Interest Rate Comparison of Credit Cards in Canada and the Related Emphasis on a Debt Consolidation Loan
A significant number of our users have asked us to compare interest rates on various Canada credit cards which we found astounding; especially when interest rates are at an all-time loan and debt consolidation loans are being provided by financial institutions at all-time lows.
Through our detailed review of several Canadian credit cards we found interest rates ranging from 5.99% to 19.99%. Some of the lower interest rate credit cards in Canada include Fusion Platnium Mastercard which does not have an anuual fee, the SmartLine Platnium Mastercard (no annual fee) and the CIBC Select Visa.
When analyzing the interest paid on a $100,000 of credit card debt at 19.99% or $20,000/year, we identified several potential debt consolidation loans which are offered by financial institutions which we have close relationships with. The interest rates being offered on the debt consolidation loans ranged from 4.5% to 6%. Even if we use a number of 6%, if an individual was to pay of their $100,000 of credit card debt with a debt consolidation loan with a rate of 6%, the individual would save approximately $14,000/year which is significant. Please do not hesitate to contact us here at stockmarketopedia if you would like us to provide more information on credit cards in Canada and related debt consolidation loans.