What are the pecularities of annual free credit cards?
Annual fee-free credit cards in Canada are popular choices for individuals seeking to minimize costs while still enjoying various rewards and benefits.
Here are some key peculiarities and considerations when evaluating these types of cards:
- No Annual Fee. These cards do not charge an annual fee, making them cost-effective options for budget-conscious users.
- Rewards Programs. Many no annual fee cards offer rewards programs, such as cashback, points, or travel rewards.
- Limited Perks. Benefits such as travel insurance, purchase protection, and extended warranties are typically less comprehensive compared to premium cards.
- Lower Credit Limits. These cards often come with lower credit limits compared to premium credit cards.
- Easier approval process, making them suitable for individuals with average or limited credit history.
What are the minimum payment credit cards?
In Canada, most credit cards require you to make at least a minimum payment each month. This minimum payment is typically a small percentage of your outstanding balance or a fixed amount, whichever is greater. This is usually a percentage of your total balance, often around 3% to 5%.
Most standard credit cards in Canada, such as those from major banks (RBC, TD, Scotiabank, BMO, CIBC), have minimum payment requirements based on a percentage of your outstanding balance or a fixed amount.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 8.30% | 899 |
| 20,000 | 11.30% | 1,224 |
| 20,000 | 14.30% | 1,549 |
| 50,000 | 8.50% | 2,302 |
| 50,000 | 11.50% | 3,115 |
| 50,000 | 14.50% | 3,927 |
| 100,000 | 8.70% | 4,713 |
| 100,000 | 11.70% | 6,338 |
| 100,000 | 14.70% | 7,963 |
| 200,000 | 8.90% | 9,642 |
| 200,000 | 11.90% | 12,892 |
| 200,000 | 14.90% | 16,142 |
Do no annual fee credit cards have low interest?
In Canada, no annual fee credit cards generally offer lower interest rates compared to premium cards with high annual fees and extensive benefits. However, they may still have relatively higher interest rates compared to specialized credit cards designed specifically for balance transfers or promotional low-interest offers.
What are the lowest interest credit cards in Canada?
In Canada, some credit cards are specifically designed to offer lower interest rates, which can be beneficial if you carry a balance. Here are some of the lowest interest credit cards available:
- BMO Preferred Rate Mastercard
- MBNA True Line Mastercard
- CIBC Select Visa Card
- Scotiabank Value Visa Card
- RBC Visa Classic Low Rate
- HSBC +Rewards Mastercard
You can see the similar FAQ at the link:
- How do I pay my CIBC credit card balance?
- How do I prepare my BMO MasterCard statements?
- How do I redeem points in CBA?
- How do I register for the Paymi CIBC offer?
- How do I track my BMO credit card application status?
Details of companies offering the financial services:
ELGA Credit Union
Head office’s address: 6065 Grand Pointe Blvd., Grand Blanc, MI, United States, Michigan
Phone: +1 810-715-3542
Web-site: https://www.elgacu.com/
ATB Financial
Head office’s address: 2100, 10020 – 100 Street, Edmonton, Alberta
Contact center: 800-332-8383
Mail address: [email protected]
Web-site: https://www.atb.com
Swift code: ATBRCA6E
Stock code: ATB Financial
BSB: 219
Vancity Savings Credit Union
Head office’s address: 183 Terminal Avenue, Vancouver, British Columbia
Contact center: 868-225-4828
Phone: 604-877-7000
Web-site: https://www.vancity.com/
Vancity Savings Credit Union
Head office’s address: 183 Terminal Avenue, Vancouver, British Columbia
Contact center: 868-225-4828
Phone: 604-877-7000
Web-site: https://www.vancity.com/
ATB Financial
Head office’s address: 2100, 10020 – 100 Street, Edmonton, Alberta
Contact center: 800-332-8383
Mail address: [email protected]
Web-site: https://www.atb.com
Swift code: ATBRCA6E
Stock code: ATB Financial
BSB: 219
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
Home Trust
Web-site: https://www.hometrust.ca/
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
118118Money
Contact center: 02920 548 118
Web-site: https://www.118118money.com/
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004