Applying for a credit card has never been easier, thanks to the rise of instant-approval credit cards. As the name suggests, you'll know almost immediately whether you've been approved – no waiting around required.
There are plenty of instant-approval card options, many of which are featured on our best credit cards list. This article can help to narrow down your options and find the right card for your situation.
Key Takeaways
- Credit cards with instant approval will let you know in minutes whether or not you’re approved.
- Most issuers have credit cards with instant approval.
- Generally, applicants still need to undergo a hard credit check to get an instant-approval credit card.
- Though many cards offer instant approval, this feature isn't guaranteed – it's possible that something in your application could trigger a longer wait time.
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What is an instant-approval credit card?
As you can probably guess, an instant-approval card is a credit card that promises to give you an approval decision within minutes of submitting your application.
To quickly give you a decision, credit card issuers require you to:
- Provide proof that you're a Canadian citizen or permanent resident
- Be at least the age of majority in your province
- Not be in a state of bankruptcy
If you meet these requirements, you can easily submit an application online. You'll have to provide ID, proof of employment and income, current credit card details, your current living arrangement (whether you rent or own), and the amount of recurring payments.
Once your bank has the answers to these simple questions, their algorithms will quickly decide whether or not you qualify for the card.
Remember: If there is an issue with your application, you may have to wait for manual approval.
Instant approval vs. guaranteed-approval credit card
These names might be used interchangeably, but instant- and guaranteed-approval credit cards are very different:
| Instant-approval credit card | Guaranteed-approval credit card | |
|---|---|---|
| Type of security deposit | Unsecured | Secured |
| Requires hard credit pull | Yes | No |
| Security deposit required | No | Yes |
| Good credit score required | Yes | No |
| Available to people with no credit | Not usually | Yes |
As you can see, instant-approval credit cards consider your credit score and have more requirements. These cards might come with rewards and benefits.
On the other hand, guaranteed-approval credit cards are available to anyone who can put down a security deposit (and, in some cases, meet a minimum credit score). These are useful options for people building credit.
Best instant-approval credit cards
Here are some of the best credit cards in Canada that offer instant (or near-instant) approval for online applications.
| Card name | Annual fee | Rewards | Welcome bonus | Learn more |
|---|---|---|---|---|
| MBNA Rewards World Elite Mastercard | $120 | * 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category) * 1 point per $1 spent on all other purchases |  $40 GeniusCash + 30,000 bonus points (terms) | Learn more |
| American Express Cobalt Card | $191.88 | * 5 points per $1 spent on eligible groceries and restaurants (up to $2,500 spent per month) * 3 points per $1 spent on eligible streaming services * 2 points per $1 spent on eligible gas, transit, and ride share purchases * 1 point per $1 spent on foreign currency purchases * 1 point per $1 spent on all other purchases | Up to 15,000 bonus points (terms) | Learn more |
| Neo Secured Mastercard | $95.88 | * Average of 5% cash back at partner retailers * 1% cash back on gas and EV charging, up to $500 spent monthly * 1% cash back on groceries, up to $500 spent monthly | $80 GeniusCash + None | Learn more |
| BMO CashBack Mastercard for students | $0 | * 3% cash back on groceries (up to $500 per month) * 1% cash back on recurring bill payments (up to $500 per month) * 0.5% cash back on all other purchases | $20 GeniusCash + 5% cash back for the first 3 months (terms) | Learn more |
| EQ Bank Card | $0 | * 0.5% cash back on all purchases | None | Learn more |
Best for flexibility: MBNA Rewards World Elite Mastercard
×7 Award winner 
GC: $40
7x Award winner If you're looking to put money back in your pocket, the MBNA Rewards World Elite Mastercard might be the card for you. You'll earn up to 5 points per $1 spent on restaurants, groceries, digital media membership, and household utility bills, and up to 1 point per $1 spent on all other purchases.
Why we like it:
- Up to 30,000 bonus points
- 10% bonus points every year on your birthday
- 12 types of insurance
Things to consider:
- High income requirements
- $120 annual fee
Best for rewards: American Express Cobalt Card
The American Express Cobalt Card is another solid rewards card, offering up to 5 points per $1 spent on categories like restaurants, groceries, streaming services, and travel. But where this card really shines is in its redemption options: American Express Membership Rewards lets you use your points for flights, hotels, other travel, charities, and the usual cash back.
Why we like it:
- Up to 15,000 welcome bonus points
- 10 types of insurance included
- High-value flight redemption options
Things to consider:
- Lower acceptance as an Amex
- $191.88 annual fee
Best secured: Neo Secured Mastercard
The Neo Secured Mastercard card is another to consider if you're building your credit. Since it's a secured card, you're essentially guaranteed approval, but you do pay a deposit (which becomes your credit limit). Yes, there is an annual fee of $95.88, but it's waived for the first year.
