What are the Best Low Interest Credit Cards in Canada?
Emma MarroneBest Low Interest Credit Cards in Canada: A Comprehensive Guide
If you're looking for a credit card with low interest rates in Canada, you're in luck. Many credit card issuers in Canada offer low interest credit cards. However, with so many options available, it can be challenging to choose the right one for your needs. In this guide, we'll take a closer look at some of the best low interest credit cards in Canada and provide you with some helpful tips on how to choose the right one for you.
What are Low Interest Credit Cards?
Low interest credit cards are credit cards that offer a lower interest rate than the average credit card. Typically, the interest rates on low interest credit cards range from 8% to 14%. These cards are ideal for people who tend to carry a balance on their credit card from month to month. With a low interest credit card, you can save a significant amount of money on interest charges.
Top Low Interest Credit Cards in Canada
1. MBNA True Line Mastercard
The MBNA True Line Mastercard is one of the best low interest credit cards in Canada. It has an interest rate of 12.99%, which is lower than the average credit card interest rate. Additionally, the card has no annual fee, which makes it an excellent choice for people who want to save money.
2. Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is another great option for people looking for a low interest credit card in Canada. The card has an interest rate of 19.95%, which is higher than some other low interest credit cards. However, it has no annual fee and offers 2% cashback on up to three categories of your choice.
3. Scotiabank Value Visa
The Scotiabank Value Visa is an excellent option for people who want a low interest credit card with a low annual fee. The card has an interest rate of 12.99% and an annual fee of $29. Additionally, it offers a 0.99% introductory interest rate on balance transfers for the first six months.
4. American Express Essential Credit Card
The American Express Essential Credit Card is another great low interest credit card option. The card has an interest rate of 8.99% on purchases and cash advances for the first six months. After that, the interest rate increases to 12.99%. The card also has no annual fee, which makes it an excellent choice for people who want to save money.
Choosing the Right Low Interest Credit Card
When choosing a low interest credit card, there are several factors to consider. First, you should look at the interest rate and annual fee. Ideally, you want a card with a low interest rate and no annual fee. Additionally, you should look at any other benefits the card offers, such as cashback rewards or introductory interest rates on balance transfers.
Tips for Using Low Interest Credit Cards
When using a low interest credit card, it's essential to make sure you pay off your balance in full each month. While low interest rates can save you money on interest charges, carrying a balance can still be costly over time. Additionally, you should avoid using your credit card for purchases you can't afford to pay off in full.
Conclusion
If you're looking for a low interest credit card in Canada, there are many options available. Some of the best low interest credit cards include the MBNA True Line Mastercard, Tangerine Money-Back Credit Card, Scotiabank Value Visa, and American Express Essential Credit Card. When choosing a low interest credit card, make sure to consider the interest rate, annual fee, and any other benefits the card offers. Finally, use your credit card responsibly to avoid unnecessary debt and interest charges.
Article review