You'll be redirected in a few seconds. Please don't exit this window.
If you are not redirected within 30 seconds, please click here to continue.
Quebec
If you are looking for a car insurance quote in Quebec, you will be directed to Click Insurance, where you will be able to compare quotes from top insurance companies in that province.
You'll be redirected in a few seconds. Please don't exit this window.
Motorcycle Insurance
If you are looking for a motorcycle insurance quote in Ontario, you will be directed to NFP Insurance, where you can compare your options with a licensed insurance professional.
Nous sommes là pour vous aider
Malheureusem*nt, notre site n’est pas en capacité de vous proposer une soumission en ligne en français pour le moment. Toutefois, vous pouvez nous contacter afin qu’un agent francophone vous assiste dans votre recherche du meilleur prix.
1-888-854-2503
Lundi – Vendredi: 8h - 20h HAE
Samedi: 10h – 16h HAE
You'll be redirected in a few seconds. Please don't exit this window.
If you are not redirected within 30 seconds, please click here to continue.
Quebec
If you are looking for a car insurance quote in Quebec, you will be directed to Lussier Insurance, where you will be able to compare quotes from top insurance companies in that province.
Quebec
Si vous recherchez une soumission pour une assurance auto au Québec, nous allons vous connecter avec l’un de nos partenaires dans ce secteur.
Quebec
If you are looking for a property insurance quote in Quebec, you will be directed to Click Insurance, where you will be able to compare quotes from top insurance companies in that province.
Quebec FR
If you are looking for a property insurance quote in Quebec, you will be directed to Click Insurance, where you will be able to compare quotes from top insurance companies in that province.
You'll be redirected in a few seconds. Please don't exit this window.
If you are not redirected within 30 seconds, please click here to continue.
If you are looking for a travel insurance quote and reside in Quebec, you will be connected with one our dedicated insurance partners offering quotes in that area.
Si vous recherchez une soumission pour une assurance voyage et résidez au Québec, nous allons vous connecter avec l’un de nos partenaires dans ce secteur.
If you are looking for a life insurance quote and reside in Quebec, you will be connected with one our dedicated insurance partners offering quotes in that area.
If you are looking for a home insurance quote in British Columbia, you will be connected with one of our dedicated insurance partners offering quotes in that area.
You’ll be redirected in a few seconds. Please don’t exit this window.
We are now transferring you to LowestRates.ca to complete your quote.
If you are not redirected within 30 seconds, please click here to continue.
Compare life insurance quotes
If you are looking for a life insurance quote, you will be directed to LowestRates.ca, part of the RATESDOTCA Group Ltd family of companies, where you will be able to compare quotes from top Canadian insurance companies.
Carrying a monthly balance? Find the lowest interest rate credit cards and make your balance more manageable.
What are low interest credit cards?
If you tend to carry a credit card balance from month to month, having a low interest credit card will help you save money on interest charges. The standard credit card interest rate is 19.99 to 20.99%, a high-interest rate for a recurring credit card balance. Having a high-interest credit card means you’re paying a lot of extra money on interest, money you could save if you switched to a low annual interest rate credit card. As their name indicates, low-interest credit cards come with much lower interest rates, sometimes as low as 4.99%.
Best of Finance Winner for 2024: Best Low Interest Credit Card
The best way to avoid paying costly interest charges is to pay off your credit card balance in full at the end of each statement period.
However, that is not always possible, and there might be times when you carry a balance. If this does happen, interest will start to accrue on the unpaid balance at a set annual rate that compounds daily.
Most credit cards charge a standard annual interest rate of around 19.99% on purchases, which can add up quickly.
Although some credit cards' welcome offers and perks can be enticing, mounting interest charges caused by carrying a balance will outweigh any advantages. Switching to a low-interest credit card may allow cardholders to tackle their debt faster and pay less interest. This decision can put cardholders in a healthier financial position in the future.
We compared low-interest credit cards in Canada using our Best of Finance methodology and ranked the cards that provided the most potential savings. The average savings have been calculated against a monthly spending of $2,000 using a standard interest rate credit.
