The Top 5 Credit Cards (Bonus: Stellar Credit NOT Required)

Many Canadians are feeling the pinch of this recession – and experiencing larger credit card bills as a result. If you've found yourself in this category, and the balance is more than you can pay off in one month, you'll be happy to know that you're not stuck with that 18.5% interest rate.

There are quite a few cards on the market right now that charge lower interest rates without an overwhelming annual fee. While they may have more stringent qualification requirements than a higher interest card, if you have a decent credit score, you're likely to qualify for at least one of these top cards on the market today:

#1 - Capital One SmartLine Platinum MasterCard

• Rate: 5.99% guaranteed for three years, at which point it switches to Prime + 2.99%.
• Annual Fee: $0
• Minimum Household Income: $40,000

This is one of the lowest interest cards out there, but it isn't available to everyone. To qualify for this card, you must have excellent credit. Your credit history must span at least 10 years in length and you must be in good standing with creditors for the last seven years. You're not eligible if you've opened a new credit card, loan or line of credit in the last nine months, all your previous credit card payments must have been on time, and your household income must exceed $40,000.

#2 - RBC Visa Classic Low Rate

• Rate: 11.9%
• Annual Fee: $20
• Minimum Income: $15,000

It's a little easier to qualify for the RBC Visa Classic Low Rate credit card, and if you're prone to carrying a balance on your card, $20 is a pretty low annual fee to pay – and one you'll undoubtedly make up with the lower interest rate.

#3 - TD Emerald Visa

• Rate: TD Prime +1.9% up to TD Prime + 6.9%, depending on your credit assessment.
• Annual Fee: $25
• Minimum Income: N/A

The rate you get with the TD Emerald Visa depends on your credit rating and assessment. As of April 2009, TD Prime was 2.25%, so rates ranged from 4.15% to 9.15%. If your minimum payment is more than 30 days past due, you'll be charged 21%. To find out what your individual interest rate will be, call 1-877-247-2265.

#4 - No-Fee Scotiabank Value Visa

• Rate: 14.99%
• Annual Fee: $0
• Minimum Income: N/A

The Scotiabank Value Visa markets itself as a low-interest credit well suited to people who carry balances under $1,200. The card comes with free Scotia Visa cheques and up to 20% discount rates at Avis Car Rental.

#5 - Laurentian Bank VISA Black Reduced Rate

• Rate: 12.49%
• Annual Fee: $25

Laurentian Bank describes its Visa Black Reduced Rate credit card as a savvy option for people who are prone to carrying a balance on their credit card, but eager to trim down on unnecessary expenses. The company also suggests using it in lieu of debit cards for everyday expenses such as groceries and gas, because debit fees can add up.

Whichever of these ends up in your wallet, just remember to use it responsibly. The current economic climate could mean credit card companies start playing unfair at any time, so don’t be caught under crushing debt in case the card’s terms do change. The best credit card deal always involves you paying off your balance in full and on time every month, so you don't pay ANY finance charges or late fees.