Dec 31, 2018
No one ever plans to go into credit card debt, but sometimes life happens. The thing is, once you start carrying a balance without a plan to , things can get out of hand quickly when you’re paying anywhere from 19.99% to 29.99% in interest.
Before you start to freak out, know that there are a few simple solutions to help you reduce your debt. Low-interest credit cards offer – you guessed it – a low-interest rate which will instantly help you reduce the amount of interest you pay every month. The key thing about these cards is to ensure that you’re paying off your debt as quickly as you can as opposed to just making the minimum payment. If you do carry some credit card debt, taking out a with a lower interest rate is another option to help you save money.
Once your debt is clear, you’ll feel like a new person. So get things now with one of the best low-interest credit cards in Canada.
Although the has an annual fee of $29, you do get an introductory interest rate of 0.99% on balance transfers for the first 6 months. This makes it one of the best low-interest credit cards on the market. This offer will likely appeal to people who know they can pay off a high balance during the promotional period. Once the six months are up, the interest rate goes up to 12.99%, which is still lower than most credit cards.
One additional perk of holding the Scotiabank Value Visa credit card is that you can save up to 25% off base rates at participating AVIS and Budget car rental locations in Canada and the U.S.
The has a 0% interest rate for the first 6 months on balance transfers made within 90 days of opening an account. This is the only Mastercard that offers a 0% interest rate! There is a balance transfer fee of 1% with a minimum fee of $7.50, but that’s still a great deal if you’re trying to reduce the balance on your credit card.
Once your promotional period ends, you’ll only pay 8.99% interest so you can continue to reduce debt without paying excessive amounts of interest charges.
Now that you know the best low-interest credit cards in Canada, it’s time to get out of any high-interest debt.
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