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Canada's 12 Best Low Interest Credit Cards of September 2025
Published Aug 31, 2025 2:01 AM UTC • 6 min read
Fact Checked
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.
However, if you happen to be a bigger spender who's looking for more perks, we've also included options that satisfy both low interest rates and high rewards.
To explore all of your options, take advantage of our credit card finder tool.
Best Overall Low-Interest Credit Card
Our choice for: Balance transfer and interest savings
MBNA True Line® Mastercard®
MBNA True Line® Mastercard®
APPLY NOW
on MBNA's website
Welcome Bonus*
0% rate on balance transfers for 12 months (3% fee and not available in Quebec)†
Rewards Rate*
0%
Annual Fee*
$0
Interest Rates
12.99%* / 24.99%*
Even though this card offers no benefits or rewards, the amount you can save on interest is substantial, making it an excellent option for reducing your monthly payments.
Pros
- Great to reduce monthly interest payments during the promotional period.
- Low purchase interest rate for people planning to put some balance on their credit card.
Cons
- A flat fee has to be paid on the balance to make the transfer happen.
- Not a good card other for purposes other than balance transfer.
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
*†, ✪, Terms and Conditions apply. This offer is not available for residents of Quebec. Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button. The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank. Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). Important Notice: Effective September 25, 2025: If the Balance Transfer fee is less than $3.50, we will charge a minimum Balance Transfer fee of $3.50. Check here for full details and current product information.
If you're looking for the best overall low-interest credit card, look no further than the MBNA True Line Mastercard.
This low-interest contender grants you a 0% promotional annual interest rate for 12 months on balance transfers completed within 90 days of opening your account. Just note the 3% transfer fee!
Ultimately, this contender takes first place because it can substantially reduce your monthly payments by dodging interest rates for a full year.
Bottom line: This card is perfect for the budget-conscious and those who need a boost when it comes to catching up with debt.
Best Low-Interest Credit Cards for Rewards and Premium Perks
Our choice for: Luxury Travel + No FX Fees
Scotiabank Platinum American Express® Card
Scotiabank Platinum American Express® Card
3.8
APPLY NOW
on Scotiabank's website
Welcome Bonus*
Up to 80,000 Scene+ points ($800 value)
Rewards Rate*
2x Points
Annual Fee*
$399
Interest Rates
9.99% / 9.99%
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 Rate: Offers a competitive interest rate of 9.99%.
- Strong Rewards: Earn 2x Scene+ points on all purchases.
- Airport Lounge Access: Enjoy 10 complimentary lounge visits, including Plaza Premium Lounges, through Priority Pass (membership required).
- Comprehensive Travel Insurance: Includes extensive coverage for travel-related needs.
- Flexible Travel Rewards: Points can be redeemed for travel bookings with any provider.
- No Foreign Transaction Fees: Shop internationally without extra charges.
Cons
- High Annual Fee: The annual fee is steep compared to similar cards offering similar perks.
- Limited Premium Perks: Lacks top-tier travel benefits like free checked baggage and priority boarding.
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
Insurance*
Coverage*
Emergency Out of province Medical
$2M, Up to 31 daysEmergency Medical Over 65
$2M, Up to 10 days
Trip Cancellation
$2500/person, $10000/trip
Lost or Stolen Baggage
$500/person, $1000/trip
Trip Interruption
$5000/person, $25000/trip
Baggage Delay
$1000 After 4 hoursFlight Delay
$1000/person
Travel Accident
$500K/person, $1M/occurrence.svg)
Car Rental Damage & Theft
$65K up to 48 days
Hotel Burglary Insurance
$1000/occurrence
Mobile Device Insurance
$1000
Purchase Protection
120 days
Extended 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)
American Express® Experiences
.svg)
Concierge Services
Discount
Discount on PriorityPass Membership.svg)
Status lift
Hertz #1 Club Gold Member
Extra 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
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. Check here for full details and current product information.
