Purchase interest rate
American Express Cobalt Card
Apply today and earn up to 30,000 Membership Rewards points in your first year.
- Purchase interest rate: 19.99%
- Cash advance rate: 21.99%
- Annual fee: $120
- Credit rating: 700
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|Credit card||Promotional offer||Annual fee|
|SimplyCash Preferred Card from American Express||Earn 10% cash back on all eligible purchases (up to $400 in cash back) for the first four months of Cardmembership.||$99||Go to siteRead review|
|BMO World Elite Mastercard||Get up to 30,000 points – 25,000 points when you spend $3,000 in the first 3 months and 5,000 points on your first anniversary. Plus, get the $150 annual fee waived in the first year. Apply by October 31, 2021||$150||Go to siteRead review|
|American Express Cobalt Card||Earn up to 30,000 bonus Membership Rewards points. In your first year as a new Cobalt Cardmember, earn 2,500 points for each monthly billing period in which you spend $500 on your card (for a total of 30,000 points in a year). 30,000 points is enough for $300 in statement credits redeemed towards any eligible purchases charged to your card or $225 in Amex Prepaid Cards.||$120||Go to siteRead review|
|American Express AIR MILES Platinum Credit Card||Earn a Welcome Bonus of 2,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months. That’s enough to redeem for $200 towards your purchases with AIR MILES Cash.||$120||Go to siteRead review|
|Scotia Momentum Visa Infinite Card||Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases) and pay no annual fee in the first year, including on supplementary cards (A welcome offer value of $350). Apply by August 31, 2021.||$120||Go to siteRead review|
|CIBC Select Visa||Get a 0% interest rate on balance transfers for the first 10 months with a 1% transfer fee. Plus, get a first year annual fee rebate.||$29||Read review|
Most introductory offers are only available to new customers. These credit card deals usually offer extra value to you in the form of bonus points, waived annual fees or low interest rates. The benefits of credit card promotional offers only last for a limited time, typically 3 to 6 months. For example, any promotional interest rates or fee discounts revert to standard rates and fees after the promotional period ends. Bonus points, on the other hand, will last until you use them or they expire.
Although credit card promotional and introductory offers may draw you towards applying for a credit card, sometimes these cards charge higher interest rates and fees compared to credit cards that don’t offer sign-up bonuses.
Because dome credit cards have a high spend ceiling to clear the sign-up bonus, you’ll also need to make sure you can clear the minimum spending requirement. For example, some card issuers require you to spend $5,000 in the first 3 months of card membership to be eligible. There are ways to earn the offer, but if you find it hard to meet the spending requirement, don’t force it – you could end up paying more than it’s worth.
You usually have to meet specific requirements to be eligible for an introductory offer. These conditions vary but usually include:
Before you apply for a card with an introductory offer, make sure you fully understand these terms and conditions to ensure you can get the full value from the offer.
Purchase interest rate
Apply today and earn up to 30,000 Membership Rewards points in your first year.
There is a wide range of different introductory offers available depending on what you want from a credit card. For example, if you want to save on card debt, you could look at balance transfer offers that give you a low or 0% introductory interest rate. Or, if you want rewards for your spending then you can compare cards that offer introductory bonus points. With so many different introductory credit card deals offered in Canada, we’ve summarized some of the most popular options you can compare.
A 0% balance transfer credit card can be a useful tool to consolidate and repay debt without the cost of interest. Balance transfer credit cards often come with a low or 0% interest rate for a promotional period of 12 to 24 months. This means you can clear your credit card balance faster without accruing any additional interest. Once the promotional offer ends, a standard revert rate applies and any remaining debts will begin to collect interest, often at the higher cash advance rate.
Interest-free balance transfers are only available for a limited time, so you’ll be required to apply and receive approval before the offer end date to take advantage of the promotional 0% interest rate. You can usually request the balance transfer and provide the details of your existing account when you apply.
