0% APR Credit Cards in Canada: A Comprehensive Guide
Are you tired of paying high interest rates on your credit card balances? Look no further! 0% APR credit cards in Canada can be a great way to save money on interest charges and pay off your debt faster. In this article, we'll explore the best 0% APR credit cards in Canada, their benefits, and what you need to know before applying.
What is a 0% APR Credit Card?
A 0% APR credit card is a type of credit card that offers a promotional interest rate of 0% for a specific period, usually ranging from 6 to 24 months. During this promotional period, you won't be charged any interest on your purchases or balance transfers. This can be a great way to save money on interest charges and pay off your debt faster.
Best 0% APR Credit Cards in Canada
1. President's Choice Financial Mastercard
- 0% APR for 12 months on balance transfers
- 19.97% interest rate after promotional period
- No annual fee
- Rewards program: earn PC Optimum points on purchases
2. RBC Avion Visa Infinite Card
- 0% APR for 12 months on balance transfers
- 19.99% interest rate after promotional period
- $139 annual fee
- Rewards program: earn RBC Rewards points on purchases
3. Scotiabank Value Visa Card
- 0% APR for 6 months on balance transfers
- 12.99% interest rate after promotional period
- $29 annual fee
- No rewards program
4. TD Cash Back Visa Infinite Card
- 0% APR for 6 months on balance transfers
- 19.99% interest rate after promotional period
- $139 annual fee
- Rewards program: earn cash back on purchases
Benefits of 0% APR Credit Cards
Save Money on Interest Charges
0% APR credit cards can help you save money on interest charges, allowing you to pay off your debt faster.
Pay Off Debt Faster
With a 0% APR credit card, you can focus on paying off your principal balance without incurring additional interest charges.
Consolidate Debt
If you have multiple credit cards with high balances and high interest rates, a 0% APR credit card can help you consolidate your debt into one lower-interest loan.
What to Consider Before Applying
Promotional Period
Make sure you understand the length of the promotional period and the regular interest rate that will apply after the promotional period ends.
Balance Transfer Fees
Some credit cards may charge a balance transfer fee, which can range from 1% to 3% of the transferred balance.
Credit Score
You'll need a good credit score to qualify for a 0% APR credit card. Check your credit score before applying to ensure you have a good chance of approval.
Annual Fees
Some 0% APR credit cards may come with annual fees, which can range from $29 to $139.
Conclusion
0% APR credit cards in Canada can be a great way to save money on interest charges and pay off your debt faster. By understanding the benefits and what to consider before applying, you can make an informed decision and find the best 0% APR credit card for your needs. Always read the terms and conditions carefully and make sure you understand the promotional period, balance transfer fees, credit score requirements, and annual fees before applying.
