Best low interest credit cards in Canada
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Readers
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Reviews
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Metrics
Partners on this page may provide us earnings.
Low interest, or low APR credit cards, offer interest rates on purchases that are significantly lower than the national average. These low APR cards can help you pay off balances faster than typical high rate cards. Here's our top 3 with other more specific options below.
Struggling with credit card debt? You're not alone. Many Canadians find themselves carrying a balance, whether it's for a big purchase or unexpected expenses. That's where low interest credit cards come in handy. Low interest rate credit cards focus on great rates and little else, helping you keep interest charges down.
$0
First Year Value
$0
Annual Value
Get this card if you...
Annual Fee & Annual Interest Rates
$39
Annual Fee
10.99%
Purchase
24.99%
Cash Advance
13.99%
Balance Transfer
Our Take
The MBNA True Line® Gold Mastercard® is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers essential benefits such as purchase assurance, extended warranty coverage, and fraud protection.
Eligibility
Good (620 - 670)
Recommended Credit Score
Annual Interest Rates
10.99%
Purchase
24.99%
Cash Advance
13.99%
Balance Transfer
Fees
$39
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards
10.99%
10.99% interest rate on purchases and 13.99% on balance transfers✪
100%
This card is made from 100% recycled plastic
Funds Transfer
Use available credit on your credit card to transfer funds right to your chequing account.
Our Take
The MBNA True Line® Gold Mastercard® is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers essential benefits such as purchase assurance, extended warranty coverage, and fraud protection.
Eligibility
Good (620 - 670)
Recommended Credit Score
Annual Interest Rates
10.99%
Purchase
24.99%
Cash Advance
13.99%
Balance Transfer
Fees
$39
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards
10.99%
10.99% interest rate on purchases and 13.99% on balance transfers✪
100%
This card is made from 100% recycled plastic
Funds Transfer
Use available credit on your credit card to transfer funds right to your chequing account.
The MBNA True Line® Gold Mastercard® remains our top pick for Canadians searching for the lowest possible interest rate from a major Canadian bank. Here’s why we love the True Line Gold:
Let’s say you buy a $5,000 couch and plan to pay it off in 12 months. You’ll pay total interest of $302 plus the annual fee for a total debt cost of $341. But if you put that same couch on a credit card with no annual fee at 19.99% you’ll pay $557.80 in interest, or 61% more, including the annual fee.
Disclosures:
†, ✪, Terms and Conditions apply.
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
0% interest
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡
Get this card if you...
Annual Fee & Annual Interest Rates
$29
Annual Fee
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
Our Take
The CIBC Select Visa* Card is a low-interest credit card offering a promotional interest rate on balance transfers for a specified period, subject to a transfer fee. It features a low annual fee and provides basic insurance coverage, making it suitable for individuals seeking to manage existing credit card debt or minimize interest charges on new purchases.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Annual Interest Rates
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
0.00%†
Balance Transfer (Introductory)
25.99%†
Penalty
Fees
$29
Annual Fee
2.50%†
Foreign Transaction
5.00%†
Balance Transfer
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards
10 cents
up to 10 cents off per litre♢ when you link your Journie Rewards card (terms apply)
Insurance Benefits
$100,000
Travel accident insurance amount
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee†
Transfer up to 50% of your assigned credit limit†.
If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.
Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card.
This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.
Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.
Our Take
The CIBC Select Visa* Card is a low-interest credit card offering a promotional interest rate on balance transfers for a specified period, subject to a transfer fee. It features a low annual fee and provides basic insurance coverage, making it suitable for individuals seeking to manage existing credit card debt or minimize interest charges on new purchases.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Annual Interest Rates
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
0.00%†
Balance Transfer (Introductory)
25.99%†
Penalty
Fees
$29
Annual Fee
2.50%†
Foreign Transaction
5.00%†
Balance Transfer
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards
10 cents
up to 10 cents off per litre♢ when you link your Journie Rewards card (terms apply)
Insurance Benefits
$100,000
Travel accident insurance amount
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee†
Transfer up to 50% of your assigned credit limit†.
