These credit cards have a low-interest rate for purchases or balance transfers.
BMO
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.
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.
MBNA
The MBNA True Line® Mastercard® credit card is one of Canada’s best options for a low-cost balance transfer. It’s ideal for reducing interest charges and consolidating your debts onto one card.
With this card, you benefit from a 0% interest rate for 12 months on balance transfers made within 90 days of account opening. Transfer fees are a competitive 3%.
This card offers fraud protection, guaranteeing the security of your transactions.
If you want to transfer balances from high-rate cards, the MBNA True Line® Mastercard® credit card allows you to benefit from a 0% rate and pay off your debts at your own pace without high-interest charges during the promotional period.
In short, the MBNA True Line® Mastercard® credit card is an excellent choice for reducing debt and optimizing balance transfers.
Tangerine
The Tangerine Money-Back Credit Card has no annual fee and offers cash back.
With this limited-time welcome offer, you can earn an additional 10% cash back (up to $100) when you spend up to $1,000 on everyday purchases during the first 2 months.
You can choose two to three purchase categories that interest you (groceries, gas, home furnishings, renovations, recurring bills, pharmacy, etc.) to earn 2% cash back ! And there’s no annual cash-back limit. It is one of the best credit cards for renovations.
In addition, the Tangerine Mastercard offers several insurance coverages for your purchases :
- 90 days purchase insurance
- One year extended warranty
Finally, during the first 30 days you hold the card, transfer credit card balances and pay only 1.95% interest on these balances for the first 6 months.
Scotiabank
The Scotiabank Momentum No Annual Fee Visa Card is an excellent cash back credit card in Canada. Right now, you can get 5% cash back on all your purchases for the first three months (up to $2,000 in total purchases).
With the Scotiabank Momentum No Annual Fee Visa Card, you get:
- 1% cash back on purchases at grocery stores and pharmacies, as well as on meal delivery services and subscriptions to ready-to-cook meal services
- 1% cash back on gas, electric vehicle charging, and public transit such as bus, taxi, and ridesharing trips
- 1% cash back on eligible recurring bill payments such as utilities and gym memberships
- 1% cash back on eligible subscriptions such as video streaming or music streaming services
- 0.5% cash back on all other eligible purchases
It is an excellent no annual fee Visa credit card for cash back. Also note that you can use your cash back at any time (the cash back balance must be at least $25).
In addition, you can benefit from an introductory rate of 0% on balance transfers for the first six months. A 2% fee applies to cash advances.
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.
The Scotiabank Momentum Visa Card is an excellent cash back credit card in Canada.
With the Scotiabank Momentum Visa Card, you get:
- 2% cash back on purchases at grocery stores and drugstores, and on meal delivery services and meal kit subscriptions
- 2% cash back on gas, electric vehicle charging, and public transit such as bus, taxi, and rideshare trips
- 2% cash back on eligible recurring bill payments such as utilities and fitness club memberships
- 2% cash back on eligible subscriptions such as video streaming services or music streaming
- 1% cash back on all other eligible purchases
It is a very good Visa credit card for cash back. Also note that you can use your cash back at any time (the cash back balance must be at least $25).
Plus, you can benefit from an introductory rate of 2.99% with 0% fees on balance transfers for the first six months.
Business
The BMO Ascend World Elite Business Mastercard is one of the best travel points-based Business Mastercard® credit cards in Canada. You can earn up to 100,000 points as a welcome bonus:
- 20,000 points on your first purchase within 75 days of account opening;
- 8,000 points per month when you spend at least $3,000 per monthly period, from the 3rd to the 12th month following account opening (for a total of 80,000 points).
Plus, there’s no annual fee for the first year! And you get 2 free annual visits to DragonPass airport lounges.
You can also benefit from a welcome interest rate of 0% on balance transfers for nine months (a 3% transfer fee applies).
With the BMO Ascend World Elite®* Business Mastercard, you earn 4 points for every dollar spent on:
- gas purchases
- office supplies
- cell phone/internet payments
And 1.5 points for every dollar you spend, including at Costco or for significant purchases at home improvement stores.
You can use BMO Rewards points for all travel purchases made through theagency or website of your choice (airline tickets, hotels, car rentals, all-inclusives, Airbnb, etc.) or for rewards and gift cards on the BMO Rewards platform.
You can also combine the points you earn with the other two BMO Rewards cards to save even more on your travels.
With the BMO Rewards® World Elite®* Business Mastercard® for Business, you benefit from various travel protections:
- Collision Damage Waiver
- Car Rental Personal Effects & Business Property
- Car Rental Accidental Death & Dismemberment
- Baggage & Personal Effects
- Baggage insurance in case of delay
- Flight Cancellation
- Trip Interruption/Trip Delay
- Flight delay
- Common Carrier Insurance
And for your purchases :
- Extended Warranty
- Purchase Protection
The BMO CashBack Mastercard for Business is one of the best cashback Mastercard credit cards in Canada.
You can get a 10% discount for three months on purchases:
- gas purchases
- office supplies
- cell phone/internet payments
After that, you’ll get 1.5% on these purchases and 1.75% at Shell.
You can also benefit from a welcome interest rate of 0% on balance transfers for nine months (a 3% transfer fee applies).