When it comes to credit cards, interest rates are a key factor, especially if you tend to carry a balance month-to-month. High interest rates can quickly accumulate on outstanding balances, making it harder to pay off your debt. Fortunately, several Canadian credit card companies offer cards with low interest rates, which can save you money on interest charges. Below are some of the top credit card issuers in Canada offering cards with low-interest rates in 2025.
1. MBNA True Line® Gold Mastercard®
Why It’s Great for Low Interest Rates:
- Purchase APR: 8.99%
- Cash Advance APR: 8.99%
- Balance Transfer APR: 8.99%
- Annual Fee: $39 (first year waived)
- Benefits:
- Low-interest rates on both purchases and cash advances.
- Offers a balance transfer promotion (0% for up to 12 months on balances transferred in the first 90 days).
- Great for individuals who want to transfer existing debt to a low-interest card.
The MBNA True Line Gold Mastercard® is an excellent choice for those looking to save on interest. Its 8.99% APR for purchases, balance transfers, and cash advances is among the lowest available in Canada. This card offers a great balance of low interest and affordability.
2. RBC RateAdvantage® Visa Card
Why It’s Great for Low Interest Rates:
- Purchase APR: 11.99%
- Cash Advance APR: 11.99%
- Balance Transfer APR: 11.99%
- Annual Fee: $29
- Benefits:
- Competitive 11.99% APR on both purchases and cash advances.
- Low annual fee of $29, making it affordable for those seeking lower-interest options without high upfront costs.
- Access to RBC’s online banking and mobile app, which makes managing your finances easier.
The RBC RateAdvantage Visa Card offers a solid low-interest option for individuals who are looking for a reliable and affordable credit card. It has a competitive interest rate of 11.99%, and its low annual fee is a great perk for those who want to avoid paying high fees while enjoying lower interest.
3. Scotiabank Value® Visa Card
Why It’s Great for Low Interest Rates:
- Purchase APR: 12.99%
- Cash Advance APR: 12.99%
- Balance Transfer APR: 12.99%
- Annual Fee: $29
- Benefits:
- Low interest of 12.99% on purchases, cash advances, and balance transfers.
- Ideal for cardholders with balances who want to reduce interest payments over time.
- Offers Scotiabank rewards on everyday purchases.
- Introductory Offer: 0% interest on balance transfers for the first 6 months.
The Scotiabank Value Visa Card is a good low-interest option with its 12.99% APR, which is ideal for anyone who wants to save on interest charges. The introductory 0% APR for balance transfers for the first 6 months is particularly useful for people with existing debt.
4. TD Emerald Flex Rate Visa Card
Why It’s Great for Low Interest Rates:
- Purchase APR: 11.99%
- Cash Advance APR: 11.99%
- Balance Transfer APR: 11.99%
- Annual Fee: $35
- Benefits:
- Offers flexible interest rates with the option to choose between fixed and variable rates.
- Low 11.99% APR for purchases and cash advances.
- Offers TD Rewards points on purchases, giving you a chance to earn points while paying off your balance at a low interest rate.
The TD Emerald Flex Rate Visa Card stands out with its flexibility, allowing cardholders to choose between fixed or variable interest rates. With 11.99% APR on purchases and cash advances, it’s a competitive card for those who prefer low-interest options while also earning rewards.
5. CIBC Select Visa Card
Why It’s Great for Low Interest Rates:
- Purchase APR: 12.99%
- Cash Advance APR: 12.99%
- Balance Transfer APR: 12.99%
- Annual Fee: $29
- Benefits:
- Competitive 12.99% APR on all balances, including purchases, cash advances, and balance transfers.
- Balance transfer promotion offering 0% APR for up to 6 months on transferred balances.
- CIBC’s mobile app and easy online management make it simple to track and manage your payments.
The CIBC Select Visa Card provides a 12.99% APR on both purchases and balance transfers, which is great for those who want to save money on interest. The balance transfer offer can help those looking to consolidate debt at a low rate for the first few months.
6. BMO Preferred Rate MasterCard®
Why It’s Great for Low Interest Rates:
- Purchase APR: 12.99%
- Cash Advance APR: 12.99%
- Balance Transfer APR: 12.99%
- Annual Fee: $20
- Benefits:
- Low-interest rate of 12.99% across all purchases, cash advances, and balance transfers.
- Low annual fee of just $20, making it affordable.
- Offers a balance transfer promotion (0% interest for the first 9 months).
The BMO Preferred Rate MasterCard is a great option for those seeking a low-interest credit card with a low annual fee. With 12.99% APR and 0% balance transfer for the first 9 months, it’s an attractive option for people looking to consolidate debt and minimize interest payments.
7. HSBC +Rewards™ Mastercard®
Why It’s Great for Low Interest Rates:
- Purchase APR: 11.9%
- Cash Advance APR: 11.9%
- Balance Transfer APR: 11.9%
- Annual Fee: $25
- Benefits:
- 11.9% APR on all balances, making it one of the more affordable options for those carrying a balance.
- Earn rewards points on every purchase, which can be redeemed for travel, merchandise, or gift cards.
- No annual fee for the first year.
The HSBC +Rewards™ Mastercard® is one of the most affordable low-interest cards with a solid rewards program. At 11.9% APR, it’s a good option for those who also want to earn rewards while keeping interest charges low.
Conclusion
If you’re looking for a low-interest credit card in Canada, these cards provide competitive APR rates, balance transfer offers, and affordable annual fees. The best card for you will depend on your spending habits, whether you’re focused on minimizing interest charges or consolidating existing debt. Whether you choose MBNA, RBC, TD, or Scotiabank, each of these cards offers low interest rates that can help you save money in the long run.
When choosing the best low-interest card, always compare the APR, annual fees, and promotional offers to find the best deal that suits your financial needs.
