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[ad_1] If you carry a credit balance, or if you expect to take on debt that will take some time to pay off, you might want to consider a low-interest credit card. Whereas most regular credit cards charge around 20% in interest, these cards offer rates that can be half that or less. Some even come with attractive balance transfer promotions that will allow you to pay down debt at a greatly reduced rate for a limited time. If you’re looking to see who has the best rates, perks and promotions, read on for our list of the best low-interest credit cards in Canada. Find your next credit card* See cards tailored for you from over 12 banks and card issuers No impact to your credit score Get an answer in under 60 seconds Find my perfect card You will be leaving MoneySense. Just close the tab to return. .credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow {padding: 4rem;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow span.content {font-weight: 800;margin-bottom: 2.75rem;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow .subtext p {margin-bottom: 0;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow .subtext {margin-bottom: 0 !important;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow .subtext div {margin: 0 0 2.5rem;line-height: 1.75rem;font-weight: 500;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow .subtext div .sub-text {margin-bottom: 10px;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow .subtext .btn-group {font-size: 1.125rem;font-weight: 500;text-transform: uppercase;margin-bottom: 1.25rem;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow .subtext span.fineprint {font-size: 0.875rem;font-weight: 500;line-height: 1.125rem;}@media ( max-width: 900px ) {.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow {padding: 3rem 1.25rem;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow span.content {font-size: 1.25rem;margin-bottom: 2rem;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow .subtext div {line-height: 1.25rem;font-size: 1rem;margin-bottom: 2rem;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow .subtext div ul {margin: 0 0 0 15px;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow .subtext .btn-group {font-size: 1rem;}.credit-card-cta-scenario-chooser .cta-v2.shortcode-cta-yellow .subtext span.fineprint {font-size: 0.625rem;line-height: 0.75rem;}} The best low-interest credit cards in Canada 2022 These are credit cards offered by Ratehub partners. You can find information about additional product options below.* Card Interest rate (APR) Annual fee MBNA True Line Gold Mastercard (get more details)* 8.99% $39 Flexi Visa 10.90% $0 HSBC +Rewards Mastercard (get more details)* 11.9% $25 MBNA True Line (get more details)* 12.99% $0 American Express Essential Credit Card 12.99% $0 BMO Preferred Rate (get more details)* 12.99% $20 (waived first year) National Bank Syncro Card (get more details)* Prime plus 4% (currently 8.90%) $35 Fixed rate cards Most credit cards offer a fixed interest rate, meaning that there is a single, unchanging percentage charged against your purchases. (Balance transfers or cash advances frequently have a different, but also fixed, rate.)  MBNA True Line Gold Mastercard* At a glance: The MBNA True Line Gold Mastercard has a regular purchase interest rate of 8.99%—that’s less than half the rate on a typical credit card. Plus, the $39 annual fee is super manageable.  Annual fee: $39 Welcome offer: None Interest rate: 8.99% on purchases, 24.99% on cash advances and 8.99% on balance transfers Additional benefits: Savings with Budget Rent A Car and Avis Rent A Car; protection against fraudulent charges; purchase protection and extended warranty. Pros: Get up to nine authorized users for free. When you rent a car from Budget or Avis, you’ll save a minimum of 10% off the base rates. Cons: This card doesn’t offer much in the way of perks or benefits, and does not offer rewards or cash back. This offer is not available to Quebec residents. Get more details about the MBNA True Line Gold Mastercard* Go to Site Flexi Visa At a glance: The Flexi Visa from Desjardins credit union offers a low 10.90% interest rate, plus perks like limited travel insurance, up to $1,000 in new mobile device insurance, and the ability to pay for larger purchases in monthly instalments. Annual fee: $0 Welcome offer: None Interest rate: 10.90% on purchases, 10.90% on cash advances Additional benefits: Get a second credit limit on your card through Accord D financing; three days of travel insurance; new mobile device insurance; up to a 15% discount at Hertz car rental and up to a 10% discount at Thrifty and Dollar stores; purchase protection and extended warranty. Pros: Receive three days of travel coverage that includes emergency medical, trip cancellation and lost or damaged baggage. When you buy a new mobile device with this card, get up to $1,000 to cover loss, theft, damage or mechanical failure. Access Accord D financing, which will get you a quick approval for up to $50,0000 in financing. Cons: Comes with travel insurance that only covers trips of up to three days. If you go for longer, you’ll need to buy extra insurance.  The interest rate is not the lowest on this list. HSBC +Rewards Mastercard* At a glance: The HSBC +Rewards Mastercard offers a low 11.90% interest rate, plus the ability to earn HSBC points that you can redeem for travel, merchandise and gift cards—or you can apply them to your HSBC mortgage, credit card or savings account. If you’re looking for a low-interest credit card that also allows you to collect rewards points, this is a good option. Annual fee: $25 Welcome offer: Earn up to 35,000 points ($175 value). First, earn 30,000 points when you spend $2,000 within 6 months of having the card. Then earn an additional 5,000 points when you apply for the card online. Must apply before October 31, 2022. Interest rate: 11.90% on purchases, 11.90% on cash advances and 11.90% on balance transfers Additional benefits: Purchase protection Pros: The welcome offer has a value of up to $200.  Earn HSBC Rewards when you use this card. You’ll get 2 points per $1 spent on eligible dining or entertainment purchases and 1 point per $1 on everything else. Cons: Doesn’t include any travel insurance or other perks.   The 11.90% interest rate is not the lowest around. Get more details about the HSBC +Rewards Mastercard* Go to Site MBNA True Line Mastercard* At a glance: This low-interest card from MBNA gets you many of the same perks as the MBNA True Line Gold Mastercard—also on this list—with slightly higher interest rates. If you’re looking for a low-interest credit card without an annual fee, this could be a contender—particularly if you want to benefit from a lengthy no-interest balance transfer.  Annual fee: $0 Welcome offer: Get a 0% promotional annual interest rate (“AIR”) for 12 months on balance transfers within the first

