![]() A secured card is a credit card made for people with bad credit and have little to no real application requirements. If you have bad credit and are looking for a card that’s super easy to get, you’ll want to set your sights on what’s known as a secured card. You’ll still need to meet the card’s application requirements and undergo a credit check – and you can still get rejected. Remember, instant approval isn’t the same as a guaranteed approval. If you’re new to Canada, you’ll likely have to step into a bank branch or call over the phone for a more detailed conversation with a banking specialist to get a card.Īdditionally, you may not successfully complete an instant approval (even if you have good credit) if your credit profile has incomplete or inaccurate information. In some cases, instant approval credit cards are only available to permanent residents, eligible work visa holders or citizens of Canada. Some caveats to instant approval credit cards After you’re approved, you’ll have to wait until your new card arrives in the mail, which usually takes anywhere from 5-7 business days. Unfortunately, just because the approval process is instant, that doesn’t mean you can start spending immediately. It also helps to stay well under your credit limit on the cards you already have.Īfter I’m instantly approved, can I use my credit card right away? Borrowing only what you can afford and paying all of your bills on time are two of the biggest things you can do to improve your creditworthiness. Most credit card application pages will explicitly mention how much you need to earn in order to get approved.Īs a long-term strategy, you’ll also want to keep good personal finance habits to maintain your credit score in good standing. One of the best ways to increase your chances of being instantly approved for the card you want is to do your research and make sure you meet its income requirements before hitting apply. What else can I do to increase my odds of being instantly approved? Most notably, many premium credit cards have a minimum requirement for personal income – typically around $60,000-$80,000. The process might just take longer, and you might have to give additional details, make a security deposit, speak with the card issuer in person or over the phone, and/or have a guarantor co-sign for the card.Īdditionally, you’ll need to meet other minimum requirements for these cards. Finally, you’ll need to consent to a credit checkĮven if your credit score falls below the threshold for instant approval, you may still be approved for the card you want.Social insurance number (though, your SIN usually isn’t required).In some cases, your other debts and expenses.You’ll need to provide some information to prove your identity and employment, including your: The best way to apply is online, but you can also apply in person or over the phone. How can I apply for an instant approval credit card? You’ll still need to meet the card’s application requirements and undergo a credit check – an instant approval just makes it easier and faster (we’re talking a matter of minutes) to get approved in cases when you do satisfy the qualification requirements. Note though, instant approval doesn’t mean guaranteed approval. If you’re planning to use a credit card for a specific purpose (like for an upcoming vacation), being instantly approved will also get the card in your hands faster. ![]() If you’re not sure whether your application will be approved, instant approval will spare you weeks of waiting. This is helpful to have in a few situations. After providing the necessary information (more on that below), the card issuer’s underwriting algorithm will automatically look at your application in real-time and decide whether you meet the qualification requirements and are approved.īecause the entire process happens automatically online and there’s no need for a human underwriter to examine your application, you will find out whether you’re approved for the card at the same time you apply. Instant approval is exactly what it sounds like.
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