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The Best Instant Approval Credit Cards in Canada in 2024

Written by Jessica Steer
Reviewed by Emily Gardner
In Canada, getting a credit card is easier than ever. With instant approval credit cards, it’s as simple as applying online and getting approval in minutes. In some cases, with virtual credit cards, you can even use the card instantly.
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    When it comes to getting an instant approval credit card, though, you want to be sure you’re applying for the right one. There are plenty to choose from in Canada, so it can be difficult to decide. That said, out of all of the instant approval cards available, some are more popular than others. Let’s take a look at these and see how they compare. 

    Best Cards to Choose From

    When you’re choosing the best instant approval credit card, it’s easier than ever. You can apply for the credit card online and receive an answer in minutes. That said, before you start applying for credit cards online, it’s important that you look at the features and requirements of the card before you apply.

    Every time you apply, your credit is checked by the credit bureaus, which reduces your credit score by 5 to 15 points. Because of this, you want to be sure to apply as few times as possible.

    The easiest way to do that is by going over the requirements to make sure you meet them before you apply, as well as verify that it’s the right card for you.

    American Express Cobalt Card

    The American Express Cobalt Card isn’t only considered one of the best credit cards for instant approval, it’s also considered the best rewards credit card. This card has no annual fee, and purchase interest rates are 20.99%, while cash advance rates are 21.99%.  That said, though, there is a monthly fee of $12.99. 

    With the Cobalt Card, how you earn the most points is based on how you spend on the card. You earn 5X the points for food and drinks at eligible restaurants, 3X the points on streaming subscriptions and 2X the points on travel and transportation. There are also some great perks included. 

    By just being a Cobalt card holder, you can access bonus rewards and events. You can even stay at exclusive hotels included in the hotel collection. You can even get insurance on your mobile device as long as you purchase it using your card. That’s not all, though. You can also get purchase insurance on items you buy using your card, travel coverage, exclusive offers, and different borrowing options, including Plan it. Plan it breaks down your large purchases into monthly installments. This card even offers car rental insurance coverage. 

    In order to get approved for the Cobalt card, though, you must meet the requirements, and the ones for this card are minimal. All you need to do is be the age of majority in the province in which you live and be a Canadian citizen. There is no credit score or annual income requirement. 


    While the KOHO Mastercard is a prepaid credit card, it comes with some great features. It also has instant approval. There are low or no fees, and you can earn cashback on most of your purchases. No credit check is required to get this card, and you can earn interest at an average of 3% on your balance. The foreign exchange fees are only 1.5%.

    With the KOHO card, not only do you have your physical card, but you also get a virtual card. This virtual card is available on your app, and you can hide the card number or lock the card from use. It’s just one of the many security features that KOHO offers. 

    Tangerine Money-Back Credit Card

    As far as instant approval cards go, the Tangerine Money-Back Credit Card is a great option. With this card, you can earn unlimited cash-back with the bonus of not having to pay any annual fee. Plus, they offer a welcome bonus if you apply and are approved before April 30, 2024. With this bonus, you can earn an extra 10% back on up to $1,000 in purchases that are made within your first 2 months.  Before we get into the details of the points, though, let’s take a look at the fees. 

    Type of FeeAmount
    Purchase Interest19.95%
    Balance Transfer Fee3% (minimum $5)
    Promotional Balance Transfers Rate1.95% for 6 months
    Foreign Currency Rate2.5%
    Cash Advance Interest19.95%
    Dishonoured Payment Fee$25.00
    Overlimit Fee$25.00
    Rush Card Fee$25.00
    Past Statement Reprint$5.00

    Some of the perks included with this card are purchase protection and extended warranty coverage. For purchase protection, the loss, theft, or damage is covered, and eligible purchases are covered for up to 90 days. Extended warranty coverage can double the time for service repairs, up to one year. Plus, on certain purchases, you can also earn up to 2% cashback. That said, those purchases must fall within these categories:

    • Grocery purchases
    • Furniture purchases
    • Restaurants ( including food delivery)
    • Gas purchases
    • Hotel/Motel
    • Recurring Bills
    • Drug Store purchases
    • Home Improvement purchases
    • Entertainment purchases
    • Public Transportation
    • Parking

    As an added bonus, you can also use your virtual card, which is compatible with Apple Pay, G Pay, and Samsung Pay. 

    Neo Credit

    Neo Credit is relatively new in the world of credit, but they’re considered to be one of the best instant approval virtual credit cards available. With Neo, you can get 1% cash back on everyday purchases. You can also get up to 15% cashback on welcome offers, which are first-time purchases at participating partners. These offers are always changing. 

    One unique feature of Neo Credit is that you can get 5% back on partner cashback, but you get to determine which cashback options you want. These aren’t predetermined for you like most traditional credit cards. These different options are Travel, Mind and Body and Food and Drink. You can also get mobile and Personal Protection. 

