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Published May 23, 2023

Best Credit Cards for Bad Credit in Canada

Credit cards for bad credit can help build your credit score so long as you keep your balance low and pay your bill on time.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

A bad credit score doesn’t mean you can’t get a credit card, though you may have fewer cards to choose from. That said, there are plenty of credit cards specifically designed for those with low or no credit history.

Whether you want to establish your credit history as a Canadian newcomer, repair a damaged credit score, or simply need access to a card that fits your financial situation, a credit card geared towards those with bad credit may be the solution.

Explore:

Summary of best credit cards for bad credit, fair credit and no credit

Best overall credit cards for bad credit

Best overall credit cards for fair credit

Best credit cards for Canadian newcomers

Best credit cards for students

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American Express Cobalt® Card

Our pick for the best credit card for fair credit. Earn high rewards rates on everyday spending, a generous welcome bonus, comprehensive travel insurance coverage, and flexible point redemption.

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6 best credit cards for bad credit

Our pick for the best secured card for cash back

Neo Secured Credit

Neo Secured Credit
  • Annual Fee
    $0
  • Interest Rates
    19.99%-26.99% / 22.99%-28.99%
  • Min. Deposit
    $50
  • Maximum Deposit
    $10,000
Apply Now
Our Take
Neo Secured Credit is a no-fee card that earns cash back rewards and offers access to high-interest savings.

Pros
  • A small $50 minimum deposit makes this card accessible to consumers of all budgets.
  • Earn up to 15% cash back on purchases with select Neo partners.


Cons
  • Interest rates could be as high as 26.99% for some users.
  • While Neo plans to report card activity to TransUnion, the company has confirmed that this function isn’t fully operational yet, so the credit-building benefits of this card will be delayed.
Product Details
  • Earn a 0.5% cash back guarantee, an average of 5% unlimited cash back at thousands of Neo partners, and up to 15% cash back on your first purchase at participating partners.
  • No annual fee for the Standard rewards plan.
  • $50 minimum security fund deposit required.
  • $10,000 maximum security fund deposit.
  • To apply, visit member.neofinancial.com and create an account. Select “Credit”, pick either the Neo Credit or the Hudson’s Bay Mastercard, and then choose “Secured Card” as the type of credit you are looking for.
  • Hard credit checks are not made on applications.
  • Guaranteed approval, as long as you meet eligibility requirements.
  • Ability to upgrade to an unsecured rewards credit card.
  • Link your account to a Neo Money™ account and earn 2.25% interest on savings.
  • Purchase rates range from 19.99%-26.99%. The standard rate on purchases and cash advances is dependent on Neo Financial’s assessment of your credit application, credit profile, and your province.
  • To be eligible, you must be able to provide security funds and be a Canadian resident of the age of majority in the province or territory where you live.

Our pick for the best prepaid card to build credit

KOHO Extra Reloadable Prepaid Mastercard

KOHO Extra Reloadable Prepaid Mastercard
  • Annual Fee
    $84
  • Rewards Rate
    0.5%-8%
  • Min. Deposit
    $0
  • Maximum Deposit
    $200,000
  • Intro Offer
    Free 30-day trial
Apply Now
Our Take
Why we like it

KOHO offers four tiers of prepaid cards: Easy, Essential, Extra, and Everything. All four combine the benefits of a debit card and a credit card with cash back rewards, limited fees and the ability to build credit. Plus, KOHO doesn’t charge interest — instead, they let you earn interest on every dollar you save in your KOHO account.

Pros
  • An app that tracks your spending, helps with budgeting, offers free financial coaching, and the ability to earn 2.00% interest on your entire account.
  • Access to a credit building service that reports your payments for only $7 per month — a rare feature for a prepaid card.


Cons
  • KOHO is a tech-focused company, so if you’re uncomfortable with digital banking, it may not be the right choice.
  • KOHO isn’t a credit card, which means you can’t borrow any money. You can only access the funds already in your account.
Product Details
  • Up to 6% extra cash back when shop with partnered merchants.
  • 2% cash back on groceries, transportation, eating & drinking.
  • 0.5% cash back on all purchases.
  • Cash back is instantly added to your KOHO Savings account.
  • $9 monthly fee/$84 annual fee, + a 30-day free trial.
  • No foreign exchange fees.
  • 1 free international ATM withdrawal per month.
  • Subscribe to Credit Building for $10/month in-app.
  • Earn 2% interest on all balances (no minimum deposit requirement).
  • To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live.

Our pick for a low-interest secured card that earns rewards

Plastk Secured Rewards Card

Plastk Secured Rewards Card
  • Annual Fee
    $120
  • Interest Rates
    17.99% / 21.99%
  • Min. Deposit
    $300
  • Maximum Deposit
    $10,000
Apply Now
Our Take
Why we like it

The Plastk Secured Rewards Card features a welcome offer, the ability to earn rewards on every purchase, and a subscription service with credit monitoring and financial education resources.

Pros
  • Intro offer includes a 0% promotional interest rate for the first three months and a sign-up bonus of 5,000 points ($20 value).
  • Earn rewards on every purchase.


