While many of the top credit cards in Canada require a good credit score or better, options for people with fair credit include
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Best credit cards for fair credit scores
Here’s a rundown of the best cards that you could be approved for with a fair credit score. Note that we did not include prepaid credit cards as they are not true credit products and will not help improve your score.
| Credit card | Benefits | Annual fee + income requirements | Apply |
|---|---|---|---|
| Tangerine Money-Back Credit Card | * Up to 2% cash back on purchases * Ability to choose which categories earn 2% cash back | * $0 * $12,000 personal | Apply |
| Neo Mastercard | * 1% cash back on all purchases * Bonus cash back when shopping with participating retailers | * $0 * None | Apply |
| Secured Tims Mastercard | * Up to 2 points per $1 spent * Redeem rewards for any menu item at Tim Hortons | * $0 * None | Apply |
| Home Trust Secured Visa Card | * Lower foreign exchange fee of 2% * Ability to pay an annual fee for a lower interest rate | * $0 * None | Apply |
1. Best overall for fair to good credit
×1 Award winner 
$120 GeniusCash + Up to $100 bonus cash back* + No annual fee.*
GC: $120
1x Award winner The best credit card for fair to good credit in Canada is the
We love that there’s no annual fee, low interest rates across the board, and great rewards. You’ll earn 2% cash back on up to 3 reward categories of your choice. All non-category purchases earn you 0.5% cash back.
Pros:
- Earn an extra 10% cash back for the first 2 months, up to $1,000 spent
- 2% cash back on up to 3 categories of your choice
- 1.95% interest on balance transfers for 6 months
- No annual fee
Cons:
- Only earns 0.5% cash back on non-category purchases
- Limited insurance included
2. Best for rewards at participating retailers
It can be difficult to get a card that earns you rewards when you have a low credit score, but the
Pros:
- Average of 5% cash back with Neo retail partners
- No annual fee
- Ability to upgrade card for better rewards and benefits
Cons:
- Doesn’t earn rewards everywhere
- No insurance included
3. Best secured credit card in Canada
The
Pros:
- Earn rewards on daily purchases
- Boosted earnings at Tim Hortons and on gas, groceries, and transit
- Easy rewards redemption
- No annual fee
Cons:
- Points are only worth 0.5 cents each
- Low base earn rate of 1 point per $4 spent
4. Best for foreign purchases
The
We like this card for foreign purchases since it has a lower foreign exchange fee of 2% (compared to the standard 2.5%).
Pros:
- Near guaranteed approval
- No annual fee
- Lower foreign exchange fee of 2%
- Helps build credit
- Optional annual fee of $59 to get a lower interest rate
Cons:
- Minimum $500 security deposit required
- No rewards on purchases
What is a fair credit score?
A fair credit score falls between 560 and 659. Most credit cards require a "good" score of at least 660, so having a lower score can make it challenging to be approved for standard credit products.
If you're a newcomer to Canada, your starting credit score will likely be in this range.
Learn more: Best credit cards for newcomers
With a fair credit score, you’ll typically only qualify for secured credit cards – though there are always exceptions.
That said, nothing is guaranteed. Just because you meet the credit score requirements doesn't mean you'll be approved. Other factors influence approval decisions.
What to consider when choosing a credit card with fair credit
If you have fair to good credit, there are a few things you'll want to look out for when getting a credit card.
- No annual fee: Most cards in this category don’t have annual fees, but double check to be sure.
- Low income requirements: Most no fee cards are fairly accessible, requiring a lower level of income than premium credit cards.
- Rewards: While improving your credit is the priority, rewards are always a nice perk. When you’re choosing a card, consider whether it earns rewards – and what those rewards are. For example, Tangerine will earn you rewards on everything while Neo earns very little on purchases outside of Neo partners.
How to improve your credit score
Credit cards can be a terrific way to improve your credit, provided you're paying your bill on time and in full – but they’re just one part of your credit score. Here are some effective strategies for boosting a low credit score.
Check your credit report for errors
Though credit bureaus do their best to ensure your credit report is accurate, it’s possible that you may find errors. You should review your credit report at least once annually to confirm accuracy. If you notice an issue, report it to the bank or credit bureau.
First-hand experience: Our editor checked her credit score for the first time in several years (oops!) and found that it had fallen over 200 points, despite paying her balance in full and on time every month. Upon reviewing her report, she noticed that a balance of a few cents was being reported as "written off" by an account that she’d fully paid and closed. She contacted the bank and when they refused to help, she initiated a dispute with Equifax. She provided proof and they fixed the mistake, which corrected the erroneously low credit score.
Pay your bills on time
It’s imperative that you pay at least the minimum payment due on your credit card on time and every month. Even one missed payment in a month is enough to keep you from improving your score – and could cause it to decline.
If you find yourself forgetting to pay your bill, here are a few things you can do:
- Set calendar reminders
- Enable auto pay if your issuer offers it
- Set up email reminders if your issuer offers it
- Get in the habit of paying your balance every 2nd week
Improve your debt-to-income ratio
Credit issuers like to see low credit utilization, which means you’re not using all the credit that’s available to you. Ideally, you should keep the percentage of credit you’re using to 30% or less.
You can improve your ratio in a few ways:
- Pay down debt by paying off loans or credit cards
- Ask your credit card issuer for a credit increase
- Increase your income
FAQ
Can I get a credit card with a 600 credit score?
It’s possible to get a credit card with a credit score of 600 but it depends on the card issuer and other factors. For instance, you might qualify for a card with a low credit score if you have proof of high income. That said, you’ll probably be offered higher interest rates than applicants with high credit scores.
What is the easiest high-limit credit card to get with fair credit?
The issuer sets credit card limits after considering factors like income, debt, and employment. Secured credit cards are the easiest to get with a fair credit score, but the limit will be the amount you put down as a security deposit.
What credit card is best for fair credit?
The best credit card for fair to good credit in Canada is the Tangerine Mastercard. You'll earn up to 2% cash back on purchasers for no annual fee. If you need a secured credit card, we recommend the Secured Tims Mastercard, which offers rewards on all your purchases.
What is the lowest credit score to open a credit card?
Card issuers don’t advertise a minimum credit score requirement. Typically, issuers look at factors like credit history, credit utilization, income, and employment status when making approval decisions – so a low credit score might result in an approval for one person but not for another.
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