    Another unique feature of Neo Credit is that you can choose to have the base plan or the premium plan. The base plan includes 1X cashback on gas and groceries, cashback with Neo partners and access to money management tools. The Premium plan includes 3$ cashback on gas and groceries, boosted cashback with Neo partners and the base tools, plus new features for only $4.99, with the first 3 months free. 

    When it comes to Neo Credit, all different credit scores are accepted. You can be approved for amounts ranging from $500 to $10,000. The purchase interest rate on the credit card is between 19.99% and 29.99%, and the cash advance rate is between 19.99% and 24.99%. The only requirements to apply are that you must be the age of majority in your province, live in Canada and have a Canadian photo ID. 

    Canadian Tire Triangle Mastercard

    Another option for an instant approval credit card is the Canadian Tire Triangle Mastercard. This card not only has instant approval but also offers great rewards and has no annual fee. With the Triangle Mastercard, you can earn:

    • 4% back at some of your favourite stores
    • 1.5% back on groceries
    • 5% per litre at Gas+
    • 0.5% back on all other purchases

    With the Canadian Tire money you earn, you can spend it at stores other than just Canadian Tire. These stores include:

    • SportChek
    • Marks
    • L'Équipeur
    • Party City
    • Hockey Life
    • Atmosphere
    • Hockey Experts

    You can also get personalized rewards as a triangle member that can be combined with using your credit card. There are also some other key features of your credit card. 

    With this credit card, the standard annual interest rate on purchases is 20.99%. For cash advances and other related fees, the interest rate is 22.99%, except for Quebec, where it’s 21.99%. That said, you can also get 0% interest financing on some purchases. In order to qualify for this, though, the purchase must be at least $150, a qualifying purchase purchased through a participating retailer. 

    PC Financial Mastercard

    The PC Financial Mastercard is a rewards credit card with three different card types, all with no annual fees. There’s the original PC Mastercard, the PC Financial World Mastercard and the PC Financial World Elite Mastercard. Plus, when you apply, you can get 20,000 welcome points. 

    When it comes to earning points with the PC Mastercard, you can earn:

    • 30 points per $1 at Loblaws-affiliated grocery stores
    • 45 points per $1 at Shoppers Drug Mart and Pharmaprix stores
    • 30 points per $1 at Esso and Mobil Stations
    • 10 points per $1 on all other purchases

    You can also link your PC credit card with your PC Optimum card to earn extra points. With that in mind, though, rewards aren’t the only feature of this credit card. 

    For all PC credit cards, there is a 21-day grace period on all purchases. The standard purchase interest rate is 21.99%, and the rate on cash advances is 22.97%, except for Quebec, where the rate is 21.97%. All the cards also include free purchase assurance, free extended warranty and Mastercard global service. 

    Home Trust Secured Visa

    If you have a bad credit score but are still in need of an instant approval credit card, one of the best options out there is the Home Trust Secured Visa. It’s actually considered one of the easiest instant credit cards to get. This card has been around for over 10 years and was voted the best-secured card for 3 years in a row. 

    The key feature of this card is that every purchase allows you to rebuild your credit score. In order to do this, though, you have to keep up with your credit card payments and make them on time. There’s also no annual fee, and the interest rate on all purchases is 19.99%. That said, you’re only charged the interest rate when you carry a balance past your monthly billing period. If you’re looking for a lower interest, you can actually go as low as 14.90% with an annual fee of $59. 

    Even though this card is secured, it still has a zero-liability policy. This policy helps protect you from fraud. If someone uses your card to make purchases that you don’t authorize, then you aren’t responsible for paying for those purchases. Just like other popular credit cards, you can also get a digital card that’s mobile wallet-friendly. You can also log in online and manage your account.  

    When it comes to your limit on the Home Trust Secured Visa, that depends on what you deposit. This deposit amount can be anywhere from $500 to $10,000 and will be returned to you once your credit card is paid off and cancelled. While this may seem like a lot of money to have deposited, it’s important to remember that Home Trust is a member of the Canada Deposit Insurance Corporation (CDIC), so your funds are protected. 

    Walmart Rewards Mastercard

    The Walmart Rewards Mastercard is another credit card that also offers instant approval, just like most other store credit cards and no-fee credit cards. When you apply, you can also earn a welcome bonus of $45. When it comes to your regular purchases, though, you can earn 1.25% on online and in-store purchases. On all other purchases, you can earn 1%. Plus, there’s no limit on how much you can earn back. 

    With this card, the interest rate on standard purchases is 20.89%. On cash advances, the rate is 22.97%. That said, there is a 21-day grace period on all purchases. You can even break down purchases that are over $200 into 6 equal payments. Those aren’t the only features on the Walmart Mastercard, though. 

    With this card, you can also get zero liability protection on all unauthorized purchases. There’s even a balance protection plan that will cover your purchases in the event of disability or critical illness, extended warranty plans, purchase assurance protection, and Mastercard Global Protection. Additionally, you can purchase accident insurance, travel insurance, Info Protector 360 and ID assistance. 

