0 Percent Interest Credit Card Canada: A Comprehensive Guide
Are you tired of paying high interest rates on your credit card balances? Look no further! Canada offers several 0 percent interest credit cards that can help you save money on interest charges. In this article, we'll explore the best 0 percent interest credit cards in Canada, their benefits, and how to apply.
What is a 0 Percent Interest Credit Card?
A 0 percent interest 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 time, you won't be charged any interest on your purchases or balance transfers. This can be a great way to pay off debt or make large purchases without incurring interest charges.
Best 0 Percent Interest Credit Cards in Canada
Here are some of the top 0 percent interest credit cards in Canada:
1. American Express SimplyCash Card
- 0% interest rate for 6 months on purchases and balance transfers
- 1.99% interest rate for 6 months on balance transfers (after the promotional period)
- Earn 2% cashback on gas and grocery purchases
2. TD Cash Back Credit Card
- 0% interest rate for 6 months on purchases and balance transfers
- 12.99% interest rate after the promotional period
- Earn 3% cashback on gas, grocery, and daily transit purchases
3. RBC Avion Visa Infinite Card
- 0% interest rate for 12 months on balance transfers
- 19.99% interest rate after the promotional period
- Earn 1 RBC Rewards point per $1 spent on travel and 1.25 points per $1 on groceries
4. Scotiabank Value Visa Card
- 0% interest rate for 6 months on balance transfers
- 12.99% interest rate after the promotional period
- No annual fee
How to Apply for a 0 Percent Interest Credit Card in Canada
To apply for a 0 percent interest credit card in Canada, follow these steps:
- Check your credit score: Ensure you have a good credit score to increase your chances of approval.
- Choose a credit card: Select a 0 percent interest credit card that suits your needs from the options above.
- Visit the issuer's website: Go to the credit card issuer's website and click on "Apply Now."
- Fill out the application: Complete the online application form with your personal and financial information.
- Wait for approval: The issuer will review your application and notify you of their decision.
Tips and Considerations
Before applying for a 0 percent interest credit card, keep the following in mind:
- Read the fine print: Understand the terms and conditions, including the promotional period, interest rate, and fees.
- Make timely payments: Pay your balance in full each month to avoid interest charges after the promotional period.
- Avoid new purchases: Try not to make new purchases during the promotional period to avoid accumulating debt.
Conclusion
A 0 percent interest credit card can be a valuable tool for managing debt and saving money on interest charges. By choosing the right credit card and using it responsibly, you can take advantage of the promotional period and achieve your financial goals. Remember to always read the fine print and make timely payments to get the most out of your 0 percent interest credit card in Canada.
