.99% on purchases and 22.99% to 31.99% on cash advances (dependent on your credit profile). |
| Income required | None specified |
| Credit score | 660 or higher |
Pros
- Earn 15% cash back when you first shop at a retail partner, and get an average of 5% at those partner shops thereafter.
- Get an additional 0.5% on all other spend when you have $3,000 in your Everyday account
- Redeem your rewards on demand, either as a statement credit or deposit in your Neo Everyday account. Many comparable cards only issue cash back once per year.
Cons
- Rates range from 19.99% to 29.99% on purchases, and from 22.99% to 31.99% on cash advances. The rate is dependent on your credit application, credit profile and province of residence.
Best rewards credit card
At a glance: The American Express Cobalt 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.
American Express Cobalt
Annual fee: $156
- 5 points per $1 on dining and groceries
- 3 points per $1 on streaming services
- 2 points per $1 on transit and gas
- 1 point per $1 on all other purchases
Welcome offer: Earn 1,250 points for each month you spend $750, up to a maximum of 15,000 points.
Card details
| Interest rates | 21.99% on purchases, 21.99% on cash advances |
| Income required | None specified |
| Credit score | 725 or higher |
| Point value | 1 Amex Membership Rewards point = $0.01 when redeemed with the Flexible Points Travel Program, $0.015 on average with the Fixed Points Travel Program, and up to $0.02 with airline points transfers. |
Pros
- Flexible redemptions let you use your points towards almost anything and you can even transfer them 1:1 to several frequent flyer and other rewards programs.
- Outstanding accelerated earn rates and broadly defined spending categories mean you’ll rack up points quickly.
- This card includes perks like up to $5,000,000 in emergency medical coverage, $1,000 in new mobile device insurance, an annual USD$100 hotel credit, and some travel and car rental insurance coverage.
Cons
- The annual fee is $12.99, billed monthly, adding up to a total of $155.88, slightly higher than other cards in this category.
- American Express cards are less widely accepted than Visa or Mastercard.
Best no-fee rewards credit card
At a glance: The PC 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.
PC Mastercard
Annual fee: $0
- 25 points per $1 spent at Shoppers Drug Mart
- At least 30 points per litre at Esso and Mobil gas stations
- 10 points per $1 on everything else
Card details
| Interest rates | 21.99% on purchases, 22.97% on cash advances and % on balance transfers |
| Income required | None specified |
| Credit score | 560 or higher |
| Point value | 1 PC Optimum point is worth $0.001 (redeem 10,000 points for $10). |
Pros
- The points system is dead easy to understand, as you can redeem 10,000 points for $10, or 10 points equals 1% in savings.
- Ability to “stack” points by showing your PC Optimum points card and paying with your PC Optimum Mastercard allows you to build up your points balance quickly.
- With the wide range of stores under the Loblaw/President’s Choice umbrella—including Loblaws, No Frills, Fortinos, Real Canadian Superstore, Shoppers Drug Mart and Joe Fresh—you’ll have plenty of opportunities to earn and redeem
Cons
- This card doesn’t offer much in the way of extras or perks.
- It does not include travel insurance. If you want coverage, consider the PC Financial World Elite Mastercard, which comes with emergency medial and car rental collision coverage.
Best cash back credit card
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.
Amex SimplyCash Preferred
Annual fee: $120
- 4% cash back on eligible gas and grocery purchases
- 2% cash back on everything else
Welcome offer: Earn a bonus 10% cash back on all purchases for your first three months (up to $2,000 in purchases) and a $50 statement credit when you make a purchase in month 13 (total value of up to $250).
Card details
| Interest rates | 21.99% on purchases, 21.99% on cash advances |
| Income required | None specified |
| Credit score | 725 or higher |
Pros
- Earn a minimum of 2% cash back (most other cards in Canada have base earn rates of 0.5% to 1%). It’s also a great cash back credit card for online shoppers for that reason, too.
- The 4% cash back earn rate on gas and grocery purchases is hard to beat for those who spent a lot in these categories. Plus, earn the base rate of 2% without any caps or annual limits.
- Comes with some travel and car rental insurance.
Cons
- American Express cards are not as widely accepted as Visa or Mastercard.
Best secured credit card
At a glance: Perks aren’t usually the reason people get a secured credit card. They do so for the ability to simply put money on the card and then use it with ease—the card’s limit is how much money you put on it, from $500 to $10,000. However, the Home Trust Secured Visa has one sweet benefit that allows it to outshine other secured cards: For a yearly fee of $59, you can get an interest rate of 14.90%, significantly lower than the card’s regular rate of 19.99%. This card is a good secured option, especially for new Canadians, students or those wanting to improve their credit history. (Yes, a secured credit card helps with your credit rating.)
Home Trust Secured Visa
Annual fee: $0
Rewards: Does not offer rewards.
Welcome offer: None at this time.
Card details
| Interest rates | 19.99% on purchases and 19.99% on cash advances |
| Income required | None specified |
| Credit score | 300 or higher |
Pros
- You decide your credit limit, and you can choose between two interest rates based on the annual fee: either a $59 annual fee and 14.90% interest rate, or a $0 annual fee and 19.99% interest rate.
- Payments are reported to credit agencies, which can help build cardholders’ credit scores.
Cons
- This card doesn’t have much in the way of perks like insurance, rewards or cash back, as its purpose is to provide credit to people who have bad credit or who might not otherwise get approved.
- A security deposit is required upfront.
- Not available to residents of Quebec.
Best low-interest credit card
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 13.99% on purchases, free additional cardholders and an appealing welcome offer all make this a strong package.
BMO Preferred Rate Mastercard
Annual fee: $29
Low interest rate: 13.99% on purchases
Welcome offer: get a 0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee
Card details
| Interest rates | 15.99% on cash advances, 15.99% on balance transfers |
| Income required | $15,000 (personal or household) |
| Credit score | 660 or higher |
Pros
- You can have the annual fee waived every year if you also have a BMO Performance chequing account.
- Annual fee of $20 is affordable and you can add an additional cardholder for free.
Cons
- This card doesn’t come with any perks like insurance.
Best store credit card
At a glance: With the Triangle Mastercard, Canadians who regularly shop at Canadian Tire and partner stores will appreciate generous earn rates on purchases and the ability to easily redeem their CT Money. 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 with an instant virtual credit card. 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.
Triangle Mastercard
Annual fee: $0
- 4% at Canadian Tire, Sport Chek, Mark’s/L’Équipeur, Atmosphere, Party City, Sports Rousseau, Hockey Experts and L’Entrepôt du Hockey
- 3% at grocery stores (excluding Walmart and Costco), up to $12,000 per year
- 1% everywhere else
Welcome offer: None
Card details
| Interest rates | 19.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | Not specified |
| Credit score | Not specified |
| Point value | 1% in Canadian Tire Money is worth $0.01 when redeemed at participating retailers. |
Pros
- This card has no annual fee.
- With $1 in CT Money equalling CAD$1, the rewards program is simple to understand.
- Canadian Tire recently announced a new partnership that will allow Triangle members to earn rewards at Petro stations starting in 2024.
Cons
- CT Money can only be redeemed at Canadian Tire and partner stores, so you’ll have to shop there to benefit from its rewards.
- The 1.5% earn rate on groceries excludes purchases at Walmart and Costco, and is only available on the first $12,000 per year.
- The participating gas partners, Gas+ and Essence+, aren’t nearly as ubiquitous as some other brands, so it’s unclear whether the ability to earn 5¢ per litre back on fuel will beat out competitor loyalty programs.
