The type of a credit card you apply largely depends on your financial needs. Though it may sound like a lengthy process, you can easily access credit cards Canada instant approval.
What are instant approval credit cards in Canada?
Credit cards Canada instant approval are the credit cards whose application and approval takes only a short time since they are mostly done online. Instant approval credit cards in Canada are the quickest way to obtain credit. The only time that your credit card approval may take some time is if there is an issue with verification of the information you have provided in the application. The credit card issuers may, however, look at your financial situation before the approval. These credit checks are done to determine your credit history where the information obtained is used to determine whether you are capable of repaying the money. These cards are mostly issued to people with a good credit history.
Who is eligible for the cards?
Applicants of these cards are expected to meet the eligibility requirements as follows:
- Be of legal age i.e. 18 years and above or your province’s age of majority.
- You must be a permanent resident of Canada or a Canadian citizen.
- You must show a proof of employment or a constant flow of income.
- You must have a good credit history.
It is good to increase your chances of getting these credit cards any time you seek to apply for one. This is because instant approval does not mean that you have a guaranteed approval. The following are some of the considerations you should check while applying for the cards:
- Features of the card, for instance; offers and rewards, signup bonuses, purchase protection among others.
- You should also check the interest rate as well as fees associated with the cards. Such fees may include rate repayment fee, balance transfer etc.
- Read and understand the eligibility requirements and ensure that you meet all of them.
- You should also provide the required documents. These include identity, personal information, income information and details on balance transfer.
Once you have all the above, you can go ahead and apply for the cards online. The approval may take less than five minutes.
Types of instant approval credit cards Canada
Low annual fee cards
These are cards with lower requirements in terms of income. They are also more lenient when it comes to eligibility criteria.
Joint account credit cards
People can combine their incomes and apply for one joint credit card. This works well for married couples.
Low credit limit credit cards
The card issuers can offer cards to individuals with low income. Such individuals are eligible for cards with credit limits starting at around $500.
Low rate credit cards
These cards may be suitable when planning to carry a balance because low-interest rates lower the cost of your card. This, however, may deny you options such as complementary insurance as well as accessing concierge.
Low-income credit cards
These cards are offered to people with low income usually an annual income of $12,000. However, the issuers may also conduct a credit check.
Advantages of credit cards Canada instant approval
- Instant access for credit
- They help you to discover your credit limit
- They can help you improve your credit history.
By working with us at Bonsai Finance we can guarantee to connect you with the best the credit cards issuers. We connect you to the most trusted lenders who can meet your needs in the most bearable conditions. We can also help you choose the most suitable credit cards for your financial situation.
Credit cards Canada instant approvals have many features, which make them a perfect choice for you. All you need is to let us know about your situation and will provide assistance the best way we know how.