Purchase rate offers help you save on your spending by giving you a low or 0% introductory interest rate on your new purchases for a specified period of time. At the end of the introductory period, the promotional rate reverts to a standard interest rate that applies to any balance carried from these purchases. These offers are very rare in Canada and if a provider offers it, it’s likely going to be a promotional low interest rate – not 0%.
Purchase rate offers can be useful if you have a lot of planned expenses coming up and want a flexible and affordable way to pay them off over time. To get the most out of low or 0% purchase rate deals, you should aim to pay off the new charges before the end of the introductory period.
This type of introductory offer waives the annual fee of the credit card for a promotional period (usually the first 12 months). Depending on the credit card, no annual fee promotions can save you tens, hundreds or thousands of dollars. You usually need to apply before a specific date to enjoy a no annual fee introductory offer. Other credit cards offer a reduced annual fee for a promotional period instead of waiving the fee completely.
After the introductory period, the standard annual fee will be applied to the account. So, if you plan to use your credit card beyond the promotional period, you should pay attention to the standard annual fee when comparing credit cards.
Many rewards credit cards include bonus points when you apply and are approved for the card. Depending on the offer, you could be able to get up to 100,000 bonus points.
Bonus points offers are usually only available when you apply by a certain date and meet the spend criteria. This means you may need to spend a certain amount within a specific period (such as $1,500 in the first 3 months) to collect the bonus points. As long as the spend requirement fits within your budget and don’t outweigh the value of your bonus points, it can be an easy way to boost your points balance as soon as you apply for the card. Remember that not all points are created equal and be sure to consider the value of the points before you apply.
Similar to bonus reward point promotions, many frequent flyer credit cards offer bonus points on sign up. Many cards offer points for specific airlines like Air Canada or West Jet Flyer, but many other rewards cards may let you use your bonus points for a wider range of airlines like the RBC Avion card or Aeroplan miles. Again, you’re usually required to spend a minimum amount within a set period to qualify for the bonus points offer.
Make sure you know what these terms and conditions are before you apply so that you can decide if the offer is worth it. It’s also important to look at how many points you’ll usually earn for your spending, as well as any rates, fees and extra features that come with the card.
This type of introductory offer gives you cashback when you get a new credit card. Like bonus point promotions, you usually need to spend a specific amount of money on the card before you can enjoy the cashback offer. For example, an offer might give you $200 cashback if you spend $500 in the first 3 months you have the card.
Some cashback offers also require you to spend the minimum amount in a specific way, such as by making contactless payments. This type of offer can give you extra value if you have planned purchases you want to make on your credit card, but may not be worth it otherwise.
As well as the major introductory offers outlined above, some credit card companies may offer other more unique deals for new customers including gift cards or discounted purchases at specific retailers.
Depending on the credit card, you may be able to take advantage of more than one of these offers at a time. For example, a card that offers a 0% balance transfer rate could also have a discounted annual fee for the first year, while a card with bonus points may also offer 0% interest on purchases during the honeymoon period.
While credit card promotions can sweeten the deal when you first sign up, you should also look at the card’s ongoing features. Thinking about the following factors will help you find an introductory offer that suits your needs in the short-term and a credit card that fits your circumstances in the long-term.
While credit card introductory offers can help you get more value from your card, there are some mistakes to avoid to ensure the card costs don’t outweigh the benefits of the offer. Here are some of the common mistakes cardholders make and how you can avoid them:
Introductory offers have the potential to provide you with more value when you get a new credit card. While almost anyone can benefit from these deals, the value they provide really depends on your individual circumstances.
It’s also important to remember that these benefits only last for a set amount of time before reverting to the standard features of the card. So being aware of how credit card offers work and considering both the introductory offer and the ongoing card features means you can choose a card that offers you value now and in the future.
We’ve taken a look at some of the best credit cards in Canada and explained who they’re best suited to.
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Usually, no — but there may be an exception for rewards earned from work-related credit card charges.
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