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Best Low-Interest Credit Cards in Canada

Best Low-Interest Credit Cards in Canada
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Who should get a Low-Interest Credit Card?

Can’t pay your credit card balance every month? Fallen into credit card debt? If you answered yes to either of these, a low-interest card may be able to save you the money in interest charges. Because of how quickly credit card interest compounds and accumulates, it makes it harder to pay the card off quickly. In fact, if you pay just the minimum balance on a card, it could take you years to pay off a few thousand dollars of credit. Transferring a balance to a low-interest credit card may give you the interest savings you need to pay off those pesky bills. So if your credit card debt is creeping up on you or you are carrying a balance month-to-month, you might be able to benefit from a low-interest card. Another benefit of these cards is that they don’t usually have any kind of rewards or points programs attached to them. How this is a benefit? Many credit card experts will tell you that these rewards or points programs will actually encourage spending, and if you are already struggling with debt, this may not be good. So a low-interest card will help you focus on the numbers and get yourself debt free in less time.

Low-Interest Credit Cards

Choosing the ideal credit card for you is a personal decision that is based on various factors and your spending habits.

  • If you’re a frequent traveler, you could opt for a card that gives you travel rewards so you can accumulate points.
  • As a student, you might want a card that carries no annual fees.
  • Users that do not have a good credit rating can choose secured credit cards that can help them build creditworthiness.
  • If you regularly carry high balances each month, you should look for a credit card with Low-Interest rates so you can pay off the balances and get out of debt.
10 Results Updated: August 14, 2019

19.40%

Interest Rate

$30.00

Annual Fee

-

Balance Transfer

Minimum Income

Min Credit Score: 640

More Details

Additional card features

  • Cash advances - Up to US$2,500 a day, anywhere in the world.
  • Zero Liability in the event of fraud - Against fraudulent transactions made to your card.
  • Additional card at no annual fee - You can apply for an additional U.S. card, free of charge, for your spouse or other family member.
  • Online account statement - Get a monthly account statement at no charge that you can access anywhere, at any time.

Card details

Network: Visa
Provider: Desjardins Credit Cards
Card type: Low Interest

9.90%

Interest Rate

$

Annual Fee

-

Balance Transfer

$200,000

Minimum Income

Min Credit Score: 640

More Details

Other features

  • Visa payWave contactless technology
  • Verified by Visa
  • Mobile payment solutions
  • Balance transfers

Options

  • Automatic payment of your card balance at no charge with our Authorized Payment Service
  • Online monthly account statements at no charge.

Card details

Network: Visa
Provider: Desjardins Credit Cards
Card type: Cashback, Low Interest, Travel Rewards

10.90%

Interest Rate

$50.00

Annual Fee

-

Balance Transfer

Minimum Income

Min Credit Score: 640

More Details

Additional card features

  • Accord D financing
  • Zero Liability in the event of fraud
  • Additional card for a family member for only $10
  • Mobile payments so you can tap and pay with your smartphone
  • Make paying online a breeze with Visa Checkout
  • Cash advances up to $5,000 a day
  • Simple account management
  • Purchase Protection and Extended Warranty
  • Transfer your balances to your Desjardins credit card

Options

  • Overdraft transfer to cover a cheque, bill payment, or any other transaction that exceeds the balance in your Personal Chequing Account (PCA) or any other eligible account
  • Online monthly account statements at no charge
  • Automatic payment of your card balance at no charge with our Authorized Payment Service
  • Credit Balance Insurance for a minimal fee

Other card features

  • Better security through chip technology
  • 21-day grace period to pay your bill without incurring credit charges
  • No transaction fees
  • Visa payWave contactless technology
  • Enhanced online shopping protection

Card details

Network: Visa
Provider: Desjardins Credit Cards
Card type: Cashback, Low Interest, Travel Rewards

12.90%

Interest Rate

$30.00

Annual Fee

-

Balance Transfer

Minimum Income

Min Credit Score: 640

More Details

Other features

Options

Card details

Network: Visa
Provider: Desjardins Credit Cards
Card type: Low Interest

19.95%

Interest Rate

Free

Annual Fee

3.00%

Balance Transfer

Promotional Balance Transfer: 1.95% interest for the first 6 months

$35,000/year

Minimum Income

Min Credit Score: 640

$25 Gift Card upon Approval

More Details

Earn cash back

Earn 2% Money-Back Rewards on your everyday purchases in two 2% Money-BackCategories of your choice, and 0.50% Money-Back Rewards on all your other everyday purchases.

Earn extra Rewards

Get your Rewards deposited into your Tangerine Savings Account and get a 3rd 2% Money-Back Category.

Automatic earning

Money-Back Rewards are earned automatically on everyday purchases and paid monthly. These can be applied to your Credit Card balance or redeemed into your Savings Account.

