How Low Interest Credit Cards Can Save You Money

Credit Card Debt Low Interest Credit Card

Low interest credit cards are gaining popularity in Canada. In a recent survey we ran on our site, we asked 2,929 Canadians what is the top feature you are looking for when choosing a credit card – a low interest rate came out on top with 58.1% of the vote.

If you’re prone to running a monthly balance, a low interest credit card can save you a lot more in the long run then opting for a rewards card. For example, let’s say that you carry a balance of $1,000. Switching from a rewards card that offers you a rate of 19.99% to a low interest card that offers you a rate of 9.99% can SAVE you $100 per year. Which is probably a lot more then you’re getting back from your rewards program.

Not to mention that it will make it oh-so much easier to pay down your monthly balance and get control over your credit card debt.

So…I’ve already convinced you that getting a low interest rate credit card is a smart idea. Which low interest credit cards are the best in Canada? Here are my top two picks….

MBNA TrueLine MasterCard

The MBNA TrueLine MasterCard offers no annual fee with a low rate of 12.99% for purchases and balance transfers. This is a great card to switch over to if you know that you tend to carry over balances on a regular basis.

Plus it offers these benefits: purchase protection and extended warranty, flight delay insurance, and travel accident insurance.

Learn More: MBNA TrueLine MasterCard >

Scotiabank Value VISA Card

For a small annual fee, the Scotiabank Value VISA offers a competitive purchase rate of 11.99%. PLUS – Scotia is currently running a special offer for new cardholders where you can take advantage of a 0.99% interest rate on balance transfer and cash advance rate for the first nine months.  This then increased to 11.99%.

Learn More: Scotiabank Value VISA Card >

Looking for a no-fee version of this card? Scotia’s got you covered with the No-Fee Scotiabank Value VISA Card which offers a 16.99% purchase rate.

Learn More: No-Fee Scotiabank Value VISA Card >

If getting your monthly statement, and seeing that interest paid gives you a sick feeling in your stomach each month…or you’re just simply trying to regain control over your monthly credit card bill, switching to a low interest product is a great first step.


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