How we determine the best cards
The MoneySense editorial team selects the best credit cards by assessing the value they provide to Canadians across various categories. Our best instant approval credit cards ranking is based on an extensive list of card details and features, including approval likelihood and speed, annual fees, interest rates, welcome offers, rewards earn rates, annual income requirements, and perks such as insurance coverage and purchase protection. We have also considered the pros and cons of each card to help you determine which ones best suit your financial needs. Our rankings are an unbiased source of information for Canadians. The addition of links from affiliate partners has no bearing on the results. Read more about how MoneySense makes money.
What does instant approval mean?
Instant approval credit cards offer an expedited approval process—saving you time and stress. Unlike with many regular credit cards, when you apply, you’ll know almost immediately whether you’ve been approved or if your application needs to go to a manual review.
With manual verification, it can take an additional two to three business days. If you’re approved, your application goes forward for credit checks while your card is printed and mailed. You can usually expect your card within five to seven business days, but some lenders allow you to start using your account even before it arrives.
Instant approval vs instant use
Many of the biggest credit card issuers in Canada offer instant approval, meaning you can apply for the card online and find out if you’re approved within minutes. However, only select cards offer instant use. That’s when you can start using the credit account digitally right after approval, before your physical card even arrives in the mail.
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 unsecured, 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 (SIN)
- Your employment information
- Your income information
The application form may ask for other information, and some of it may be optional. The more details you provide, the more efficient the credit card approval process will be.
Once you’ve been 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.
What to do if your application for an instant approval card is declined
If your instant approval credit card application is declined, the good news is that you’ll usually know the reason immediately.
If you get a message that your application is being reviewed, it may not be declined—it may simply mean that the credit card issuer needs to verify your identity and information before making a decision. This may take an extra day or two.
Alternatively, if you get an instant decline, consider doing the following:
- Review the credit card eligibility requirements, such as credit score and income, to see if you meet them.
- Review your credit report to check for issues and errors. You can get your credit report for free from Equifax and TransUnion.
- If needed, take steps to fix your credit report and improve your credit score.
- Consider applying for another credit card with eligibility requirements that can you easily meet or exceed.
How to increase your odds of instant approval for a credit card
To improve your chances of getting an instant approval credit card, show the credit card issuer that your finances are in good standing. Having the following helps:
- A good to excellent credit score: This tells the credit card issuer that you have a healthy credit utilization ratio and little to no debt.
- A low number of credit inquiries: Avoid applying for too many credit cards, loans or lines of credit at the same time. These will temporarily affect your credit score as it suggests that you’re in need of money.
- An existing relationship with the credit card issuer: If you’re applying for a credit card from a bank where you already have a chequing or savings account, they can easily verify your income and credit history, making instant approval much more likely.
- Consistent income: Even if your credit card application isn’t instantly approved, any additional requests for information usually revolve around proof of income. If you’re asked for these, have your paystubs or bank statements ready to share with the credit card issuer.
Frequently asked questions
It’s important to remember that “instant approval” doesn’t mean “easy approval.” With instant approval cards, you still have to meet the eligibility criteria, which might include a minimum annual income and/or credit score. As a rule, secured cards and cards intended for people who are establishing or rebuilding their credit are the easiest to access.
No. Even with an instant approval credit card, your application must be approved—but the process is super quick. Certain instant approval cards in Canada, like the Capital One Guaranteed Approval Mastercard, come with guaranteed approval, though conditions still apply.
If you browse the list above, you’ll see that some instant approval cards have welcome offers and/or rewards in the form of cash back or points (check the “earn rate” to see which ones). You can also find cards with appealing perks.
Yes. Think of the application process as being the same as any other credit card, just faster. When applying for an instant approval credit card, you’ll be asked to provide your personal information so that the card issuer can perform a credit check, which may temporarily knock down your credit score. With this in mind, avoid applying for multiple cards at the same time.
Strictly speaking, no credit card will approve everyone. Even easy approval credit cards require checks on your creditworthiness and ensure you can pay back what you spend before approving your application. For a near guaranteed credit card, try applying for a secured credit card, which requires you to provide a cash deposit—it serves as collateral and usually dictates the spending limit on your credit card.