Cons
  • It’s not just the annual and monthly maintenance fees that add up — card holders will need to carefully read the terms and conditions for hidden costs, like the $35 charge for dishonoured payments, the 4.5% foreign conversion fee, or the chance of getting hit with a 29.99% interest rate after two late payments in a year.
  • Credit activity is only reported to one credit bureau.
  • You’ll find a lot of negative consumer reviews for this card across the web — especially with the Better Business Bureau (bbb.org) and on the Apple and Google Play app stores.
Product Details
  • Intro offer: Receive 0% Interest Rate on purchases for the first 3 months when you sign up for the Plastk Secured Credit Card. In addition, new Plastk Secured Visa card holders can earn 5,000 points ($20 value), redeemable after three months. Terms and conditions apply. Click “Apply Now” for more information.
  • Earn 250 Plastk points on every $1 spent. Plastk points are worth $0.004.
  • Redeem points for statement credits, gift cards, merchandise, exclusive member events and other perks.
  • $120 annual cost: $48 annual fee and $6 monthly maintenance fee ($72 over the course of one year).
  • $300 minimum security fund deposit required.
  • $10,000 maximum security fund deposit.
  • Hard credit checks are not made on Plastk Secured Rewards Card applications.
  • Credit activity is reported to Equifax, one of the two major consumer credit bureaus in Canada.
  • Guaranteed approval, as long as you meet eligibility requirements.
  • Access your full credit report powered by Equifax, ability to monitor your credit report, receive daily alerts, and receive financial education through Plastk Sentinel, a subscription service available for $15.99 monthly or $149.99 annually (plus applicable taxes).
  • Refer a friend for the chance to earn 1,250 Plastk reward points ($5 value).
  • Preferred rates: 17.99% for purchases, 21.99% for cash advances. If you are late making two minimum payments within a calendar year, you will be charged the default interest rate of 29.99%.
  • To be eligible, you must be able to provide security funds and be a Canadian Citizen or a Permanent Resident and the age of majority in the province or territory where you live.

Our pick for a no-fee secured card for bad credit

Home Trust Secured Visa (No annual fee)

Home Trust Secured Visa (No annual fee)
  • Annual Fee
    $0
  • Interest Rates
    19.99%
  • Min. Deposit
    $500
  • Maximum Deposit
    $10,000
Apply Now
Our Take
Why we like it

The Home Trust Secured Visa offers a straightforward, no-frills experience for credit builders. Plus, there are two secured credit card options to fit a variety of needs: a no-fee card, and a low-interest card with a $59 annual fee.

Pros
  • No annual fee.
  • Payments are reported to both credit bureaus.


Cons
  • You’ll need to budget for the $500 minimum deposit.
  • No ability to earn rewards on purchases.
Product Details
  • No annual fee.
  • Lower interest rate available for a $59 annual fee.
  • $500 minimum security fund deposit required.
  • $10,000 maximum security fund deposit.
  • Hard credit checks are made on Home Trust Secured Visa applications.
  • Credit activity, including every payment, is reported to TransUnion and Equifax, the two major consumer credit bureaus in Canada.
  • Ability to upgrade to an unsecured credit card.
  • Manage your account and billing online.
  • Cardholders can choose between a card with no annual fee and 19.99% interest or an annual fee of $59 and 14.90% interest.
  • Protection against fraud through Visa’s Zero Liability Policy.
  • Preferred rates: 19.99% for purchases and cash advances.
  • To be eligible, you must have a source of income and cannot currently be in bankruptcy. You must also be a Canadian resident of the age of majority in the province or territory where you live. The Home Trust Secured Visa Card is not available to Québec residents.

Our pick for a prepaid card for international travel

AC™ Conversion Visa* Prepaid Card

AC™ Conversion Visa* Prepaid Card
  • Annual Fee
    $0
  • Rewards Rate
    1%
  • Min. Deposit
    $0
  • Maximum Deposit
    $20,000
  • Intro Offer
    1% cash back
Apply Now
Our Take
Why we like it

The AC® Conversion Prepaid Visa Card can carry and spend up to 10 foreign currencies at a time, allowing international students, frequent travellers, and newcomers to Canada to bypass exchange rate fluctuations and skip the extra conversion fee. As a bonus, cardholders can earn 1% cash back in the foreign currencies they use.

Pros
  • Load up to 10 foreign currencies from 45 countries and skip conversion fees when you make a purchase. Currencies include CAD Canadian dollars, USD U.S. dollars, EUR Euros, GBP British pounds, AUD Australian dollars, JPY Japanese yen, HKD Hong Kong dollars, TRY Turkish lira, CHF Swiss francs, and MXN Mexican pesos.
  • You won’t be charged foreign transaction fees, which are typically around 2.5%-3.5%. This means you can save as much as $35 CAD in fees for every $1,000 CAD spent in a preloaded foreign currency.


Cons
  • You can’t use this card to transfer money to friends or family.
Product Details
  • General fees and features: There’s no fee to order the card, no fee to load it, and no annual fee.
  • Purchases: No fees for CAD purchases and no conversion fees when you make a purchase in one of 10 supported foreign currencies. There’s a 2.5% foreign conversion fee for transactions made in a currency other than the 10 supported currencies. The daily (24-hour) maximum point-of-sale purchase limit is $2,999.99 CAD equivalent.
  • Reload methods: To load funds onto your card, use your mobile app or sign onto your account at acconversion.cibc.com. The website also works on your phone or tablet on the go. The maximum load amount for a single transaction is $2,999.99 CAD equivalent.
  • Rewards: Earn 1% cash back on all of your purchases, less returns and credits in the currency in which the purchase was made, through October 31, 2023.
  • Lock in a great exchange rate each time you load. That means you don’t have to worry about exchange rate fluctuations. Plus, there’s no extra conversion fee.
  • Shop with foreign currency on global e-commerce sites.
  • Manage your funds from the palm of your hand with the AC conversion App. Reload as you go so you never run out of currency on your trip. Check your balance, keep track of your spending, transfer money from one currency to another, and retrieve your PIN.
  • Protected by advanced chip and PIN technology to minimize fraud and theft. It also comes with Emergency Card Replacement Service, Emergency Cash Service and Protection from unauthorized use of cards or account information.
  • Sign up for your card online or at a CIBC Banking Centre in Pearson Airport. You don’t need to be a CIBC client to order a card. No credit check is required.

Our pick for a low-rate unsecured card for bad credit

Capital One Low Rate Guaranteed Mastercard®

Capital One Low Rate Guaranteed Mastercard®
  • Annual Fee
    $79
  • Interest Rates
    14.90% / 21.90%
  • Rewards Rate
    N/A
  • Intro Offer
    N/A
Our Take
Why we like it

Competitive interest rates and guaranteed approval can help those with poor credit access a card and begin rebuilding their score. If your credit score isn’t strong enough to qualify for the unsecured card, you’ll be offered a secured card instead.

