Apply for a low-interest credit card may seem like a simple task. But the reality is that when you really start researching, you discover that there are dozens of options. And you need to be aware, especially with hidden fees and temporary promotions.
After all, choosing poorly can be costly. While some cards promise relief in interest rates and deliver, others end up locking the consumer into contracts that, in practice, do not deliver what they seemed to offer. Therefore, applying for a low-interest credit card is not just about low interest rates. But rather, about planning the future with less weight on your shoulders.
In this guide, we’re going to talk about the best low-interest credit cards in Canada. Explaining how their promotions work, the most common pranks and giving practical tips so that you can safely choose your credit card.
Best Low Interest Credit Cards in Canada
1. National Bank Syncro Mastercard – Banque Nationale (Apply for a low-interest credit card)
The National Bank Syncro Mastercard is an interesting alternative for those who prefer variable rates, adjusted according to the prime rate of the Canadian market.
Currently, purchases are charged at prime + 4 percentage points (minimum of 8.90%). While advances are around prime + 8 points (minimum of 12.90%).
The annual fee is only CAD 35, and the limit usually ranges from CAD 500 to 15,000, depending on the customer’s credit history.
2. MBNA True Line Mastercard – MBNA Canada (Bank of America)
The MBNA True Line Mastercard charges 12.99% on purchases, well below the national average. And it also offers a promotion, where you get 0% in balance transfers for up to 12 months, valid if the operation is done in the first 90 days.
The limit ranges between CAD 1,000 and 25,000, with approval based on credit analysis.
A positive point is the absence of an annual fee, which reinforces its savings proposal.
3. BMO Preferred Rate Mastercard – Bank of Montreal (Apply for a low-interest credit card)
The BMO Preferred Rate Mastercard charges a flat rate of 13.99% on purchases and a promotion of 0.99% on balance transfers for up to 9 months, for a fee of 2%.
Typical limits are between CAD 1,000 and 20,000, always adapted to the customer’s credit profile.
The annual fee is CAD 29, one of the lowest values on the market.
4. CIBC Select Visa – Canadian Imperial Bank of Commerce
The CIBC Select Visa is for those looking for practicality. With a standard rate of 13.99% on purchases and advances, it stands out for charging 0% on balance transfers for up to 10 months, with a one-time rate of 1%.
This condition is valid for transfers of up to 50% of the approved limit, which usually ranges from CAD 3,000 to 25,000.
The annual fee is CAD 29, but free for the first two years, which already guarantees a good initial saving.
5. MBNA True Line Gold Mastercard – MBNA Canada
The MBNA True Line Gold Mastercard is the most complete version of the True Line line.
Its main advantage is the 10.99% rate on purchases, one of the lowest among unsecured cards in Canada.
In addition, the Balance Transfers fees are 13.99%, but the advances follow the high standard of 24.99%.
The limit can range from CAD 1,000 to 20,000, depending on the client’s profile. The annual fee is low, only CAD 39.
6. Scotiabank Value Visa (Apply for a low-interest credit card)
The Scotiabank Value Visa is a choice for those looking for simplicity and value for money.
It charges 13.99% on purchases and advances, but will have a 0.99% promotion on balance transfers for up to 9 months, with a rate of 2%.
The limit usually ranges between CAD 500 and 15,000, adapted to the client’s income and history.
The annual fee is CAD 29 but free for the first year.
7. Scotiabank Value Visa (Student)
The Student version of the Scotiabank Value Visa is designed for young people who are just starting to build credit in Canada.
The conditions are the same as for the regular card:
- 13.99% in purchases;
- 0.99% on balance transfers for 9 months (with a 2% fee)
- In addition, the annual fee is CAD 29, also free in the first year.
- The difference is in the limit, achieving between CAD 500 and 10,000.
This card is great, but as a student, we recommend that you know the best credit cards for students with low interest before deciding.
8. TD Low Rate Visa – Toronto-Dominion Bank
The TD Low Rate Visa is one of the cards from large banks that offers a fixed rate of 12.90% on purchases, transfers and advances.
However, you will only need to pay after 6 months, because for 1 semester you will have a 0% fee.
The limits range between CAD 1,000 and 20,000, and the annual fee is quite affordable, only CAD 25.
9. Home Trust EquityLine Visa – Home Trust Company (Apply for a low-interest credit card)
The Home Trust EquityLine Visa differs from all the others on this list by being, in practice, a real estate line of credit.
To get the card, you must offer a property as collateral, which allows for very high limits, ranging from CAD 20,000 to up to 1 million Canadian dollars.
Rates range from 7.49% to 15.49%, according to the credit/value ratio of the property.
In addition, there is no annual fee, but there is also no grace period: interest begins to accrue daily after each use.
10. RBC RateAdvantage Visa – Royal Bank of Canada
The RBC RateAdvantage Visa has a variable rate linked to the prime rate, with a spread of 4.99% to 8.99%.
The limit is wide, ranging from CAD 1,000 to 50,000, with no annual fee.
For customers who rely on large banks and are looking for flexibility, this card is ideal. Especially in periods of low interest rates in the Canadian market, but it requires attention to the risk of rate fluctuation.
Conclusion: is it worth applying?
The answer is: it depends on your profile. If you are looking for rewards, it may not be the way.
But if your priority is to save on interest and get out of debt suffocation, these cards can be powerful allies.
The important thing is not to think that a card, by itself, solves your financial life. It is a tool. And like any tool, it can help you build or destroy, it all depends on how you use it.
So, if your goal is clarity, savings and control, apply for a low-interest credit card can be the first step to breathe easier at the end of the month.