Low Rate Credit Cards

If you carry a monthly balance on your credit card then a “low rate” card is a must-have. It’s always a good idea to shop around for the best interest rate for any type of loan, especially when it comes to credit cards. To qualify for the best interest rates, your credit history should be well established and free of late payments and delinquent accounts.

  • Choose a low rate card if you plan on carrying a monthly balance or are financing a major purchase.
  • You will need good to excellent credit to be approved for the best rates.
  • If you pay off your balance every month, you might be better off earning perks with a rewards card.
Showing 1 - 6 of 6 cards
MBNA Platinum Plus Mastercard
  • 0% promotional annual interest rate† (AIR) on balance transfers✪ for the first 12 full months
  • Access to 24/7 customer service
  • Around-the-clock-fraud protection
  • Immediate cash access at over 1 million ATMs worldwide
  • No annual fee
View More View Less
Annual Fee APR Balance Transfer APR Cash Advance APR
$0 19.99% 0% on balance transfers for the first 12 months 24.99%
MBNA Platinum Plus Mastercard
MBNA Platinum Plus® Mastercard® credit card
  • 0% promotional annual interest rate† (AIR) on balance transfers✪ for the first 12 full months
View More View Less
Annual Fee:
$0
APR:
19.99%
Balance Transfer:
0% on balance transfers for the first 12 months
Cash Advance:
24.99%
Apply Now
Scotiabank Value Visa Card
  • Save hundreds of dollars in interest a year
  • Low 11.99% interest rate
  • Pay down balances faster
  • Simplify your monthly payments
  • Rates, fees and other information are effective as of March 1, 2017. Subject to change.
  • NOTE: A 1% Promotional Rate Fee (minimum fee of $3.50) on the amount of any cash advance, balance transfer and Scotia® Credit Card Cheque will apply during this promotional offer.
View More View Less
Annual Fee APR Balance Transfer APR Cash Advance APR
$29 11.99% 1.99% on balance transfers for the first six months. 11.99%
Scotiabank Value Visa Card
Scotiabank Value® VISA* Card
  • Save hundreds of dollars in interest a year
View More View Less
Annual Fee:
$29
APR:
11.99%
Balance Transfer:
1.99% on balance transfers for the first six months.
Cash Advance:
11.99%
Apply Now
No-Fee Scotiabank Value VISA card
  • Get an introductory 3.99% interest rate on Balance transfers for the first six months. For accounts opened by July 31, 2017.
  • A great low rate with no annual fee
  • Pay down balances faster
  • Simplify your monthly payments
  • Rates, fees and other information are effective as of March 1, 2017. Subject to change.
  • NOTE: A 1% Promotional Rate Fee (minimum fee of $3.50) on the amount of any cash advance, balance transfer and Scotia® Credit Card Cheque will apply during this promotional offer.
View More View Less
Annual Fee APR Balance Transfer APR Cash Advance APR
$0 16.99% 3.99% on balance transfers for 6 months 16.99%
No-Fee Scotiabank Value VISA card
No-Fee Scotiabank Value® VISA* card
  • Get an introductory 3.99% interest rate on Balance transfers for the first six months. For accounts opened by July 31, 2017.
View More View Less
Annual Fee:
$0
APR:
16.99%
Balance Transfer:
3.99% on balance transfers for 6 months
Cash Advance:
16.99%
Apply Now
Scotia Momentum No-Fee VISA Card
  • Cash back on everyday spending with no annual fee
  • 1% cash back on eligible gas station, grocery store and drug store purchases and recurring bill payments
  • 0.5% cash back on all other eligible everyday purchases
  • Rates, fees and other information are effective as of March 1, 2017. Subject to change.
  • Special introductory 7.99% interest rate on purchases for the first 6 months†. For accounts opened by October 31, 2017.
  • NOTE: A 1% Promotional Rate Fee (minimum fee of $3.50) on the amount of any cash advance, balance transfer and Scotia® Credit Card Cheque will apply during this promotional offer.
View More View Less
Annual Fee APR Balance Transfer APR Cash Advance APR
$0 19.99% Get an introductory 1.99% on Balance transfers for the first six months. 22.99%
Scotia Momentum No-Fee VISA Card
Scotia Momentum® No-Fee VISA* Card
  • Cash back on everyday spending with no annual fee
  • 1% cash back on eligible gas station, grocery store and drug store purchases and recurring bill payments
  • 0.5% cash back on all other eligible everyday purchases
  • Full credit card details
View More View Less
Annual Fee:
$0
APR:
19.99%
Balance Transfer:
Get an introductory 1.99% on Balance transfers for the first six months.
Cash Advance:
22.99%
Apply Now
Amex Essential Card
  • Enjoy a low 8.99% interest rate on purchases
  • Have the flexibility to pay your balance in full or over time
  • Optional Balance Transfer Offer to new Cardmembers – Enjoy a special 1.99% introductory interest rate on transferred balances in the first 6 months if you choose to transfer your other credit card balances to this American Express card at time of online application. There is no balance transfer fee at time of application.
  • Access to memorable experiences with American Express InvitesTM
  • Shopping coverage and 24/7 Customer Service
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details, current product information and Terms and Conditions, click the Apply now link. Conditions apply.
View More View Less
Annual Fee APR Balance Transfer APR Cash Advance APR
$0 8.99% 1.99% on balance transfers for 6 months 8.99%
Amex Essential Card
American Express EssentialTM Credit Card
  • Enjoy a low 8.99% interest rate on purchases
  • Have the flexibility to pay your balance in full or over time
  • Optional Balance Transfer Offer to new Cardmembers – Enjoy a special 1.99% introductory interest rate on transferred balances in the first 6 months if you choose to transfer your other credit card balances to this American Express card at time of online application. There is no balance transfer fee at time of application.
  • Full credit card details
View More View Less
Annual Fee:
$0
APR:
8.99%
Balance Transfer:
1.99% on balance transfers for 6 months
Cash Advance:
8.99%
Apply Now
  • Enjoy the flexibility of a major credit card and save with a lower annual interest rate and no annual fee
  • Enjoy a standard annual interest rate of 9.99% on purchases and balance transfers✪
  • Around-the-clock-fraud protection
  • Immediate cash access at over 1 million ATMs worldwide
  • No annual fee
View More View Less
Annual Fee APR Balance Transfer APR Cash Advance APR
$0 9.99% 9.99% 24.99%
The Canadian Western Bank Platinum Plus Mastercard® Credit Card
  • Enjoy the flexibility of a major credit card and save with a lower annual interest rate and no annual fee
  • Enjoy a standard annual interest rate of 9.99% on purchases and balance transfers✪
  • Around-the-clock-fraud protection
  • Full credit card details
View More View Less
Annual Fee:
$0
APR:
9.99%
Balance Transfer:
9.99%
Cash Advance:
24.99%
Apply Now

