The best instant approval credit cards in Canada 2022
[ad_1] If you’re applying for a credit card, chances are you want it as soon as possible. Unfortunately, you often have to wait several days to see if you were approved, and then wait some more while the card makes its way to you in the mail. The good news is many credit cards now offer instant approval. You simply fill out an online application and the credit card provider runs automated checks—you know within minutes if your application has been approved or rejected. As banking processes become increasingly digital, online credit card applications are becoming more common, and more issuers are offering instant approval credit cards. Here are the best ones available in Canada right now. Find your next credit card* See cards tailored for you from over 12 banks and card issuers No impact to your credit score Get an answer in under 60 seconds Find my perfect card You will be leaving MoneySense. 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Best credit card for instant use Canadian Tire Triangle Mastercard At a glance: With this card, Canadians who regularly shop at Canadian Tire and partner stores will appreciate generous earn rates on purchases and the ability to easily redeem their Canadian Tire Money (CT money). For a no-annual-fee card, it includes some valuable perks like car rental collision insurance and access to Canadian Tire Services Limited’s Roadside Assistance Gold Plan. If you apply at a Canadian Tire store and are approved, you may use the card immediately. And if you apply online and are approved, you’ll be able to proceed to checkout right away. You can also use your card through the Apple Pay or Google Pay apps to make purchases before you receive your physical card in the mail. Earn rate: 4% back in CT Money on almost everything at Canadian Tire and partner stores; 1.5% at grocery stores (excluding Costco and Walmart); 0.5% everywhere else; 5¢ per litre back in CT Money every time you fill up at Gas+ and Essence+ locations Interest rates: purchases at 21.99%, cash advances at 19.99%, balance transfers at 19.99% Annual fee: None Income requirements: None Welcome offer: None Pros: The generous 4% earn rate makes this a card to consider for those who shop with CT Money at Canadian Tire, Sport Chek, Mark’s, L’Équipeur, Atmosphere, Party City, Pro Hockey Life, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey, and participating Sports Experts stores. This card has no annual fee. The Triangle Mastercard includes the Roadside Assistance Gold Plan. With $1 in CT money equalling CAD$1, the rewards program is simple to understand. Cons: CT Money can only be redeemed at Canadian Tire and partner stores, so you’ll have to shop there to benefit from its rewards. The accelerated 3% bonus on groceries excludes purchases at Walmart and Costco, and is only available on the first $12,000 per year. After that, groceries purchases earn at 1.5% in CT Money. The participating gas partners, Gas+ and Essence+, aren’t nearly as ubiquitous as some other brands so it’s unclear whether the ability to earn 5¢ per litre back on fuel will beat out competitor loyalty programs. Best rewards credit card American Express Cobalt Card* At a glance: The American Express Cobalt card fixes many of the drawbacks of some other rewards programs. It offers healthy accelerated earn rates and defines its spending categories extremely broadly. It makes redemptions easy and extremely flexible, even allowing you to transfer points to other programs. And it adds in a bunch of perks like an annual hotel voucher to make sure you want to keep it in your wallet. Earn rate: 5 points per $1 spent on restaurants, coffee shops, bars, grocery stores and food delivery services; 3 points per $1 spent on streaming services; 2 points per $1 spent on gas, transit, rideshare services and travel; and 1 point per $1 spent on everything else Interest rates: purchases at 20.99%, cash advances at 21.99% Annual fee: $155.88 Income requirements: None Welcome offer: In the first year, you’ll earn 2,500 points when you spend $500 per month on eligible purchases—earning you up to 30,000 points. That’s up to $300 towards a weekend getaway or
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