Best Low Interest Rate Credit Cards for Canadians in 2022

What are Low Interest Rate Credit Cards?

Low interest rate credit cards have a rate of interest that is less than the usual rate of around 20%. This means that less interest is charged if the balance is not paid in full on the payment due date. The lower the interest rate the more money will be paid towards the balance and the more money that you can save.

It may even be possible for you to find a zero interest credit card. These cards give you time to pay for new purchases or pay down existing credit card debt without having to worry about credit card interest for a set period of time. Once the introductory zero interest period ends, the regular interest rate will apply. Remember that you must still make your minimum monthly payments during the 0% intro APR period.

Good to Know
Low Interest Rate Credit Cards are the absolute best choice if you do need to carry a balance. At the end of the day you want to save money and you can do this by using a credit card offering the lowest interest rate possible.

What are the Best Low Interest Rate Credit Cards for Canadians in 2022?

  1. TD Emerald Flex Rate Visa Card

    This is our Best Overall Low Rate Card. If you are looking to save money on interest payments you will get very competitive rates with this card. Check their limited time offer good until May 29, 2022.
    For more information read our TD Emerald Flex Rate Visa Card Review.

What We Like and Dislike about Low Rate Credit Cards

  • Save money on interest charges
  • Consolidate credit card debt with a balance transfer
  • These cards usually come with an annual fee
  • The benefits and rewards are less than other credit cards
  • Welcome bonuses may be less than other cards

Pro Tips to Get the Most from Your New Card

There are a few simple rules that you can follow to make the most of your low interest rate card. If you keep these in mind while selecting your card, you can maximize the benefit from your credit card.

  • Take full advantage of the introductory offer – the best interest rates will be for a set period after you get your card. Make sure to use this special offer to maximize your savings. Look for cards that have a long or longer introductory offer.
  • Use the Balance Transfer Option – transfer your balance from other higher interest cards to low interest cards to save on the interest charges. Make sure you check the transfer fees first.
  • Improve Your Credit Score – Paying off debt via a balance transfer on a low interest rate credit card can improve your credit score in the long term by decreasing your credit utilization rate.
  • Keep an Emergency Card – Unplanned expenses and financial emergencies can happen to anyone. If you don’t have enough money set aside in an emergency fund, a credit card with a low interest rate may be an option that can help get you through difficult times.

Low Rate Cards Summary

Low rate credit cards are a huge help to those who need them. If you have to carry a balance, then why shouldn’t you pay the least amount possible in interest charges? Check out these low interest rate credit cards today as they can help you to stay on the road to financial independence.