If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.
Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card.
This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.
Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.
If you're looking to tackle existing credit card debt, the Scotiabank Value® Visa* Card offers an exceptional balance transfer welcome offer combined with ongoing great low rates:
Disclosures:
up to 80,000 points
Welcome Bonus
$2,581
First Year Value
$81
Annual Value
Welcome Bonus: Earn up to $2,500* in value in the first 14 months, including up to 80,000 bonus Scene+ points. Expires Oct 31, 2025
Get this card if you...
Annual Fee & Annual Interest Rates
$399
Annual Fee
9.99%
Purchase
9.99%
Cash Advance
9.99%
Balance Transfer
Our Take
The Scotiabank Platinum American Express® Card is a premium travel rewards credit card offering elevated earn rates on all eligible purchases, with additional benefits such as complimentary airport lounge access and comprehensive travel insurance. It charges no foreign transaction fees and provides access to exclusive events.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Annual Interest Rates
9.99%
Purchase
9.99%
Cash Advance
9.99%
Balance Transfer
Fees
$399
Annual Fee
0.00%
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$29
Over The Limit Penalty
Rewards Scene+
2x
Scene+ points for every $1 spent on all other eligible purchases
4x
Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
0%
No foreign transaction fees
10
Complimentary airport lounge passes per year
Insurance Benefits
$1,000
Mobile device insurance amount
$2,000,000
Emergency medical insurance amount
10
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Earn up to $2,500* in value in the first 14 months, including up to 80,000 bonus Scene+ points.
To qualify for this Offer make sure to open a new Scotiabank Platinum American Express credit card account (“Account”) opened between January 3, 2025 and October 31, 2025.
To qualify for the 80,000 bonus Scene+ points:
Earn 60,000 bonus Scene+ points by making at least $3,000 in everyday eligible purchases in your first 3 months.
Plus, for a limited time, you are eligible to earn a 20,000 Scene+ point bonus when you spend at least $10,000 in everyday eligible purchases in your first 14 months.
Once you qualify, your account will be credited in 2 instalments:
60,000 bonus Scene+ points will be credited to the applicable Scene+ membership account approximately 8 weeks after the qualifying $3,000 in eligible purchases being posted to your Account within the first 3 months of Account opening.
An additional 20,000 bonus Scene+ points will be credited to the applicable Scene+ membership account approximately 8 weeks after you have met the $10,000 spend threshold in your Account within the first 14 months of Account opening.
Note: For joint Accounts, the applicable bonus will be credited to the Scene+ account linked to the Account of the borrower that completed the last transaction to meet the qualifying amount of eligible purchases in the case of the 60,000 Point Bonus and the Additional 20,000 Point Bonus.
Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for this offer.
*See terms and conditions for full details.
Our Take
The Scotiabank Platinum American Express® Card is a premium travel rewards credit card offering elevated earn rates on all eligible purchases, with additional benefits such as complimentary airport lounge access and comprehensive travel insurance. It charges no foreign transaction fees and provides access to exclusive events.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Annual Interest Rates
9.99%
Purchase
9.99%
Cash Advance
9.99%
Balance Transfer
Fees
$399
Annual Fee
0.00%
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$29
Over The Limit Penalty
Rewards Scene+
2x
Scene+ points for every $1 spent on all other eligible purchases
4x
Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
0%
No foreign transaction fees
10
Complimentary airport lounge passes per year
Insurance Benefits
$1,000
Mobile device insurance amount
$2,000,000
Emergency medical insurance amount
10
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Earn up to $2,500* in value in the first 14 months, including up to 80,000 bonus Scene+ points.
To qualify for this Offer make sure to open a new Scotiabank Platinum American Express credit card account (“Account”) opened between January 3, 2025 and October 31, 2025.
To qualify for the 80,000 bonus Scene+ points:
Earn 60,000 bonus Scene+ points by making at least $3,000 in everyday eligible purchases in your first 3 months.
