Low Interest Credit Cards
A card with a low interest rate will help you to save and discover money that you didn’t realize you had, all while keeping your spending in check. Let us find you the best low interest credit card rates in Canada today.
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Compare to Find the Best Low Interest Rates Credit Cards
You might be carrying a small balance on your credit card from time to time, or trying to get rid of high interest credit card debt. Fortunately, there is a way out of this dilemma. You will most probably need a low interest credit card in your wallet. Easier said than done, of course. RateSupermarket.ca makes it easy to compare the best low interest credit cards in Canada so you don’t have to pay huge interest charges. Plus, our site allows you to conveniently see and assess features, fees and interest rates of different cards to help you compare to find the right credit card.
What is a low interest credit card?
A low interest credit card is akin to a regular credit card, which comes with a lower interest rate to help you save from paying excessive interest charges. Low interest credit cards can offer interest rate typically between 5-10%. In sharp contrast, regular credit cards charge interest 19.99% +. You can do the math.
Who should get a low interest credit card?
You should get a low interest credit card if you are not able to pay the full balance on your credit card every month and if you are carrying a balance on your credit card right now. Furthermore, you should get a low interest credit card so you can transfer the balance from you regular credit card to a low interest credit card. This way, you will be paying less in interest and saving some money. This works beautifully if executed correctly. If you travel a fair bit, the American Express Essential Credit Card might be worth checking out. You can enjoy a low 8.99% interest rate and one of the card’s top feature is it provides travel accident insurance. In addition, it comes with purchase protection and extended warranty.
What are some features of a low interest credit card?
Some low interest credit cards offer purchase protection and extended warranty. Additionally, most low interest credit cards charge no annual fee. Some low interest credit cards also offer travel accident insurance. Other perks, for example, with the Scotiabank Value VISA Card you can get a discount with Avis rental car.
What are the benefits to a low interest credit card?
With the right low interest credit card, you may end up saving hundreds or even thousands of dollars depending on your credit card balance every year. Consequently, you can use the saved money to help pay down your credit card balance. Likewise, low interest credit cards can be used to finance a new purchase that might require longer time period in paying off.
Reminder: low interest credit cards can offer interest rate typically between 5-10%. In sharp contrast, regular credit cards charge interest 19.99% +. Lastly, a low interest credit card can also be extremely useful for an emergency expense. You will have some extra breathing room every month knowing that you have the lowest interest rate in your credit card.
When is the best time to use a low interest credit card?
The best time to use a low interest credit card is when you need to make a balance transfer. Some cards offer very low introductory interest rates. Take full advantage. For instance, the Scotiabank Value Visa Card offers a 0.99% introductory rate on balance transfers and cash advances for the first 6 months. If you are already carrying a credit card balance, why not use this card and save hundreds of dollars in interest.
What are the best low interest credit cards in Canada?
Some of our favourite low interest credit cards are listed below. Find the best one for you by comparing credit cards.
- No annual fee
- Standard annual interest rates of 12.99% on eligible purchases, 12.99% on balance transfers* and access cheques, and 24.99% on cash advances
- Limited time offer: get a 0% promotional annual interest rate ("AIR")† for 6 months on balance transfers* completed within 90 days of account opening, with a fee of 1% of the amount advanced (minimum fee of $7.50).
- Around-the-clock fraud protection
- 24/7 customer service
- Immediate cash access at over 1 million ATMs internationally
- Low 8.99% interest rate on purchases
- Optional balance transfer offer: 1.99% interest in first 6 months if you choose to transfer your other credit card balances to this American Express card
- No balance transfer fee at time of application
- Access to memorable experiences with American Express Invites™
- Shopping coverage and 24/7 Customer Service
- No annual fee for a supplementary card
- Missed payment applicable rates, 23.99% on purchases and 26.99% on funds advances.
- 7.99% introductory interest rate on purchases for the first 6 months†
- Cash back on everyday spending with no annual fee
- 1% cash back on eligible gas station, grocery store and drug store purchases and recurring bill payments
- 0.5% cash back on all other eligible everyday purchases
- Low annual interest rate of 14.9% on purchases and balance transfers
- Annual fee of $79
- Valuable Mastercard benefits, including zero liability
- No fee to add an authorized user
- 0.99% introductory interest rate on balance transfers for the first 6 months†
- Low 11.99% interest rate
- Purchase protection and extended warranty
- Avis Rental Car Discount
Where can I compare low interest credit cards?
You can compare low interest credit cards right here on RateSupermarket.ca. You can also narrow down your choices and sort by card specialty, whether you’re looking for reward and cash back specific cards or low or no annual fee options.
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