Canada's 7 Best Low Interest Credit Cards of October 2026
Published Aug 5, 2026 1:38 AM • 6 min read
If you're interested in low-interest credit cards, then there's a good chance you tend to be budget-conscious. With this in mind, we've put together a detailed list of the best low-interest credit cards in Canada, with a specific focus on low-fees, no-fees, and the best in balance transfers.
Data-driven rankings of 120+ credit cards using a proprietary algorithm
Comprehensive analysis using 25+ data points including terms and conditions, points programs, and more
Objective editorial approach - we strive for unbiased reviews following our editorial guidelines
FinlyWealth's credit cards content, including rankings and recommendations, is overseen by a team of engineers and writers who specialize in credit cards, banking, and personal finance. Our work has been featured in The Globe and Mail, GoBankingRates, and AOL. Our proprietary analysis systems evaluate product features, terms, and conditions to deliver comprehensive reviews and comparisons while maintaining strict editorial standards for accuracy and integrity.
An exclusive $225 rebate, no FX fees and up to 100,001 bonus Scene+ points
Earn up to $3,000* in value in the first 14 months, including up to 100,0001 bonus Scene+ points.
on FinlyWealth
This is a paid advertisement. FinlyWealth may be compensated when you apply for or are approved for this product, and paid placements like this can affect where and how prominently offers appear. This compensation does not influence our editorial ratings or recommendations.
Top 7 low-interest credit cards in Canada
Our choice for: Best Overall
on RBC's website
Welcome Bonus
Enjoy a 0.99% introductory interest rate for the first 10 months on balance transfers^ and no annual fee for the first year*. Apply by November 4 2026.
Rewards Rate
N/A
Annual Fee
$20 $0
Interest Rates
12.99% / 14.99%
RECOMMENDED CREDIT SCORE
4.8/5
A low-interest credit card in case you want to carry a balance every month. This card provides no rewards on purchases, however comes with a relatively lower interest rate compared to many other credit cards, so if you're unable to pay your balance in full every month, this card will save you a lot of money in interest payments.
Awards & Recognition
Best Low Interest Credit Card
2026
Pros
- Low annual fee
- Lower interest rates
- Low interest welcome bonus
- first-year fee rebate
Cons
- No rewards
Rewards
- Get a low, fixed annual interest rate of 12.99% on purchases and 14.99% on cash advances including balance transfers1.
- Your RBC Visa Classic Low Rate Option card includes purchase security and extended warranty insurance coverage4.
- Get special partner offers from brands like Petro Canada, Rexall and DoorDash.
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Doubled Up to 1 year
Benefits
Details
Extra points
50 Be Well points for every $1 spent on eligible products at Rexall.svg)
Gas Discount
save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada and 20% more Avion points at Petro-Canada
Discount
Get a 6-month complimentary DashPass subscription — a value of almost $60. Plus, enjoy unlimited deliveries when $0 delivery fees on orders of $15 or more when you pay with your eligible RBC credit card.
Eligibility
Credit Score
GoodAnnual Income
N/A
Our choice for: Best Balance transfer
on MBNA's website
Welcome Bonus
0% rate on balance transfers for 12 months (3% fee applies). Not available for residents of Quebec.†
Rewards Rate
0%
Annual Fee
$0
Interest Rates
12.99%* / 24.99%*
RECOMMENDED CREDIT SCORE
5/5
Voted the Best Balance Transfer Credit Card by FinlyWealth, the MBNA True Line offers a 0 percent introductory balance transfer rate, a feature that very few credit cards in Canada provide, along with a very competitive transfer fee. Beyond the promotional period, it continues to stand out with one of the lowest ongoing purchase interest rates in Canada. With no annual fee, this card is an excellent choice for Canadians looking to reduce interest costs.
Awards & Recognition
Best Balance Transfer Credit Card
2026
Pros
- No annual fee
- Balance transfer intro offer
- Low purchase interest rates
- Credit transfers
- Fraud protection
- Car rental discounts
Cons
- Flat transfer fee
- No rewards
Rewards
- No rewards earned on purchases.
- Standard Annual Interest Rates of 12.99% on eligible purchases, 17.99% on balance transfers✪, and 24.99% on cash advances.
- You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee. This offer is not available for residents of Quebec.
- Use available credit on your credit card to transfer funds right to your chequing account.
- Around-the-clock fraud protection.
