Canada’s best low interest credit cards 2020 + MORE May 12th

With a good travel credit card in your name, going on a trip can suddenly become affordable. And, you can get even more value if you sign up for the right travel credit card—one that doesn’t just focus on points, but also has perks such as lounge access, amazing insurance coverage and the flexibility to transfer points between cards.
The card you choose should be based on the type of travel you enjoy, where you spend the most money and which additional travel benefits fit your lifestyle. To help you pick the perfect card, we’ve come up with a list of Canada’s best travel credit cards.
The best travel credit cards in Canada 2020

American Express Cobalt and Scotiabank Gold American Express — Best travel credit cards for everyday spending
TD First Class Visa Infinite Card — Best Visa travel card
BMO World Elite Mastercard — Best Mastercard travel card
Scotiabank Passport Visa Infinite Card — Best for no foreign transaction fees
MBNA Rewards Platinum Plus Mastercard — Best no fee travel card
MBNA Rewards World Elite Mastercard — Best flat rate travel card
Marriott Bonvoy American Express — Best card for hotels
National Bank World Elite Mastercard — Best card for travel insurance
Our methodology — For greater insight into our rankings

Best travel rewards credit cards for everyday spending
American Express Cobalt*

With an incredible earn rate of five Points per dollar spent on eats and drinks, the American Express Cobalt card is a winner for those who eat out—and the dining category is quite generous as it includes grocery stores, restaurants, bars and even food delivery services…

Travel came to a screeching halt in the second week of March. Since then, travel programs and third-party providers have been working with members to reimburse rewards and cancel itineraries. Cardholders are without a choice but to postpone their upcoming vacations indefinitely. But that doesn’t leave them without options for their travel rewards balances.
Each loyalty program will offer a different selection of redemption options. Some travel rewards credit cards have very flexible catalogues. But, is it best to save your rewards balance or cash in your points?
Flexible Points Options
While travel is typically the best redemption value for your points, there are often alternative ways for you to spend your rewards. To calculate the redemption value of your different options, divide the monetary price by the point value. Doing the math can help you make an educated shopping decision.
For example, with Scotia Rewards points, the minimum redemption value for travel is 5,000 (a $50 value)…

If you know you’ll likely be carrying some debt on your credit card from month to month—or are simply trying to pay off a balance—then a low-interest credit card might be a good choice for you. After all, why lock yourself into the typical 19.99% credit card interest rate when you have the option to pay about half that? Here are some solid low interest cards to consider:
The best low interest credit cards in Canada 2020

MBNA True Line Gold Mastercard — 8.99% APR | $39 annual fee
Desjardins Modulo Visa — 10.99% APR | $50 annual fee
MBNA True Line Mastercard – 12.99% APR | $0 annual fee
American Express Essential — 12.99% APR | $0 annual fee
BMO Preferred Rate Mastercard — 12.99% APR | $20 annual fee
TD Emerald Flex Rate Visa — Prime plus 4.50% to 12.75% | $25 annual fee
RBC Rate Advantage — Prime plus 4.99% to 8.99% | $0 annual fee
National Bank Syncro Mastercard — Prime plus 4% to 8% | $35 annual fee
Our methodology — For greater insight into our rankings

Fixed Rate Cards
Most credit cards offer a fixed interest rate, meaning that there is a single, unchanging percentage charged against your purchases…

Q. Is there a way to suspend my car payments during COVID-19?
–Mandy
A. During this time of financial difficulty for so many Canadians, automakers are offering payment holidays up to three months, in many cases with no strings attached and no extra interest.
Upon receipt of evidence that you suffered a financial setback due to a COVID-19 related business interruption or a health issue, the best automaker programs allow you to skip payments, which will be added to the end of your lease at no charge. A 48-month auto lease becomes a 51-month lease, with the three monthly (or six biweekly) payments that were postponed paid at the end. The lease retains the same payment, original mileage allowance and residual value it had originally. As most people have dramatically reduced their driving, going over-mileage despite the longer lease period is not a major concern.
The most progressive automakers, like Mazda and Hyundai, have stated that suspending payments in the current circumstances will not result in a communication to the credit reporting agencies…

Last Wednesday we posted about the latest British Airways Executive Club buy Avios bonus that runs until May 18. The bonus as seen in other countries like the U.S. and U.K. is 50% for those members who don’t hold a British Airways co-branded credit card but was 75% for those who do have one. We weren’t 100% sure if that was the case for those in Canada who have the RBC British Airways Visa Infinite Card so we reached out to the Rewards Canada community to find out. One of our readers, Dennis C who has the RBC BA card logged into his account and only showed a 50% bonus. Based on this I would have to assume that this unfortunately means that Canadian BA credit card holders aren’t getting the same bonus as seen by those in the U.S. and U.K. This is really too bad as we’ve never seen a 75% bonus before from British Airways and as Dennis puts it:”Which is not fair, but that is par for the course here in Canada!”Anyways here’s a recap of the offer which now has the 75% wording removed from our site:Offer details:50% Bonus Avios when you buy or gift Avios…