http://www.cba.ca/en/media-room/50-b...3-credit-cards
Quote:
Fast facts
A credit card is a convenient and flexible payment tool for both consumers and retailers.
Credit cards provide interest-free credit from the time of purchase to the end of the billing period.
Since more than 64% of Canadians pay their credit card balance in full each month, the interest rate for two-thirds of credit card users is zero.
For those who choose to carry a balance:
Credit cards offer access to unsecured credit (no collateral required).
There are more than 70 low interest rate cards on the market and over 40 of those cards have an interest rate of under 12%
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I know there is a bit of a skew there. For example, and I do this myself. I pay off the balance every month no matter what, if I am short to cover them, I will use my HELOC so if interest accrues, it is only 3.5%. But I always try and pay that off the next month whenever possible. And I know a ton of people do the same. Why wouldn't you?