Best instant approval credit cards in Canada

I’m dropping the RBC Visa Infinite Privilege in this slot (as opposed to, say, an Amex Platinum, which, of course, also offers instant approval) for one main reason – RBC offers instant use of its cards with Apple Pay before your physical card arrives, really one of the top possible perks of instant approval.

Despite its high fee ($399), it offers a great welcome bonus, plenty of perks and fantastic travel insurance. You’ll need a Very Good credit score and a household income of over $200,000.

Key features:

• Annual fee: $399
• Welcome bonus: Get up to 70,000 Avion points* (a travel value of up to $1,500†).
• Gas savings: Enjoy 20% more Avion points and 3¢/L savings at Petro Canada.
• Rexall points: Get 50 Be Well points for every $1 spent on eligible products at Rexall.

RBC Avion VIP pros and cons

Pros

• Competitive welcome bonus, earned on approval

• Great insurance coverage

• 1.25 Avion points per dollar spent on eligible purchases

• Plenty of of bonus perks like lounge access and ski pass

Cons

• Intimidating, unskippable annual fee

• High-income barrier, with a very good credit score needed

Disclosures:

•  Refer to RBC page for up to date offer terms and conditions.
  
  

  This post contains affiliate links. Please read disclaimer for more info. 
  
  

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Okay, so technically, you don't need a Very Good credit score for the RBC Visa Infinite Avion (as they state the range to be 660-724), but in my experience, this one can be a bit tougher to get auto-approved for. I even had to visit a branch once to validate my identity. Yuck. I think a better approach with a better score would improve your instant approval odds.

That said, it's a rock-solid card otherwise. A decent welcome bonus, great insurance, and flexible ways to spend your points make this a card worth considering. Plus, like the RBC Infinite Privilege (and all RBC cards), you can hook it up immediately to your Apple Pay and start spending on it immediately, a huge bonus.

Key features:

• Annual fee: $120 ($50 for each additional card)
• Welcome bonus: Get up to 55,000 Avion points* (a value of up to $1,100†), that’s enough to fly anywhere in North America or the Caribbean!
• Mobile device insurance: Up to $1,500 in mobile phone/device insurance protection
  
• Income required: $60,000 (personal)

RBC Avion VIP pros and cons

Pros

• Rewards program is highly flexible, transferable, and includes a slew of non-travel-related reward options

• Partnerships with other retailers like HBC and Petro-Canada

• Provides excellent travel insurance

• New cardholders earn up to 55,000 welcome Avion points on approval*

• Solid option for looking for a travel-centric points program

Cons

• The points-to-dollars ratio is only average and there are few opportunities for accelerated earning.

• The $120 annual fee isn’t cheap

• High annual income requirement: Personal: $60,000 or Household: $100,000

Comparing the RBC Avion premium credit cards

Disclosures:

• Refer to RBC page for up to date offer terms and conditions.

  This post contains affiliate links. Please read disclaimer for more info.

  Disclaimer: Money.ca may engage in affiliate marketing, which is done by embedding tracking links into Money.ca. If you click on a link for an affiliate partnership, a cookie will be placed on your browser to track any sales for purposes of commissions.

Amex Cobalt - winner, best overall in the Money.ca Credit Card Awards

This is the go-to gem for foodies and travel enthusiasts alike. The Amex Cobalt racks up a whopping 5 points per dollar on eats and drinks, including your morning coffee or dining out with friends. Groceries? You're covered there, too, with the same stellar rate. 

Streaming earns you 3 points and everything else nets you two points per dollar. And here’s the kicker: with a flexible monthly fee instead of a yearly hit, it feels lighter on your wallet.

As for perks, think along the lines of top-tier travel insurance, exclusive event access, and bonus points galore when you meet spending milestones. 

Key features:

• Annual fee: $155.88 ($12.99/month)
• Welcome bonus: Earn up to 15,000 Membership Rewards® points* by earning 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 on your Card in your first year as a new Cardmember. This could add up to 15,000 points in a year.*
• Mobile device protection: Up to $1,000 in mobile phone and mobile device protection

Amex Cobalt pros and cons

Pros

• High earn rates (up to 5% return on spending!)