When does getting a low rate card make sense?

Conventional wisdom says low interest rate credit cards are better than those with high interest rates. For many people that is certainly true. But for others, the interest rate on their credit cards is irrelevant. How can this be? Are these people fools?

While everyone uses credit cards differently, let's break people into 3 groups for the sake of simplicity. Those who regularly carry a credit card balance month-to-month, those who occasionally carry a monthly credit card balance, and those who never carry a balance. For these 3 groups, the importance of interest rates will vary widely. Let's take a look at how this works.

How interest rates affect various people:

  • Those regularly carrying monthly balances: This group of people are significantly impacted by the rate of interest charged by the credit card company. For many, they only pay the bare minimum month after month, usually 1% to 2% of the balance plus interest. Most of the payments goes towards interest, not the principal which makes it difficult to get out of debt. If you're constantly carrying a balance getting a low rate is the most important factor when researching credit cards. (However we would recommend looking closely at your finances to see how you can avoid using credit cards and paying costly interest payments!)
  • Those occasionally carrying a monthly balance: Even if you carry a monthly balance for a short period of time (say 2 months) getting a low rate is still important. There's no rewards program out there that pays enough to offset paying ANY credit card interest.
  • Those who never carry a monthly balance: We believe credit cards are a useful financial tool when used responsibly. Never paying any credit card interest is a huge part of that philosophy. These people never have to worry about the interest rate because they pay off their balance in full every month. For these savvy spenders getting the most rewards is the top priority. They take what the credit card companies give them and pay nothing in return.

According to several sources, about 45% of Canadians carry a credit card balance month-to-month. Debt can hamper both near and long-term financial goals, so we encourage our visitors to use credit responsibly. If you think you might carry a monthly credit card balance even for a short time, then opt for a card with a low rate.