    Are Instant Approval Credit Cards Guaranteed?

    Instant approval credit cards and guaranteed approval credit cards are very different things. That said, though, some credit cards are both. Instant approval cards are cards that you can apply for and find out whether you’re approved or not right away. Guaranteed approval cards are when you apply, but there’s no chance that you will be declined. However, the biggest difference between these two types of credit cards is your credit score. 

    When it comes to guaranteed approval credit cards, you’re likely getting a secured credit card. It’s important to note, though, that guaranteed approval credit cards are different from prepaid credit cards. Secured cards work the same as unsecured credit cards, but you need a security deposit in order to use the card. This protects the credit card company and allows you to build your credit. Once the card is paid off and cancelled, you’ll receive the deposit back. With prepaid cards, you can only spend the funds you put on the card, and there are no credit benefits. 

    Instant approval credit cards come in a variety of different types. Whether you have a good credit score or a bad credit score, there are a few different kinds that come with instant approval. You’ll likely have to get a credit check and meet the requirements to qualify for approval, though. 

    How to Get Approved for an Instant Approval Card

    How to get approved in the instant approval process depends on the type of credit card you’re applying for. With secured cards, you just have to meet the general requirements, which are usually to be of the age of majority of your province and be a Canadian resident. You’ll also have to be able to pay the deposit. For other credit cards, though, there are different qualifications that you’ll need to meet. 

    With a good variety of credit cards, there is a minimum credit score requirement you need to meet in order to get approved. If you don’t meet this credit score, then you won’t get approved. Your credit score will also impact how much you’ll get approved for. That said, it isn’t the only requirement you’ll need to meet. Some credit card companies also have minimum income requirements. 

    Minimum income requirements are usually a requirement for credit card providers with higher credit limits and high rewards credit cards. They don’t usually have lower interest rates or anything, but they do have some really good cashback options. Many of these cards even have minimum credit card limits starting in the thousands. There are two different kinds of minimum income requirements. They usually have a minimum single income requirement, as well as household requirements based on whichever one applies to you. 

    Instant Approval Cards and Instant Use

    When it comes to getting instantly approved for credit cards in Canada, just because you’re approved right away doesn’t mean that you can use them right away. This is the difference between instant approval and instant use of credit cards. 

    Instant-use credit cards are usually virtual credit cards. These work so that once you’re approved, you can put the digital card into your mobile wallet and have instant access to your approved funds. This isn’t the case for all instant-approval credit cards, though. Many of them only have a physical card. This means that you have to wait until the physical card arrives before you can use the funds. 

    Different Types of Credit Cards You Can Get In Canada

    When it comes to choosing a credit card in Canada, it’s important to note that there are many different kinds to choose from. Which credit card application you fill out depends on your situation, credit score, and annual income. Here are the different options:

    • Low-Interest Credit Cards
    • No Fee Credit Cards
    • Secured Credit Cards
    • Rewards Credit Cards
    • Balance Transfer Credit Cards
    • Business Credit Cards
    • Student Credit Cards
    • US Currency Credit Cards

    Among these different types of credit cards, there are also many different credit card providers. However, among these many different providers, there are 4 different types:

    • Mastercard
    • Visa
    • American Express
    • Discover

    With all of these different aspects to consider, choosing the right card can be difficult. Some stores only take certain cards, and some providers are easier to get approved for than others. You also need to consider what you’re eligible for. 

    How to Check Your Credit Score

    When you’re looking into getting an instant approval credit card, one of the most important things to consider is your credit score. As we mentioned, many different credit cards have credit score requirements you need to meet in order to get approved. Since getting a hard credit check through the credit bureaus can negatively impact your credit score, it’s important that you limit these checks to less than 6 per year. One way to do this is by being aware of your credit score. 

    One of the simplest ways to stay up to date on your own credit score is by checking it online. Sites such as Credit Karma and Borrowell will do a soft credit check every month. While these credit checks aren’t as accurate as hard credit checks, they give you a good idea of your credit score and what you need to improve on. Many of these sites also give you your approval odds for different types of credit cards and show you what your best bets are to apply for. 

    While credit card debt can have a negative impact on your credit score, if it’s used properly, it can actually improve your credit score significantly. By tracking your credit score, you can see when credit card issuers submit your credit history and the impact it has on your score. You can also get a good insight into your credit file. While these sites don’t show your full credit report, they do show a good portion of it. 

    Final Thoughts

    If you’re in the market for a new credit card or just looking to get a credit card for the first time, there are many different cards out there to choose from. Before you start applying for credit cards, it’s important that you look into what each card offers, as well as what requirements are needed for approval. 

    Since not all credit cards are built for everyone and their personal finance situation, you can look at a credit card website and look at the different options available. Many sites even compare credit cards based on what you’re looking for. While you can just go to your local bank branch and get a credit card, there are also plenty of other options available to you that offer great incentives. Plus, many of these credit cards also offer instant approvals. 

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