With a recession upon Canada, the Bank of Canada has chopped the prime rate by 0.75%. The prime rate is now at 4.0% which means lower monthly interest payments if you carry a balance on your credit card and it is based on the prime rate.

If you have a standard credit card that is not based on prime, consider switching up to a credit card that uses the prime rate to calculate its interest rate. This could lower your monthly interest payments considerably.