No limits

No limit on the amount of Money-Back Rewards you can earn on your everyday purchases. Conditions apply.

Transfer and save

During your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months (19.95% after that).

Track and categorize your spending

Organize your transactions and stay on top of your spending, so you can see your financial habits and you’ll get a better idea of what you have left to spend each month.

Card details

Network: Mastercard
Provider: Tangerine Credit Cards
Card type: Cashback, Low Interest, No Annual Fee, Travel Rewards

Special Offers

Earn 4% Money-Back Rewards in up to 3 Categories for 3 Months

12.99%

Interest Rate

$29.00

Annual Fee

12.99%

Balance Transfer

$12K / Year

Minimum Income

Min Credit Score: 640

More Details

 

  • Save hundreds of dollars in interest a year
  • Low 12.99% interest rate
  • Pay down balances faster
  • Simplify your monthly payments
  • Up to 25% AVIS rental car discount
  • See Issuer’s site for full details.

Card details

Network: Visa
Provider: Scotiabank Credit Cards
Card type: Balance Transfer, Low Interest

12.90%

Interest Rate

$

Annual Fee

-

Balance Transfer

Any Amount

Minimum Income

Min Credit Score: 640

More Details

  • Enjoy a low interest rate on purchases: 8.90% (min) or Prime rate + 4%
  • 12.90% or Prime rate + 8% on balance transfers and cash advances

Card details

Network: Mastercard
Provider: National Bank
Card type: Balance Transfer, Low Interest

13.99%

Interest Rate

Free

Annual Fee

-

Balance Transfer

Any Amount

Minimum Income

Min Credit Score: 640

More Details

  • Get a low interest rate of 13.99% with a $29 annual fee
  • Enjoy perks such as Avis and Budget car rental discounts
  • No annual fee for additional cards (up to 3)

Card details

Network: Visa
Provider: CIBC
Card type: Balance Transfer, Low Interest

12.99%

Interest Rate

$

Annual Fee

-

Balance Transfer

$15,000

Minimum Income

Min Credit Score: 640

More Details

  • Welcome Offer: Get a 3.99% introductory interest rate on Balance Transfers for 9 months, 1% fee applies to balance amounts transferred*
  • Free extended warranty and purchase protection*
  • Zero Dollar Liability: protects you from unauthorized use of your credit card*
  • Worldwide acceptance at over 30 million locations
  • We’re making some changes to interest rates. Read more information: https://www.bmo.com/main/personal/credit-cards/preferred/single
  • 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
  • *Terms and conditions apply

Card details

Network: Mastercard
Provider: BMO Bank of Montreal Credit Cards
Card type: Balance Transfer, Low Interest

Special Offers

Get a 3.99% introductory interest rate on Balance Transfers for 9 months

14.99%

Interest Rate

$

Annual Fee

22.99%

Balance Transfer

Any Amount

Minimum Income

Min Credit Score: 720

More Details

  • Welcome Offer: No annual fee for the first year
  • Get 35,000 points after you spend $5,000 in the first 3 months
  • Get a special $100 bonus when you spend $100 on travel related purchases in your first 6 months ($100 value).
  • Earn 3 BMO Rewards points for every $1 you spend on gas, office supplies and cell phone/internet bill payments
  • Earn 1.5 BMO Rewards points for every $1 you spend
  • 25 payment grace days*
  • Optional Employee Cards - empower employees with delegated purchasing authority*
  • Use your card at Costco locations across Canada*
  • Liability Waiver Program protects your business against employee card abuse*

Card details

Network: Mastercard
Provider: BMO Bank of Montreal Credit Cards
Card type: Business, Low Interest, Travel Rewards

Special Offers

No annual fee for the first year

Compare All Low-Interest Credit Cards

Benefits of Low-Interest Rate Credit Cards:

  • Ideal for users who cannot clear their balances in full each month, these cards lower the applicable interest rates.
  • You incur low fees each year.
  • You pay lower interest on credit card purchasing, balance transfers, and cash advances

Negatives of Low-Interest Rate Credit Cards:

  • You may not receive many benefits and rewards including travel points and insurance.
  • You could end up incurring high consumer debts because of the low applicable interest.
  • Transferring large balances to Low-Interest credit cards can cost you a fee of 1% of the balance you’re transferring.

Who Should Opt for Low-Interest Rate Credit Cards?

Low-Interest rate credit cards are best suited for users who regularly charge purchases on their credit cards but don’t pay off the balance in full at the end of each month. When using these cards, you can pay back the cost of your purchases without incurring high-interest rates like on other cards. Choose a balance transfer card to pay off a substantial existing balance on your credit card. But, if you always pay your balances in full, then you might want to opt for a card that gives you interest-free days and added benefits like reward points.  

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