Intrigued by low-interest and high rewards? The Scotiabank Platinum American Express Card is exactly what you've been hoping for. With the lowest interest rates in both cash advance and purchase categories, it's the best low-interest credit card for earning rewards (specifically through 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 visits.
With a points system incentive, promising redemptions in popular categories, and the lowest interest rates, could there really be a downside? Well, unfortunately, there might be one. With these premium perks comes a higher annual fee, something someone interested in low interest might not be a fan of.
Desjardins Odyssey Visa: Game-Changing Travel Rewards
Desjardins Odyssey Visa: Game-Changing Travel Rewards
2.9
APPLY NOW
on Desjardins' website
Welcome Bonus
N/A
Rewards Rate
1.75% - 4%
Annual Fee
$395
Interest Rates
11.90% - 19.90% / 12.90%
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: Earn up to 3% cash back on groceries, 2% on restaurants, entertainment, and public transportation, and 1.5% on all other purchases.
- Comprehensive Insurance: Includes 9 types of travel insurance, with coverage extending to those over 65.
- Free Lounge Access: Enjoy 8 free passes to the Desjardins Odyssey Lounge in Montreal.
- World Elite Perks: Includes additional perks like Boingo Wi-Fi, Mastercard Travel Rewards, and more.
Cons
- No Welcome Bonus: Unlike many premium cards, this one lacks a welcome bonus, reducing its initial appeal.
- High Income Requirements: Requires a minimum personal income of $80,000 or household income of $150,000.
- Limited Branch Access: Physical branches are only available in Quebec and Ontario.
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
- 1.75% 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 limitsEmergency Out of province Medical
60 daysEmergency Medical Over 65
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
Now that we covered the best low-interest credit card for points, it's time to uncover the best low-interest credit card for cash back. The Desjardins Odyssey Visa Infinite Privilege Card offers the best BONUSDOLLARS cash-back opportunities with low interest on both purchases and cash advances. In terms of perks, the card comes with generous insurance policies, yearly passes to the Desjardins Odyssey Lounge, plus discounts at select airports and ski resorts.
However, like the Scotiabank Platinum American Express Card, these benefits come with a cost, specifically a higher annual fee and income requirement. So, unless you're craving cash-back rewards and low interest on the same card, you might want to consider something a little more budget-friendly.
Best No-Fee Low-Interest Credit Cards
Our choice for: Balance transfer and interest savings
MBNA True Line® Mastercard®
MBNA True Line® Mastercard®
APPLY NOW
on MBNA's website
Welcome Bonus*
0% rate on balance transfers for 12 months (3% fee and not available in Quebec)†
Rewards Rate*
0%
Annual Fee*
$0
Interest Rates
12.99%* / 24.99%*
Even though this card offers no benefits or rewards, the amount you can save on interest is substantial, making it an excellent option for reducing your monthly payments.
Pros
- Great to reduce monthly interest payments during the promotional period.
- Low purchase interest rate for people planning to put some balance on their credit card.
Cons
- A flat fee has to be paid on the balance to make the transfer happen.
- Not a good card other for purposes other than balance transfer.
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
*†, ✪, Terms and Conditions apply. This offer is not available for residents of Quebec. Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button. The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank. Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). Important Notice: Effective September 25, 2025: If the Balance Transfer fee is less than $3.50, we will charge a minimum Balance Transfer fee of $3.50. Check here for full details and current product information.
The MBNA True Line Mastercard shines yet again in this category. Alongside an impressive balance transfer interest rate (specifically in the first year) and a low purchase interest rate, this card comes with no annual fee, making it a great choice for those on a tighter budget. Just be careful with those cash advance interest rates!
Desjardins Flexi Visa
Desjardins Flexi Visa
APPLY NOW
on Desjardins' website
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
10.9% - 19.9 / 12.9%
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
- This is one of the best no-annual-fee, low-interest-rate credit cards in Canada, making it a great option for carrying a credit card balance.
Cons
- No rewards earned on purchases.
- The travel insurance is limited to just 3 days, which is too short to be useful for most trips.
Rewards
No rewards earned on this card
Insurance
Coverage
Emergency Out of province Medical
$5M/insured up to 3 days, under 75 years oldTrip Cancellation
$500 per person for trips up to 3 daysTrip Interruption
$1,000 per person for trips up to 3 daysBaggage Delay
$500 per person after 6 hours delay for trips up to 3 daysLost or Stolen Baggage
$500 per person for trips up to 3 daysTravel Accident
$10,000 per person for trips up to 3 daysMobile Device Insurance
$1,000Purchase Protection
90 daysExtended Warranty
Doubled up to 1 year
Eligibility
Credit Score
GoodAnnual Income
N/A
There are a couple of things the Desjardins Flexi Visa Card and the MBNA True Line Mastercard have in common. First, as you could probably guess from this category, they both have no annual fee. Second, they also don't offer any reward programs.
Unlike the MBNA True Line Mastercard, the Desjardins Flexi Visa Card doesn't offer 0% interest rates on balance transfers in the first year, or any balance transfer promos for that matter, but its ongoing interest rate on balance transfers remains slightly lower by comparison. The card also comes with mobile device protection and is definitely one of the lowest interest-rate cards with no annual fee.
Best Low-Interest Credit Cards for Balance Transfers
Our choice for: Balance transfer and interest savings
MBNA True Line® Mastercard®
MBNA True Line® Mastercard®
APPLY NOW
on MBNA's website
Welcome Bonus*
0% rate on balance transfers for 12 months (3% fee and not available in Quebec)†
Rewards Rate*
0%
Annual Fee*
$0
Interest Rates
12.99%* / 24.99%*
Even though this card offers no benefits or rewards, the amount you can save on interest is substantial, making it an excellent option for reducing your monthly payments.
Pros
- Great to reduce monthly interest payments during the promotional period.
- Low purchase interest rate for people planning to put some balance on their credit card.
Cons
- A flat fee has to be paid on the balance to make the transfer happen.
- Not a good card other for purposes other than balance transfer.
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
*†, ✪, Terms and Conditions apply. This offer is not available for residents of Quebec. Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button. The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank. Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). Important Notice: Effective September 25, 2025: If the Balance Transfer fee is less than $3.50, we will charge a minimum Balance Transfer fee of $3.50. Check here for full details and current product information.
We're bringing up the MBNA True Line Mastercard yet again because it's one of the best low-interest credit cards in terms of balance transfers. The proof is in the promo.
This card offers zero 0% interest in the first year before subsiding back to its usual rate, which is still fairly reasonable.
CIBC Select Visa* Card
CIBC Select Visa* Card
APPLY NOW
on CIBC's website
Welcome Bonus
Balance transfer 0% interest for up to 10 months with a 1% transfer fee
Rewards Rate
No Rewards
Annual Fee
$29 $0
Interest Rates
13.99% / 13.99%
A nice low rate card for everyday spending.
Pros
- Low interest rate
- Nice welcome offer for balance transfer
Cons
- No rewards
- Missing Purchase protection and Extended warranty as benefit almost covered by all other credit cards
Rewards
No rewards earned on this card
Insurance
Coverage
Travel Accident
$100,000
Eligibility
Credit Score
GoodAnnual Income
N/A
What's great about this credit card is that its annual fee is a fraction of both the Scotiabank Platinum American Express Card and the Desjardins Odyssey Visa Infinite Privilege Card, plus the first year is completely rebated.
Its purchase interest rates are a little bit higher than the MBNA True Line Mastercard or the Desjardins Flexi Visa Card, but the card offers basic balance protections, emergency coverage, and award-winning balance transfer options, especially in the first 10 months. Not to mention, free global money transfers (which allow you to send money internationally) and the lowest balance transfer fee in this "best low-interest credit cards for balance transfers" category.
Scotiabank Value® Visa* Card
Scotiabank Value® Visa* Card
4.1
APPLY NOW
on Scotiabank's website
Welcome Bonus*
0.99% interest on balance transfers for 9 months + first year fee rebate
Rewards Rate*
0%
Annual Fee*
$29 $0
Interest Rates
13.99%* / 13.99%*
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
- A great low introductory interest rate on balance transfers
- Only 13.99% interest rate on purchases, balance transfers, and cash advances.
Cons
- No rewards on daily purchases
- Limited insurance
Rewards*
This card does not earn rewards on purchases but instead offers much lower interest rates.
Insurance*
Coverage*
Balance Protection
optional
Benefits*
Details*
Car Rental Discount
Avis car rental discount up to 25% worldwide
Eligibility*
Credit Score
GoodAnnual Income
N/A
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. Check here for full details and current product information.
Similar to the MBNA True Line Mastercard, the Scotiabank Value Visa Card offers no interest rate as a welcome bonus for several months before switching back to its usual rate, which is even lower than the MBNA True Line Mastercard. On top of all that, although limited, 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 (something the MBNA True Line Mastercard doesn't have).
Our choice for: Low interest
BMO Preferred Rate Mastercard®
BMO Preferred Rate Mastercard®
3.6
APPLY NOW
on BMO's website
Welcome Bonus*
0.99% interest rate on balance transfers for 9 months*
Rewards Rate*
No Rewards
Annual Fee*
$29
Interest Rates
13.99%* / 15.99%*
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 rate
- Nice welcome offer for balance transfer
Cons
- Annual fee while there are similar cards that don't have that fee with them
- No benefits other than the most basic purchase protection and extended warranty
Rewards*
No rewards earned on this card
Insurance*
Coverage*
Purchase Protection
90 daysExtended Warranty
Doubled up to 1 year
Eligibility*
Credit Score
GoodAnnual Income
N/A
**Terms and conditions apply.
Each balance transfer is subject to a fee of 2% which will be charged to your account on the date the balance transfer is posted to your Account.
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. Check here for full details and current product information.
Almost as good as the MBNA True Line Mastercard, the CIBC Visa Select Card, and the Scotiabank Value Visa Card's welcome offers, 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 the previous cards. Like the Scotiabank Value Visa Card or the CIBC Visa Select Card, this card comes with a small annual fee, but it's also waived in the first year. As for perks, it offers free extended warranty and purchase protection.
Honorable Mentions
While these cards might not have all the perks and promos as the low-interest cards in our main list, their low interest rates and inclusions are still worth highlighting.
TD Low Rate Visa* Card
TD Low Rate Visa* Card
2.1
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$25
Interest Rates
12.90%* / 12.90%*
A low-interest credit card in case you want to carry a balance every month. For people who don't have a balance right now but will in the future, the promotional interest rate is a nice benefit of this card.
Pros
- Lower annual interest rate compared to most cards
Cons
- No rewards
- Small annual fee
Rewards
- No rewards
- No welcome bonus or promotional interest rate
- Interest changes with prime so you can't setup a fixed amount payment plan
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Doubled Up to 1 year
Benefits
Details
Extra points
Earn 50% more Stars at participating Starbucks storesCar Rental Discount
5% to 10% off base rate of Avis Rent A Car and Budget Rent A Car
Eligibility
Credit Score
FairAnnual Income
N/A
* Check here for full details and current product information.
The TD Low Rate Visa Card is yet another option for an inviting balance transfer offer within the first several months of the year. This standard card also features relatively low annual fees and competitive interest rates on both purchases and cash advances.
RBC RateAdvantage Visa
RBC RateAdvantage Visa
APPLY NOW
on RBC's website
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
10.44% - 14.44% / 10.44% - 14.44%
A low-interest credit card in case you want to carry a balance every month.
Pros
- No Annual Fee
Cons
- No rewards
- No welcome bonus or promotional interest rate
- Interest changes with prime so you can't setup a fixed amount payment plan
Rewards
No rewards earned on purchases
Insurance
Coverage
Purchase Protection
90 daysExtended 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
Eligibility
Credit Score
Very GoodAnnual Income
N/A
If you're up for some flexibility, this low-interest, no-annual-fee credit card comes with a low variable interest rate, meaning the interest rate may change over time based on the current prime rate. Some additional features include savings at Petro-Canada, Be Well points at Rexall, and DoorDash deals.
American Express Essential
American Express Essential
APPLY NOW
on American Express' website
Welcome Bonus*
N/A
Rewards Rate*
No Rewards
Annual Fee*
$25
Interest Rates
12.99%* / 12.99%*
A low-interest credit card to gain access to American Express experiences. While this card offers decent low-interest rates, there may be better alternatives if you're not particularly interested in the American Express experience benefits.
Pros
- Lower interest rates
- Access to American Express experiences
Cons
- No rewards
- American Express cards are not as widely as accepted as Visa and Mastercard
- Small annual fee
Rewards*
No rewards earned on purchases
Insurance*
Coverage*
Travel Accident
$100,000Purchase Protection
90 daysExtended Warranty
1 year
Benefits*
Details*
Amex Experiences™
Access virtual events and special offers curated for Cardmembers with Amex Experiences™
Eligibility*
Credit Score
Very GoodAnnual Income
N/A
*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment. Check here for full details and current product information. Check here for full details and current product information.
With no rewards or intro offers, this card lives up to its name, seeing as it only covers the essential simplicities of a low-interest credit card. The card is optimal for those who want an affordable, easy-to-understand, and easy-to-use low-interest credit card – plus access to some American Express Experiences.
Home Trust Secured Visa
Home Trust Secured Visa
APPLY NOW
on Home Trust's website
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
19.99%, option to pay $59 Annual fee for %14.90 / 19.99%, option to pay $59 Annual fee for %14.90
Although there are other better secured credit card options available in Canada, this card is the only no-fee secured credit card option, making it the choice for those who want to avoid fees.
Pros
- No Annual Fee required
Cons
- No rewards earned on purchases
- No benefits provided by the card
Rewards
No Rewards
Eligibility
Credit Score
PoorAnnual Income
N/A
Built for building or rebuilding credit through everyday shopping, this option is one of Canada’s leading secured credit cards. It’s designed to help cardholders get better interest rates on loans and increase their chances of rental or mortgage approval. In terms of fees, you have two options: pay no annual fee and earn a reasonable interest rate, or pay an annual fee for a lower interest rate.
CIBC bizline® Visa* Card
CIBC bizline® Visa* Card
2.7
APPLY NOW
on CIBC's website
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
CIBC Prime plus 1.5% / CIBC Prime plus 1.5%
A low-interest credit card in case you want to carry a balance every month.
Pros
- No Annual Fee
- Low interest rates
Cons
- No rewards
- No welcome bonus or promotional interest rate
- Interest changes with CIBC prime so you can't setup a fixed amount payment plan
- No extended warranty or purchase protection, a benefit provided with most credit cards
Rewards
No rewards earned on purchases
Insurance
Coverage
Travel Accident
$100,000
Benefits
Details
Car Rental Discount
Get up to 30% off base rates with Avis® Pay Now or up to 35% off base rates with Budget
Eligibility
Credit Score
GoodAnnual Income
$15,000 personal
This card is created with new businesses with individual income in mind. Cardholders can expect low cash and purchase interest rates, access to Visa SavingsEdge, and savings on car rentals. To keep a close eye on spending, this card also comes with a budgeting tool with insights into common spending categories.
Frequently Asked Questions
How do you get a lower interest rate on a credit card in Canada?
You'll want to start by selecting a credit card with the lowest interest rates that also satisfies your spending levels, 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.
What is the average interest rate on a credit card in Canada?
Typically, the average interest rates fall between 19.99% and 23.99%. Rates will vary between the type of card and the issuer.
Which credit card offers the lowest interest rate in Canada?
As seen in our list, even though it's a premium rewards card, you'll find that the Scotiabank Platinum American Express Card offers the lowest interest rates (for a price).
About the author
Sara Skodak
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 bio
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