My Rate Compass

Best Instant Approval Credit Cards in Canada for 2020

 
Welcome Bonus
Annual Fee: $0
Purchases Interest Rate: 19.95%
Cash Advance Interest Rate: 19.95%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?
  • No annual fee
  • Unlimited rewards
  • Automatic monthly cash back redemption
  • Flexibility
  • Get more rewards
Why we like it

1.95% interest on the transferred balance for the first 6 months

Regarded as one of the best credit card in Canada, Tangerine provides no annual fee, a lucrative 2% cash back in up to 3 merchant categories, and 0.5% on all other purchases with no caps, tiers or limits. It provides choice, value and convenience to beginner credit card users and even works great as a secondary credit card.

  • No annual fee -The no annual fee for both primary and secondary holders means that you are not paying for your cash back.
  • Unlimited rewards -Earn as much cash back rewards regardless of the category.
  • Automatic monthly cash back redemption -Every month, Tangerine will either apply your cashback dollars against your credit card balance or deposit it directly into your Tangerine Savings Account.
  • Flexibility - You can choose 2-3 categories for the 2% cash back and change categories once every 90 days to match your spending pattern.
  • Get more rewards -Maximize your credit card rewards by choosing another cash back credit card that has bonus categories and using your Tangerine card to expand and get more bonus categories.
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Tangerine Money-Back Credit Card Review

Earn 2% Money-Back Rewards on purchases in up to 3 categories of your choice, and 0.50% Money-Back Rewards on all other purchases.

  • 2% Rewards in your chosen categories
  • Get 0.50% money back on all other everyday purchases.

  • Money-Back Rewards are earned automatically and paid monthly, and can either be applied towards your Credit Card balance or redeemed into your Savings Account.

  • No limit on the amount of Money-Back Rewards you can earn.

  • Change your 2% Money-Back Categories to suit your everyday spending.

    • Optimizing your 2% Money-Back Categories to suit your everyday spending has never been easier. Choose your categories to earn the most money back.

    • During your first 6 months, transfer balances from your other high interest rate credit cards, and pay only 1.95% interest on the transferred balance for the first 6 months.

      Fees:

      • Annual: $0
      • Balance transfer: 3% with $5 minimum
      • Cash advance: $3.50 inside Canada, $5 outside Canada, plus 19.95% interest on overdue amounts
      • Foreign transaction: 2.5% per transaction
      • Missed or late payments: increased interest rates to 24.95% on all purchases
      • Over limit: $25 (Tangerine does not allow you to go over your limit unless the transaction was pre-approved)

       

Welcome Bonus
Annual Fee: $120
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 21.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?
  • Generous first-year rewards
  • Redeem anything you want
  • Transferability of points
  • Monthly fee
  • Free supplementary card
Why we like it

While geared towards young people, the American Express CobaltTM has plenty features and benefits that make it appealing to a wide range of people. It offers 5x more points on eats and drinks from grocery shopping to dining out, and 2x points on travel and transit. Additionally, the ability to transfer points to hotel partners or to the Fixed Points Travel Program makes this the best travel credit card in Canada with a fee. If you spend a lot on food and travel, then this credit card deserves a place in your wallet.

  • Generous first-year rewards - You have the ability to earn up to 30,000 bonus points in the first year.
  • Redeem anything you want -Reward points can be redeemed for travel, restaurant, movies, and merchandise. Unlike other rewards card, you can use your points for almost anything you want.
  • Transferability of points -You can transfer points into the Marriott Bonvoy rewards system which unlocks access to amazing rewards programs like British Airways, Aeroplan, and more than 30 other airline partners. You can also transfer to the Hilton Honors rewards program at 1:1 ratio.
  • Monthly fee - Instead of paying for a one-time annual fee, you are charged every month, giving you time to test out the card and cancel it if it's not the right fit for your spending habits.
  • Free supplementary card - This usually costs an additional $50 on most rewards card. Get one for an immediate family member and boost your earning potential.
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American Express Cobalt™ Card review


In your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card. This could add up to 30,000 points in a year

30,000 points is enough for:

