Credit cards are among the most convenient and flexible financial tools. Not only do they give one easy access to instant funds, but they also offer secure transactions. But one aspect of these cards that many individuals struggle with is approval. Being unable to meet certain criteria can keep one from enjoying the benefits of a credit card. Fortunately, there are several options that one can explore to get a credit card with guaranteed approval.

1. Apply for secure credit cards
Usually, credit card companies do not require individuals to make any upfront payments to issue them a card. But that is the case when the individual has a good credit score and is willing to let the lenders do a credit check. Without a credit check or a good credit score, one can not get approval for a credit card. In that case, one can apply for a secure credit card. Applicants do not need to agree to credit checks or have a good credit score for these cards. Rather, secure credit cards require the applicant to pay a deposit amount. This deposit amount would be the same as the card’s credit limit. Lenders take this deposit as security in case the cardholder fails to repay the credit card bill. For instance, if one needs a credit card with a $10,000 limit, with guaranteed approval, one can apply for a secure credit card and pay a $10,000 deposit.

2. Look for prepaid credit cards
Besides secure credit cards, one can even consider getting a prepaid credit card. These cards can be issued by financial institutions as well as some local grocery stores. A prepaid card requires the cardholder to load some money into it, which they can use later. Most prepaid cards offer benefits such as cash back on every purchase. These cards do not even levy any interest. More importantly, one does not need to go through any comprehensive approval processes for prepaid cards. If one needs a prepaid credit card, all one would need to do is sign up for one.

3. Consider student credit cards
Since students may have minimal or no credit history, it can be tough for them to be approved for conventional credit cards. That said, they can apply for a student credit card, which does not require them to have a minimum income or submit a credit check. Student credit cards come with guaranteed approval for post-secondary students who study at an eligible institution and are within a certain age range. With no annual fee, these cards are among the best credit card options without credit checks for students in the country.

4. Consider being an authorized user on another credit card
If an individual’s spouse, friend, or any peer holds a credit card, the individual can become the card’s authorized user or co-user. This way, they would not have to submit credit checks or worry about approvals. The credit card would have already been approved based on the primary cardholder’s credit report and qualifications.

5. Apply for pre-qualified or pre-approved credit cards
Individuals with stable income and a good credit score who wish to avoid the long approval process can consider getting pre-approved credit cards. When a lender pre-approves an individual for a card, it means they have performed an inquiry about the individual’s credit history. And considering all the factors, they are letting the individual know they already qualify for their company’s credit card. If an individual formally applies for this card immediately after receiving the offer, their approval guarantee increases significantly. But if they apply after some time, the lender would need to perform another check to see if the individual’s credit report has taken a hit in the interim.

Tips to increase one’s chances of getting a credit card with guaranteed approval
There are certain things that individuals can do to get guaranteed approval for traditional credit cards.

1. Maintain a good credit score
A healthy credit score indicates that the individual has managed to pay all their dues on time – whether it is credit card bills or loan EMIs. It conveys to the lenders that the individual is reliable and can be issued a credit card. So, one must always strive to maintain a good credit score by paying the dues on time and not missing any payment due dates. Besides missing payments, making too many hard inquiries for a credit card or a loan can also lower one’s credit score. So, one must make sure to avoid making multiple hard credit inquiries.

2. Have a stable income
If an individual has a stable income, it increases their chances of getting a credit card. This is because their income is an indication to the lender that they are financially fit to make monthly payments.

3. Ensure the credit reports are accessible
Many times, individuals freeze or lock their credit reports to avoid getting scammed. But this also prevents lenders from checking them. So, when applying for a credit card, one must ensure they have made their credit reports accessible.

Top guaranteed approval credit card options to consider

• Prepaid credit card – EQ Bank Card
• Credit cards that allow signing up as an authorized user – Scotiabank SCENE+ Visa Card and BMO CashBack Mastercard.
• Student credit card – BMO CashBack Mastercard and CIBC Aeroplan Visa Card for Students