Instant approval credit cards are popular among Canadians because issuers advertise quick or instant decision making. Issuers such as CIBC, TD Bank, and others also offer secured cards with cashback, high limits of $500 to $1,000, and other benefits. Secured cards are usually available to domestic and international students, customers with a poor credit score, new immigrants, and permanent residents. Customers with no Canadian credit history or profile also meet the requirements.
Instant Approval Credit Cards
There is a selection of cards with no maintenance or servicing fees, monthly fees, and annual or introductory annual fee. With instant approval credit cards Canada issuers attract new business and individual customers and offer benefits such as instant notification and promotional offers. On the downside, Canadian credit cards usually require excellent credit. Some issuers offer balance transfer options and low intro rates. With credit cards Canada instant approval companies feature standard and attractive variable interest rates, long interest-free periods, and other benefits.
Guaranteed Approval Credit Cards
Many credit card companies offer prepaid and secured cards to students, customers with compromised credit, and temporary workers. A guaranteed credit card actually guarantees approval but some banks and companies have minimum income requirements. A secured credit card requires a deposit and is available to borrowers with adverse credit. Some customers opt for a prepaid credit card that allows them to make safe purchases but payments are not reported to Equifax, Experian, and TransUnion.
Credit Cards for Bad Credit
Obviously, the easiest credit card to get is a card that doesn't require a credit check. Borrowers with excessive debt, multiple credit card balances, and secured and unsecured cards often resort to bad credit credit cards to get access to quick cash, pay utility bills, and make daily purchases.
Home Trust Secured Visa Card
This is a Visa card intended for customers who seek to rebuild credit. It offers the option to add an authorized user or a co-applicant. This card works like other credit cards and allows holders to make reservations and online and in-store purchases. Applicants choose from two options:
- No annual fee + 19.99 percent on purchases
- Annual fee: $59 + 14.90 percent on purchases
- Guaranteed approval
- Instant access to cash
- Maximum credit limit: $10,000
Capital One Guaranteed MasterCard
This is another option for customers who seek to repair or build their credit history. Like Home Trust, Capital one features guaranteed approval. This card is even offered to customers with previous bankruptcies and other negative events. A security deposit may be required based on creditworthiness.
Interest rate: 19.80 percent
Annual fee: $59
Cons: Low credit limit of up to $300
- Credit improvement
- Baggage delay insurance
- Travel accident coverage
- Travel Assistance
National Bank of Canada MasterCard MC1 Credit Card
The MC1 MasterCard Credit Card also helps customers to establish credit history, and the limit is based on the customer's financial profile.
Interest rate: 19.99 percent
Annual fee: no fee
Free additional cards
Unlike the Capital One Guaranteed MasterCard, this card doesn't offer comprehensive insurance coverage. There is no baggage delay, baggage loss, flight delay, trip interruption, or trip cancellation insurance. Legal or medical assistance is not available.
Capital One Low Rate Guaranteed MasterCard
This is yet another option for customers of Capital One that offers the opportunity to reestablish credit.
Interest rate: 14.90 percent
Annual fee: $79
The card features standard and gold MasterCard benefits such as:
- Travel assistance
- Baggage Delay
- Rental car collision
- Travel accident insurance
- Purchase assurance
One of the main downsides is the low security deposit of up to $300 which means that the credit limit is also low. The main benefit is that payments are reported on a monthly basis to the major bureaus. The deposit is fully refundable.
MBNA TrueLine MasterCard - Low rate credit card
The TrueLine MasterCard is intended for customers who pay the minimum or don't pay the full balance each month. This is a low-interest solution that can be used for balance transfers. The promotional rate is valid during the first year.
Introductory interest: 0 percent
Standard interest rate: 19.99 percent
Annual fee: no fee
- Authorized users
- Emergency cash transfers
- Emergency cash
- Platinum benefits
- Enhanced security
Scotiabank L'earn VISA Credit Card
Unlike the other credit cards, this product is especially designed for students and their requirements. The card goes with a moneyback rewards program, and holders earn 1 percent cashback on all eligible purchases. Another benefit is that the minimum limit is $500.
Interest rate: 21.99 percent on cash advances; 19.99 percent on purchases
Annual fees: $0
Grace period: 21 days or longer
- Instant cash advances
- Cash for big-ticket items and large purchases
- Transfer balance options
- Optional balance protection
- Car rental discounts
- Supplementary cards
The Scotiabank L'earn VISA Credit Card is available in two versions, secured and unsecured. The secured card is offered to foreign students, landed immigrants, and Canadian borrowers with compromised credit. It is also a good choice if you are new to credit.