Canadian Credit Card Best Interest Rates
I called up the major banks today to get some information about their best interest rates credit cards. For this post, I will talk about the highest interest rates and lowest interest rates that Canadian banks offer.
(NOTE:Canadian prime interest rate is currently 6% and fluctuates regularly.)
As follows:
- TD Canada Trust (TD) Visa -
TD Canada Trust's lowest interest rate card is the TD Emerald Visa. It offers a rate of prime + 1.9% to prime + 6.9%. This currently equates to 7.9% - 12.9%.
The highest rate charged for a TD Visa is 19.5%
- Royal Bank (RBC) Visa -
Best interest rate charged for a RBC Visa is 11.5% and is not based on prime +.
The highest interest rate charged by RBC Visa is 20.5% for their Advantage Gold card.
- Bank of Montreal (BMO) Mastercard -
With BMO, I stayed on the phone on hold waiting for the customer service rep for 20 minutes. After I asked a few preliminary questions, I was transferred to the CSR's supervisor. My call then went into outerspace.
Thus, no interest rates to report for Bank of Montreal (BMO) mastercard credit cards.
- Bank of Nova Scotia (ScotiaBank) Visa -
Best interest rate charged for a ScotiaVisa is 11.4%.
The highest interest rate charged for a ScotiaVisa is 18.5%
ScotiaBank has a ScotiaLine Visa which offers interest rates between Prime +2% - Prime + 4%. These are currently cheaper than the 11.4% regular visa cards, but can move upwards if Canadian Prime interest rate moves higher.
- Canadian Imperial Bank of Commerce (CIBC) Visa -
Best interest rate charged by CIBC Visa is 11.5%. This card has a $29 annual fee.
The highest interest rate charged by CIBC Aerogold Visa is 19.5%. This card has a $120
The interest rate for the TD Emerald Visa is based on your credit score. The higher your credit score, the lower the interest rate.
This equates to 9.99% interest rate which is still cheaper than most of the major bank credit cards.
(This card requires a good credit rating)
Annual Purchase Interest Rate: 17.9%
Annual Interest Rate for Cash Advances: 19.8%
19.8% variable
(A variable annual interest rate of Canadian Prime plus 13.55%, currently equal to 19.8% as of July 2007.)
9.9% until April 2008; 19.8% variable thereafter
(A variable annual interest rate of Canadian Prime plus 13.55%, currently equal to 19.8% as of July 2007.)
This blog post is relevant for the following provinces.
Canadian Canada British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Newfoundland, New Brunswick, Nova Scotia, Prince Edward Island