Pros
  • Low interest rates for purchases and balance transfers.
  • Guaranteed approval if you meet eligibility criteria.
  • Can be used to build or rehabilitate credit.


Cons
  • Doesn’t earn rewards.
  • $79 is the highest annual fee charged by Capital One’s Canadian credit cards. If you’d prefer to pay a lower annual fee ($59) and have a standard interest rate (19.8%), consider opting for the Guaranteed Mastercard® instead.
Product Details
  • $79 annual fee.
  • Improve your credit: Captial One reports credit card activity to credit reporting agencies on a monthly basis. Use your card responsibly to help establish or improve your credit.
  • Build for the future: A good credit score gives you more options – it can help you get better interest rates on loans, and can increase your chances of getting approved for an apartment rental or mortgage.
  • Everyday benefits: Price Protection Service, Purchase Assurance, and Extended Warranty.
  • Travel benefits: Common Carrier Travel Accident Insurance, Car Rental Collision/Loss Damage Waiver, Baggage Delay, and Travel Assistance.
  • Mastercard Global Service™: If a card is lost or stolen, this service provides emergency card replacement, emergency cash advance, 24/7 telephone access and referral to the closest ABM.
  • Zero Liability: No need to worry about unauthorized charges being made to the account. Capital One cardholders are protected with Zero Liability for unauthorized use of the card. That means cardholders won’t pay for any unauthorized purchases on their card.
  • If Capital One is unable to approve you for a Low Rate Gold card based on your credit history, you’ll be approved for a Secured card. With a Secured card, you’ll also be required to send in security funds.
  • Preferred rates: 14.9% for purchases and balance transfers, 21.9% for cash advances.
  • To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live. You must also not have an existing Capital One account or a pending application for one. You must not have applied for a Capital One account more than once in the last 30 days or held a Capital One account that was in poor standing in the last year.
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3 best credit cards for fair credit

Our pick for a travel rewards for fair credit

American Express Cobalt® Card

American Express Cobalt® Card
  • Annual Fee
    $155.88
  • Interest Rates
    20.99% / 21.99%
  • Rewards Rate
    1x-5x Points
  • Intro Offer
    Up to 30,000 Points
Apply Now
Our Take
Why we like it

The American Express Cobalt Card boasts high rewards rates on everyday spending, a generous welcome bonus, comprehensive travel insurance coverage, flexible point redemption and plenty of specialty perks to keep things interesting all year long.

Pros
  • Earn 150,000 points in the first year by spending up to $30,000 on eats, drinks and groceries. Combined with the 30,000 point intro offer, you could earn 180,000 points in your first year, which you could redeem for travel and more.
  • Easily transfer the points you earn to popular airline and hotel loyalty programs, such as Aeroplan and Marriott Bonvoy.


Cons
  • Airport lounge access isn’t provided, which may disappoint some frequent travellers.
  • No travel medical coverage for cardmembers over the age of 65.
Product Details
  • 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. That’s up to $300 towards a weekend getaway or concert tickets.
  • Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery.*
  • Earn 3x the points on eligible streaming subscriptions 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.
  • Transfer points 1:1 to several frequent flyer and other loyalty programs.
  • Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events.
  • Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences.
  • *Effective August 15, 2023, Cobalt Cardmembers will earn 5x the points on all eligible eats & drinks charged to their Card up to $2,500 monthly, for the same total of $30,000 annually already in place today. Cardmembers will also continue to earn 3x on streaming subscriptions, 2x on eligible transit, gas & travel purchases and 1x on everything else. T&Cs apply. While the annual earn does not change, the new monthly construct intends to curb gaming activity. The change should have little to no impact on the majority of Cardmembers who utilize the Card and Membership Rewards program as it was intended.
  • 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.

Our pick for everyday rewards for fair credit

Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card
  • Annual Fee
    $0
  • Interest Rates
    19.95%
  • Rewards Rate
    0.5%-10%
  • Intro Offer
    Up to $100
Apply Now
Our Take
Why we like it

You can earn unlimited cash back at a 2% rate in up to three categories of your choice — all while earning 0.50% back on everything else.

Pros
  • You can tailor the 2% rewards to your spending by choosing up to three categories from Tangerine’s list of 10, which includes basics like gas and groceries as well as unusual picks like furniture and home improvement.
  • Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that).


Cons
  • 2% cash back is a competitive rate, but many cards offer double the rewards on specific categories.
  • Tangerine is a virtual bank with no physical bank branches.
Product Details
  • 2% on two categories of your choice: grocery, furniture, restaurants, hotel-motel, gas, recurring bill payments, drug store, home improvement, entertainment, or public transportation and parking.
  • Get a third cash-back category by choosing to have your rewards deposited into a Tangerine Savings Account.
  • 0.50% on everything else.
  • Redeem cash back monthly as a statement credit or deposited into a Tangerine Savings Account.
  • No annual fee.
  • Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that). 1% balance transfer fee applies to the amount transferred.
  • Get free cards for any authorized users on your account.
  • It only includes purchase assurance and extended protection insurance. For more insurance, consider the Tangerine World Mastercard which requires a minimum personal income of $60,000. If you meet this requirement, you will automatically be considered for the World card if you apply for the Money-Back card.
  • Preferred rates: 19.95% for purchases and cash advances.
  • To be eligible, a $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.

Our pick for an Aeroplan card for fair credit

American Express® Aeroplan® Reserve Card

American Express® Aeroplan® Reserve Card
  • Annual Fee
    $599
  • Interest Rates
    20.99% / 21.99%
  • Rewards Rate
    1.25x-3x Points
  • Intro Offer
    Up to 115,000 Points
Apply Now
Our Take
Why we like it

Comprehensive travel insurance, Air Canada benefits, impressive earn rates and unlimited rewards make the American Express Aeroplan Reserve Card a strong choice for frequent travellers.

