Canada's 7 Best Low Interest Credit Cards of December 2025

Best Overall: MBNA True Line Mastercard

If you're looking for the best overall low-interest credit card, look no further than the no-fee MBNA True Line Mastercard, also known as one of the best balance transfer credit cards in Canada. This low-interest contender grants you a 0% promotional annual interest rate on balance transfers for the first year, plus some low fixed interest rates, specifically on purchases. As for add-ons, cardholders can expect car rental discounts at Avis and Budget locations. Read more in our MBNA True Line Mastercard Review.

Best Low Interest Balance Transfers: RBC Visa Classic Low Rate Option

The RBC Visa Classic Low Rate Option provides cardholders with a low-interest rate on balance transfers for the first several months of membership. The card also offers a low, fixed annual interest rate on purchases, cash advances, and balance transfers. For coverage, expect purchase protection and extended warranty insurance. Benefits include bonus Be Well points on Rexall purchases, gas discounts and extra point potential at Petro-Canada, plus a couple of DoorDash deals. Get the full details in our RBC Visa Classic Low Rate Option Review.

Best Affordable Travel Insurance: Desjardins Flexi Visa Card

For no annual fee, the Desjardins Flexi Visa Card boasts low interest rates on purchases, cash advances, and balance transfers. This impressive low-interest line up is accompanied by comprehensive travel insurance, which is rare for a no-fee card. Expect protections like trip interruption and trip cancellation insurance, travel medical insurance, and lost or stolen baggage coverage. Read more in our Desjardins Flexi Visa Card Review.

Best Balance Protection: Scotiabank Value Visa Card

The Scotiabank Value Visa Card offers no interest for the first several months of membership before switching back to its usual rate, which is even lower than the MBNA True Line Mastercard. On top of all that, enjoy perks like balance protection and rental car discounts. The catch? Although it's waived in the first year, there is a small annual fee attached to this card. See more in our Scotiabank Value Visa Card Review.

Best Rewards and Premium Perks: Scotiabank Platinum American Express Card

The Scotiabank Platinum American Express Card is both one of the best no foreign transaction fee credit cards in Canada and best lounge credit cards in Canada. With the lowest interest rates in both cash advance and purchase categories, it's the best low-interest credit card for earning rewards (specifically Scene+ points). The card includes benefits like no foreign transaction fees, comprehensive travel insurance, mobile device insurance, and even luxury travel perks like airport lounge access. With a points system incentive, promising redemptions in popular categories, and some of the lowest permanent interest rates, could there really be a downside? Unfortunately, there's one caveat. With these premium perks comes a higher annual fee. Learn more in our Scotiabank Platinum American Express Card Review.

Best BMO Option: BMO Preferred Rate Mastercard

The BMO Preferred Rate Mastercard offers a low introductory interest rate on balance transfers within the first several months of membership, but the promo isn't exactly interest-free like it is for previous cards. The standard interest rates on this card for purchases, cash advances, and balance transfers are also relatively low. This contender comes with a small annual fee, but it's also waived in the first year. For perks, expect extended warranty and purchase protection insurance, plus some Instacart discounts. To learn more, read our BMO Preferred Rate Mastercard Review.

Best Cashback and Premium Perks: Desjardins Odyssey Visa: Game-Changing Travel Rewards Card

We covered the best low-interest credit card for points, now it's time to uncover the best low-interest credit card for cashback. The Desjardins Odyssey Visa: Game-Changing Travel Rewards Card offers the best BONUSDOLLARS cashback opportunities with low fixed interest rates on purchases, balance transfers, and cash advances. In terms of perks, the card comes with generous insurance policies, yearly passes to the Desjardins Odyssey Lounge and Priority Pass lounges, rental car discounts, and concierge services. However, like the Scotiabank Platinum American Express Card, these benefits come with a cost, specifically a higher annual fee and high annual income requirements. Discover more in our Desjardins Odyssey Visa: Game-Changing Travel Rewards Card Review.

How Low-Interest Credit Cards Work in Canada

When you don't pay your credit card balance on time, you often tack on additional charges on top of the outstanding amount you owe. This is called interest.

Low-interest credit a cards provide a lower interest rate than traditional credit cards. This is extremely helpful for spenders who tend to carry a balance. With a lower interest rate, additional charges won't add up quite as much, especially if your low-interest credit card comes with a low- to no- interest promotional period.

Low-interest credit cards often come with low annual fees, some waiving the cost for the first year and others avoiding yearly charges altogether. Note, however, that many low-interest credit cards don't provide extensive rewards programs, coverage, or perks. That said, as you'll see in the list provided above, there are some exceptions.

How to Apply for a Low-Interest Credit Card in Canada

To apply for a low-interest credit card in Canada, simply select one of the featured cards above. Below your credit card of choice, you'll find an "Apply Now" button. This button will transport you to the issuer's official website to begin the application process. Credit card applications typically ask for personal information (such as your birthdate, address, and email) and financial information (like your income, when applicable).