Easiest Credit Card to Get in Canada

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Credit Cards

Easiest Credit Cards to Get in Canada for 2023

Looking for the most accessible credit cards to get in Canada? Avoid rejection and protect your credit score with these top options. Whether you have an insufficient credit history or a poor credit score, it is expected to take time to determine which cards you will be approved for. Additionally, multiple credit inquiries can negatively impact your credit score. Applying for too many cards can cause your score to dip even further, making it even harder to open a new credit card successfully. Luckily, some cards are much easier to get than others. This article has compiled a list of the six most accessible credit cards to open in Canada. By comparing these options, you can find the credit card that best fits your spending habits and financial goals.

Canadian prepaid credit cards

Prepaid credit cards are an excellent choice if you can fund your credit card upfront. They function similarly to a debit card, allowing you to load money in advance and spend it as you see fit. While prepaid credit cards do not impact your credit score, some issuers offer optional credit-builder services for an additional fee. One popular prepaid credit card in Canada is the KOHO Prepaid Mastercard.

Credit Cards

KOHO Prepaid Mastercard

The KOHO Prepaid Mastercard is a flexible prepaid card that guarantees approval. With the free Easy Plan, you can earn 1% cash back on certain purchases, such as groceries and transportation, and 0.5% interest on your unused balance. KOHO also offers three paid plans, Essential, Extra, and Everything, which provide higher cashback and interest rates. While prepaid credit cards cannot improve your credit score, KOHO offers a workaround through its Credit Builder lines of credit. These products, available at different price points, allow you to build your credit score by making regular payments reported to credit bureaus.

Canadian-secured credit cards

Secured credit cards are another option for individuals looking to establish or rebuild their credit. Like prepaid cards, secured credit cards require a security deposit upfront but function like traditional credit cards. Two secured credit cards that are relatively easy to get in Canada are the NEO Secured Credit Card and the Plastk Secured Credit Card.

  • NEO Secured Credit Card

The NEO Secured Credit Card is a budget-friendly option that requires a minimum security deposit of $50. This makes it affordable to join and start rebuilding your credit. Additionally, NEO offers cash back on purchases, partnering with various retailers to offer different cashback rates. While the amount of cashback you will receive may vary, NEO guarantees at least 0.5% cashback in most cases.

  • Plastk Secured Credit Card

The Plastk Secured Credit Card is a more expensive option but provides flexibility for making big purchases with the ability to deposit up to $10000. The Plastk Secured Credit Card is a more expensive option but provides flexibility for making big purchases. With the ability to deposit up to $2,500 as a security deposit, you can enjoy a higher credit limit and have more purchasing power. Plastk also offers rewards on your spending, allowing you to earn points that can be used to redeem for travel, merchandise, or cash back.

Canadian store credit cards

Store credit cards are considerably easier to get than traditional ones because they are tied to specific retailers. These cards typically have less stringent approval requirements and can be a good starting point for individuals with limited or poor credit history. Two popular store credit cards in Canada are the Canadian Tire Options Mastercard and the Walmart Rewards Mastercard.

  • Canadian Tire Options Mastercard

The Canadian Tire Options Mastercard is a store credit card offering various benefits. With this card, you can earn Canadian Tire Money at participating Canadian Tire stores and other partner retailers. The card also offers discounts, special financing options, and no annual fee.

  • Walmart Rewards Mastercard

The Walmart Rewards Mastercard is another store credit card that provides easy approval and exclusive benefits for Walmart shoppers. With this card, you can earn Walmart Rewards Dollars on your purchases, both in-store and online. The rewards can be redeemed for future Walmart purchases, helping you save money on essentials.

Canadian student credit cards

If you’re a student in Canada, there are credit card options designed specifically for you. These student credit cards often have more lenient approval criteria and can help you build credit while managing your finances responsibly. One popular student credit card in Canada is the BMO SPC CashBack Mastercard.

  • BMO SPC CashBack Mastercard

The BMO SPC CashBack Mastercard is tailored for students and offers a combination of cashback rewards and exclusive student discounts through the Student Price Card (SPC) program. With this card, you can get cash back while enjoying discounts at various participating retailers. It’s a great way to save money and start building your credit history as a student.

Conclusion

When obtaining a credit card in Canada, options are available even if you have limited credit history or a poor credit score. Prepaid credit cards, store credit cards, secured credit cards and student credit cards all provide opportunities to get approved and start building or rebuilding your credit. By understanding the features and benefits of these cards, you can choose the one that aligns with your financial goals and spending habits. Remember to use credit responsibly and make timely payments of bills to improve your credit score over time.

While these credit cards are easier to get in Canada, approval is not guaranteed and may still depend on various factors, including your financial situation and creditworthiness. It’s always advisable to review the terms and conditions of each card and consider seeking professional financial advice if needed.

Answering Your Questions about Credit Cards in Canada

Options for Easy Approval: Prepaid and Secured Credit Cards

If you’re looking for the easiest credit card in Canada, it’s important to understand that there isn’t a single card that fits that description. However, several options are available if you’re having trouble qualifying for a credit card.

Prepaid and secured credit cards are relatively easy to obtain and don’t require high credit scores. Prepaid credit cards don’t contribute to building your credit rating, but secured credit cards do. Examples of prepaid credit cards include the KOHO Prepaid Mastercard and the EQ Bank Card. On the other hand, secured credit cards like the NEO Secured Credit Card and the Plastk Secured Credit Card require a security deposit and may charge interest rates.

Traditional Credit Card Options: Student and Fair Score Credit Cards

Besides prepaid and secured credit cards, traditional ones are relatively easy to obtain. If you’re currently a student, you may want to apply for a student credit card like the CIBC Aventura® Visa Card for students. For those without student status, credit cards are available for applicants with fair scores, such as the BMO CashBack® Mastercard®.

Credit Scores and Eligibility: Understanding Credit Requirements

Credit Score Thresholds: No Set Minimum Score

To get a credit card in Canada, you don’t need to reach a specific credit score threshold. However, different lenders may have varying requirements.

Generally, a credit score of around 600 can qualify you for traditional credit cards designed for individuals with low credit. If your score is around 650 or higher, you should be eligible for most standard credit cards. On the other hand, prepaid and secured credit cards don’t have a minimum credit score requirement.

Getting a Credit Card with Bad Credit: Options for Poor Credit Individuals

Prepaid and Secured Cards: Easiest Approval with Funding Required

If you have poor credit, the easiest credit cards to get approved for are typically prepaid or secured. These cards usually require upfront funding. Remember that while secured credit cards can impact your credit score positively, prepaid credit cards don’t contribute to your credit profile.

If you don’t have enough funds for a prepaid or secured credit card, some traditional credit cards are still available for individuals with low credit. The BMO CashBack® Mastercard® and the CIBC Aventura® Visa Card for Students are recommended options.

Store Credit Cards: Easy Approval for Shopping Enthusiasts

NEO Financial Hudson’s Bay Mastercard: Accessible Store Credit Card

The NEO Financial Hudson’s Bay Mastercard is a great option for those looking for an easy-to-obtain store credit card in Canada.

Disclaimer:

This article provides general information about credit cards and should not be construed as financial advice. Always research and consult with a financial professional before making any financial decisions.

 

>> Read More: Coutts Debit and Silk Cards: UK’s Most exclusive card

 

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