Pros
  • Strong earn rates with unlimited rewards.
  • Air Canada airport benefits, like Maple Leaf Lounge access, a free checked bag, Priority Airport Check-In, Priority Boarding for you and up to eight travel companions.


Cons
  • A high $599 annual fee.
  • The highest earn rate only applies to Air Canada travel purchases, so this card might not be a good fit if you prefer another airline.
Product Details
  • For a limited time, New American Express® Aeroplan®* Reserve Cardmembers can earn up to 115,000 Aeroplan points. Welcome Offer ends July 24, 2023:
  • Earn 45,000 Aeroplan points after spending $6,000 in net purchases on your Card within the first 3 months of Cardmembership.
  • Plus, you can also earn 7,500 Aeroplan points for each monthly billing period in which you spend $2,000 in net purchases on your Card for the first 6 months of Cardmembership. That could add up to 45,000 Aeroplan points.
  • You can also earn 25,000 Aeroplan points when you make a purchase between 14 and 17 months of Cardmembership.
  • That’s up to $3,200 or more in value when you combine your welcome bonus points and card benefits.
  • Receive up to $100 CAD in statement credits every four years when a NEXUS application or renewal fee is charged to your American Express Aeroplan Reserve Card.
  • Highest Air Canada earn rate on an Aeroplan payment card in Canada: Earn 3X the points on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*.
  • Standard Earn Rate: Earn 2X the points on eligible Dining and Food Delivery purchases in Canada.
  • Earn 2X the points on eligible purchases with Rocky Mountaineer®**. Plus, you could receive a Complimentary Hotel Room Category Upgrade, on the first and last night, and a Complimentary Upgrade from SilverLeaf to GoldLeaf class of service when you book directly with Rocky Mountaineer using your Aeroplan Reserve Card.
  • Standard Earn Rate: Earn 1.25X the points on everything else.
  • Get through the airport quicker with Air Canada Priority Check-In, Air Canada Priority Boarding and Air Canada Priority Baggage Handling.
  • Receive one Annual Worldwide Companion Pass when you spend $25,000 in net purchases prior to your Card anniversary date; your Pass entitles you to buy an accompanying Air Canada economy class ticket for a companion at a fixed base fare from $99 to a maximum of $599 CAD (plus taxes, fees, charges, and surcharges).
  • Enjoy access to select Air Canada Maple Leaf Lounges™* and Air Canada Café™ in North America for you and a guest, with a same day ticket on a departing Air Canada or Star Alliance flight.
  • Enjoy your eligible first checked bag free for up to 9 people travelling on the same reservation on Air Canada flights.
  • Roll over any unallocated Aeroplan Elite™* Status Qualifying Miles and unused eUpgrade Credits to the following year to enjoy during your travels.
  • American Express® Experiences opens doors for you to access a number of special events, including special dining experiences, VIP parties, advance film screenings and more.
  • Get more from your travel experience at Toronto Pearson International Airport with:
  • Access to Pearson Priority Security Lane.
  • Complimentary valet service at the Express Park and Daily Park.
  • 15% discount on parking rates at the Express Park and Daily Park.
  • 15% discount on Car Care Services.
  • Get access to more than 1,200 Priority Pass™ airport lounges and enjoy an oasis of comfort before your flight, regardless of your airline or cabin class.
  • 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.
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3 best credit cards for Canadian newcomers

Our pick for cash back for newcomers to Canada

BMO CashBack® Mastercard®*

BMO CashBack® Mastercard®*
  • Annual Fee
    $0
  • Interest Rates
    20.99% / 22.99%
  • Rewards Rate
    0.5%-5%
  • Intro Offer
    Up to $125
Apply Now
Our Take
Why we like it

The BMO CashBack® Mastercard®* offers attractive earn rates on everyday purchases like groceries and utility bills, making it easy to quickly rack up rewards that you can turn into cold hard cash.

Pros
  • Attractive introductory offer, especially if you’re interested in a balance transfer.
  • No minimum threshold for redeeming your cash-back rewards. Redeem as little as $1 if you want.


Cons
  • Accelerated earn rates for groceries and recurring bills are capped at $500 per billing cycle, a ceiling that might be easy to hit if you have a family or higher monthly balances.
  • Offers fewer travel perks and types of insurance than some other cards.
Product Details
  • Welcome offer: Get 5% cash back in your first 3 months.*
  • Then get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases!*
  • Now earn the highest cash back on groceries in Canada without paying an annual fee!†
  • Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred.*
  • No Annual fee.*
  • Want to get your cash back ASAP? Now you can redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account.*
  • Extended Warranty.*
  • Purchase Protection.*
  • Receive a discount on car rentals.*
  • *Terms and conditions apply.
  • †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

Our pick for the best credit card for newcomers to Canada

Scotiabank Gold American Express® Card

Scotiabank Gold American Express® Card
  • Annual Fee
    $120
  • Interest Rates
    20.99% / 22.99%
  • Rewards Rate
    1x-6x Points
  • Intro Offer
    Up to 40,000 Points
Apply Now
Our Take
Why we like it

Not only does the Scotiabank Gold American Express card reward you with impressive rates in six popular spending categories, but it also comes with no foreign exchange fees.

Pros
  • No foreign exchange fee on any foreign currency purchases while travelling abroad or shopping online — you just have to pay the exchange rate.


