If you can’t always pay off your entire credit card balance every month, there are low rate cards on the market that will save you considerable interest charges. There’s something suitable for every type of consumer, cards with or without annual fees, variable or fixed rates, reward programs or reduced rates on balance transfers! Here’s a list of the 10 best low-interest credit cards in Canada, according to us.

You can also use the Hardbacon comparison tool. Choose the “Low-Interest Rate” or “Low-Interest Balance Transfer” option.

 

Scotiabank Value Visa Card

The Scotiabank Value Visa card has a 12.99% interest rate on purchases and balance transfers. In addition to this low rate at all times, the interest rate on balance transfers is 0.99% for the first 6 months.

No insurance is included with this credit card, but you can sign up for one of two optional protections: “Basic Protection” or “Full Protection”. The first package offers a death benefit, a critical illness benefit and a hospitalization benefit. The second package offers the same protections in addition to a disability benefit, a job loss benefit and protection in the event of a strike or lockout.

You get a 25% discount when you rent a car from Avis and Budget in Canada and the United States using the Scotia Visa Value Visa card.

The Scotiabank Value Visa card has an annual fee of $29. All additional cards for the same account are free. The minimum credit limit is $500 and a minimum annual income of $12,000 is required to be eligible.

Apply now

 

No-Fee Scotiabank Value Visa

This card is the previous one’s “little sister”. Aside from the annual fees and interest rates, the No-Fee Scotiabank Value Visa has the same features. The interest rate on purchases and balance transfers is 16.99%. However, it doesn’t have an annual fee.

The promotional offer is 3.99% on balance transfers for the first 6 months.

No insurance is included with this credit card, but you can sign up for one of two optional coverages: “Basic Protection” or “Full Protection”. The first package offers a death benefit, a critical illness benefit and a hospitalization benefit. The second package offers the same protections in addition to a disability benefit, a job loss benefit and protection in the event of a strike or lockout.

You get a 25% discount when you rent a car from Avis and Budget in Canada and the United States using the No-Fee Scotiabank Value Visa.

Additional cards are free. The minimum credit limit is $500 and an annual income of $12,000 is required.

Apply now

National Bank Syncro Mastercard

The National Bank Syncro Mastercard works with a variable base rate, which is displayed on this website. The interest rate on purchases is a minimum of 8.9% or Prime rate + 4%. For balance transfers and cash advances, it’s a minimum of 12.9% or Prime + 8%.

Insurance: The card provides a 90-day coverage against theft or damage on purchases made with the Syncro Mastercard. As a second layer of protection, the manufacturer’s warranty is doubled, up to an additional year.

The Syncro Mastercard has a $35 annual fee, but additional cards are free. The minimum credit limit is $500 and no minimum income is required to qualify.

Apply now

 

RBC RateAdvantage Visa

With the RBC RateAdvantage Visa card, the interest rate on purchases and balance transfers is set at a variable rate, shown here. It then adds 4.99% to 8.99%, depending on your credit rating. The better your credit, the less interest you’ll pay.

Check out this article to learn more about credit cards that can help improve your credit score.

Like all RBC cards, it provides an instant discount of 3¢ per litre on fuel. This discount applies to all types of fuel (diesel included), purchased at any fuel station. You also get 20% in Petro-Points when you use the card at Petro-Canada.

The RBC RateAdvantage Visa card offers some insurance coverages and additional cards are free.

Apply now

 

MBNA True Line Gold Mastercard

The interest rate on the MBNA True Line Gold Mastercard is 10.99% in Quebec and 8.99% elsewhere in the country.

You get purchase protection covering loss, damage or theft of your items for 90 days from the date of purchase. The manufacturer’s warranty is doubled for a maximum of one year. You get 10% off Avis and Budget car rentals in Canada and the United States. Internationally, the discount is 5%. The MBNA True Line Gold Mastercard has a $39 annual fee and you can get up to 9 additional cards free of charge. No minimum income is required to qualify.

Apply now

 

HSBC +Rewards Mastercard

The HSBC +Rewards Mastercard offers a reduced interest rate of 11.9% on purchases and balance transfers, in addition to rewards.

You can earn 2 points for every dollar spent on dining and entertainment. Other types of purchases give you 1 point per dollar. These points are redeemable for travel, merchandise and gift cards. You can also redeem your points for cashback on your credit card statement, payment on your HSBC mortgage, or a deposit into an HSBC savings account. It comes with a welcome bonus. In Quebec, you get 25,000 points 180 days after opening the account. Residents in all other provinces get 20,000 points for spending $2,000 during the first 180 days. The card offers purchase protection, extended warranty and price protection on items purchased with the card. So if the price of an item decreases within 60 days of purchase, a refund may be issued. You’re entitled to up to a $100 refund per calendar year, for a maximum lifetime amount of $500. The HSBC + Rewards Mastercard has a $25 annual fee, but it’s free for the first year. Additional cards cost $10 each. No minimum income is required.

Apply now

 

Desjardins Flexi Visa

The Desjardins Flexi Visa card comes with a 10.9% interest rate on purchases and balance transfers.

It provides 90-day protection against loss or damage to products purchased with the credit card. This card doubles the manufacturer’s warranty for up to 1 year. You also get insurance on your mobile devices of up to $1,000 in the event of loss or damage. You get a 10% discount on vehicle rentals at Thrifty and Dollar, and 15% at Hertz. It provides insurance for trips of less than 3 days covering baggage theft, loss or damage, flight interruption or cancellation for reasons of injury or illness, and medical expenses of up to $5,000,000 per person. The Flexi Visa card is free of charge and additional cards are free. No annual income is required to qualify.

Apply now

 

BMO Preferred Rate Mastercard

The BMO Preferred Rate Mastercard has a 12.99% interest rate on purchases and balance transfers.

For a limited time, the welcome rate on balance transfers is 3.99% for the first 9 months. Each transfer must be a minimum of $100 and a 1% transfer fee applies. It provides 90-day protection against loss or damage to products purchased with the credit card. This card doubles the manufacturer’s warranty for up to 1 year. You get a 15% discount on Cirque du Soleil shows in Canada and 20% off shows in Las Vegas. It comes with a $20 annual fee and additional cards are free. This fee is credited if you have a BMO Performance chequing account. No minimum income is required to qualify.

Apply now

 

American Express Essential Credit Card

The American Express Essential Credit Card has a 12.99% interest rate.

It provides 90-day protection against loss or damage to products purchased with the credit card. This card doubles the manufacturer’s warranty for up to 1 year. You also get insurance against accidents during your air, train or boat travel for an amount of up to $100,000. This card is offered free of charge, as are additional cards. No minimum income is required.

Apply now

 

CIBC Select Visa

The CIBC Select Visa offers a 13.99% interest rate.

As a welcome offer, your balance transfer rate is 0% for 10 months. You only have to pay the transfer fee of approximately 1%. The only insurance included with this card covers accidents aboard a public conveyance, such as a train, airplane or boat. This card is offered at $29 per year with a maximum of 3 additional cards at no cost. A minimum income of $15,000 is required to qualify.

Apply now

 

 

This article was compiled by Hardbacon, which has designed a credit card comparator listing hundreds of Canadian credit cards. Hardbacon also helps you save on savings accounts, chequing accounts, online brokers, robo-advisors, life insurance, mortgages and personal loans. If you want to go one step further and take control of your finances, you should download Hardbacon’s mobile app, which links to your bank and investing accounts, helps you plan for your financial goals, create a budget and invest better.

 

How would you like to earn hundreds of dollars in rewards?

Find the best credit card for your needs


Find the best card