If you're looking for the lowest interest rates possible with a credit card, sometimes a card with a variable interest rate card can provide them, assuming a lower prime interest rate.

One such card is the ATB Preferred Variable-Rate Mastercard. Here's what this card can offer for credit card interest rates.

Pros of the ATB Preferred Variable-Rate Mastercard

Here's what the ATB Preferred Variable-Rate Mastercard brings to the table.

1. Low interest rates

Right now, the interest rates on this card are lower than the standard of 20%. But it's important to keep in mind that this card doesn't have one set interest rate. It can actually change in two different ways: with the prime rate and based on your credit score.

Here are how the interest rates are calculated:

• Purchase: Prime + 5% to 7%
• Cash Advance: Prime + 6% to 8%
• Balance Transfer: Prime + 6% to 8%

Substituting in the current prime rate, we get:

• Purchase: 9.7% to 11.7%
• Cash Advance: 10.7% to 12.7%
• Balance Transfer: 10.7% to 12.7%

Much lower than regular credit card rates, even if you won't know your exact rates until you sign up.

2. Choose your card design

One unique feature of most ATB credit cards is you get to choose a design for your card. And we're not talking just a few choices, but 80 in total.

It's a nice little treat with an ATB credit card.

4 things we don't like about the ATB Preferred Variable-Rate Mastercard

There are a few things we don't like about the ATB Preferred Variable-Rate Mastercard.

1. Only available to residents of Alberta

This is the case with all ATB credit cards, but they aren't available to all Canadians. Only residents of Alberta are able to apply.

If you don't live in Alberta you'll have to look elsewhere.

2. No rewards on purchases

Most low-interest credit cards don't offer rewards, and the ATB Preferred Variable-Rate Mastercard is no exception to this rule.

Low interest credit cards like this one are primarily focused on saving people money on credit card interest, so less priority is put on earning rewards.

3. No insurance included

If you place any value on credit card insurance, the ATB Preferred Variable-Rate Mastercard doesn't include any.

Even the basics of extended warranty and purchase protection aren't available.

4. Not the best interest rates

Sadly, in our current era of high interest rates, you won't get the best deal you could when it comes to credit card interest.

However, the ATB Preferred Fixed-Rate Mastercard is a sibling to this card and offers set low rates for the same annual fee. Here's what the rates are:

• Purchase: 10.9%
• Cash Advance: 10.9%
• Balance Transfer: 10.9%

Until the prime rate comes down there's no real reason to get the ATB Preferred Variable-Rate Mastercard.

Comparison to MBNA True Line credit cards

MBNA offers some of the best low interest credit cards with the MBNA True Line Mastercard and the MBNA True Line Gold Mastercard.

Here how these cards compare.

	ATB Preferred Variable-Rate Mastercard	MBNA True Line Mastercard	MBNA True Line Gold Mastercard
Interest Rates	* Purchase: 9.7% to 11.7% * 10.7% to 12.7% * Balance Transfer: 10.7% to 12.7%	* Purchase: 12.99% * Cash Advance: 24.99% * Balance Transfer: 12.99%	* Purchase: 10.99% * Cash Advance: 24.99% * Balance Transfer: 10.99%
Balance Transfer Offer	None	$20 GeniusCash + 0% interest on balance transfers for 12 months (terms)	None
Insurance Included	0 types	0 types	3 types
Annual Fee	$29	$0	$39

Leave a review

For those of you who have the ATB Preferred Variable-Rate Mastercard (or had it in the past), leave a review so others can see what you thought of it.