skip to Main Content
CALL NOW! 647-272-5221
Best Low Interest Credit Cards In Canada

Best Low Interest Credit Cards in Canada

When choosing a credit card, you will probably carry a certain percentage of debt every month. What if you want to pay off a minimal amount? Well, you can easily find many low-interest credit cards that might be a practical choice for you. Why you would bound yourself with a standard 19.99% credit card interest rate when there are better options available. Let’s get started:

1- MBNA True Line Mastercard

It’s a solid low-interest credit card that doesn’t come with annual charges. The credit card offers an approximate 12.99% interest rate on your acquisitions and fund transfers. If you are a new member, there is Good News. You can transfer funds for the first 10 months free of any interest. Only a 3% fee is applicable. Reasonable though! 

Key Features

  • 0% interest charges
  • 12.99% on procurements and fund transfer
  • Enjoy a 0% interest rate on fund transfer for the next 10 months. However, a 3% balance transfer fee is applicable.
  • Impressive security against fraudulent charges
  • Major savings at budget

2 American Express Essential Credit Card

American Express Essential is another user-friendly credit card that offers a 12.99% interest rate on your buying and balance transfers. There is no annual fee. New members can transfer their funds and get 1.99% interest rate for the next six months. After six months, the standard annual fee is applicable. Members can also have a priority access with American Express Invites that primarily include top-of-the-line offers for popular concerts and special events.

Key Features

  • 0% annual fee
  • Standard interest rate is 12.99% on buying and money advances
  • For the first six months, you will only pay 1.99% interest for fund transfer
  • Exclusive buying protection
  • Extended warranty
  • Approximately $100,000 in travel accident insurance

3- MBNA True Line Gold Mastercard

The MasterCard comes with a reasonable $39 annual fee. You will get the buying interest rate in single digits that make it a great choice compared to a standard 19.99% rate. If you are a new member, you can benefit from the fund transfer competitive advantage as there is a 3% fund transfer fee. For instance, you are required to pay $30 to transfer $,1000 in debt. Though the MasterCard balance is free of interest for six months. It helps you save a lot in the long run.

Key Features

  • $39 annual fee
  • 8.99% interest rate is applicable
  • $0 interest rate on fund transfers for six months (3% transfer fee still applies). Afterward, the balance is charged at a standard 8.99% interest rate.
  • Rent a car
  • Security against deceitful charges
  • Buying protection
  • Extended warranty

4- BMO® Preferred Rate Mastercard®

Looking for a card with a competitive interest rate for your regular purchases. BMO® Preferred Rate Mastercard comes with a reasonable annual fee along with a promotional fund transfer rate. You can expect a 12.99% interest rate on regular purchases and money advances. While the promotional interest rate is 3.99% on fund transfer for the first nine months. However, a 1% fee is applicable. The card further comes with standard protections – theft and buying security.

Key Features

  • $20 annual fee
  • Income eligibility is $15,000 minimum annually
  • 3.99% interest rate on fund transfers for 9 months.
  • Purchase APR: 12.99% and Cash Advance APR: 12.99%
  • Excellent buying protection
  • Extended warranty

5- TD Emerald Flex Rate Visa* Card

Another popular low-interest rate credit card in Canada! As an alternative to a flat fee, the interest rate varies. It is linked with the TD Prime Rate and differs primarily depending on your credit evaluation. Users with good credit scores can qualify for a buying interest rate as low as TD Prime + 4.50%. On the other hand, less credit-worthy users can have an interest rate of 15.20% (TD Prime + 12.75%). One important thing to note that the interest rate is directly proportional to the prime rate. If TD bank raises the prime rate, your interest rate will also increase. Since prime rates in Canada is fairly low that means you can end up saving a lot of bucks. Also, the $25 annual fee is very much affordable.

Key Features

  • $25 annual fee
  • No income eligibility
  • Come with a variable interest rate
  • Interest on purchases and money advances is 4.50% to 12.75%

6- Scotiabank Value® VISA* Card

If you are looking forward to carrying credit every month, Scotiabank Value® VISA* Card is certainly the best bet. The $29 annual fee comes quite reasonably. At 12.99% for your acquisitions and money advances, it’s definitely one of the best lowest interest rates cards currently available. For instance, if you have a credit of $3,000 on this card, you would probably pay $32.03 monthly. To transfer funds on this card, you need to pay only a 0.99% interest rate for the first six months. Cardholders can quickly save up to 25% by partaking in the budget-friendly locations in Canada.

Key Features

  • $29 annual fee
  • $12,000 is minimum income eligibility
  • 0.99% is the welcome interest rate on fund transfers for the first six months
  • Up to 25% OFF for renting car in Canada or the USA
  • Purchase APR: 12.99% | Cash Advance APR: 12.99% | Balance Transfers APR: 12.99%

7- Modulo Visa

The Modulo Visa has a lot more to offer than the simply low-interest rate. It comes with a buying interest rate of 10.99% which is quite impressive. Unlike most credit cards, it offers perks and rewards. You will find a popular cashback idea. The card offers 1% of your procurements back in the form of a bonus dollar reward. You can get it exchanged for travel, gift cards, charity, and other financial items. What’s more? It offers a reasonable yearly fee of $50.

Key Features

  • $50 annual fee
  • 10.99% interest rate on purchases
  • Get 1% off your acquisitions in bonus dollars
  • Travel insurance perks such as luggage protection and up to 3 days of health care coverage
  • $1,000 in mobile insurance coverage

Conclusion

Owning a low-interest credit card in your wallet is no less than a blessing. You are more likely to pay more money back with you when you are paying a reasonable annual fee. Remember the promotional offers of all these cards are for a limited duration. Though if you want to pay off your credit card debt quickly, it is going to serve you BEST!