Cons
  • The bonus rewards rates drop down to the 1x flat rate after a $50,000 annual spend. This sounds like a lot, but much of your daily spending is probably included in the six bonus categories, so you might hit the limit faster than you’d think.
  • Your points will expire if you don’t use them within 12 months of the purchase date.
Product Details
  • Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points. NEW OFFER May 1, 2023 – October 31, 2023.
  • You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. Only the exchange rate applies.
  • Earn 5X Scene+ points for every $1 CAD spent on eligible grocery stores, restaurants, fast food, and drinking establishments. Includes popular food delivery and food subscriptions.
  • Earn 5X Scene+ points for every $1 CAD spent on eligible entertainment purchases. Includes movies, theatre, and ticket agencies.
  • Earn 3X Scene+ points for every $1 CAD spent on eligible gas and daily transit. Includes rideshare, buses, taxis, subway, and more.
  • Earn 1X Scene+ point for every $1 spent on every other purchase.
  • You’ll earn 6X Scene+ points for each $1 CAD charged to your account on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.
  • You must redeem a minimum of 5,000 points per travel-related rewards redemption, equivalent to $50 in travel savings. Points must be redeemed within 12 months of the purchase date.
  • Discounted Priority Pass™ membership, which grants you access to over 1200 VIP lounges around the world.
  • Score deals on shopping, dining, travel and more with Amex Offers®, and experience special events and discounts with American Express Invites®.
  • Access to Amex Front Of The Line® presale and reserved tickets.
  • To be eligible, $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
  • Terms and Conditions Apply. Click ‘Apply Now’ for complete details.

Our pick for travel points and rewards for newcomers to Canada

CIBC Aventura® Gold Visa* Card

CIBC Aventura® Gold Visa* Card
  • Annual Fee
    $139
    Waived first year
  • Interest Rates
    20.99% / 22.99%
  • Rewards Rate
    1x-2x Points
  • Intro Offer
    Up to 35,000 Points
Our Take
Why we like it

Access flexible rewards, travel insurance and a generous welcome offer worth a flight from any location in Canada or U.S. to any location in Canada or U.S. (except Hawaii and Alaska) — no established Canadian credit history required.

Pros
  • Annual fee waived for the first year.
  • Flexible rewards program.
  • Airport lounge access and additional travel perks.


Cons
  • $139 annual fee.
Product Details
  • Intro offer: Earn up to 35,000 Aventura Points (up to $800 in value) during your first year. Receive 20,000 Aventura Points when you make your first purchase, and an additional 15,000 Aventura Points when you spend $1,000 each monthly statement or more during the first year.
  • Get a one-time annual fee rebate ($139) for you (the primary cardholder) and up to three authorized users ($50 each): over $189 value.
  • Enjoy a Priority Pass Membership and 4 complimentary visits per year at 1,300+ airport lounges: over $200 value.
  • Plus, get a NEXUS Application Fee rebate: a $50 value.
  • Offer applies to newly approved card accounts only.
  • 2x for every $1 spent on travel purchased through the CIBC Rewards Centre.
  • 1.5x on for every $1 spent at eligible gas stations, electric vehicle charging stations, grocery stores and drug stores, up to $80,000 annual spend.
  • 1x for every $1 spent on all other purchases.
  • 1x for every $4.00 spent on a CIBC Global Money Transfer, through June 30, 2022.
  • Redeem points for airline tickets, merchandise, gift cards and more.
  • Apply points to your CIBC Aventura card balance or select CIBC financial products.
  • $139 annual fee.
  • Access to more than 1,300 airport lounges across the globe. Priority Pass membership with 4 complimentary lounge visits a year. Zip in and out of the country with a rebate on one NEXUS™ application fee every 4 years.
  • Fly any airline with points that don’t expire.
  • Use Aventura Points to cover full airfare including taxes and fees.
  • Link your Journie Rewards card to save on every fill-up at participating Pioneer, Fas Gas, Ultramar and Chevron gas stationsabout the features of this card.
  • Visa’s Zero Liability Policy and Fraud Alerts.
  • Valuable insurance included: Out-of-Province Emergency Travel Medical Insurance, Flight Delay and Baggage Insurance, Auto Rental Collision and Loss Damage Insurance, $500,000 Common Carrier Accident Insurance, Purchase Security and Extended Protection Insurance, Hotel Burglary Insurance and Mobile Device Insurance.
  • Access to installment plans through CIBC Pace It.
  • Preferred rates: 20.99% for purchases, and 22.99% for cash advances (21.99% for Quebec residents).
  • To be eligible, a $15,000 individual annual income is required and you must be a Canadian resident that has reached the age of majority in your province.
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3 best credit cards for students

Our pick for travel rewards for students

American Express® Green Card

American Express® Green Card
  • Annual Fee
    $0
  • Interest Rates
    20.99% / 21.99%
  • Rewards Rate
    1x-2x Points
  • Intro Offer
    10,000 Points
Apply Now
Our Take
Why we like it

The American Express Green Card has a simple rewards program with an accelerated earn rate on hotel and rental car bookings, and it’s easy to transfer your points to other loyalty programs for maximum redemption value. Oh, and the card itself is made from 99% recycled plastic.

Pros
  • No limits on rewards spending, and more ways to redeem your points than other no-fee rewards credit cards on this list.
  • Cardholders who enjoy VIP treatment will enjoy access to a multitude of perks through American Express Experiences.


Cons
  • Reward earn rates are lower than some other no-fee credit cards.
  • Lacks some of the travel perks and insurance options offered by other cards.
Product Details
  • Get the Card that lets you live in the moment while getting ready for the future.
  • The American Express® Green Card lets you go for it with every swipe or tap of your Card.
  • As a new American Express® Green Cardmember, you can earn a Welcome Bonus of 10,000 Membership Rewards® points when you charge $1,000 in purchases to your Card in the first 3 months of Cardmembership. That’s $100 towards groceries or concert tickets.
  • Earn 1x the points on Card purchases.
  • Charge an eligible purchase to your Card and redeem your Membership Rewards points for a statement credit (All eligible purchases: 1,000 points = $10 statement credit).
  • With American Express Experiences and Front Of The Line®, American Express Cardmembers get access to amazing events in Canada.
  • Transfer points 1:1 to several frequent flyer and other loyalty programs.
  • 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.

Our pick for cash back for students

Simplii Financial™ Cash Back Visa Card

Simplii Financial™ Cash Back Visa Card
  • Annual Fee
    $0
  • Interest Rates
    19.99% / 22.99%
  • Rewards Rate
    0.5%-20%
  • Intro Offer
    Up to $100
Our Take
Why we like it

The $0-annual-fee Simplii Financial Cash Back Visa Card earns bonus cash-back on the purchases you make almost every day.

