Wouldn’t it be nice to apply for a credit card and know immediately if you were approved for it or not? While that’s not something you should expect with every card, it’s not just wishful thinking either. There are many credit cards Canada instant approval available for you to chose from, but you should know that there are both upsides and downsides with these kinds of cards.
Why Would You Want One?
Credit card applications can be stressful when you’re unsure of the outcome and have to wait 5-7 business days for a decision. Cards with instant approval processes don’t put you through that strain. There is far less uncertainty to deal with when you’re applying for these kinds of cards because the waiting period is completely removed. This allows you to greatly reduce any anxiety you might be feeling in the interim.
It also helps you to stay focused on the goal of getting a card and accomplish it sooner; if you don’t get approved, you’ll know right away and you can move on and start to take action to improve your chances of getting approved the next time. It’s the most expedient way to make sure you get a credit card in your hands when you need one without necessarily having to resort to cards that guarantee your approval at a high cost.
Secured vs. Unsecured
One of the big things to think about when you’re considering whether or not you want to choose credit cards Canada instant approval is whether you think you should target secured or unsecured cards. All credit cards fall into one of these categories or the other, but the dichotomy is more obvious when you’re talking about credit cards Canada instant approval. There are a greater number of secured cards that fit that criteria than you’ll find if you’re just looking for any card in general. This is because the most important aspect of getting your secured credit card application accepted is that you are able to put down the requested amount of money for your deposit; that is the security in the ‘secured’ part of the name.
Choosing a secured card all but guarantees that you will be approved if you apply, but it will temporarily cost you the use of the money you put down. This is typically not a massive amount ($500 is a common minimum, though you can put down more if you want a higher limit), but it’s significant enough that some people might really miss the spending power it would give them. You’ll get it all back at the end, but until then, it’s as if you spent those funds already. Unsecured cards don’t ask that of you, but they may be more likely to charge an annual fee and they are also harder to get approved for. At the same time, more of them offer rewards to cardholders. As you can see, there are reasons to choose either, so it makes sense to think about which type you would prefer before you go searching for credit cards Canada instant approval.
Because instant approval is a perk that not all cards have, you’ll usually end paying a bit more for such a card in one way or another. The first thing that you should be prepared for is an annual fee. You’ll be paying an annual fee as high as $80 in some cases, although it’s often closer to $40 or $50 than that. Even so, when many cards with a less certain approval process come free to use, that fee can be hard to swallow, so make your peace with it now while you’re deciding how much that swift approval means to you. It may be worth it to wait a little longer if you really want to save yourself that money.
Another potentially expensive aspect to these cards is their interest rates, which can be quite a bit higher than the standard 19.99% in some cases. That’s because cards that make their approval decisions this quickly have very few requirements and are often targeted at people with bad credit. This means that whether or not your credit actually is bad, you’ll be paying the same elevated rates as you would if you did. This is less harmful than the annual fee might be, though, because it’s perfectly possible to never pay interest fees when using a credit card if you’re smart about it. If you know you have a tendency to carry a balance, though, it may be best to avoid these cards.
Other Things You Might Give Up
There are a few other perks that you might need to be prepared to sacrifice if you want to be instantly approved for a credit card. No card with instant approval is ever going to give you top-tier rewards. Those kinds of cards usually require high incomes and very good credit, both of which need to be verified extensively before you can be approved. This means that not only will not you hear back on those types applications immediately, but it will often take quite a while to find out if you’ve passed those providers’ many standard checks and been cleared to get your card.
This doesn’t mean that you can’t get any rewards at all, though. Cards with instant approval promises do sometimes offer those (though not always), and you can get anything from standard rewards points to cash back. Travel points are a rare offering in this set, though, so if that’s what you’re looking for you may need to branch out a bit more. You are sometimes able to get a few travel benefits, though, so shop around a bit if you would strongly prefer to have some on your card.
We’ll Show You Your Credit Cards Canada Instant Approval
You don’t have to go out looking for credit cards Canada instant approval – let us bring them to you. With Bonsai Finance’s highly capable web portal to help you along, you could have a new credit card on its way to you as soon as that same day. You can apply right there to whichever of those appeals most to you, and just as you’d expect, it will take almost no time at all to hear back. It’s the stress-free way to get a credit card and you’re unlikely to have any regrets.