If there’s a chance you’ll carry any credit card debt from month-to-month, you may want to have a low interest credit card in your wallet. Check out this list of the best low interest credit cards in Canada, find the right one for you and apply today, so you can stop paying hefty interest charges.
| Credit card | Purchase interest rate | Balance transfer rate | Annual fee | Net reward (1st year) | Monthly interest fee | Monthly interest fee | Required deposit | Min. required income | ||
|---|---|---|---|---|---|---|---|---|---|---|
|
8.99%
Cash advance 24.99%
|
$ 39 | $0.00 |
$3.75
|
Get details | ||||||
|
8.99%
Cash advance 8.99%
|
$ 0 | $15,000.00 |
$3.75
|
Get details | ||||||
|
14.9%
Cash advance 19.80%
|
$ 59 | $0.00 |
$6.21
|
Get details | ||||||
|
12.49%
Cash advance 12.49%
|
$ 30 | $0.00 |
$5.20
|
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|
12.99%
Cash advance 12.99%
|
$ 29 | $12,000.00 |
$5.41
|
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|
13.99%
Cash advance 13.99%
|
$ 29 | $0.00 |
$5.83
|
Get details | ||||||
|
11.9%
Cash advance 11.90%
|
$ 20 | $15,000.00 |
$4.96
|
Get details | ||||||
|
11.99%
Cash advance 11.99%
|
$ 20 | $0.00 |
$5.00
|
Get details | ||||||
|
12.9%
Cash advance 12.90%
|
$ 35 | $0.00 |
$5.38
|
Get details | ||||||
|
12.9%
Cash advance 12.90%
|
$ 30 | $0.00 |
$5.38
|
Get details | ||||||
|
14.99%
Cash advance 22.99%
|
$ 120 | $0.00 |
$6.25
|
Get details | ||||||
|
12.99%
Cash advance 24.99%
|
$ 0 | $0.00 |
$5.41
|
Get details | ||||||
|
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If you need any help comparison shopping, read our frequently asked questions below:
A low interest credit card is exactly what it sounds like: a regular credit card but with a lower interest rate (typically 5-10% versus 19.99%+). The card also offers a lower interest rate on balance transfers and cash advances, which may be important to you, if those are transactions you think you’ll make on occasion. Low interest credit cards also typically have low or no annual fees, making it an accessible card regardless of your income.
If you can’t always pay off the full balance on your credit card or if you have credit card debt, a low interest credit card can save you a lot of money in unnecessary interest charges. Don’t get fooled by enticing credit card rewards because if you can’t pay off your monthly balances, those rewards will cost you. Credit card interest compounds and accumulates quickly, so the more you’re charged the longer it’ll take you to pay off the debt. By transferring your balance to a low interest credit card, or just using one right from the start, you can save both in interest costs and potentially in the full length of time it might take you to pay off your credit card debt.
We know that low interest credit cards are helpful when you are carrying a balance on your credit card, but they are also great for making everyday purchases or for emergency expenses. With a low interest credit card, you will pay less interest than you would with a regular credit card and you’ll have the security of using the card if you need to. While we don’t recommend getting cash advances, low interest credit cards do charge a lower fee compared to other cards. Many people also use their low interest credit cards to perform balance transfers, when they transfer some or all of their balances from one card to a new low interest credit card; this allows them to have only one monthly payment at a much lower interest rate.
You would think that choosing the best low interest credit card would be straightforward since all you’d be looking at is the interest rate and the lowest would equate to the best, but that’s not quite the case because of annual fees. Although low rate credit cards have lower annual fees than rewards credit cards, you still have to do some calculations and understand your financial situation. Some of the best low interest credit cards have an annual fee; therefore you need to determine whether your savings on interest payments will outweigh the annual fee. If not, then choosing a low interest card without an annual fee might be the best option for you. Ideally though, the best low interest credit card would be one with no annual fee and the lowest interest rate!