The best instant approval credit cards in Canada for 2023 + MORE Nov 16th

Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a many factors—more on those later. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, you should start by consulting an online calculator.

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What is mortgage affordability?

When people say “mortgage affordability” they’re referring to the maximum mortgage amount someone can afford to borrow, based on their gross income, debt payments and living costs. In short, the higher your mortgage affordability amount, the more money you could borrow to buy your new home. 

What factors help to determine mortgage affordability? These include your gross household income, the monthly expenses associated with the property you want to buy (think: mortgage payments, property taxes, heating costs and condo fees), as well as your debt obligations (credit card payments and car loans)…

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The best low-interest credit cards in Canada for 2023
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Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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Credit Cards

The best instant approval credit cards in Canada for 2023
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Featured CREDIT CARDS

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Best cash back card

Earn 2% cash back on all purchases and up to 4% on groceries and gas.

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Best secured card

Guaranteed approval regardless of your credit score for no annual fee (deposit required).

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Best overall rewards card

Earn 5x the points on dining and groceries, and 2x points on travel…

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The best credit cards for bad credit in Canada for 2023
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CategoryCredit CardBest overall secured credit card for people with bad creditHome Trust Secured Visa*Best secured credit card for rewardsNeo Secured Card*Best credit card for bad creditCapital One Low Rate Guaranteed MastercardBest credit card for students with bad creditBMO Air Miles Mastercard for students*Best credit card for newcomers to CanadaScotiabank Momentum No-Fee Visa*

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada…