Best low-interest credit cards in Canada
This is no secret. Credit card interest rates make a real difference to our budget. This is even more true if you are among those who only pay the minimum amount due at the end of the month on your credit card.
If this is your case, the following lines will catch your attention. In fact, low-interest credit cards are a highly advantageous tool for you. Ultimately, they allow you to bypass known debt traps in Canada.
Here are the best low-interest credit cards in Canada:
American Express
BMO - Bank of Montreal
The BMO Preferred Rate Mastercard is a Bank of Montreal credit card that offers a 0.99% introductory interest rate on Balance Transfers for 9 months.
There is no minimum income requirement for this BMO credit card.
You can use this low-interest credit card at Costco because it is a Mastercard credit card.
Finally, you’ll receive insurance on purchases charged to your BMO Preferred Rate Mastercard.
National Bank
The National Bank Syncro Mastercard is a low-interest credit card from National Bank. It offers an interest rate of 8.90% for purchases and 12.90% for cash advances and balance transfers.
Since it’s a Mastercard credit card, you can use National Bank Syncro Mastercard at Costco. Finally, it offers you insurance for your purchases.
CIBC
The CIBC Select Visa Card* is one of the best Visa credit cards in Canada for balance transfers.
With this exclusive digital offer for this CIBC balance transfer credit card, you get:
- a 0% interest rate on balance transfers of at least $100, for up to 10 months
- a refund of the annual fee for two years†
You only pay a 1% balance transfer fee when transferring a balance from another credit card (balance transfer fees do not apply to Quebec residents). Once the promotional period ends, the card’s standard interest rate of 13.99% applies to any remaining balance. This interest rate is lower than those charged by many other credit cards.
For example, you could make large purchases on another credit card (such as renovations or furniture and appliance purchases) and then transfer the balance to the CIBC Select Visa Card to benefit from its 0% interest rate on balance transfers for 10 months.
CIBC Select Visa Card* cardholders can also save on gas through the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating gas stations.
The CIBC Select Visa Card* has a $29 annual fee (refunded for the first two years) and requires a minimum household income of $15,000 to qualify. With CIBC mobile banking and online banking services, you can easily track your credit limit and balance transfers from your phone or by signing in online.
Scotiabank
Scotia Value Visa Card is one of the best credit cards for cash advances (including balance transfers) in Canada.
You can get an introductory interest rate of 0.99% on cash advances for the first nine months (including balance transfers, with a 2% transfer fee). You pay no annual fee for the first year with this Visa credit card.
What’s more, this Visa credit card offers a low interest rate: 13.99% on purchases, balance transfers and cash advances.