Did you know that the average Canadian credit score in 2022 is 6721? If you’re interested in finding the best credit card rates and offers, there are many options available.
But First, Why Use A Credit Card?
Well credit cards can be a convenient way to help manage your finances and to access certain extra benefits. But on the total other hand they can be risky if they’re not managed properly. Comparing benefit is hugely important when it comes to picking the right card for you to make sure you’re receiving the best rates with eligible points.
Quick Benefits Of Using A Credit Card
- Safer Than Carrying Cash – By using a credit card you’re not carrying your cash around with you. You can use the card to make purchases and pay the bills whenever you need to.
- Build Your Credit Score – Your credit score is an important factor when it comes to making large purchases like a car or a home. By using your credit card you’ll be increasing your credit score with every purchase allowing easier access to home loans in the future.
- Earn Rewards – If you’re somebody who often travels or buys a lot of items at different stores it can be a real hassle to keep track of all your loyalty points. But credit cards can also earn you rewards points which can really add up in the long run.
- Multiple Currency Options – If you enjoy travelling the world or buying items in other countries you may find that it’s easier to pay with a credit card instead of having to bring cash. Check the cards your are considering and see what type of currency is accepted.
The Top Instant Approval Credit Cards In Canada
Tangerine Money-Back Credit Card2
Simply requiring a credit score of 600 or above with an income of $12,000 or more the Tangerine Money-Back Credit Card is a fantastic option for Canadians looking to get their first credit card. It comes with a $0 annual fee and offers rewards of 2% cash back on 3 spending categories you can select yourself and 0.50% on all other purchases.
The interest rate is 19.95% for purchases, balance transfers and cash advances.
American Express Cobalt Card3
From one of the most reputable credit card companies in the world is the American Express Cobalt Card. This card will cost you $12.99 a month to use but it comes with some major benefits as well. American Express has always been one of the best points systems available for credit cards. This specific card offers 30,000 bonus points in the first year if spending the required amount. You can also receive 5x points on food and drink purchases, as well as 2x points on all travel related expenses.
The interest rates for this card are 20.99% on purchases and 21.99% on cash advances.
KOHO Prepaid Visa4
This card is available to all those with bad credit scores as it works as a prepaid credit card. The benefit of using this card is it actually allows you to build credit whilst using your own money and not going into debt. With $0annual fee and of course no interest rates as its prepaid it does come with 0.50% cashback on all purchases and can even receive 1.20% on your loaded card balance.
Neo Mastercard5
The Neo Mastercard offers instant approval online to those with an application who has a credit score of 600 or above. Offering a huge 15% cashback on your first purchase as a welcome offer right now. With no annual fee and an average of 5% cashback at Mastercard partners or 1% cashback across other purchases its a great option. Mastercard has an extensive list of partners you can view on their website or ask their customer support for more information.
Interest Rates for the Neo Mastercard are set at 19.99% – 24.99% on purchases; 21.99% – 26.99% for cash advances.
Plastk Secured Credit Card6
Right now the Plastk Secured Credit Card offers a 25 day initial grace period for no interest on purchases or balances. This card is great for those looking to build credit but also have access to a strong rewards system. It does however have an annual fee of $48 and a monthly fee of $6 but you can earn points and redeem them for cash. To extend the welcome offer they’re giving new customers a 5000 bonus points and 0% APR for 3 months.
Interest Rates for the Plastk Secured Credit Card are available at 17.99% on purchases; 21.99 on all cash advances.
Get An Instant Approval For Your Best Personal Credit Card
It can be confusing to understand which option of credit cards will be right for you with so many different options available. If you’re a student new to financing world or a veteran looking to get the best points available we have gathered all the information for you. To find the best deals available in your state try a simple online search.
Reference:
- https://borrowell.com/blog/highest-canadian-credit-score-study
- https://www.tangerine.ca/en/products/spending/creditcard/world/
- https://www.americanexpress.com/ca/en/credit-cards/cobalt-card/
- https://www.koho.ca/
- https://www.neofinancial.com/rewards-credit-card
- https://www.plastk.ca/
