LOW INTEREST CREDIT CARD
A low-interest credit card is for people who need to carry balances on their credit cards. A low-interest credit card can also serve as a backup credit card. Even if you usually pay off your balances in full, it’s smart to carry a lower rate card in case you have an emergency expense.
When comparing low-interest credit cards, don’t just hone in on the APR. Also, look at the card’s annual fee. Most low-interest credit cards charge a significant price in exchange for a lower interest rate.
MBNA True Line Mastercard
0% interest rate for balance transfers for the first ten months
Scotiabank Value Visa
Car rental deals
TD Emerald Flex Rate Visa
Prime + 4.5% - 12.5%
Optional travel insurance
BMO Preferred Mastercard
Annual fee waived the first year.
MBNA True Line Gold Mastercard
0% interest rate for balance transfers for the first six months
MBNA TRUE LINE MASTERCARD
With its low-interest rate, and unusual no fee structure, the MBNA True Line Mastercard is a great option. The card itself has a 12.99%, which makes it ideal for balance transfers or everyday purchases.
As well, the card has no fee, which is rare for low-interest rate cards. Plus, the card currently has an excellent promo for balance transfers, with 0% interest for the first ten months.
Finally, the card is pretty easy to secure, with only a good credit rating needed for approval. This card is ideal for those transferring more significant balances or needs an everyday card. The MBNA True Line Mastercard is an excellent choice for a low-interest rate credit card in Canada.
MBNA TRUE LINE GOLD MASTERCARD
The sister card to the True Line Card, the MBNA True Line Gold, is a fantastic option for low-interest cards. The card offers an 8.99% interest rate, which is the best interest rate on the market. Plus, the card provides a promotional balance transfer rate of 0% for the first six months.
As well, the card only requires a good credit rating!
Finally, the card does have a $39 annual fee, but with an 8.99% interest rate, the interest rate will pay off your fee in months. Like its sister card, the MBNA True Line Gold Mastercard is an excellent option for your low-interest credit card.
SCOTIABANK VALUE VISA
Another reliable card in this niche is the Scotiabank Value Visa. This card offers a great interest rate of 12.99% on purchases, balance transfers and cash advances. Which is about 10% lower than other visas provided by Scotiabank.
As well, the card does have a $29 annual fee, but the savings from the great interest rate will offset the costs.
Finally, the card does come with perks such as rental car deals, as well as optional insurance. Much like the other big five cards on this list, the Scotiabank Value Visa is a solid choice for a low-interest card.
TD EMERALD FLEX RATE VISA
One of the best options from the big five, the TD Emerald Flex Visa is an excellent choice for a low-interest credit card. The card offers a great rate of prime plus 4.5% to 12.5%. Your exact interest rate will depend on your credit rating.
As well, the card does have a $25 fee, but considering the perks, it is not too bad.
Finally, the card has some perks with rental car deals and access to travel medical coverage. For a big bank credit card, the TD Emerald Flex Visa is a solid choice for a low-interest credit card.
BMO PREFERRED MASTERCARD
Another card from the big five, the BMO Preferred Rate Mastercard, is an excellent low-interest rate card option. The card comes with a stable 12.99% interest rate, which is roughly 10% lower than any other BMO credit card. Plus, the card does have a promo offer for a 3.99% interest rate for balance transfer for the first nine months.
As well, the card does have an annual fee of $20, but BMO waives it the first year.
Finally, the card comes with insurance on purchases and limited warranty coverage. For a big five offering, the BMO Preferred Rate Mastercard is a decent choice for a low rate credit card.
THE BOTTOM LINE
Low-interest credit cards focus on providing you with a great rate while you pay down debt. From large purchases to balance transfers, these low rate credit cards are all reliable. There is no one size fits all card. Instead, the right card will fit your specific situation. This list is a starting place, and your next low-interest credit card is most likely on this list!
Best overall low-interest credit card: MBNA True Line Gold Mastercard
Best low-interest credit card with no fee: MBNA True Line Mastercard
Best low-interest credit card for perks: TD Emerald Flex Rate Visa
Best low-interest credit card for balance transfers: MBNA True Line Mastercard
Best low-interest credit card from the big five: TD Emerald Flex Rate Visa