Best Low Interest Credit Cards in Canada for 2024
Sara Skodak
Author6 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.
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.
Best Overall Low-Interest Credit Card
Scotiabank Value® Visa* Card
3.9
Finly Rating
Welcome Bonus*
0% interest on balance transfers for the first 10 months (13.99% after that)
Rewards Rate*
0%
Annual Fee*
$29
Interest Rates*
13.99% / 13.99%
Why we like it
Why we like it
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. You also get a 0% introductory rate on balance transfers for 10 months - ends October 31, 2024.
Pros & Cons
Pros & Cons
Pros
- 0% interest on balance transfers for the first 10 months.
- 13.99% interest rate on purchases, balance transfers, and cash advances.
Cons
- No rewards on daily purchases
- Limited insurance
Product Details
Product Details
Rewards*
This card does not earn rewards on purchases but instead offers a much lower interest rate.
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
The Scotiabank Value Visa Card is the top contender for low-interest cards because it combines a little bit of most categories. For starters, it's best for balance transfers with a first-year welcome bonus boasting no interest rate for the first 10 months. Sure, it doesn't come with any rewards, and it may have a higher interest rate in cash advances, but its low balance transfer and purchase rates are certainly something to be proud of. So, if you're looking to substantially reduce your monthly payments and don't care much for over-the-top perks, look no further. Did we mention it also comes with no annual fee in the first year?
Best Low-Interest Credit Cards for Rewards and Premium Perks
Scotiabank Platinum American Express® Card
3.5
Finly Rating
Welcome Bonus*
Up to 60,000 Scene+ points ($600 value)
Annual Fee*
$399
Interest Rates*
9.99% / 9.99%
Why we like it
Why we like it
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 & Cons
Pros & Cons
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.
Product Details
Product Details
Rewards*
2 points on all eligible purchases
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
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Concierge Services
Discount
Discount on PriorityPass Membership.svg)
Status lift
Hertz #1 Club Gold Member
Extra points
Extra 3 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
ExcellentAnnual Income
$12,000 personal
Looking for low-interest but 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, there might be one that stands out. With these premium perks comes a higher annual fee, something someone interested in low interest might not be a fan of.
Desjardins Odyssey Visa Infinite Privilege
3
Finly Rating
Welcome Bonus
N/A
Annual Fee
$395
Interest Rates
11.90% / 12.90%
Why we like it
Why we like it
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 & Cons
Pros & Cons
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.
Product Details
Product Details
Rewards
- 4% cash back on restaurant, entertainment and transit purchases
- 3% cash back on travel and grocery purchases
- 1.75% cash back 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
$200,000 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
MBNA True Line® Mastercard®
5
Finly Rating
Welcome Bonus
12 months 0% promotional interest rate
Rewards Rate
0%
Annual Fee
$0
Interest Rates
12.99% / 24.99%
Why we like it
Why we like it
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 & Cons
Pros & Cons
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.
Product Details
Product Details
Rewards
No Rewards on This Card
Eligibility
Credit Score
GoodAnnual Income
N/A
The MBNA True Line Mastercard is the one that shines 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
4
Finly Rating
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
10.9% / 12.9%
Why we like it
Why we like it
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 & Cons
Pros & Cons
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.
Product Details
Product Details
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 rewards programs.
Unlike the MBNA True Line Mastercard, the Desjardins Flexi Visa Card doesn't offer zero 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
MBNA True Line® Mastercard®
5
Finly Rating
Welcome Bonus
12 months 0% promotional interest rate
Rewards Rate
0%
Annual Fee
$0
Interest Rates
12.99% / 24.99%
Why we like it
Why we like it
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 & Cons
Pros & Cons
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.
Product Details
Product Details
Rewards
No Rewards on This Card
Eligibility
Credit Score
GoodAnnual Income
N/A
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 interest rates in the first year before subsiding back to its usual rate, which is still fairly reasonable.
CIBC Select Visa* Card
4
Finly Rating
Welcome Bonus
Balance transfer 0% interest for up to 10 months with a 1% transfer fee
Rewards Rate
No Rewards
Annual Fee
$29
Interest Rates
13.99% / 13.99%
Product Details
Product Details
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
3.9
Finly Rating
Welcome Bonus*
0% interest on balance transfers for the first 10 months (13.99% after that)
Rewards Rate*
0%
Annual Fee*
$29
Interest Rates*
13.99% / 13.99%
Why we like it
Why we like it
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. You also get a 0% introductory rate on balance transfers for 10 months - ends October 31, 2024.
Pros & Cons
Pros & Cons
Pros
- 0% interest on balance transfers for the first 10 months.
- 13.99% interest rate on purchases, balance transfers, and cash advances.
Cons
- No rewards on daily purchases
- Limited insurance
Product Details
Product Details
Rewards*
This card does not earn rewards on purchases but instead offers a much lower interest rate.
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
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 doesn't have).
BMO Preferred Rate Mastercard®
3
Finly Rating
Welcome Bonus
0.99% introductory interest rate on balance transfers
Rewards Rate
No Rewards
Annual Fee
$29
Interest Rates
13.99% / 15.99%
Why we like it
Why we like it
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 & Cons
Pros & Cons
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
Product Details
Product Details
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
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
3.3
Finly Rating
Welcome Bonus
8.99% promotional interest rate for 6 months
Rewards Rate
No Rewards
Annual Fee
$25
Interest Rates
12.90% / 12.90%
Why we like it
Why we like it
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 & Cons
Pros & Cons
Pros
- Nice promotional interest rate
Cons
- No rewards
- Small annual fee
Product Details
Product Details
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
GoodAnnual Income
N/A
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
3
Finly Rating
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
Prime + 4.99% - 8.99% / Prime + 4.99% - 8.99%
Why we like it
Why we like it
A low-interest credit card in case you want to carry a balance every month.
Pros & Cons
Pros & Cons
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
Product Details
Product Details
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
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
3
Finly Rating
Welcome Bonus*
N/A
Rewards Rate*
No Rewards
Annual Fee*
$25
Interest Rates*
12.99% / 12.99%
Why we like it
Why we like it
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 & Cons
Pros & Cons
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
Product Details
Product Details
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
GoodAnnual Income
N/A
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
3
Finly Rating
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
Why we like it
Why we like it
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 & Cons
Pros & Cons
Pros
- No Annual Fee required
Cons
- No rewards earned on purchases
- No benefits provided by the card
Product Details
Product Details
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
2.7
Finly Rating
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
CIBC Prime plus 1.5% / CIBC Prime plus 1.5%
Why we like it
Why we like it
A low-interest credit card in case you want to carry a balance every month.
Pros & Cons
Pros & Cons
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
Product Details
Product Details
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).