Benefits
Details
Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Eligibility
Credit Score
GoodAnnual Income
N/A
Our choice for: Best Affordable Travel Insurance
on Desjardins' website
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
10.9% - 19.9 / 12.9%
RECOMMENDED CREDIT SCORE
4/5
If you plan to carry a balance on your credit card, this is one of the best no-fee, low-interest-rate credit cards in Canada. However, outside of this specific use case, the card doesn't offer many additional benefits.
Pros
- No annual fee
- Low interest rates
- Comprehensive insurance
Cons
- No rewards
- No benefits
- Short travel coverage
Rewards
No rewards earned on this card
Insurance
Coverage
Travel Medical Insurance (64 & under)
$5M/insured up to 3 days, under 75 years old
Trip Cancellation
$500 per person for trips up to 3 days
Trip Interruption
$1,000 per person for trips up to 3 days
Baggage Delay
$500 per person after 6 hours delay for trips up to 3 days
Lost or Stolen Baggage
$500 per person for trips up to 3 days
Common Carrier Travel Accident Insurance
$10,000 per person for trips up to 3 days
Mobile Device Insurance
$1,000Purchase Protection
90 daysExtended Warranty
Doubled up to 1 year
Eligibility
Credit Score
GoodAnnual Income
N/A
Our choice for: Best Balance Protection
on Scotiabank's website
Welcome Bonus
0% interest on balance transfers for 9 months + first year fee rebate
Rewards Rate
0%
Annual Fee
$29 $0
Interest Rates
13.99%* / 13.99%*
RECOMMENDED CREDIT SCORE
4.6/5
This is a great card for those who carry a balance every month and want to take advantage of much lower interest rates compared to most other cards. It also comes with a great introductory balance transfer rate for a limited number of months.
Pros
- Balance transfer promotion
- Low interest rates
- First-year fee rebate
- Shell Fuel Savings
- Balance protection
- Car rental discounts
Cons
- No rewards
- Limited extras
Rewards
This card does not earn rewards on purchases but instead offers much lower interest rates. Rates, fees and other information are effective as of July 2, 2026. Subject to change.
Insurance
Coverage
Balance Protection
optional
Benefits
Details
Car Rental Discount
Avis car rental discount up to 25% worldwideGas Discount2
Get up to 5¢/L in value on fuel purchases at Shell stations
Eligibility
Credit Score
GoodAnnual Income
N/A
Our choice for: Best Rewards and Premium Perks
on Scotiabank's website
Welcome Bonus
Earn up to $3,000* in value in the first 14 months, including up to 100,0001 bonus Scene+ points.
Annual Fee
$399
Interest Rates
9.99% / 9.99%
RECOMMENDED CREDIT SCORE
3.8/5
The Scotiabank Platinum American Express is the perfect choice for those seeking a super premium credit card without steep income requirements. With a high flat rate of rewards on all purchases, extensive insurance coverage, and flexible travel redemption options, it offers full-featured perks that cater to frequent travelers and savvy spenders alike.
Pros
- Low interest rates
- Strong rewards
- Airport lounge access
- Comprehensive travel insurance
- Shell Fuel Savings
- Flexible travel rewards
- No foreign transaction fees
- Instant decision. No credit impact.
Cons
- Higher annual fee
- Limited premium perks
Rewards
- Earn 2x Scene+ points for every $1 spent on all other eligible purchases
- Earn additional benefits + up to 4x Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
- Rates, fees and other information are effective as of July 2, 2026. Subject to change.
Insurance
Coverage
Travel Medical Insurance (64 & under)
$2M, Up to 31 daysTravel Medical Insurance (65 to 75)
$2M, Up to 10 daysTrip Cancellation
$2500/person, $10000/tripLost or Stolen Baggage
$500/person, $1000/tripTrip Interruption
$5000/person, $25000/tripBaggage Delay
$1000 After 4 hoursFlight Delay
$1000/personCommon Carrier Travel Accident Insurance
$500K/person, $1M/occurrence.svg)
Car Rental Damage & Theft
$65K up to 48 days
Hotel Burglary Insurance
$1000/occurrenceMobile Device Insurance
$1000Purchase Protection
120 daysExtended Warranty
Up to a year
Benefits
Details
No Foreign Transaction Fees
Airport Lounge - Plaza Premium
10 visits, 4 visits for secondary card (combined with the Priority pass)Airport Lounge - Priority Pass
10 visits, 4 visits for secondary card (combined with the Plaza Premium)Gas Discount2
Get up to 11¢/L in value on fuel purchases at Shell stations
American Express® Experiences
.svg)
Concierge Services
Discount
Discount on PriorityPass Membership.svg)
Status lift
Hertz #1 Club Gold MemberExtra points
Extra 4 Scene+ points per Canadian dollar spent on hotel and car rental bookings made through Scene+ Travel using your Scotiabank Platinum American Express Card
Eligibility
Credit Score
GoodAnnual Income
$12,000 personal or $12,000 household
Our choice for: Best BMO
on BMO's website
Welcome Bonus
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 3% transfer fee and a $29 first-year annual fee rebate.*
Rewards Rate
No Rewards
Annual Fee
$29 $0
Interest Rates
13.99%* / 15.99%*
RECOMMENDED CREDIT SCORE
4.5/5
If you plan to carry a balance on your credit card, this card offers a very low interest rate. However, there are other cards with no annual fee and slightly lower interest rates that you might want to consider as well.
