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Low interest credit cards

Compare low interest credit cards to save on interest and help you pay down debt quickly.

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This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Annual fee $0
Interest rate 12.99%
Bonus offer 0% Interest rate on balance transfers (first 10 months)
Card details
Network
Mastercard
Provider
MBNA
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
12.99%
Cash advance rate
24.99%
Balance transfer rate
0%
12.99% after 10 months
Card description
  • No annual fee
  • Standard Annual Interest Rates of 12.99% on eligible purchases, 12.99% on balance transfers✪ and access cheques, and 24.99% on cash advances
  • You could get a 0% promotional annual interest rate (“AIR”)† for 10 months on balance transfers✪ completed within 90 days of account opening, with a fee of 3% of the amount advanced (minimum fee of $7.50). 
  • Around-the-clock fraud protection
  • Access to 24/7 customer service
  • Immediate cash access at over 1 million ATMs internationally
Features
  • 24/7 Customer Service
  • Fraud Protection

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Annual fee $39
Interest rate 8.99%
Bonus offer 0% Interest rate on balance transfers (first 6 months)
Card details
Network
Mastercard
Provider
MBNA
Credit needed
Good
Fees and interest
Annual fee
$39
Purchase interest rate
8.99%
Cash advance rate
24.99%
Balance transfer rate
0%
8.99% after 6 months
Card description
  • $39 annual fee
  • Standard Annual Interest Rates of 8.99% on purchases, 8.99% on balance transfers✪ and access cheques, and 24.99% on cash advances
  • You could get a 0% promotional annual interest rate (“AIR”)† for 6 months on balance transfers✪ completed within 90 days of account opening, with a fee of 3% of the amount advanced (minimum fee of $7.50). 
  • A suite of comprehensive insurance**
  • Around-the-clock-fraud protection
  • Access to 24/7 customer service
Features
  • 24/7 Customer Service
  • Fraud Protection
Annual fee $29
Interest rate 12.99%
Bonus offer 0.99% Interest rate on balance transfers (first 6 months)
Card details
Network
VISA
Provider
Scotiabank
Credit needed
Good
Fees and interest
Annual fee
$29
Purchase interest rate
12.99%
Cash advance rate
12.99%
Balance transfer rate
0.99%
12.99% after 6 months
Card description
  • 0.99% introductory interest rate on balance transfers for the first 6 months (12.99% after that; annual fee $29) ◊. For accounts opened by June 30, 2019.
  • Save hundreds of dollars in interest a year.
  • Low 12.99% interest rate.
  • Pay down balances faster.
  • Simplify your monthly payments.
  • Rates, fees and other information are effective as of February 1, 2018. Subject to change.
Annual fee $0
Interest rate 16.99%
Bonus offer 3.99% Interest rate on balance transfers (first 6 months)
Card details
Network
VISA
Provider
Scotiabank
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
16.99%
Cash advance rate
16.99%
Balance transfer rate
3.99%
16.99% after 6 months
Card description
  • 3.99% introductory interest rate on balance transfers for the first 6 months (16.99% after that) ◊. For accounts opened by June 30, 2019.
  • A great low rate with no annual fee.
  • Pay down balances faster.
  • Simplify your monthly payments.
  • Rates, fees and other information are effective as of February 1, 2018. Subject to change.
Features
  • Rental Car Discounts
Annual fee $0
Interest rate 7.99% 19.99% after 6 months
Bonus offer 7.99% Interest rate on purchases (first 6 months)
Card details
Network
VISA
Provider
Scotiabank
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
7.99%
19.99% after 6 months
Cash advance rate
22.99%
Balance transfer rate
22.99%
Card description
  • 7.99% introductory interest rate on purchases for the first 6 months †. For accounts opened by June 30, 2019.
  • Cash back on everyday spending with no annual fee
  • 1% cash back on eligible gas station, grocery store and drug store purchases and recurring bills
  • 0.5% cash back on all other eligible everyday purchases
  • Rates, fees and other information are effective as of February 1, 2018. Subject to change.
Features
  • Rental Car Discounts
Annual fee $20
Interest rate 12.99%
Bonus offer 0
Card details
Network
Mastercard
Provider
BMO Bank of Montreal
Credit needed
Good
Fees and interest
Annual fee
$20
Purchase interest rate
12.99%
Cash advance rate
12.99%
Balance transfer rate
3.99%
12.99% after 9 months
Card description
  • Welcome Offer: Get a 3.99% introductory interest rate on Balance Transfers for 9 months*
  • Enjoy our lowest interest rate of 12.99% on purchases, cash advances balance transfers and other charges*
  • Minimum 15K individual household income*
  • 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*
  • 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
Features
  • Extended Warranty
  • Purchase Protection
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Low interest credit cards

 

Not all credit cards charge high interest rates. In fact, we created a category dedicated to nothing but low interest cards. If you carry a balance, a low interest card will save you a bundle on interest charges. It will also help you pay off your principal amount quicker than you would with a regular credit card.