  • An eligible short-haul flight using the Fixed Points Travel Program, or
  • $300 in statement credits redeemed towards travel purchases charged to your Card or
  • $300 worth of tickets on Ticketmaster.ca
  • Earn 5 points for every $1 spent on Card purchases at eligible restaurants, bars, grocery stores and food delivery in Canada
  • Earn 2 points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases. That's 2X the points on purchases that get you from point A to B
  • Earn 1 point for every $1 in Card purchases everywhere else. We won't tell you where to spend, we'll just reward you on your Card purchases
  • Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events
  • Get advance access to tickets to some of the hottest concerts, shows and events through Front Of The Line® by American Express Invites® and advance screenings to blockbuster movies

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details, current product information and Terms and Conditions, click the Apply now link. Conditions Apply

Welcome Bonus
Annual Fee: $99
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 21.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?
  • High cashback rewards
  • Complete suite of insurance and protection plans
Why we like it

If you are comfortable with shelling out a small fee of $99 per year, then the SimplyCash Preferred Card from American Express is one of the best cashback rewards cards. Those who want to maximize their rewards can take advantage of the limited-time 10% cashback rewards. It also offers a comprehensive insurance package that's worth more than $100 in value.

 

Why We Like It:

  • High cashback rewards One of the highest we've seen, the 10% promo cash back is a welcome opportunity for people who have a major purchase coming up. After the four-month promotional period is up, it returns to a still high 2% cash back with no limits. Cash back is applied as a statement credit to your account each September.
  • Complete suite of insurance and protection plans This Amex card offers extensive insurance that includes insurance against rental car damage, travel accident, foreign medical, and baggage theft as well as double manufacturer's warranty and insurance against theft or damage for purchases.
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SimplyCashTM Preferred Card Review

 New SimplyCash™ Preferred Card from American Express Cardmembers can earn 10% cash back on all eligible purchases (up to $400 cash back) for the first 4 months of Cardmembership

• Earn 2.0% cash back when your Welcome Rate ends

• No limit to the amount of cash back you can earn after your Welcome Rate ends

• Access to memorable experiences with American Express Invites

• Extensive insurance coverage and 24/7 Customer Service

• American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply

 

Welcome Bonus
Annual Fee: $0
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 21.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?

 

  • No Annual Fee
  • Awesome Welcome Offer
  • Cash Back Rate
  • Entertainment Special Access
  • Basic Insurance Coverage
Why we like it

If you’re looking for a basic cash back credit card - this could be an ideal option for you! With no annual fee, earn 1.25% cash back, obtain basic insurance and access to American Express special events. This is an ideal credit card for individuals wanting to build credit without making a big commitment to an annual fee.

 

  • No Annual Fee. One of the few American Express cards that comes with no annual fee.
  • Awesome Welcome Offer. Cardholders earn 2.5% cash back on all purchases in their first three months of ownership. Earnings cap at $150 - still a lot to earn while you spend!
  • Cash Back Rate. Once the welcome offer expires, earn 1.25% on all purchases with no limitations.
  • Entertainment Special Access. Gain access to American Express exclusive offers and experiences.
  • Basic Insurance Coverage. Travel accident, buyer’s assurance and purchase protection insurance comes with card ownership.
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SimplyCash™ Card from American Express Review

Earn Cash Back

The more you buy with the Card, the more cash back you'll earn.
  • New SimplyCashTM Card from American Express Cardmembers can earn 2.5 percent cash back on purchases (up to $150 cashback) for the first 3 months of Cardmembership
  • Earn 1.25% cash back on purchases when your Welcome Rate ends

    American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details, current product information and Terms and Conditions, click the Apply now link. Conditions Apply

Welcome Bonus
Annual Fee: $120
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 22.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?
  • Welcome bonus
  • No-nonsense rewards
  • Enhanced insurance package
Why we like it

For people who love to eat and drive, the Scotia Momentum VISA Infinite Card is the best rewards credit card with a fee. It provides an unrivaled 4% cash back on food and gas along with 2% on recurring payments and drugstore purchases, and 1% on the rest. On top of that, this card also comes with comprehensive insurance benefits and concierge benefits.

  • Welcome bonus  The whooping 10% cashback bonus on the first three months is a very delicious offer to refuse.
  • No-nonsense rewards Rewards are clear, transparent, easy to earn and easy to redeem. Cash back rewards are paid out annually either as a deposit to eligible chequing or savings account or credited to your credit card statement.
  • Enhanced insurance package The improved insurance package is comparable with other more premium cards. It provides comprehensive coverage on travel, including rental car collision loss or damage as well as purchase security and extended warranty protection.
  • Additional Perks. Obtain exclusive offers from Scotiabank including concierge service, competitive hotel rates and upgrades, and access to dining and wine country programs.
  • Annual Fee. Gain access to all of the above perks at the cost of $120 per year.
Credit Card snapshot

Great reasons to get this card for your everyday purchases

Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on supplementary cards. A welcome offer value of $350*.

