Best low-interest credit cards in Canada
This is no secret. Credit card interest rates make a real difference to our budget. This is even more true if you are among those who only pay the minimum amount due at the end of the month on your credit card.
If this is your case, the following lines will catch your attention. In fact, low-interest credit cards are a highly advantageous tool for you. Ultimately, they allow you to bypass known debt traps in Canada.
Here are the best low-interest credit cards in Canada:
American Express
With the American Express Essential™ Credit Card, you can get a low-interest rate of 12.99 % if you decide to carry a balance and make your minimum monthly payments on time. It is one of the best low-interest-rate credit cards in Canada.
In addition, this low-interest credit card allows you to take advantage of the American Express installment plan (Plan It) to pay a portion of your statement balance in monthly installments.
With the American Express Essential™ Credit Card, you get $100,000 in travel accident insurance, an additional year of Buyer’s Assurance Protection Plan and a 90-day Purchase Protection Plan.
Finally, as an American Express Essential™ Credit Card holder, you can take advantage of exclusive American Express offers for statement credits on select purchases and American Express online travel services.
BMO - Bank of Montreal
The BMO Preferred Rate Mastercard is a Bank of Montreal credit card that offers:
- 0.99% introductory interest rate on Balance Transfers for 9 months
- First-year annual fee waiver
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.
NBC - National Bank
The NBC Syncro Mastercard is a low-interest credit card from National Bank. It offers an interest rate of 11.20% for purchases and 15.20% for cash advances and balance transfers.
Since it’s a Mastercard credit card, you’ll be able to use the NBC Syncro Mastercard at Costco. Finally, it offers you insurance for your purchases.
CIBC
The CIBC Select Visa* Card is one of the best balance transfer Visa credit cards in Canada.
With this CIBC Credit Card with a balance transfer option, you earn 0% interest on balance transfers for up to 10 months. You’ll only have to pay a 1% fee when you transfer your balance from another card. Once this promotional period ends, the standard card interest rate of 13.99% will apply to any remaining balance. This interest rate is lower than the rates charged by many other credit cards.
For example, you could pay for major purchases on another credit card (such as renovations, furniture or appliances) and transfer your balance to the CIBC Select Visa* Card to benefit from its 0% interest rate on balance transfers for ten months.
CIBC Select Visa* Card users can also save on gas thanks to the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating service stations.
The CIBC Select Visa* Card has an annual fee of $29 (rebated in the first year) and requires a $15,000 annual household income. Despite its lack of additional benefits, the CIBC Select Visa* Card comes with up to $100,000 in Common Carrier Accident Insurance and allows users to add up to three authorized users at no additional cost.
Scotiabank
The Scotiabank 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% on cash advances for the first ten months (including balance transfers). And 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: 12.99% on purchases, balance transfers and cash advances.