Plus, for a limited time, you are eligible to earn a 20,000 Scene+ point bonus when you spend at least $10,000 in everyday eligible purchases in your first 14 months.
Once you qualify, your account will be credited in 2 instalments:
60,000 bonus Scene+ points will be credited to the applicable Scene+ membership account approximately 8 weeks after the qualifying $3,000 in eligible purchases being posted to your Account within the first 3 months of Account opening.
An additional 20,000 bonus Scene+ points will be credited to the applicable Scene+ membership account approximately 8 weeks after you have met the $10,000 spend threshold in your Account within the first 14 months of Account opening.
Note: For joint Accounts, the applicable bonus will be credited to the Scene+ account linked to the Account of the borrower that completed the last transaction to meet the qualifying amount of eligible purchases in the case of the 60,000 Point Bonus and the Additional 20,000 Point Bonus.
Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for this offer.
*See terms and conditions for full details.
For those who want premium rewards without the typical high interest rates, the Scotiabank Platinum American Express® Card offers a unique combination of a great rate and impressive travel perks and rewards:
Disclosures:
0.99% intro rate
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.*
Get this card if you...
Annual Fee & Annual Interest Rates
$29
Annual Fee
13.99%
Purchase
15.99%
Cash Advance
15.99%
Balance Transfer
Our Take
The BMO Preferred Rate Mastercard®* is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as purchase protection and extended warranty, making it a practical choice for those might carry the occasional monthly balance, or who value low interest rates more than rewards.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Annual Interest Rates
13.99%
Purchase
15.99%
Cash Advance
15.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$29
Annual Fee
2.00%
Balance Transfer
$5
Cash Advance
Rewards
0.99%
0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and BMO will waive the annual fee on your first anniversary.*
Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee*.
Our Take
The BMO Preferred Rate Mastercard®* is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as purchase protection and extended warranty, making it a practical choice for those might carry the occasional monthly balance, or who value low interest rates more than rewards.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Annual Interest Rates
13.99%
Purchase
15.99%
Cash Advance
15.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$29
Annual Fee
2.00%
Balance Transfer
$5
Cash Advance
Rewards
0.99%
0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and BMO will waive the annual fee on your first anniversary.*
Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee*.
The BMO Preferred Rate Mastercard® is an excellent option for Canadians seeking a low-interest credit card, though it didn't make our top three list this year. Here's why it's still a strong option to consider in the low APR category:
Disclosures:
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
Our Take
The RBC® Visa‡ Classic Low Rate Option is a credit card designed for individuals who may carry a balance, offering a lower annual interest rate on purchases and cash advances compared to standard credit cards. However, it carries an annual fee, and there are alternative low-interest credit cards available that offer similar or lower rates without an annual fee, such as the MBNA True Line® Mastercard®.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Annual Interest Rates
12.99%
Purchase
12.99%
Cash Advance
12.99%
Balance Transfer
Fees
$20
Annual Fee
2.50%
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$45
Return Penalty
Our Take
The RBC® Visa‡ Classic Low Rate Option is a credit card designed for individuals who may carry a balance, offering a lower annual interest rate on purchases and cash advances compared to standard credit cards. However, it carries an annual fee, and there are alternative low-interest credit cards available that offer similar or lower rates without an annual fee, such as the MBNA True Line® Mastercard®.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Annual Interest Rates
12.99%
Purchase
12.99%
Cash Advance
12.99%
Balance Transfer
Fees
$20
Annual Fee
2.50%
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$45
Return Penalty
The RBC® Visa‡ Classic Low Rate Option delivers solid value for Canadians seeking a straightforward low interest credit card from one of Canada's largest banks:
Disclosures:
Refer to RBC page for up to date offer terms and conditions.
