Low Interest Credit Cards

Low Interest Credit Cards

Last Updated: June, 2020

Best Low Interest Credit Card Canada 2020

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.

Low Interest Credit Cards

COMPARE THE BEST LOW INTEREST CREDIT CARDS FOR CANADIANS‚Äč

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

  • 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

Low Interest Credit Cards Summary

CREDIT CARD

INTEREST RATE

ANNUAL FEE

PERKS

MBNA True Line Mastercard

12.99%

$0

0% interest rate for balance transfers for the first ten months

Scotiabank Value Visa

12.99%

$29

Car rental deals

Additional insurance

TD Emerald Flex Rate Visa

Prime + 4.5% - 12.5%

$25

Optional travel insurance

Rental car deals

TD Auto Club Membership

BMO Preferred Mastercard

12.99%

$20

Annual fee waived the first year.

3.99% interest rate for balance transfers for the first nine months

Extended warranty and purchase protection

MBNA True Line Gold Mastercard

8.99%

$39

0% interest rate for balance transfers for the first six months

Other Popular Credit Cards for Canadians

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