We should also mention that you're required to have a Neo Build membership, which costs $7.99 per month.
Why we like it:
- Earn an average of 5% cash back with Neo retail partners
- Earn 1% back on gas and groceries
- Ability to upgrade to Neo Premium to get more rewards
Things to consider:
- No insurance included
- Limited rewards outside of Neo partners
Best for students: BMO CashBack Mastercard for students
×1 Award winner GC: $20
1x Award winner As a student, you want a card that works for you and doesn't charge expensive fees – enter the BMO CashBack Mastercard for students. There's no annual fee, you'll earn generous rewards, and you'll enjoy 3 months of Instacart+ plus a $5 monthly Instacart credit when you link your card.
Why we like it:
- 5% cash back for the first 3 months, up to $2,500 in spend
- Up to 3% cash back on purchases
- Low minimum credit score required
Things to consider:
- Limited cash back outside of bonus categories
- Limited insurance included
Best prepaid: EQ Bank Card
With no annual fee, no foreign exchange fees, cash back opportunities, and interest earned on your balance, it's no surprise that the EQ Bank Card is the best prepaid card in Canada – and it happens to provide instant approval. Keep in mind, though, that prepaid cards won't help you build credit.
Why we like it:
- No foreign exchange fees
- Earns 0.5% cash back on all purchases
- Earn the same interest on your deposit as your Personal Account rate
Things to consider:
- No insurance included
- Doesn't help build credit
How to find the credit score requirements for all cards
Since credit score requirements can vary widely by issuer and even by card type, it can take time to check eligibility.
Luckily for you, we've created a tool for comparing credit cards. Just set the credit score slider at the top to match your current score, and you'll immediately see cards that you might be eligible for with your credit score.
Play around with the tool's filters to customize card offers based on your preferences.
Using the filters above, you'll only see cards that you'll likely be accepted for.
Checking your credit score
If you don't know what your credit score is at the moment, don't worry – there are a few ways you can check your credit report for free:
- Equifax: Once per month, you can sign in to your free Equifax account to check your credit file and see your score at no cost. It also offers a credit monitoring subscription with various tiers.
- TransUnion: The other major credit bureau, TransUnion, also offers free access to your credit file on its website (and by mail). You can subscribe to its credit monitoring service for $24.95 per month.
- Major banks: If you have a banking package with a major Canadian bank, it doesn't hurt to ask if you have free access to your credit files and scores.
- Credit score sites: Credit sites like Credit Karma and Borrowell also offer access to one of your credit files and scores. Since these are third-party services, though, be sure to use common sense when sharing your identification information.
How to increase your instant approval odds
No one likes spending time filling out an application only to have it denied. Before you hit the submit button, try to get your finances in order so you're more likely to get that new credit card.
Since you generally need a credit score of at least 660 to be approved, the best thing you can do is improve your credit score. Here are a few strategies you can try:
- Pay off debt: Credit card companies will check your debt-to-income (DTI) ratio and deny you if you've used most of the credit available to you. Pay off as much debt as you can to lower that DTI.
- Increase your income: While this might be easier said than done, earning more money also moves that DTI ratio in your favour. Look for ways you could boost your income to improve your credit card approval chances.
- Make on-time payments: Creditors don't like seeing missed payments when they pull your history. Even if you can't make full payments on existing credit cards, always pay the minimum on your monthly statement.
- Check your credit report for errors: Mistakes happen, and even credit reporting agencies might list inaccurate information on your account. Take some time to check your report for errors and dispute anything incorrect that you find – you never know which ones might negatively affect your credit.
FAQ
What credit card can I get approved for immediately?
Many credit cards offer near-instant approval upon application. For instance, we like the MBNA Rewards World Elite Mastercard for its high cash back rates, the American Express Cobalt Card for its stellar rewards, and the BMO CashBack Mastercard for students for its sweet student-centred perks.
Are there different types of credit card applications for instant approval?
No, each credit card issuer uses the same application for all its credit cards, so you don't have to fill out a unique application if you're hoping to get instant approval. Just check the card issuer's site to learn how long it takes them to arrive at an approval decision.
Can you tell me how to quickly get approved for a credit card?
There are a few things you can do to improve the odds of being approved: Keep your credit card debt to a minimum, maintain low credit utilization, build your income so you meet income requirements, show a history of on-time payments, and be sure to correct errors on your credit report.
What's the easiest credit card to get approved for in Canada?
The easiest credit cards to get approved for in Canada are typically secured credit cards. Instead of a credit check, these cards require a refundable deposit that serves as your credit limit. Since approval is based on your deposit rather than your credit history, almost anyone can qualify.
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