Click the card name from the table below to learn more.
| First year savings | Annual fee | Interest rate (purchases) | |
|---|---|---|---|
WINNER Scotiabank Platinum American Express® | $200 | $399 | 9.99% |
Runner up True Line® Gold Mastercard® | $81 | $39 | 10.99% |
Runner up RBC® Visa‡ Classic Low Rate Option | $140 | $20 | 12.99% |
WINNER
Scotiabank Platinum American Express®
$200
$399
9.99%
Runner up
True Line® Gold Mastercard®
$81
$39
10.99%
Runner up
RBC® Visa‡ Classic Low Rate Option
$140
$20
12.99%
Winner: Scotiabank Platinum American Express®Card
The Scotiabank Platinum American Express® Card is a valuable tool for anyone who makes most of their purchases on credit, wants to avoid the fees normally charged by credit card companies, but still wants to collect fun perks.
First, here’s why it works as a low-fee card. A very low interest rate of 9.99% applies to purchases, cash advances and balance transfers. Plus, the Scotiabank Platinum American Express® Card doesn't charge foreign exchange fees, making it a good choice for frequent travellers (it also comes with a suite of travel perks and insurance).
Now, the fun stuff. Most low-interest cards won’t let you earn rewards as you spend money on them. But with the Scotiabank Platinum Amex, you earn valuable Scotia Scene+ Points, which you can use on movie tickets, meals out, arcade games at the Rec Room, retail purchases, statement credits and even travel. You get twice the points when you make purchases at places that partner with the Scotia Scene+ program. On top of the savings you’ll see in interest, we estimate you can getup to $681 in rewards value in your first year.
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$600
+ Annual rewards
$480
- Annual fee
$399
Total first year value
$681
First year value$681
Scotiabank®* Platinum American Express® Card
Welcome bonus
$600
Scotia Scene+ Points
Annual rewards
$480
Scotia Scene+ Points
Annual fees:
$399
Interest rates:
9.99%on purchases •9.99%on cash advances
2024 Winner – Best Low Interest Credit CardEnjoy flexible rewards along with low interest rates
Details at a glance Collapse details
Scotiabank®* Platinum American Express® Card
Welcome bonus
$600
Annual rewards
$480
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$600
+ Annual rewards
$480
- Annual fee
$399
Total first year value
$681
First year value
$681
Annual fees:
$399
Interest rates:
9.99%on purchases
9.99on cash advances
2024 Winner – Best Low Interest Credit CardEnjoy flexible rewards along with low interest rates
Details at a glance Collapse details
Annual fee
$399
Interest rates
- Purchases - 9.99%
- Cash advances - 9.99%
- Balance transfer - 9.99%
Benefits
- Ten complimentary visits to participating airport lounges per year
- No foreign transaction fees
- Apply Scene+ Points to travel purchases
- American Express Invites
- Concierge services
Runners-up: Best Low Interest Credit Card
MBNA True Line® Gold Mastercard®
For an annual fee of $39, the True Line® Gold Mastercard® offers cardholders an 10.99% annual interest rate on balance transfers and purchases, allowing you to quickly pay down any outstanding credit card balances. This card also includes complimentary shopping insurance.
Annual fee
$39
Interest rates
- Purchases - 10.99%
- Cash advances - 24.99%
- Balance transfer - 13.99%
Benefits
- Access your account anytime, anywhere, with the MBNA Mobile App.
- Convenient, secure and easy to use Apple Pay with your MBNA credit card
- 24/7 fraud protection
- Save with Avis Rent-A-Car and Budget Rent-A-Car
Insurance coverage
- Extended warranty - 1 year
- Purchase protection - 90 days
RBC® Visa‡ Classic Low Rate Option
The RBC® Visa‡ Classic Low Rate Option is a good choice for anyone looking to prioritize low interest rate charges on balances. An annual rate of 12.99% applies to purchases and cash advances. The $20 fee is also waived for the first year.
Even though you're probably more focused on saving money, the RBC Visa Classic Low Rate Option does offer some useful perks.
For example, enjoy free delivery for three months from DoorDash when you sign up for the app with the card.
You'll also be eligible to save three cents per litre on fuel and always earn 20% more Petro-Points at Petro-Canada.
Annual fee
$20
Interest rates
- Purchases - 12.99%
- Cash advances - 12.99%
Benefits
- Purchase security and extended warranty insurance
- Save and earn faster with RBC Offers
- Instant fuel savings at Petro-Canada
- Get 50 Be Well points for every $1 spent on eligible products at Rexall
- $0 delivery fees for three months from DoorDash
Back to top
How will a low interest credit card help me save money?
