If you’re applying for a credit card, chances are you want it as soon as possible. Typically, though, credit card applicants must wait several days to see if they’ve been approved, and then wait some more for the card to arrive via snail 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’ll know within minutes if your application has been approved or rejected.
Best instant approval credit cards by category
| Best credit card by category | Why we love it |
|---|---|
| Best for instant use 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 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 points, for your best return on spending |
| Best for no-fee rewards PC Financial 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 |
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.
—MoneySense Editors
Best credit card for instant use
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. 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
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. |
Best rewards credit cardÂ
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.
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American Express Cobalt
Annual fee: $156
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. |
Best no-fee rewards credit card
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.Â
PC Financial Mastercard
Card details
| Interest rates | 21.99% on purchases, 22.97% on cash advances and 22.97% 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). |
Best cash back credit cardÂ
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.
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Amex SimplyCash Preferred
Annual fee: $120
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 |
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.)
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Home Trust Secured Visa
Annual fee: $0
Rewards: None (designed for people looking to rebuild credit)
Welcome offer: None
Card details
| Interest rates | 19.99% on purchases and 19.99% on cash advances |
| Income required | None specified |
| Credit score | 300 or higher |
Best low-interest credit cardÂ
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.Â
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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%Â on balance transfers |
| Income required | $15,000 (personal or household) |
| Credit score | 660 or higher |
Our methodology: 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.
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.Â
- 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:Â
- 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.Â
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.