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[ad_1] Racial Equity Accelerator for Homeownership, a collaboration between Urban Institute and Federal Home Loan Bank (FHLB) of San Francisco, on Monday released a report that examines how the adoption of alternative data can benefit Black households within the mortgage lending landscape. The report found a 30-percentage point gap in homeownership between Black and white households in the U.S., which is wider than it was in 1960, before the Fair Housing Act was passed and while race-based housing discrimination was still legal. The report found that Black household homeownership rates are now below rates for all racial and ethnic groups since 2010. Research by the Urban Institute’s Laurie Goodman and Jun Zhu in 2021 projected that despite growth in the population share of people of color in the next 20 years, racial homeownership gaps will maintain at current levels if stakeholders do not design and implement comprehensive and effective combat actions. Chart provided by Racial Equity Accelerator for Homeownership Although alternative data could include many factors, the authors of the latest Urban Institute report say that rental payment history and cash-flow data have the greatest potential to predict future mortgage performance. The publication notes that as a result it restricted analysis to financial data (rent, utility and telecom payments, cash-flow). It says that while this data was once regularly used to evaluate borrowers, most lenders today do not use these alternative data sources when determining mortgage eligibility. FICO’s failures The authors argue that the lack of alternative data sources contributes to “historically rooted systemic racism,” which has long-affected the homeownership process. Lenders’ reliance on traditional FICO score models has more significantly affected Black households who are “disproportionately likely to have no FICO scores and to have FICO scores below 620,” the authors said. Almost 30% of Black adults did not have a FICO score in 2018, compared to just 17% of white adults, with Black consumers also comprising 34% of FICO scores below 620 (16% for white borrowers). The report claims these numbers suggest that Black consumers are disproportionately harmed by current underwriting methods, and says “alternative data into mortgage underwriting could help many Black households obtain mortgages and get a lower price for the loan.” As a result of this homeownership gap and historically rooted racial disparities, Black households are more likely to be renters, with renters making up the national majority of Black households. It says due to these factors, many Black renting households stand to gain from the inclusion of rental and cash-flow data in underwriting. On the other hand, the report notes that reporting all rental payments, including missed ones, could disproportionately harm Black households due to lower average incomes and less job security in the demographic. This led the authors to recommend the incorporation of only positive rental payments, which it says “could usher more households into homeownership without creating undue burdens.” On-time payments According to a rental payment study by Understanding America, about 68% of U.S. renters made 12 months of on-time rental payments between July 2020 and July 2021. It found that Black households were least likely to pay 12 months of rent on time, with only 55% doing so compared to 73% and 78% of white and Asian renters. The report says this emphasizes that incorporating rental payment data would not automatically close the racial homeownership gap, but would result in a disproportionate benefit to borrowers of color. Unbanked There is also a more mechanical barrier to incorporating alternative data into underwriting and mortgage lending models. Despite a continuing shift towards rent payment and cash-flow reporting, Black renters are also more likely to be unbanked, with 13% of Black adults likely to be unbanked in 2020 (compared to just 3% of white adults). Chart provided by Racial Equity Accelerator for Homeownership. Additional issues arise when you look at the actual implementation of rental payment data. Even if mortgage underwriters begin to incorporate these payments into their credit scoring models, the report suggests it would not make a meaningful difference. They say this is because less than 4.5% of U.S. renter households have rental payment history on file with the three major credit reporting agencies, with the most common reports that are filed being negative missed payments. This suggests that incorporating rental payment data directly into credit scores would “require a significant improvement in rent reporting.” How does reporting rental payments affect credit scores? In order to better understand how rent reporting affects credit scores, the study’s authors partnered with Esusu Financial, a fintech which reports rental data, to examine the impact that 12 and 24 months of rental payments have on renters’ credit scores. The report says this analysis, which sampled 12,492 Esusu consumers who made on-time rental payments, found that previously unscorable consumers received average VantageScores of 676 and 686, respectively, after 12 and 24 months of positive rental payments. It says these scores would enable said consumers to apply for convention loans and lower potential mortgage costs. The analysis also found that consumers with the lowest initial scores experienced the largest increases in terms of gross and percentage credit score growth. It says this is highlighted by a 8.9% credit score increase for consumers with scores below 600, compared to a 4.4% increase for scores between 661-780 and a 7.6% increase for scores between 600 and 660. Chart provided by Racial Equity Accelerator for Homeownership. The post Black households have most to gain from inclusion of rent payment data: report appeared first on HousingWire. [ad_2] Source link

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