Canada’s best instant approval credit cards 2022

Best rewards credit card 

American Express Cobalt Card*

At a glance: The American Express Cobalt card 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.

• Earn rate: 5 points per $1 spent on restaurants, coffee shops, bars, grocery stores and food delivery services; 3 points per $1 spent on streaming services; 2 points per $1 spent on gas, transit, rideshare services and travel; and 1 point per $1 spent on everything else

• Interest rates: purchases at 20.99%, cash advances at 21.99%

• Income requirements: None  

• Welcome offer: In the first year, you can earn 2,500 points when you spend $500 per month on eligible purchases—earning you up to 30,000 points. That’s up to $300 towards a weekend getaway or concert tickets.

Best no-fee rewards credit card

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 as consideration for the PC Financial World Mastercard ($60,000 personal or $100,000 household) and World Elite Mastercard ($80,000 personal or $150,000 household) credit cards which offer accelerated earn rates. 

• Earn rate: At least 25 points per $1 spent at Shoppers Drug Mart; 30 points per $1 spent at Esso and Mobil gas stations; and 10 points per $1 spent everywhere else

• Interest rates: purchases at 20.97%, cash advances at 22.97%, balance transfers at 22.97% (21.97% for Quebec residents)

• Income requirements: None
• Welcome offer: Get 20,000 PC Optimum points (a $20 value).

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 on this card, 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.

• Earn rate: 4% cash back on eligible gas and grocery purchases up to $1,200 annually; 2% cash back on everything else.

• Interest rates: purchases at 20.99%, cash advances at 21.99%

• Income requirements: None

• Welcome offer: Earn a $40 statement credit for each monthly billing period in which you spend $750 on purchases. This could add up to $400 in your first 10 months of having the card.

Best secured credit card

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 (minimum $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: purchases at 17.99%

• Annual fee: $48, plus a $6 monthly maintenance fee (total of $120 in fees)

• Income requirements: None
• Welcome offer: 0% interest rate for the first 3 months and 5,000 rewards points (a $20 value)

Best low-interest credit card 

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. 

• Earn rate: None
• Interest rates: purchases at 12.99%, cash advances at 15.99%
• Annual fee: $20
• Income requirements: None

• Welcome offer: Earn a 0.99% introductory interest rate on balance transfers with a 2% transfer fee for the first 9 months.

Best credit card for guaranteed approval

Neo Financial Mastercard*

At a glance: Not only is instant approval available with the Neo Financial Mastercard, but you can start using your “card” through Apple Wallet or Google Pay even before your physical card arrives in the mail. You can use the app to view rewards by location and get cash back when you shop. Optional subscription-based Bundles allow you to customize your card to maximize rewards in various sectors, such as travel or food and drink.

• Earn rate: Varies, but averages at 5% or more at partner stores.

• Interest rates: purchases at 19.99% to 24.99%, cash advances at 21.99% to 26.99%

• Income requirements: None

• Welcome offer: Earn 15% cash back on your first purchase at most Neo partners

Also consider: 

Capital One Guaranteed Approval Mastercard

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.

• Earn rate: None
• Interest rates: purchases at 19.80%, cash advances at 21.90%, balance transfers at 19.80%
• Annual fee: $59
• Income requirements: 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.

• Earn rate: 2% cash back on purchases in up to three spending categories and 0.5% cash back on everything else
• Interest rates: purchases at 19.95%, cash advances at 19.95%, balance transfers at 19.95%
• Annual fee: None
• Income requirements:  $12,000
• Welcome offer: Earn 15% cash back (up to $150) when you spend $1,000 on everyday purchases within the first two months of having the card. Transfer your balance from another credit card to receive a low interest rate of 1.95% for the first six months (1% balance transfer fee applies). Must apply by November 18, 2022.

What is an instant approval credit card?

An instant approval credit card offers 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.

If your application is forwarded for manual verification, it can take an additional two to three business days before a final decision is made. 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.

Does instant approval mean guaranteed approval?

No. Even with an instant approval credit card, your application must be approved—but the process is super quick.

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.

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