• 4% on eligible recurring bill payments and grocery store purchases

• 2% on eligible gas station and daily transit purchases

• 1% cash back on all other eligible everyday purchases

• Complimentary Concierge Services 24/7
• Visa Infinite Dining Series
• Visa Infinite Music Series
• Wine Country Wonders
• Luxury Hotel Privileges
• Comprehensive Travel Insurance & New Mobile Device Insurance coverage

Welcome Bonus
Annual Fee: $0
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 22.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?
  • Appealing low balance transfer offer
  • $0 annual fee
  • Cashback on four key areas
  • Peace of mind
Why we like it

7.99% introductory interest rate on purchases for the first 6 months

Although it comes with no bells and whistles, the Scotia Momentum MasterCard Credit Card has an attractive low balance transfer promotion that may be appealing for people looking to pay off their debt. This no-fee cashback credit card also has solid features enough to make it ideal for people who want to build their credit.

Why We Like It:

  • Appealing low balance transfer offer This credit card offers a tempting 7.99% balance transfer promotional interest rate for a limited time, so you can slowly pay off your existing balance.
  • $0 annual fee Because it is a no-fee credit card, it makes the perfect starter card, or a secondary card for existing Visa or Amex cardholders who wish to shop on stores where only a MasterCard is accepted such as Costco.
  • Cashback on four key areas Not many no-free credit cards offer no-limit cashback rewards on gas, groceries, drugstore and recurring bills.
  • Peace of mind Even though this MasterCard lacks travel insurance and purchase protection, it makes up for it by giving 0% liability on all unauthorized credit card payments.
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Scotia Momentum Mastercard Credit Card review

•7.99% introductory interest rate on purchases for the first 6 months (19.99% after that)

• Cash back on everyday spending with no annual fee

• 1% cash back on eligible gas station, grocery store and drug store purchases and recurring bill payments

• 0.5% cash back on all other eligible everyday purchases

• Rates, fees and other information are effective as of August 1, 2019. Subject to change.

Make everyday purchases quickly and safely with just a tap of your contactless-enabled Mastercard or device

Welcome Bonus
Annual Fee: $120
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 21.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?
  • Free hotel stays
  • Loyalty rewards
  • Airline conversion
  • Shopping and travel protection
  • No foreign transaction fees
  • Upgraded status
Why we like it

While geared towards hotel rewards, the Marriott Bonvoy Amex Credit Card is also a great card for travelers with a multitude of redemption options as well as valuable travel and shopping benefits. The free hotel stays are enough to pay for the annual fee. And when combined with the flexible travel points, this credit card is one of the best choices for both hotel and travel benefits.

 

 

  • Free hotel stays – Points can be redeemed for free nights with no blackout dates at more than 7,000 affiliated hotels. Plus, this credit card gives you a Free Night Award every year after your membership anniversary.
  • Loyalty rewards – Earn 6x base points per dollar at Marriott-affiliated properties when you use the card and 11x base points per dollar for being a Marriott member. This gives you 17x points per dollar or more!
  • Airline conversion – Points are transferrable to more than 40 airlines.
  • Shopping and travel protection – Get protected against travel emergencies and accidents, car rental theft and damage, flight and baggage delay, and hotel or motel burglary.
  • No foreign transaction fees – Perfect for online and overseas purchases.
  • Upgraded status – Get complimentary Silver Elite Member Status or a fast track to Gold Elite status by spending $30,000 in a calendar year.
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Review of Marriott BonvoyTM American Express®

WELCOME BONUS OFFER

New Marriott BonvoyTMAmerican Express® Card Cardmembers, earn 50,000 Welcome Bonus points after you charge $1,500 in purchases to your Card in your first three months of Cardmembership1. Offer subject to change at any time

ANNUAL FREE NIGHT AWARD
Receive an Annual Free Night Award4 after your anniversary each year 

  • Earn 5 points for every $1 in eligible Card purchases at participating Marriott Bonvoy properties

  • Earn 2 points for every $1 in all other Card purchases

    American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details, current product information and Terms and Conditions, click the Apply now link. Conditions Apply