How do low interest credit cards work?

 

Unlike regular credit cards, low interest cards charge very low interest rates on your monthly balances. Many low interest credit cards offer APRs (annual percentage rates) well below 10%. And whether you're booking a flight, buying a gift, or shopping online, there's nothing better than knowing you'll be paying a reasonable rate of interest if you carry a balance.

What's the interest rate on a typical low interest card?

 

The rates on low interest credit cards can vary a lot. They usually range from 2% to 12%. Cards with the lowest rate often only offer that rate for a limited period of time, so check the details of the card you're interested in before you apply.

Who should get a low interest credit card?

 

Anyone who runs monthly balances or wants a basic card. Low interest cards bring obvious benefits to cardholders who don't pay off their credit card balances every month. In other words, you can save a lot of money in interest charges with a low interest credit card. In fact, credit agency TransUnion said Canadian credit card debt averaged $3,745 per person in the third quarter of 2015, which suggests that many Canadians could benefit from lower credit card interest rates.

Low interest credit cards are also a great option if you're looking for a basic, no frills card that doesn't come with rewards points or fancy specialty programs. Many credit card experts say rewards programs actually encourage consumers to spend more money than they should anyway. But with a low interest card, you can stay focused on the dollars and cents rather than fixating on the perks, like free vacations or bonus rewards.

Can anyone get approved for a low interest credit card?

 

No. You need a decent credit score to get a low interest credit card. Most credit card companies view the low rates on these cards as premium offerings, so they generally don't issue them to consumers with damaged credit.

But don't let this discourage you from applying for a low interest credit card. As long as you've paid your bills on time and avoided late or skipped payments, you have a good chance of being approved.

What should I watch out for on a low interest credit card?

 

Some low interest credit cards only offer great rates for a limited time or under certain conditions. Then the interest rates reset to much higher rates. If a card's low interest period is offered for a limited time (maybe just a few months) or is contingent on a certain amount of purchases every billing cycle, it might not be the right card for you.

The best low interest credit cards usually offer their lowest rates for at least 6 months. Some offer them for a year or longer.

How do I choose between low interest credit cards?

 

Start with comparing the interest rates offered on each credit card. As you might imagine, low interest credit cards offer competitive rates. For example, we offer cards with rates as low as 7.99%.

Then figure out how long the low interest period is for each of the cards you're considering. Does the low interest period last for 6 months? Maybe 12? Or is it permanent?

Next, make sure the card doesn't require you to meet special conditions, like a minimum monthly spend, before your balances are eligible for the lowest rate. Avoid these credit cards unless their other perks are too good to pass up.

Finally, check if there are annual fees on any of the cards you're comparing. Low interest cards tend to target budget-minded consumers, so they usually don't have an annual fee.

Features and benefits of low interest credit cards

 

Choose from a variety of great low interest credit cards. Below is a table detailing some of the features and benefits of our most popular low interest credit cards this year. Remember: before you can find the right card, you need to figure out how you're going to use it.

The American Express® AIR MILES®* Credit Card
Rewards
  • 500 AIR MILES®* reward miles after first use.
  • 1 reward mile for every $15 spent at AIR MILES®* Sponsors and for every $20 spent elsewhere.
Low interest rate
19.99%
 
Standard interest rate
19.99%
Annual fee
$0

Scotia Momentum No-Fee VISA

Rewards
  • 1% cash back on gas/grocery/drug store purchases and recurring bills.
  • 0.5% on all other eligible purchases.
Low interest rate
7.99%
(for the first 6 months)
Standard interest rate
19.99%
Annual fee
$0
Scotiabank Value® VISA
Rewards
  • Low balance transfer and cash advance rate of 0.99% for first 6 months (11.99% after).
  • Standard 11.99% interest rate applies to all purchases.
Low interest rate
11.99%
 
Standard interest rate
11.99%
Annual fee
$29

As you can see above, some cards offer low interest rates for a limited time and some offer them permanently. How long will you be keeping your card?

Compare low interest credit cards today

 

You know you should pay off your credit card every month. But in today's fast-paced world, that's not always possible. If you'll be carrying a credit card balance from month to month, low interest cards are your best credit card option Not only will you minimize your monthly interest charges, you'll also pay down your principal faster. Getting on top of your finances has never been easier.

Find the best low interest credit card today at LowestRates.ca.

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