Pros
  • New cardmembers can earn a 9.99% introductory annual interest on purchases for the first six months.


Cons
  • The 0.5% base rate isn’t exactly impressive, but it only applies after you hit the annual spending limits of bonus categories.
  • It only includes purchase security and extended protection insurance.
Product Details
  • 4% on restaurant, bar and coffee shops, up to $5,000 per year.
  • 1.5% on gas, groceries, drugstores and pre-authorized payments, up to $15,000 per year.
  • 0.5% on everything else.
  • Plus, for your first 3 months, enjoy 20% bonus cash back on eligible gas, groceries, drugstore purchases and pre-authorized payments (up to $500 spend).
  • Redeem cash back as a statement credit in December.
  • No annual fee.
  • Cash back when you send money abroad with a Simplii Financial Global Money Transfer. No transaction fees and no interest charges.
  • Purchase security and extended protection insurance provided.
  • Preferred rates: 19.99% for purchases, 22.99% for cash advances.
  • To be eligible, a $15,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident (excluding Quebec) that is the age of majority in the province or territory where you live.

Our pick for an Aeroplan card for students

CIBC Aeroplan® Visa Card for Students

CIBC Aeroplan® Visa Card for Students
  • Annual Fee
    $0
  • Interest Rates
    20.99% / 22.99%
  • Rewards Rate
    0.67x-1x Points
  • Intro Offer
    10,000 Points
Our Take
Why we like it

Credit card beginners can use the CIBC Aeroplan Visa Card for Students to accumulate travel rewards thanks to a solid earn rate and a generous welcome bonus.

Pros
  • The welcome bonus has no strings attached or hoops to jump through — simply make a purchase a receive 10,000 Aeroplan points.
  • Your Aeroplan membership will help you earn points twice as fast at Aeroplan partners and retailers in the Aeroplan eStore when you pay with your Aeroplan credit card.


Cons
  • The higher 20.99% interest rate could be a problem for students learning how to use their first credit card.
  • To get the best value, you’ll have to be loyal to Air Canada and the Aeroplan rewards program.
Product Details
  • 1x Aeroplan points per dollar on gas, electric vehicle charging, groceries and Air Canada travel purchases, up to $40,000 annual spend.
  • 1x Aeroplan points per $1.50 spent on all other purchases, including gas, electric vehicle charging, groceries and Air Canada travel purchases that exceed the $40,000 threshold.
  • Earn points twice at over 150 Aeroplan partners and 170+ online retailers through the Aeroplan eStore.
  • Aeroplan Points never expire and can be redeemed for a variety of travel, merchandise, gift card, and other rewards offered by Aeroplan’s participating partners and suppliers.
  • $0 annual fee.
  • Get three free months of Uber Pass for discounts on rides, meals and more. Offer ends September 8, 2022.
  • Earn 1 Aeroplan point for every $6 spent on CIBC Global Money Transfer, with no transaction fees or interest as long as you pay your balance on time. Offer ends June 30, 2022.
  • Maximize your points by adding up to three additional cards and giving them to your spouse or other family members. Points can be shared with other Aeroplan members in your household.
  • Earn points by using your CIBC Aeroplan Visa to automatically make recurring bill payments.
  • Receive preferred pricing when paying for flights with your Aeroplan points.
  • Save up to 25% on car rentals at participating Budget and Avis locations worldwide when paying with your card.
  • Save up to 10 cents per litre at participating Chevron, Ultramar and Pioneer gas stations if you link your card with Journie Rewards.
  • Use the CIBC Pace It feature to make installment payments on large purchases.
  • Four types of insurance are provided: auto rental collision and loss damage insurance, purchase security, extended protection insurance, and $100,000 in common carrier accident insurance.
  • Preferred rates: 20.99% for purchases, 22.99% for cash advances.
  • To be eligible, you must have full-time status in a college or university.
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Methodology to identify the best credit cards for bad credit

NerdWallet Canada selected the best credit cards for bad credit based on overall consumer value and their suitability for specific kinds of consumers.

Our evaluation is weighted by several factors, which depend on the card type. For unsecured credit cards: 50% rewards value, 25% intro offer, and 25% fees and interest. For secured cards: 50% features specific to secured credit cards, 30% fees and interest, 12% rewards and 8% intro offer. For prepaid cards: 60% features specific to prepaid cards, 15% fees, 15% rewards, and 10% intro offer.

Rewards value considers earning rates, rewards structure, promotional rates and spending categories.

The intro offer considers the welcome bonus value, promotional interest rates, and any waived fees.

Fees and interest consider the annual fee, additional costs such as foreign transaction fees, and interest rates for purchases, balance transfers and cash advances.

Features specific to secured credit cards include minimum and maximum deposit, ability to upgrade to an unsecured credit card, credit checks and credit reporting.

Features specific to prepaid cards include minimum and maximum deposit, maximum reload amount in any 24-hour period, ATM access, insurance benefits, digital wallet compatibility, and more.

Only reloadable prepaid cards that are available online, secured credit cards with online applications, and unsecured cards that the issuer explicitly markets as suitable for bad or fair credit scores were considered for this list. We only assessed cards available to consumers in multiple Canadian provinces and territories.

    How to get a credit card with bad credit

    By Shannon Terrell

    A poor credit score, or a lack of credit history, isn’t the end of the world — and it doesn’t mean you can’t get a credit card. If you’re looking to build or rehabilitate your credit, a credit card can be a stepping stone to a stronger score.

    Credit cards for bad credit connect people with credit options that work for their financial situation. Low or no credit doesn’t need to immobilize you. Numerous card options can help you build your credit.

    What credit score is needed for a credit card?

    A credit score of 660 or more is typically the eligibility threshold for most credit cards. You can still qualify for a credit card with a lower score, but your card options may be limited. Certain types of credit cards, like prepaid or secured cards, are designed for those with low or no credit.

    What is a credit score and how is it calculated?

