Best Canadian Credit Cards Instant Approval for Beginners

If you're a beginner looking for a Canadian credit card with instant approval, you're in luck - many banks and credit card issuers offer this feature. Some popular credit card issuers in Canada that offer instant approval include TD Bank, RBC, and Scotiabank.

To get instant approval, you'll typically need to have a good credit score, a steady income, and a valid Canadian address. A credit score of 650 or higher is usually the minimum requirement.

The application process is often quick and easy, taking just a few minutes to complete online or through a mobile app. You'll need to provide some basic information, such as your income, employment history, and personal details.

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To apply for a Canadian credit card, you must be a permanent resident or Canadian. You should also be at least 18 years or of the province-approved maturity age. A good credit score is also a must, as well as not having announced bankruptcy recently.

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To get started, you'll need to collect the necessary documents and information, such as personal details, proof of identity, date of birth and citizenship status, years at residential address, employment and income, and details of any assets. This information will be required to receive instant approval.

Here are some key documents you may need to provide:

After you've gathered all the necessary information, you can apply for a credit card online by visiting the issuer's website and following the application process. This typically involves filling out a step-by-step application form, uploading digital versions of documents, and reviewing your application details carefully before submitting.

To improve your chances of getting approved for a credit card, start by checking your credit score. A good credit score of 660 or higher is required for traditional credit cards, so if your score is lower, work on raising it by making regular, on-time payments and keeping your credit card balances low.

Having a consistent source of income is also crucial, as lenders want to ensure you can meet your repayments. Pay all your bills on time to improve your credit score and increase your chances of approval.

Meeting all the eligibility requirements is essential to avoid having your application rejected. These requirements may include citizenship or residency status, income, and credit history. Some banks may only accept applicants with a good credit history and no record of defaults.

To increase your chances of approval, you should also have a good credit score, not have announced bankruptcy recently, and comply with minimum income requirements. Additionally, you should pass the checks passed by the banks or financial institutions.

It's a good idea to check your credit score from a credit bureau before you apply, as this will give you an idea of your chances of approval. Checking your own credit score has no impact on your score.

Here's a summary of the requirements for instant approval credit cards in Canada:

One of the drawbacks of this credit card is its higher annual fee, which clocks in at $155.88, slightly above the average annual fee.

If you miss payments, be prepared for some steep interest rates, ranging from 25.99% to 28.99%.

There's no rewards program to speak of, which means you won't earn any points or cashback on your purchases.

The lack of a rewards program is a notable omission, especially when compared to other credit cards on the market.

No balance transfer offer is available on this card, which means you won't be able to transfer existing credit card debt to this card and save on interest.

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You can get instant approval for a credit card in as little as 60 seconds if you have an excellent credit score and provide all the required information.

Some credit card issuers allow you to make purchases online before the physical card arrives, which can take weeks.

You'll need to confirm your identity by answering questions correctly, and if everything checks out, you'll get a quick answer on whether you're approved.

The issuer may not have been able to verify your information, so confirming a few details could help you get approved.

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The EQ Bank Card offers an impressive 2.5% interest rate on any pre-loaded but unused funds, a significant perk for those who need an incentive to save money.

This rate is a major draw, but it's worth noting that you can still find higher interest rates in some high-interest savings accounts.

One of the benefits of the EQ Bank Card is that it does not charge foreign currency conversion fees, making it a great option for occasional or frequent travelers.

The card also has a $500 ATM withdrawal limit per day, which may be a limitation for some users.

With no inactivity fees, you can enjoy the savings on the EQ Bank Card whether you use it often or not.

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You'll receive a mail notification if you're pre-approved or pre-qualified for a credit card, but you'll still need to go through the formal application process.

To get a fast credit card, you can apply online through the card issuer's website. They'll review your credit once they have all the required information from you.

You'll need to confirm your identity, answering questions correctly, and if there are no other problems, you'll get a quick answer on whether you're approved or not.

Getting instant feedback on your credit card application is crucial when looking for a quick approval card.

To get instant approval, it's best to have a good credit score and a consistent source of income. Having a low credit score can increase the risk of defaulting, so work on improving it by paying all your bills on time.

Some banks are faster at approvals than others, with fast approval banks taking around 7-10 business days for approval and another 7-10 business days for delivery of your card. For other banks, the standard timeframe is approximately 3-4 weeks if done by mail.

The fastest way to get a credit card is by applying online directly through the credit card company's website, which can be done in less than 20 minutes. This is because the entire application process can be completed quickly and efficiently.

Approval can take anywhere from a few minutes to a few days, depending on the issuer and the type of credit card you're applying for. If your application is declined, you can contact the financial institution to find out what happened.

Some instant credit card providers take as little as 60 seconds to determine whether you'll get approved or not, and if your credit score is excellent, you could get a final decision within minutes.

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With an instant approval process, you can enjoy a range of benefits that make managing your finances a breeze.

You can earn up to 4% cashback on all purchases at Shell gas stations and convenience locations.

Having a good credit score, such as 690-740, opens up opportunities for loans and credit with lower interest rates.

One of the perks of instant approval is earning points or cashback, which can be redeemed for rewards.

You can earn up to 15,000 points when you meet the criteria, making it a great incentive to use the card regularly.

No fees are charged when you get additional cards, making it a cost-effective option for those who need multiple cards.

The instant approval process also offers access to hotel bookings and room upgrades, making travel a more enjoyable experience.

The credit limit is up to $10,000, giving you a decent amount of credit to work with.

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You can cash out anytime with just one tap, making it easy to access your money when you need it.

Here's a summary of the benefits:

Comparing credit cards can be overwhelming, but it's essential to choose the right one. The annual fee is a key factor, and fortunately, most instant approval credit cards in Canada have a $0 annual fee.

You'll also want to consider the interest rate on purchases, which can range from 19.99% to 26.99% for some cards, but there are options with 0% interest.

To help you narrow down your options, let's take a look at a comparison table:

This table shows that all three cards offer instant approval, but they differ in their credit or pre-paid options.

When comparing credit cards, it's essential to look at the annual fee, which can range from $0 to a significant amount. In the case of Neo Financial, Wealth Simple Cash Card, and KOHO, all three have a $0 annual fee.

Interest on purchases is another crucial factor to consider. Neo Financial has an interest rate of 19.99% – 26.99%, while Wealth Simple Cash Card and KOHO have 0% interest.

Instant approval is also a key consideration, and all three credit cards offer this feature.

The type of credit offered by each card is also worth noting. Neo Financial offers both credit and prepaid options, while Wealth Simple Cash Card and KOHO are prepaid only.

Here's a quick comparison of the three credit cards:

Rewards programs are also an important consideration, with Neo Financial offering cash back, Wealth Simple Cash Card offering Aeroplan points, and KOHO offering cash back.

Mark's rating of the three credit cards is also worth noting, with Neo Financial receiving a 5/5 rating, Wealth Simple Cash Card receiving a 3.5/5 rating, and KOHO receiving a 4/5 rating.

If you're in a hurry to get your credit card, you're in luck with some banks. They offer fast approval times, with approval within 7-10 business days and card delivery within another 7-10 business days.

Not all banks are created equal, though - some take longer to approve applications. For these banks, you can expect a standard approval timeframe of approximately 3-4 weeks if you apply by mail.

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