With a low interest credit card, you can pay off your credit card balance faster. This is because more of your monthly payment is being put towards your balance instead of the interest.
Standard credit cards come with an interest rate ranging from 19.99%-22.99%, while low interest cards can be as low as 4.99% to 15.99%.
Let’s see an example of how much interest you can save by switching to a low interest credit card.
Let’s say:
- You owe a $1500 balance on your credit card
- Every month, you choose to pay $150 towards your credit card statement
| Typical credit card | Low interest credit card | |
|---|---|---|
| Annual interest rate | 19.99% | 8.99% |
| Monthly interest rate | 1.67% | 0.74% |
| Months until your balance is paid in full | 12 | 11 |
| Total interest paid | $154.49 | $65.13 |
Is a low interest credit card right for you? Here’s what you need to know
What are the most common features of low interest credit cards?
Most low interest credit cards come with a no annual fee, and typically no rewards. This is because they are specifically designed to make it easier for you to pay your recurring credit balance. Most low interest credit cards do not offer perks though because the low interest rate itself is considered the perk.
When is the best time to use a low interest credit card?
The best time to use a low interest credit card is when you have a high recurring credit balance to pay off. While comparing low interest credit cards, look for a great promotional interest rate to take advantage of.
What is the difference between fixed rate and variable rate credit cards?
When you’re comparing low interest credit cards, you’ll notice that there are two types, fixed rate credit cards and variable rate credit cards.
A fixed rate low interest credit card has the same interest rate throughout the year, while the variable rate low interest credit card has a fluctuating interest rate. This variation depends on two important factors, one being the bank’s current prime rate and the second being your credit score. If you have a low credit score (below 600), you may not be able to take advantage of some of the interest rate discounts that come with the variable rate, low interest credit card.
- Fixed rate credit cards - The benefit of fixed rate credit cards is that you’ll know what interest rate you’ll be charged every billing cycle. The rate of interest won’t be affected by the bank’s prime rate or your creditworthiness. Fixed rate credit cards usually come with limited-time balance transfer promotions you can use pay off your existing credit card debt.
- Variable rate credit cards - The advantage of holding a variable rate credit card is that you can get a very low rate (even lower than a fixed rate card in some cases), but this usually only comes with excellent credit. The disadvantage is that you might be stuck with a higher rate if your credit score isn’t great or if the bank’s prime rate increases.
If you have a credit score lower than 670, stick to a fixed rate, low interest credit card.
RATESDOTCA may receive compensation when you click on links to those products or services. However, our content and calculations are objective and free from bias. The opinions expressed are purely those of RATESDOTCA; thus, partners are not responsible for any editorials or reviews that may appear. For current terms and conditions on any advertiser or partner’s product, please visit their website.
Best credit cards in other categories
- All the Best Credit Cards in Canada
- Best No-Fee Cash Back Credit Card
- Best No-Fee Travel Credit Card
- Best Overall Travel Credit Card
- Best Overall Cash Back Credit Card
- Best Balance Transfer Credit Card
- Best Secured Credit Card for Building Credit
- Best Credit Card for Young Professionals
- Best Student Credit Card
- Best Credit Card for Earning Travel Points
- Best Credit Card With No Foreign Transaction Fees
- Best Family Credit Card for Gas and Groceries
- Best Credit Card for Subscriptions
- Best No-Frills Cash Back Credit Card
Latest credit card articles
Learn the best credit cards for grocery store purchases and rewards.
4 mins read
Roadside assistance can help you with your car troubles — and with some credit cards, you can get it for free. Learn about the best plans for you.
7 mins read
If you’re a credit cardholder, you’ve probably been offered balance protection insurance before. But is it worth it? Here's what you need to know.
2 mins read
Find more great credit cards
By Credit Card Type
By Credit Card Provider
Aeroplan
Air Miles
Balance Transfer
Business
Cash Back
Gas Reward
Guaranteed approval
Low Cash Advance
Low Interest
No Fee
No Foreign Transaction Fees
Newcomers to Canada
Rewards
Secured
Student
Travel
American Express
BMO
CIBC
Home Trust
KOHO
Mastercard
MBNA
Neo Financial
PC Financial
Royal Bank of Canada
Scotiabank
TD
Vancity
Visa
Subscribe to our newsletter
Stay on top of our latest offers, relevant news and tips!
