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Credit Cards Canada Instant Approval
3 Oct 2018

The Basics of Credit Cards Canada Instant Approval

Need credit for an emergency? Credit cards Canada instant approval presents a fast and convenient way to take the guesswork out of the credit card application process. These are types of credit cards that are usually applied online, with applicants getting a response almost immediately after applying. If you’re in need of this type of card, Bonsai Finance can simplify the process for you.

Characteristics of Credit Cards Canada Instant Approval

  • Instant Response

This basically means that after filling your application, you’ll get a notification via your email of the approval or denial of the credit card application. In most cases, the response is received a few seconds after applying. Before applying it’s best to review various credit card offers so that you can make a more informed decision.

You can make use of online preapproval tools, which require you to submit a brief form where you give out basic financial and personal information. The credit card issuer will make use of the information you provide to check available offers that you’re qualified for. Depending on the credit card offers presented, you can then decide whether or not to apply for the card.

  • Safe to Apply

You are probably wondering- is it really safe to provide your information, both personal and financial, through a website? The answer is ‘yes’. Credit card companies utilize data encryption to help keep information that’s provided by users safe.

To be absolutely safe, you shouldn’t apply for a credit card on just any website you come across. You should only apply through the credit card issuer’s website. Be sure to check out additional safety notifications such as a verified security badge or padlock. Moreover, you can ascertain that a website is secure by confirming that the website’s URL starts with “https”.

If you’re hesitant to apply for an instant approval credit card right away, we can help you research offers that align with your basic information. We’ll do this conveniently and with no negative impact on your credit score. By taking your time to research before applying will help you find rewards or low interest cards offering instant approval.

Things to Keep in Mind When applying

  • “Instant approval” isn’t “Guaranteed approval”

Even though they are known as instant approval cards, it doesn’t necessarily mean that the approval is guaranteed. In this context, instant approval means that your application will be reviewed and a decision conveyed instantly.

If the card issuer finds out that you don’t meet the minimum requirements, then they can deny you their card. Moreover, instant approval doesn’t necessarily mean that you’ll have immediate access to the card even if you’re approved. In most cases, you’ll have to wait for five to seven days to get the new credit card and terms.

  • Your credit score matters

To get approved for an instant approval credit card, you must have stellar credit. Most card issuers require applicants to have at least good to excellent credit. In other words, you must have a good credit history.

After submitting your online application for an instant approval card, the credit card issuer will run a preliminary credit check. With a higher score, you’re almost certain of being approved for the card you’re applying for. Once the issuer obtains your score and approves your application, you’ll be issued with a “conditional approval”.

In the meantime, the credit card issuer carries out a more thorough check of your credit history. They’ll check aspects such as your prior credit card usage and income. Moreover, they will check whether you meet their residency and age requirements. Once they verify all this information, you’ll be approved for credit.

If you’re shopping for credit cards Canada instant approval, you should look for those with the best rates and the most rewards and benefits. Bonsai Finance can help you get the most ideal card for you. Contact us today and we’ll be happy to help you.