Pros
- Low interest rates
- Balance transfer welcome bonus
Cons
- Annual fee
- Lacks significant benefits
Rewards
No rewards earned on this card
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Doubled up to 1 year
Benefits
Details
Discount
Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
Eligibility
Credit Score
GoodAnnual Income
N/A
Our choice for: Best Cashback and Premium Perks
on Desjardins' website
RECOMMENDED CREDIT SCORE
2.9/5
The Desjardins Odyssey World Elite Mastercard is a strong contender in the World Elite category, offering impressive rewards of up to 3% cash back on groceries and 2% on other popular categories. With a comprehensive insurance package, including coverage for seniors, and perks like free lounge access in Montreal, this card is great for frequent travelers and high spenders. However, the lack of a welcome bonus and high income requirements might deter some users.
Pros
- High earn rates
- Comprehensive coverage
- Airport lounge access
- World Elite perks
Cons
- High annual fee
- No welcome offer
- High income requirements
- Limited branch access
Rewards
- 4% in BONUS-DOLLARS on restaurant, entertainment and transit purchases
- 3% in BONUS-DOLLARS on travel related purchases (up to $25,000 spending per year)
- 3% in BONUS-DOLLARS on travel and grocery purchases
- 1.5% in BONUS-DOLLARS on all other purchases
Insurance
Coverage
Extended Warranty
2 yearsPurchase Protection
180 daysMobile Device Insurance
$1,000Trip Cancellation
$2,500Trip Interruption
no limitsTravel Medical Insurance (64 & under)
60 daysTravel Medical Insurance (65 to 75)
15 daysBaggage Delay
$1,000Lost or Stolen Baggage
$2,500Car Rental Damage & Theft
Yes
Benefits
Details
Airport Lounge - Priority Pass
6 free passes per yearAirport Lounge - Desjardins Odyssey
12 free passes per year
Boingo Wi-Fi hotspot
over 1 million Boingo Wifi hotspots worldwideCar Rental Discount
25% off base rate off Hertz car rental, no young drivers or additional driver surchargeCar Rental Discount
10% off base rate off Thrifty or Dollar rental, no young drivers or additional driver surchargeConcierge Services
Visa Infinite concierge services
Visa Infinite Exclusive Benefits
Luxury hotels or travel options
Eligibility
Credit Score
Very GoodAnnual Income
$150,000 personal or $200,000 household
Best Overall: 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 Balance transfer: MBNA True Line Mastercard
If you're looking for the best overall balance transfer 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. Because of the massive savings this card can bring, it earns a spot on the list of best credit cards in Canada.
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).
Frequently Asked Questions
You'll want to start by selecting a credit card with the lowest interest rates that also satisfies your spending habits, desired perks (if any), and budget. To avoid interest rates altogether, you'll want to pay off your credit card balance in full by the due date each month.
Typically, the average interest rates fall between 19.99% and 23.99%. Rates will vary between the type of card and the issuer.
As seen in our list, even though it's a premium rewards card, you'll find that the Scotiabank Platinum American Express Card offers some of the lowest permanent interest rates (for a price).
About the author
Sara Skodak
Lead Writer
Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
SEE FULL BIOAbout the editor
Abid Salahi
Co-founder
Abid leads the design and engineering of the FinlyWealth website, making sure everything runs smoothly and looks great. He’s a seasoned software engineer who follows best practices and designs interfa...
SEE FULL BIOAbout the reviewer
Kevin Shahnazari
Co-founder
Kevin started FinlyWealth and juggles a bit of everything—digging into data, running our marketing, and keeping the finances on track. Before this, he spent years as a data scientist at tech companies...
SEE FULL BIO