    A credit score is a three-digit number — typically between 300 to 900 — that represents your creditworthiness. The higher your score, the more creditworthy you appear in the eyes of potential lenders. Your score is generated from your credit report by the two major Canadian credit bureaus: Equifax and TransUnion.

    The credit bureaus privately collect information about your payment history from your creditors. This information calculates your credit score, representing how responsibly you’ve handled your debts in the past.

    Credit scoring models aren’t publicly available, but generally speaking, here’s how credit scores tend to be categorized:

    Poor300-560
    Fair561-659
    Good660-724
    Very good725-759
    Excellent760-900

    What is a bad credit score in Canada?

    A credit score of 300 to 560 is considered poor. A score in this range will make qualifying for an unsecured credit card difficult, if not impossible. Even a score of 561 to 659 — fair, by most scoring standards — may result in card denial.

    Financial events and factors that may result in a lower credit score include:

    • Late bill payments.
    • Little to no credit history.
    • Too few credit accounts.
    • Foreclosures, bankruptcies and delinquencies.
    • Past-due accounts being transferred to collections agencies.
    • Consistently using most or all of your available credit.
    • Opening numerous new accounts in a short period of time.
    • Too many different types of credit accounts (credit cards, loans, mortgages, etc.).

    » MORE: How to get a better credit score

    How can you tell if you have bad credit?

    You can check your credit score by contacting Equifax or TransUnion or using a third-party financial service.

    Equifax

    Equifax offers online access to your credit score and report when you sign up for a free online subscription. You can also submit an electronic request for your credit information to receive a paper copy by mail. You should expect to receive your credit information within five to ten business days following the request.

    TransUnion

    You can access your credit report — which TransUnion calls a consumer disclosure — for free through TransUnion’s website. If you live in Quebec, you’ll find your credit score included in your consumer disclosure. Canadians outside of Quebec must sign up for TransUnion’s subscription-based credit monitoring service for $24.95 monthly to see their credit score. This service includes email updates of changes to your credit score, personalized debt analysis and up to $50,000 in ID theft insurance.

    Third-party personal finance service or bank

    Outside the two major Canadian credit bureaus, you may also be able to check your credit score through a third-party financial service. Although you may not need to look that far — a number of major Canadian banks, including BMO, CIBC, RBC and Scotiabank, offer credit score access via their online banking platforms and mobile apps.

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    How long do bad credit events stay on your report?

    Negative credit events typically stay on your credit report for six to seven years — though this may fluctuate depending on the nature and severity of the incident. For example, bankruptcy may stay on your report for up to 10 years.

    Easiest types of credit cards to get approved for in Canada

    For those with poor credit, certain types of credit cards may be easier to access than others.

    TypeHow it worksChances of approvalDeposit requiredBuilds credit history?
    SecuredRequires a cash deposit and builds credit history. HighYesYes
    Prepaid (not a line of credit)Money is loaded onto the card and funds for transactions are withdrawn in real time.HighYesNo
    StoreOffered exclusively by retailers and can only be used at the affiliated store.ModerateNoYes
    StudentUnsecured credit card, typically with a low credit limit, for students with limited credit history. High — but may be restricted to students.NoYes
    NewcomerUnsecured credit card, typically with a low credit limit, for Canadian newcomers with little to no credit history.High — but may be restricted to newcomers to Canada.NoYes

    Secured credit cards for bad credit

    A secured credit card requires a cash deposit to open an account. The amount that you deposit typically becomes your credit limit. So, if you deposit $500, your credit limit will be $500. Secured cards work just like other credit cards. You can use them wherever credit cards are accepted, and you’ll accrue interest on any outstanding balances.

    Secured credit cards give card issuers peace of mind because if you fail to pay your bill on time, they will take money from your initial security deposit. In this way, these cards are secured by the initial deposit you make when you open your account — hence the name. These cards differ from traditional credit cards, also called unsecured cards, which aren’t secured by any form of deposit.

    If you consistently pay your bill on time, one of the best secured cards in Canada can help you build your credit and improve your score. Plus, you’ll get your initial deposit back when you close your account.

    Prepaid cards

    A prepaid card is sort of like a debit card: you load money onto your card and spend the balance when you make a purchase.

    Transactions charged to a prepaid card are withdrawn from available funds in real time. Unlike a traditional credit card, a prepaid card won’t help you build your credit score because your transactions aren’t typically reported to the credit bureaus, so your credit history and score aren’t impacted by using the card.

    So, why get a prepaid card? Well, you can use them wherever traditional credit cards are accepted, and the best prepaid cards earn rewards or boast other special features. Plus, they don’t require a credit check, which means those with low or no credit are eligible to apply.

    Store credit cards

    Store credit cards — also called retail credit cards — are cards offered exclusively by retailers. You can only use these cards at the associated store, but they tend to provide appealing perks and rewards.

    Store credit cards are typically available to applicants with fair — sometimes even poor — credit scores. And they often don’t impose minimum income requirements, making them a more accessible option. Like secured cards, they can also help you rebuild your credit.

    Student credit cards

    Student cards are unsecured cards that often have low or no annual fees and attractive perks, like rewards and insurance coverage. While many entry-level unsecured credit cards may be suitable for students, some issuers specifically offer official student-branded credit cards that have fewer criteria for acceptance.

    To qualify for these official student cards, you must be the age of majority in your province or territory — no credit check required. You may be asked to demonstrate that you’re a post-secondary student by providing proof of enrolment. You’ll begin building your credit history as you use one of the best student credit cards.

    Card options for immigrants

    Finding a credit card as a newcomer with no Canadian credit score or history may feel like a daunting task. But each of the Big Six banks in Canada — BMO, CIBC, National Bank, RBC, Scotiabank and TD Bank — offer credit cards specifically designed for immigrants.

    These cards don’t require an established credit history but may require you to be an existing customer of the bank before you can apply. Many newcomer cards boast the same perks and rewards programs as traditional credit cards.

