If you’re the forgetful type who tends to runs late on payments...or, if you’re carrying a balance on your credit card right now…

Then saving on interest every month is worth checking into.

Because with the right card, you could save hundreds (or even thousands depending on your credit card balance) a year.

They’re rare, but some low interest credit cards can offer interest rates under 5%...

That’s 15% less than the typical credit card these days!

What’s that in real dollars? Well if you carry a balance of $8,000 for a full year, that’s $1,200 in interest savings. Every. Single. Year.

These savings could help you pay down your credit card balance much faster - and is sure to give you extra breathing room every month.

Also, just because you are on a quest for a credit card with the lowest interest rate possible, doesn’t mean you need to sacrifice rewards, perks, and insurance while you’re at it.

For example, take the MBNA Canadian Western Bank Rewards Mastercard, which gives you:

  • An introductory rate of 1.99% on balance transfers for the first 10 months.
  • A lower interest rate of 14.99% on purchases and 16.99% on balance transfers.
  • 7 types of insurance including extended warranty and rental car accident.

Use a low interest credit card to pay off your balance faster.

And remember spending more and going in debt is never worth the points.

Top 10 Low Interest Credit Card Rankings

Featured In

The Globe and Mail