Last Updated on 8 months by Anoob P T
Are you looking for Instant Approval Credit Cards for Bad Credit (Unsecured in Canada)? Here is everything that you need to know about Instant Approval Credit Cards for Bad Credit in Canada.
Table of Contents
What are Instant Approval Credit Cards?
Instant Approval Credit Card helps you to know whether you are eligible for a credit card within a few minutes. They have an application which needs to be filled online. It might take up to 10 minutes for you to complete the application form. After submitting the form, you will be informed about the approval decision of your application within a few minutes.
Mostly, those with an excellent credit score gets through easily for an instant approval credit card. Even though this is a general case, it may not be always true. For some people with an excellent credit score, their application gets rejected for other reasons.
Who are eligible for Instant Approval Credit Card?
The eligibility requirements vary depending on the credit card you choose. However, the basic requirements you need to satisfy in order to apply for any instant approval credit card are:
- 18 years of age, or the age of majority in your province or territory.
- Canadian citizen or a permanent resident.
- Meet any minimum income requirements.
- Meet any minimum credit score requirements.
How do Instant Approval Credit Cards work?
As mentioned earlier, you will be asked to fill and submit an application form online. The credit card provider can access the online national credit bureaus – Equifax and TransUnion – and calculate its response using your credit status almost instantly. However, if there is any issue with your credit history or application, it may take some time longer for the issuer in calculation.
In addition to the instant approval facility, there are also security benefits associated with instant approval credit cards. Your application will be protected by 128-bit encryption. It is also easier and convenient to track online applications. With both these features, there are minimal chances of losing your documents.
The approval of your application depends on your credit history, income and the information you included in your application.
What are the benefits of Instant Approval?
There are security benefits and convenience associated with instant approval cards. Moreover, they are useful to the user in the form of rewards, discounts, coupons and many such advantages.
- Instant discounts and rewards: The online approval lets you to use discounts and rewards on purchases even before receiving the physical card or using it.
- Instant access to some card features: Apart from the discounts, you will also be introduced to the features of a credit card without holding one.
- Emergency credit line: If you are making a big purchase and do not have the required amount available in your credit cards, you can make use of the instant approval credit card without having the physical card for it.
- Meet sign up bonus requirements: There are also chances to get a welcome offer if you are lucky enough.
How to apply for an Instant Approval Credit Card?
Before applying online, make sure you are applying for the credit card which is best suited for you. Compare the interest rates, fees, exchange rates, discounts, offers, rewards and so on before making a choice.
- It is comparatively easy to get an instant approval credit card via online. But even though it only takes 60 seconds, you need to look for different options before choosing the credit card, such as:
- Fee: Annual, foreign transaction, balance transfer, late and returned payment fees.
- Rates: Check the APR for purchases, cash advances and balance transfers before settling on a card.
- Features: Rewards programs, balance transfer offers, signup bonuses, complimentary insurance and purchase protection are some of the benefits you need to look for.
- Make sure you can afford the card and that it offers the extra features you need to manage your credit.
Eligibility Requirements for Instant Approval Credit Cards for Bad Credit
- Good credit history: If you have a good credit history with no evidence of default, you are more likely to qualify for the card.
- Residential status: Mainly, it depends on the card you choose to apply for. Some banks offer credit cards only to permanent citizens of Canada. However, some other allow temporary citizens too.
- Age: You’ll need to be at least 18 years of age, or the age of majority in your province or territory.
- Income: There is a certain income amount you need to satisfy in order to apply for a credit card. The amount differs according to the bank. If you have a low income, there are also options for low-income credit cards.
Documents for Instant Approval Credit Cards for Bad Credit
- Proof of identity: Any document that acts as a legal proof for your ID like driving licence or SIN number.
- Personal details: Official name, Residential address and Contact details.
- Employment and income: For a regular salaried employee, these include details of your employer and recent pay slips. If you’re self-employed, you have to provide your accountant’s details. People who are retired have to provide evidence of your pension and OAS payments or assets.
- Balance transfer details: Existing accounts and the amount you’re transferring during the application.
Apply online for Instant Approval Credit Cards for Bad Credit
Once you’ve compared your options, made sure you meet the eligibility criteria and organized the necessary documents,
- Select the ‘Go to Site’ button to begin your secure online application.
- With the necessary documents, you can complete the application form in 10 minutes.
- After submission of your application, you should receive your response within 60 seconds.
- You’ll either be approved, rejected or, if the bank needs to investigate a detail of your application in further detail, left pending.
Is there a guaranteed approval for your credit card application?
The simple and direct answer is no. However, you can increase the chances of approval by checking and qualifying the eligibility requirements, maintaining a good credit history, giving out correct information on your application form and opting the best credit card for you.
Easy to get Credit Cards in Canada
Some of the easy to get instant credit cards in Canada are:
- Tangerine Money-Back Card
- Scotiabank Momentum Visa Infinite
- American Express Cobalt Card
- BMO Preferred Rate Mastercard
- Refresh Financial Secured Visa
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