If you carry a balance sometimes, get a low-rate credit card so you can pay it off faster.
If you don’t pay your balance off every month of the year, get a low-rate card. Rewards cards have high interest rates, plus they are proven to increase consumer spending. “When someone’s on the fence about a purchase they could say to themselves, ‘Well at least I’m getting the miles,’” says Matt Wallaert, a behavioural psychologist.
MoneySense look at the cards that save you the most in interest charges — after fees are factored in.
* Video: Best ways to tackle credit card debt
For more on how MoneySense crunched the numbers, see their methodology.
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Have your say
Should new wireless companies Mobilicity, Wind Mobile and Public Mobile be allowed to fail?
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- Yes, the market will decide if they are competitive enough to survive.
- No, the playing field in the wireless market is not level. The government should help these companies.
- I don't know.