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Our Take
The American Express Essential™ Credit Card is a low-interest credit card designed for individuals seeking to manage their finances more effectively. It offers benefits such as purchase protection, extended warranty, and access to exclusive events through American Express® Experiences.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Annual Interest Rates
12.99%
Purchase
12.99%
Cash Advance
28.99%
Penalty
Fees
$25
Annual Fee
2.50%
Foreign Transaction
Rewards Membership Rewards
Insurance Benefits
$100,000
Travel accident insurance amount
Our Take
The American Express Essential™ Credit Card is a low-interest credit card designed for individuals seeking to manage their finances more effectively. It offers benefits such as purchase protection, extended warranty, and access to exclusive events through American Express® Experiences.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Annual Interest Rates
12.99%
Purchase
12.99%
Cash Advance
28.99%
Penalty
Fees
$25
Annual Fee
2.50%
Foreign Transaction
Rewards Membership Rewards
Insurance Benefits
$100,000
Travel accident insurance amount
Disclosures:
Contact American Express for the most up-to-date referral bonus figures.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
If you've recently received a raise, paid off a loan, or improved your debt-to-income ratio, use this as leverage when you call your credit card provider to negotiate. These positive financial changes can strengthen your negotiating position. And if your current provider won't give you a lower interest rate on your current card, you can always choose a new one from our list above.
Here's the scoop: Low interest cards typically charge 10% to 15% APR, nearly half the rate of traditional cards. It's a smart move if you're looking to save on interest charges.
Let's break it down:
Think rewards cards are the answer? Think again. You'll likely spend more on interest than you'll earn in rewards if you're carrying a balance. We’ve compared all the low interest credit cards in Canada to find the one that’s easiest on your wallet.
Read more: How does credit card interest work?
A low APR credit card can save you money by reducing the amount of interest you pay on your credit card balance. This is particularly beneficial if you tend to carry a balance from month to month or if you're planning a large purchase that you'll need to pay off over time.
Let’s say you owe $4,000 on a credit card currently charging you 19.99%. You’re diligently paying $300 per month towards your balance. Here’s the difference it would make to transfer that balance to a low-interest card with an interest rate of 12.99%:
No matter the reason, a low interest credit card can save you money when borrowing and help you get out of debt faster since more of your payment will be going toward the principal instead of the interest.
Let's break this down with a real-world example for the Canadian market:
Let's consider the CIBC Select Visa* Card, which is known for its low interest rate. Now, let's compare this to a typical credit card with a 19.99% interest rate and no annual fee.
Scenario:
Imagine you have a $5,000 balance on your credit card that you plan to pay off over 12 months.
Savings:
In this scenario, you would save about $141 in the first year by using the low APR card, even after accounting for the annual fee. Again, let's compare this to a typical credit card with a 19.99% interest rate and no annual fee.
The MBNA True Line Gold is our pick for the best low APR credit card in Canada thanks to its impressive everyday APR.
Scenario:
Imagine you have a $5,000 balance on your credit card that you plan to pay off over 12 months.
Savings:
In this scenario, you'd save about $211 in the first year by using the MBNA True Line Gold Mastercard, even after accounting for the annual fee. That's like finding an extra $200 in your pocket!
Read more: The best balance transfer credit cards
Low interest rate credit cards are awesome for financing a big purchase, debt consolidation or to keep on hand for emergencies. Paying the annual fee is most likely worth it if you carry a balance from month-to-month. But if you’re planning to use the card frequently for something other than new purchases then make sure to review the applicable rates for cash advances and balance transfers as they may differ.
To choose the best credit card, don’t forget to take into account the perks and rewards. Either way, a low interest credit card is one of the cheapest ways to borrow money without putting down collateral. And if you carry a balance it’s going to put a lot more money in your pocket than any reward or cash-back card.
Bridget Casey is the award-winning entrepreneur behind Money After Graduation, a Canadian financial literacy website aimed at 20 and 30-somethings. She holds a BSc. from the University of Alberta, and an MBA in Finance from the University of Calgary. She has been featured as a millennial financial expert by Yahoo! Finance, TIME Magazine, Business Insider, CBC and BNN. Bridget was recognized as one of Alberta's Top Young Innovators in 2016.
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
Check out more great credit cards
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†Terms and Conditions apply.