How to Save on Credit Card Interest with the Innovation Visa* Card Program

Happy man with credit card

The COVID-19 pandemic has altered many lives and it continues to cause major disruptions to this very day. In many cases, the pandemic has had unexpected impacts on household income, purchasing and finances.

At Innovation, we’re aware of the challenges you may be facing while adjusting to the new normal. We’d like to make it a bit easier for you by helping you save on your credit card interest with Innovation’s Visa* card program.

We all know that you’ll need to use your credit card from time to time. What if we told you that you could use your credit card as you normally do but end up saving on interest? Sounds exciting? Well, read on!

Here are two featured credit cards that help you save on interest. 

The Visa* Classic Card

The mainstream, fail-safe, as-simple-as-they-come card! The Visa* Classic Card is designed for everyday expenses. Armed with a low interest rate, no annual fee and mobile device insurance amongst other benefits, you can’t go wrong with this card.

Benefits: 

  1. Annual fee: $0
  2. Interest rate (purchases): 12.99% Fixed
  3. Zero liability fraud protection
  4. Purchase protection & extended warranty
  5. Mobile device insurance

Special Offer: 5.9% rate for all balance transfers! This means, you’ll only pay a 5.9% interest rate on the balance you transfer over to your new Visa* from a different credit card issuer. The rate will apply to each balance transfer for 6 months. To top it off, you won’t pay any hidden or additional balance transfer fees. View full Terms & Conditions.

There’s always a general worry about purchases being faulty, especially the ones that concern electronics, appliances or any other bigger buys. The Visa* Classic Card automatically takes care of that for you by adding an extra layer of protection for most of the valuable items you buy. 

With this card in your wallet: 

  • Get 90 days purchase protection on eligible purchases made with your card.
  • Double the manufacturer’s warranty (up to 1 year) on all the eligible purchases made with your card.
  • Enjoy mobile device insurance.

Need a few more rewards? Then check out the next card in our line-up!

The Centra Visa* Gold Card

Strike the perfect balance between getting access to premium rewards and low-as-they-go rates. If you love earning valuable reward points while keeping interest rates on a tight leash, the Centra Visa* Gold Card is for you.  

Earn 1 point for every $1 spent on everyday purchases! 

Benefits:

  • Annual fee: $50.00
  • Interest rate (purchases): 11.99% Fixed
  • Zero liability fraud protection
  • Reward points
  • Mobile device insurance
  • Purchase protection & extended warranty
  • Additional Visa* Benefits

Never stop winning as you rack up those reward points to spend on a huge array of redemption options, including: 

  • 60,000 top-selling merchandise items, including directly from Best Buy Catalogue
  • Gift cards from 60+ top Canadian retailers
  • Cash rewards in the form of statement credit
  • Private vacation rental or hotel accommodation, flights and travel experiences
  • Charity donations

To make it even easier for you to choose from, just click here to search by redemption type.

Special Offer: Let no pandemic stop you from earning these rewards! 

  • Earn 1 point for every $1 spent on everyday purchases.
  • Enjoy 4,000 bonus points on the house when you apply for a new Centra Gold card. More details here.
  • 5.9% rate for all balance transfers! This special rate will apply to each balance transfer for 6 months. No hidden fees and no additional balance transfer fees. Full Terms & Conditions here.

We not only want you to earn more, but we also want to make sure that your purchases remain safe, secured and in your possession. Let no accidents or emergencies affect your purchases as you get:

  • 90 Days purchase protection on all eligible purchases made with your card.
  • Double the manufacturer’s warranty (up to one year) on eligible purchases made with your card.
  • Mobile device insurance.

And the number one way to save on credit card interest?

You guessed it. Make sure you pay off your entire balance before your payment due date. If you’re not able to pay off the entire amount, at least pay the minimum amount they ask for. Credit card debt can creep up on you quickly, making the interest you pay higher and higher. If you’re mindful of what you spend and embrace timely bill payment habits, you can reap the rewards that come with your card plus improve your credit score. It’s a huge win-win!

Make the most of your credit cards and don’t let interest bring you down!

Visa* Classic Card card benefits, insurance, offer details and terms and conditions can be found here: Visa* Classic Card – Innovation Credit Union (collabriacreditcards.ca)

Centra Visa* Gold Card card benefits, rewards, insurance, offer details and terms and conditions can be found here: Centra Visa* Gold Card – Innovation Credit Union (collabriacreditcards.ca)

Insurance coverage is underwritten by American Bankers Insurance Company of Florida (ABIC). ABIC, its subsidiaries, and affiliates carry on business in Canada under the name of Assurant®. ®Assurant is a registered trademark of Assurant, Inc. Details of insurance coverage, including definitions, benefits, limitations, and exclusions, are in the Certificate of Insurance. The Certificate of Insurance is available online here. Insurance coverage is subject to change.

Collabria Financial Services Inc. (“Collabria”) is an independent entity from your credit union with no ownership interest in the other. If you choose to obtain Collabria credit card services through a referral from your credit union, it will receive compensation from Collabria. The Collabria Visa Card is issued by Collabria Financial Services Inc. pursuant to a license from Visa. *Trademark of Visa Int., used under license.

The Collabria Visa Card is issued by Collabria Financial Services Inc. pursuant to a license from Visa. *Trademark of Visa Int., used under license.