MoneySense crunched the numbers for 20 of the lowest interest rate credit cards in Canada to find out which ones are best if you carry a balance of $1,000, $5,000 and $15,000 throughout the year. We also factored in annual fees.
Some cards require that you have an excellent credit rating, and one—our top card, the ScotiaLine secured Visa—requires you to use your home or other assets to secure the card.
The cards are listed below, from best to worst.
Best cards if you carry a $1,000 balance
Scotialine Visa (secured)
Interest Rate (%): 4.00
Fee: $0
Total cost in interest and fees over one year with a balance of $1,000: $40.00
Secured line of credit, usually by creating a second mortgage on residential property or securing existing investments. This has one-time set up costs usually ranging from $200-$600.Capital One SmartLine Platinum MasterCard
Interest Rate (%): 5.99
Fee: $0
Total cost in interest and fees over one year with a balance of $1,000: $59.90
Rate good till June 2014 then changes to prime + 4.99%. Need a high credit rating to qualify.
Best credit cards if you carry a balance
