If you’re approved with the information you’ve provided, your application is expedited for credit checks, card printing and mailing. And you can expect to receive a welcome package containing your card in five to seven business days.
As a safeguard against fraud, at times an application may go under manual review, in which case the file gets forwarded for verification, sometimes taking an additional two to three business days before a final decision is made.
As banking processes become increasingly digital, more credit-card applications are moving online, and more issuers are offering cards with applications that can be quickly approved.
Here are the best instant-approval credit cards you can apply for right now.
Best instant-approval credit cards in Canada:
What is an instant-approval credit card?
Instant-approval credit cards are cards with an expedited approval process through a streamlined—practically instant—application and approval process that will help to save you time and stress. Rather than applying and waiting for the final decision to come through, the issuer will let you know immediately whether you’ve been approved or if there needs to be a manual review.
Canadian Tire’s Triangle Mastercard allows newly approved cardholders to make purchases on their card via Apple Pay or Google Pay before they receive their physical credit card in the mail.
What do you need to get instantly approved for a credit card?
- You must be a permanent resident or Canadian citizen (although some cards offer a longer application if you’re not a permanent resident of Canada)
- You must be the age of majority (18 or 19 and older, depending on the province you reside in)
- You must not have a history of bankruptcy if you’re applying for an unsecured credit card (that’s most rewards and low-interest credit card options)
- A good credit score will increase your chances of being approved, whether you’re applying for a secured or an unsecured card
Instant-approval applications require accurate information that matches any previous background information the provider or bank may already have on file (if you have another card from that provider or you bank with that institution already), your social insurance number, employment and income information, and other optional information. The more information you provide, the more effectively the approval process can verify that you are indeed… well, you!
If you’re approved instantly, the system will expedite your application for proper credit checks, though you may still be contacted for further confirmation of other details. Shortly after, your card will be printed and mailed to the address you’ve indicated. All cards require a credit check or score pull, with the exception of applications where you already have an established history with the institution, or when the credit card you’ve applied for is secured, meaning you would have provided a security deposit.