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 - 4 of 4 cards
  • No annual fee
  • Standard Annual Interest Rates of 12.99% on purchases, 12.99% on balance transfers✪and access cheques, and 24.99% on cash advances
  • Around-the-clock fraud protection
  • Access to 24/7 customer service
  • Immediate cash access at over 1 million ATMs internationally
  • Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the "Apply Now" button.

✪ Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.

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Annual Fee Purchase APR Balance Transfer APR Cash Advance APR
$0 12.99% 12.99% 24.99%
MBNA True Line® Mastercard® credit card
  • No annual fee
  • Standard Annual Interest Rates of 12.99% on purchases, 12.99% on balance transfers✪and access cheques, and 24.99% on cash advances
  • Around-the-clock fraud protection
  • Full credit card details
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Annual Fee:
$0
APR:
12.99%
Balance Transfer:
12.99%
Cash Advance:
24.99%
Apply Now
  • $39 annual fee
  • Standard Annual Interest Rates of 8.99% on purchases, 8.99% on balance transfers✪ and access cheques, and 24.99% on cash advances
  • Around-the-clock-fraud protection
  • Access to 24/7 customer service
  • Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the "Apply Now" button.

✪ Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group).

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.

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Annual Fee Purchase APR Balance Transfer APR Cash Advance APR
$39 8.99% 8.99% 24.99%
MBNA True Line® Gold Mastercard® credit card
  • $39 annual fee
  • Standard Annual Interest Rates of 8.99% on purchases, 8.99% on balance transfers✪ and access cheques, and 24.99% on cash advances
  • Around-the-clock-fraud protection
  • Full credit card details
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Annual Fee:
$39
APR:
8.99%
Balance Transfer:
8.99%
Cash Advance:
24.99%
Apply Now
Scotiabank Value Visa Card
  • 0.99% introductory interest rate on balance transfers for the first 6 months (12.99% after that; annual fee $29)1
  • Save hundreds of dollars in interest a year
  • Low 12.99% interest rate
  • Pay down balances faster
  • Simplify your monthly payments
  • Rates, fees and other information are effective as of Mar 1, 2021. Subject to change.

1 Offer Description and Conditions: The introductory 0.99% interest rate applies only to cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) (collectively “Cash Advances”) subject to the conditions below (the “Offer”). This rate applies when the new Scotiabank Value Visa credit card account (“Account”) is opened by July 1, 2021 and will continue for 6 months from date of Account opening (the “Promotional Period”). This Offer is subject to any available limit for Cash Advances (the “Cash Advance Available Limit”) on your Account. This Offer cannot be used to transfer a balance from another Scotiabank Account, or to make a payment or deposit to another Scotiabank account. After the Promotional Period, the 0.99% interest rate on any promotional Cash Advances (including any that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on Cash Advances (currently 12.99%). If you don’t pay the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional rate Offer and the interest rates that apply on any unpaid balance will increase to the standard annual interest rates that apply to your Account (currently 24.99% on purchases and 27.99% on Cash Advances).

Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Offer.

Offer may be changed, cancelled or extended and cannot be combined with any other offers.

Payment Allocation: In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.
A Balance Transfer fee of 0% of the amount of each Balance Transfer transferred during the Promotional Period applies to this Offer.

Rates and Fees: The current annual fee is $29 for the primary card and $0 for each additional supplementary card.
The current preferred annual interest rates for the Account are: 12.99% on purchases and 12.99% on Cash Advances.
All rates, fees, features and benefits are subject to change.

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Annual Fee Purchase APR Balance Transfer APR Cash Advance APR
$29 12.99% 0.99% on balance transfers for the first six months* 12.99%
Scotiabank Value Visa Card
Scotiabank Value® VISA* Card
  • 0.99% introductory interest rate on balance transfers for the first 6 months (12.99% after that; annual fee $29)1
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Annual Fee:
$29
APR:
12.99%
Balance Transfer:
0.99% on balance transfers for the first six months*
Cash Advance:
12.99%
Apply Now
Scotia Momentum No-Fee VISA Card
  • Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).1 Plus, get 7.99% introductory interest rate on purchases for the first 6 months (19.99% after that; annual fee $0)1

    1 Offer Description and Conditions: The 5% Cash Back and Introductory 7.99% Rate Offer (the “Offer”) applies only to new Scotia Momentum No-Fee Visa credit card accounts (“Accounts”) that are opened by May 2, 2021 and is subject to the below terms and conditions. All other terms and conditions of the Program Terms continue to apply. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.

    Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for the offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Offer.

    5% Cash Back Offer Conditions: You will earn 5% cash back on the first $2,000 in eligible purchases you spend on your new Account within the first 3 months of the Account open date (the “Promotional Period”). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges. After the Promotional Period, you will earn regular cash back on eligible purchases at the regular cash back rate (the “Cash Back Program Rate”) described in the Scotia Momentum No-Fee Visa Cash Back Program Terms and Conditions (the “Program Terms”). The 5% cash back rate for any category is made up of the sum of: (i) the regular Cash Back Program Rate (variable by categories as set out under the Program Terms); and (ii) a “Cash Back Bonus Rate”.

    Cash back earned under this Offer will be credited to your Account in 2 instalments so long as your Account is open and in good standing at time of payout of each:
    1. Bonus Cash Back: The amount earned under the Cash Back Bonus Rate will be credited to your Account within 7 months from the Account open date; and
    2. Regular Cash Back: The amount earned under your regular Cash Back Program Rate will be credited to your Account according to the regular cash back payment schedule as set out under the Program Terms.

    The Account is considered in good standing if it is not delinquent (past due) or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account.

    EXAMPLE: If the Regular Cash Back Program Rate for the Groceries and Recurring Payments category is 1% then the Cash Back Bonus Rate will be 4% for that category so that you will earn a total of 5% on the amount of all eligible everyday purchases in that category during the Promotional Period. If you make $2,000 in eligible everyday purchases in the Groceries and Recurring Payments category, your cash back earnings will be credited to your Account as follows:
    (1) the Cash Back Bonus earnings of $80 (4% x $2,000) (which will not be tracked on your monthly statements), will be credited to your Account within 7 months from the Account open date, and (2) the Regular Cash Back earnings of $20 (1% x $2,000) (which will be tracked on your monthly statements), will be credited to your Account as per the regular cash back payment schedule (i.e., November).

    Introductory 7.99% Rate Offer Conditions: The introductory 7.99% interest rate applies only to eligible purchases subject to the conditions below (the “Offer”). This rate applies when the new Scotia Momentum No-Fee Visa credit card account (“Account”) is opened by May 2, 2021 and will continue for 6 months from date of Account opening (the “Promotional Period”). After the Promotional Period, purchase balances at the promotional rate of 7.99% (including any unpaid balances) will increase to the preferred interest rate for purchases (currently 19.99%). If you don’t pay the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional rate Offer and the interest rates that apply on any unpaid balance and purchases will increase to the standard annual interest rates that apply to your Account (currently 24.99% on purchases and 27.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions)). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges.

    In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.

    Rates and Fees: There is currently no annual fee for the primary card and no fee for each additional supplementary card.
    The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions).
    All rates, fees, features and benefits are subject to change.

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    Annual Fee Purchase 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
    • Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).1 Plus, get 7.99% introductory interest rate on purchases for the first 6 months (19.99% after that; annual fee $0)1

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    • Full credit card details
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    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

    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.