• Flexible month-by-month fee structure

• Free supplementary cards

• 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

• Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

• Amex has a more limited merchant acceptance rate than Visa and Mastercard

• Slightly higher than average annual fee

Disclosures:

• Contact American Express for the most up-to-date referral bonus figures.

  American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

This is a dandy cashback card for those looking for a card with a $0 annual fee. Earn 2% cash back on eligible grocery purchases in Canada, up to $300 cash back annually, 2% cash back on eligible gas station purchases in Canada and 1.25% cash back on everything else. I mean, wow.

On top of that, you have access to all the usual Amex perks (like concierge, amazing travel protection, etc.) From my anecdotal experience, if you’re an existing Amex customer (and pass an internal identity check), they’ll send you your card info and a temporary pin, allowing you to purchase items online right away before your physical card arrives.

Key features:

• Annual fee: $0
  
• Welcome bonus: Earn a bonus 5% cash back on purchases in your first 3 months (up to $2,000 in purchases).
• Rewards: Earn 2% cash back on eligible groceries in Canada (up to $300 cash back annually), 2% cash back on eligible gas and groceries and 1.25% cash back on everything else

Amex SimplyCash pros and cons

Pros

• No annual fee for primary or additional cardholders

• Solid regular cash back rate on all eligible purchases - up to 2% cash back on all eligible purchases

• No limit to the amount of cash back you can earn at the base rate

Cons

• Cash back is only applied as a statement credit once a year

• Amex cards aren’t accepted by every merchant

Disclosures:

• Contact American Express for the most up-to-date referral bonus figures.

  American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

This is a rock-solid cashback card with no annual fee and decent travel perks that has maintained a place in my wallet since its inception. It features 2% back in two categories of your choice (Earn 0.5% back on everything else) with many travel perks. 0.5% back on everything else What’s not to like?

If you meet the 660+ credit score requirement (and oddly high $60,000 personal income), you’ll be eligible for instant approval for the Tangerine World. Unfortunately, to my knowledge, instant use isn’t available for this card.

Key features:

• Annual fee: $0
• Income: $60,000 (personal) or $100,000 (household)
• Welcome bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, get a 1.95% promotional balance transfer interest rate for the first 6 months.
• Rewards: Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more) and 0.5% back on everything else. Get a Tangerine Savings account and get a 3rd 2% cash back category

Tangerine World pros and cons

Pros

• No annual fee

• Unlimited money-back rewards

• High 2% earn rate

• Exclusive experiences through MasterCard

Cons

• $60,000 minimum income requirement

• Travel insurance would be a welcome addition to the travel-related benefits

Disclosures:

• See your Information Box in the Tangerine application for full details. Rates and fees are subject to change.

Part of the new wave of highfalutin' techie cards, Neo Mastercard is custom-built for folks looking to use it instantly after instant approval. Even with $0 annual fee, Neo allows you to pair a digital card with Apple Pay and Google Wallet (hurray, Android users!) immediately upon approval. It also has some sweet cashback perks with certain partners (that you’ll find in the app and that are always updated).

Key features:

• Annual fee: $0
• Rewards: Earn up to 4% cashback on gas and groceries purchases.. Earn up to 1% cash back on everything else.

Neo Financial Mastercard pros and cons

Pros

• No annual fee

• Cash back rewards on purchases

• Even more cash back potential with 10,000 Neo partners

Cons

• Potentially high APR

• Tiered cash back rates make it harder to unlock max earn rates

Disclosures:

• Neo Credit and Neo Secured Credit cards are issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.

Here’s one for folks looking to build credit for the first time (or recover it after a dip). The KOHO Essential Mastercard® Prepaid Card is a prepaid credit card (effectively acting like a secured credit card) that requires no credit score to qualify for.

The annual fee is $48 or $4 per month - $0 when you set up a recurring Direct Deposit or deposit $1,000 each month. The KOHO Essential even has little perks like lower FX fees and (paid) add-ons like their credit builder program so you can move up to unsecured credit cards (or stay with their program which has paid tiers as you move up). Plus, KOHO gives you a digital card upon instant approval through its app, which you can pair with Apple Pay and Google Wallet for instant use.

Key features:

• Annual fee: $48 ($4 per month - $0 when you set up a recurring Direct Deposit or deposit $1,000 each month)
• Welcome bonus: Get a 30-day free trial for any KOHO plan. Get a $20 sign-up bonus on your first $20 transaction.
• Cash advance access: Get access to a cash advance of up to $250 at 0% interest with Cover

Koho pros and cons

Pros

• A no-fee account option

• Accepted worldwide, wherever Mastercard is accepted

• Three account tiers, so there’s something for everyone

• Earn interest on your account

• RoundUps feature helps you save

• Financial coaching is available

• Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)

• Compatible with Apple Pay, Samsung or Google Pay

• Joint account option for families and couples

Cons

• No physical branches or tellers

• No RRSP, TFSA or RESP accounts

• Customer service not on par with the big banks

• Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance

When it comes to credit cards, faster is better, and instant is best. You can look forward to some perks with instant approval credit cards.

• Quick and easy application process: In this case, the beauty of an algorithm means all your details are scanned automatically, allowing you to easily apply online with minimal data entry and a fast turnaround on whether or not you’ve been approved.
• Immediate access to credit: Some cards immediately send you your credit card details. You can upload them to Apple Pay or Google Wallet and use your phone to start spending on them immediately, with no two-week wait for mail delivery.
• Building or improving credit history: If you want to build or fix your credit score fast, applying for an instant approval credit card that doesn’t need a high credit score is a great way to hit the ground running.
• Convenience and flexibility: There are many choices and a card that suits many different needs. Shop around and see which one (or many) is right for you.

• Review and improve credit history: Start by finding an easy-to-qualify for card, spend with it, pay it off and buff your credit score. Upgrade your card accordingly as it improves, but try to maintain your oldest one with a successful history.

• Maintain a stable income: You will need an income to pay off your cards. Make sure to update your financial details with your bank as you grow in your career.

• Pay off existing debts: My dad used to say, “Debt is an emergency,” so treat it like one. Before any savings can start, you must tackle your high-interest debt. Doing so will boost your credit score down the road.
• Choose the right credit card for your needs: Do your research (you’re in the right spot!) Don’t get a card you can’t afford or doesn’t measurably improve your life and financial situation.

• Interest rates and fees: While you feel the need for speed, it’s always a good idea to look before you leap. Consider the annual fees you’ll need to spend and the interest rate you’ll need to pay on your outstanding balance.
• Rewards and cash back programs: And don’t forget the perks! Many instant approval cards offer great points and cash back rewards to tempt you not only immediately but also down the road.
• Credit limit and spending flexibility: The credit limit might be fundamental if you want instant approval for a big purchase. Ensure your card has the capacity you need and—especially if it’s an Amex—it’s accepted where you need it to be. Additionally, be aware of the minimum credit score required, which typically ranges between 600 and 700, to qualify for these cards.
• Additional features and benefits: Many instant approval cards allow you to start spending right away, which is a huge benefit. But this isn’t universal and sometimes only works with Apple Pay (sorry, Android users). Ensure you have a clear view of the benefits associated with your card of choice.

1. 1.

   Compare your options: Research and find the card that fits your needs and you can afford. We’ve done this work for ya!

2. 2.

   Check the eligibility requirements: We’ve listed the credit score ranges, so make sure you fall within that range and don’t forget to match the income requirements which you can see in the card boxes. If you don’t see one listed, it’s because there is no income requirement (like on Amex credit cards).

3. 3.

    Collect the necessary documents and information: Have all your info ready, you’re going to need to input a lot so they can feel comfortable you’re who you say you are.
   

4. 4.

   Apply online: Just click the yellow button beside your card of choice and we’ll connect you to the application page. 
   

Once you fill out an application, a Canadian lender will pull a version of your credit report and credit score from either Equifax Canada or TransUnion Canada. They’ll use this credit profile and other factors, like your income or debt-to-income ratio (DTI), to determine if you meet their underwriting standards.

Underwriting standards are a lender’s benchmarks for deciding who can qualify for their loans and the terms they’ll receive. A lender will offer a loan contract if you get approved, or they’ll send an “adverse action” notice if you don’t.

Thanks to Canada’s federal and provincial consumer protection laws, lenders must provide a copy of the credit report and credit score used in the decision-making process when they deny someone a loan or offer less favorable terms on the financing.

The 5 Cs of credit card approval

The 5 C’s of credit approval are a group of factors Canadian issuers use to appraise applicants. The 5 Cs serve as catchall considerations for factors, such as income and credit history.