Half of Canadians carry credit card debt. Here is why experts say many rewards cards may not be worth it.

According to the Bank of Canada, close to half of all Canadians with a credit card carry a balance each month and those who do, experience more financial stress than those who pay off their credit card each month.

With credit card interest rates averaging about 20 per cent, anyone carrying a balance is paying a lot of money in interest charges.

Of course, there are many credit card rewards to be had such as free gas, groceries and travel points and if you pay off your credit cards each month the rewards can really add up.

But if you don’t pay off the balance each month, then the rewards you get may not be worth it.

“The majority of points programs in Canada offer rewards of one, two and maybe three per cent at most. However if you’re paying 21 per cent in interest you don't have to be that strong in math to notice the difference," said Patrick Sojka, founder of Rewards Canada, a website that compares credit card offerings.

If you have a credit card with a balance of $4,800 with an annual interest rate of 19.99 per cent without paying down the card you'll be paying $960 in interest each year.

If your credit card has an annual interest rate of 25.99 per cent, you'll be paying $1,248 annually in interest charges.

Most Canadians have at least two credit cards and when we shop we're often pitched new cards that come with special offers.

At the checkout, you might be told you can save even more, sometimes up to 20 per cent off your purchase if you open a store-branded credit card. So, is that worth doing?

“Generally, this is not a good idea. Sure, those upfront savings can be very enticing, but if you don't pay off that balance before a promotional period ends, you'll pay a lot of interest,” said Brian Vines with Consumer Reports.

You may get an offer of no interest for a set time, but if the balance is not paid in full by the due date you could have to pay interest charges back to day one.

"Some say zero per cent for the first 12 months, but you pay have to pay it off within that twelve-month period because they may back charge the interest. The interest doesn't start at the 13th month, it starts back at month one," said Sojka.

If you’re struggling to pay off your credit card debt, try to find a lower interest rate option such as consider switching to a low interest credit card with rates as low as 10 to 13 per cent, take out a line of credit or consider a consolidation loan.

Always try to pay off as much of your credit card bill as you can each month, but at least make the minimum monthly payment because if you miss paying that it will affect your credit rating and can cause you to pay even higher interest rates in the future.