    Eligible applicants must be the age of majority in the province or territory where they live and must provide some personal information, like their date of birth, residential address and Social Insurance Number. Sometimes, proof of status as a Canadian newcomer, like a Canadian Permanent Resident Card, confirmation of Permanent Residence, or a work or study permit, is required.

    Cards for Canadian newcomers tend to have lower credit limits — often ranging between $5,000 to $15,000.

    » EXPLORE: 3 best credit cards for Canadian newcomers

    Establishing your credit score as a newcomer to Canada

    Some financial institutions may accept some credit history from outside of Canada, but this isn’t always the case. So, one of the best ways to build your credit score as a newcomer to Canada is to apply for a credit card. Credit cards establish your credit history and contribute to your credit report. Payment and credit history can have a big impact on your credit score, so don’t delay.

    Loan and line of credit payments also contribute to your credit history, so don’t be shy about having more than one credit product. So long as you pay your bills on time, you’ll be well on your way to building your Canadian credit history and getting one of the best credit cards available.

    » MORE: How to build credit as a newcomer to Canada

    Guaranteed approval for credit cards for bad credit

    Guaranteed approval credit cards guarantee your card approval as long as you meet the eligibility criteria. Cards with guaranteed approval are rare and are typically secured credit cards.

    Eligibility criteria for these cards typically include the following:

    • Canadian resident.
    • Age of majority in your province or territory.
    • Able to meet the minimum security deposit requirement.

    Credit cards for fair credit Canada

    Most unsecured cards require a credit score of at least 660 to qualify, but there are some cards open to those in the fair credit score range. If you have fair credit, you’ll find fewer cards to choose from, but if you use your card responsibly, your score will improve and more card options will become available over time.

    » EXPLORE: 3 best credit cards for fair credit

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    How to compare credit cards for bad credit

    Consider the following before you fill out a credit card application:

    • Credit check. If you don’t feel confident about your score, seek a card that doesn’t require a credit check. 
    • Eligibility criteria. Some credit cards for low or no credit are strictly limited to those who meet certain eligibility criteria, like newcomers to Canada or post-secondary school students.
    • Deposit. A card that requires a deposit may be easier to qualify for but could be a dealbreaker for those who don’t have the necessary funds on hand.  
    • Card features. Insurance, rewards, travel perks, interest rates — no two credit cards are the same, so consider benefits and features to find the card best suited to your lifestyle. 

    How to apply for a credit card with bad credit

    A poor credit score doesn’t mean you can’t get a credit card. Finding the credit card that works best for your financial situation can help you rebuild your credit and improve your credit score.

    Here’s how to apply for a credit card with bad credit:

    1. Know your credit score. Your credit score is important information that will help you make an informed decision about the card you pursue. With it, you’ll be able to target cards you have a chance of being approved for and avoid an application rejection, which could harm your score. Get your credit score from your bank or one of the credit bureaus.
    2. Explore your options. Secured and prepaid cards are both viable choices for someone with bad credit. These cards will have different credit limits, interest rates and perks, so weigh your options carefully.
    3. Send an application. No matter how eager you are to get a credit card, try to limit yourself to a single card application at a time. Card applications impact your credit score and multiple applications could act as a red flag for providers and hurt your chances of approval.

    Does applying for a credit card affect your credit score?

    Yes. Each time you submit a credit card application, the card issuer must perform a hard credit inquiry. These hard credit checks can drop your score by a few points, regardless of whether you’re approved or not.

    Do multiple credit cards affect your credit score?

    Yes, but whether multiple cards will positively or negatively impact your score depends more on how you use them than how many you carry. Having more than one credit card increases your combined credit limit. So long as you don’t max out both cards, your credit utilization ratio will drop, which can positively impact your credit score.

    That said, you may run into trouble if you have multiple cards that you consistently keep at or near their credit limit. Failing to pay your credit card bill on time will also hurt your score.

    A good rule of thumb when you carry multiple cards is to keep your credit utilization low — 30% of your overall limit or less — and automate your card payments so you never fall behind.

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    6 ways to improve credit score

    If you have a bad credit score, don’t panic. There are numerous ways to improve your credit.

    1. Get a credit card to rebuild credit. A credit card can help you rehabilitate your credit score, so long as you use it responsibly and consistently pay your bill on time.
    2. Limit your credit applications. Whether it’s a card or another form of credit, like a loan, limit your applications to avoid too many hard credit checks on your record. Also: numerous applications may look suspicious in the eyes of your potential lenders.
    3. Automate your payments. Missed or late payments can have a huge impact on your credit score. Consider automating your monthly bill payments — utilities, mobile phone, student loans — all of these impact your credit score.
    4. Use less than 30% of your available credit. Keeping your credit utilization low can have a positive impact on your credit score.
    5. Check your credit report for inaccuracies. Sometimes lenders get it wrong, which means there could be inaccuracies in your credit report. You can dispute these inaccuracies and have them corrected.
    6. Keep old accounts open. If you have old accounts you’ve paid off, consider leaving them open. The longer your credit history, the better. Keep old accounts active by using them every so often and immediately pay off what you owe. If you have to close your account, make sure you cancel your credit card the right way.

    Back to the top of this section

    How long does it take for your credit score to change?

    Credit reports are typically updated once every 30 to 45 days. Your credit score will change based on the information in your credit report. Each new piece of information added to your report has the potential to impact your credit score.  

    Frequently asked questions about getting a credit card with bad credit

    What is the minimum credit score for credit card approval in Canada?

    Most unsecured credit cards require a credit score of 660 or more to qualify. But cards for those with fair, poor or no credit are available.

    » MORE: What’s credit score is needed for a credit card?
    What is a no credit check credit card?

    Credit cards that don’t require a credit check are designed for those with poor or no credit. Instead of relying on a credit check, secured and prepaid cards require a cash deposit to open an account. Unsecured credit cards for Canadian immigrants may also be available without a credit check.

    About the Author

    Shannon Terrell
    Shannon Terrell

    Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about a variety of personal finance topics. Previously, she was a writer, editor and video host for…

    Read More
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