Guaranteed Approval Credit Cards in Canada: No Deposit Needed
Rejected by the banks? Stop the cycle of hard inquiries. Learn how KOHO offers guaranteed approval for its credit building tools without a security deposit.
There are few feelings worse than applying for a credit card and seeing the word “Declined.” It feels personal. It feels like a door slamming in your face.
To make matters worse, every time you apply and get rejected, your credit score can take a hit due to the “hard inquiry” on your file. It’s a vicious cycle: you need a card to fix your credit, but your bad credit stops you from getting a card.
If you are looking for guaranteed approval credit cards with no deposit in Canada, you have likely hit a wall with traditional banks. But there is a way through.
Start building your credit history today with a $65 value bonus. Use code C4MNILZARC. Claim your credit builder bonus →
The “Guaranteed Approval” Myth vs. Reality
First, a reality check: very few financial products are truly “guaranteed” if they involve lending you money. Banks need to assess risk. However, KOHO is different because it is primarily a prepaid product.
Since you are spending your own money on the card, KOHO does not require a credit check for the main account. Approval is virtually guaranteed as long as you can verify your identity.
But what about the credit building part?
The Soft Check Advantage
Unlike Capital One or other secured card issuers that may perform a hard credit pull, KOHO uses a “soft inquiry” when you sign up for their Credit Building tools.
- Hard Inquiry: Visible to lenders, lowers your score temporarily. Used by banks.
- Soft Inquiry: Visible only to you, does not affect your score. Used by KOHO.
This means you can apply for KOHO’s credit building tools without fear of damaging your score further. It is a “safe harbor” for those with fragile credit.
No Deposit? No Problem.
The biggest barrier to entry for most “bad credit” cards is the security deposit. To get a $500 limit, you have to give the bank $500. If you are living paycheque to paycheque, that is $500 you can’t afford to lock away.
KOHO’s Credit Building works on a subscription model.
- Deposit Required: $0
- Monthly Fee: ~$5 - $10
- Approval: Based on your ability to pay the small monthly fee, not your credit history.
This frees up your cash flow. You can keep your $500 for emergencies while still building your credit history every single month.
Immediate Access: The Digital Advantage
Waiting 2 weeks for a plastic card to arrive in the mail is outdated. When you sign up for KOHO:
- Instant Virtual Card: You get a virtual Mastercard immediately that you can add to Apple Pay or Google Pay.
- Shop Online: Use your card for Netflix, Amazon, or booking hotels right away.
- Start Building: Activate Credit Building in the app instantly.
Who Is This For?
This solution is perfect if:
- You have recently declared bankruptcy or a consumer proposal.
- You are a newcomer to Canada with no credit file.
- You have a low credit score (under 600) and keep getting rejected.
- You don’t have lump-sum cash for a security deposit.
Stop Fear of Rejection
You don’t have to face the anxiety of another credit application. KOHO is designed to be accessible. It opens the door to the financial system without the judgment or the high barriers of traditional banking.
Learn more about credit building strategies in our guides on How to Build Credit with a Prepaid Card, Rebuilding Credit After a Consumer Proposal, and compare KOHO’s plans.
📈 Start Building Credit Today
KOHO accepts everyone—no credit check required. Use our KOHO referral code C4MNILZARC to get up to $65 in sign up bonus while you build your credit.
