Best Low Interest Credit Cards in Canada

If you want to save money on interest charges and manage your credit card debt, The best low interest credit cards in Canada is the way to go.

These cards come with lower-than-average interest rates, which can add up to big savings if you keep checking the balance each month.

Also, low interest credit cards are a great backup for emergencies. So, if you need to make an immediate purchase and you don’t have cash, you won’t have to spend more on interest charges.

What are low interest credit cards?

If you tend to carry credit card balances from month to month, a low interest credit card will help you save money on interest charges. Standard credit card interest rates range from 19.99 to 20.99%, with higher interest rates for recurring credit card balances.

Having a high-interest credit card means you’re paying a lot more in interest, which you can save if you switch to a credit card with a lower annual interest rate. As their names suggest, low interest credit cards come with very low interest rates, sometimes as low as 4.99%.

How We Compared and Chose the Cards

We’ve compared and ranked each credit card based on an overall assessment of each card’s value. Obviously, the card’s interest rate should be low. But it wasn’t the only thing we considered.

We also take into account cash advances, balance transfers, annual fees and interest rates on any benefits to get a bigger picture of the total potential costs and benefits. For example, if the card offers discounts or insurance, a slightly higher annual fee may be worth it.

How to choose the best low-interest card

When comparing one low interest credit card to another, be sure to consider what is most relevant to your personal spending habits and lifestyle.

If your primary goal is to pay off debt quickly or have a card for emergencies, the lowest possible interest rate is probably right for you. But let’s say you rely on cash advances often – then you’re going to be looking for a card that has lower rates not only for making purchases, but also for withdrawing your bills from ATMs.

Similarly, if you plan to make some big purchases, you need a card that offers additional benefits like extended warranty and purchase assurance. By examining your choices, you’ll be able to find the right low interest card for you.


Which Canadian credit card has the best benefits?

Cardholders of the CIBC Aventura Visa Infiniti Card can enjoy a host of travel benefits, from four free annual airport lounge passes to a NEXUS application fee waiver every four years.

What is the typical interest rate on a credit card in Canada?

Most credit cards charge a standard annual interest rate of around 19.99% for purchases, which can add up quickly. While the welcome offers and benefits of some credit cards can be tempting, the mounting interest charges due to carrying a balance will negate any benefits.

What is a good credit card for beginners in Canada?

The Scotiabank American Express Card is one of the best no fee credit cards in Canada. For a limited time, you can earn up to 12,000 points in the first year, valued at $120 per stay with Airbnb.

What are the top 4 credit cards?

American Express Gold Card: Best for good credit.
Capital One Platinum Credit Card: Best for reasonable credit.
Discover this secured credit card: the best without credit history.
Discover It Student Cash Back: Best for students.
Capital One Platinum Secured Credit Card: Best for Bad Credit

The bottom line

Low interest rate credit cards are great to have on hand for a big purchase, debt consolidation or emergency If you carry a balance from month to month, you’ll likely pay an annual fee.

But if you plan to use the card frequently for anything other than new purchases, be sure to review the applicable rates for cash advances and balance transfers because they can change.

Don’t forget to take perks and rewards into account to choose the best card. Either way, a low-interest credit card is one of the cheapest ways to borrow money without putting up collateral. And if you have a balance, it will put more money in your pocket than any rewards or cash-back card.

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