Canadian debts has been rising in the recent years and families are struggling in paying debts more than ever. On average, a Canadian pays a whopping 24.99% interest rate per year to Banks. While, most people spends on luxury items, others spends on basic items needed to survive. With the cost of living getting higher every year and wages stuck at the same level, it is not a surprise that families rely on credit to survive. Here is how to use a credit card at your advantage.

Credit, if used responsibly, can be very useful as a backup fund. While most credit cards have an APR of 19.99% to a staggering 29.99%, there are some ways one can play with these and get by without paying much interest. One of the ways is generally known as a “Balance Transfer”. A balance transfer is cash-advance feature of a credit card that allows you to pay your bills as if you had cash. While the regular APR of a balance transfer is on the same level as the purchase APR, most if not all banks run promotions where the promotion interest rate ranges from 0% to 2.99% per year. While the percentage is insignificant when you compare it with the purchase APR, it can be very helpful in paying your bills and putting more money on repaying your credit instead of paying most in interest. As such, these are the top 5 credit cards that you really need to have if you are struggling financially.

1. MBNA True Line

If you have never heard of MBNA, it is one the best financial instituions that only specializes in credit cards. They have been around for a decade and their range of credits varies a lot. Credit cards offered by MBNA have many advantages that you will not find elsewhere. Their selling point is their monthly promotion on balance transfers. They run a different promotion every single month and the promotion APR is very low – ranging from 0% to 3%. The credit card MBNA True line is one the top credit card out there with the low interest rate of 12.99% on regular purchases and balance transfers.

Current Offer: 2.99% APR for 6 months on balance transfers!

2. Signature RBC Rewards Visa

RBC’s Signature Rewards Visa credit card is another credit card you need to consider. It is one of top credit cards with many benefits. Not only you will earn reward points with every purchase, but they have great promotions on balance transfers throughout the year. This credit card has many other benefits such as rental car insurance, save ¢3 on each liter at Petro-canada, no fee for students and not to forgot that it is with one of the top banks in Canada.

3. Scotiabank Value Visa

Scotiabank’s Value Visa credit card is among the lowest APR credit cards available. The promotion APR for this credit card is slightly higher than the previous two however it has many benefits. Their promotion runs every month through the year.

Current Offer: 3.99% APR for 6 months on balance transfers!

4. BMO Cashback Mastercard

BMO’s Cashback Mastercard is a reward-type credit that allows you to earn a 1% cashback on all purchases and offers great interest rates on balance transfers.

Current Offer: 1.99% APR for 9 months on balance transfers and 5% cashback on purchases for 3 months!

5. Tangerine Cash Back Mastercard

Tangerine is a online-only bank that has many advantages for its customers. They provide a wide range of services including high-interest saving and chequing accounts. Their cashback mastercard (2% reward) is excellent for balance transfers!

Current Offer: 1.95% APR for 6 months on balance transfers and up to 2% cashback on all purchases!