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 eligible purchases, 12.99% on balance transfers✪, and 24.99% on cash advances
  • You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.
  • Around-the-clock fraud protection
  • Use available credit on your credit card to transfer funds right to your chequing account.
  • 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.

†, ✪, Terms and Conditions apply.

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

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.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

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Annual Fee Purchase APR Balance Transfer APR Cash Advance APR
$0 12.99% 0% for 12 months 24.99%
MBNA True Line® Mastercard® credit card
  • No annual fee
  • Standard Annual Interest Rates of 12.99% on eligible purchases, 12.99% on balance transfers✪, and 24.99% on cash advances
  • You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.
  • Full credit card details
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Annual Fee:
$0
APR:
12.99%
Balance Transfer:
0% for 12 months
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.

✪, Terms and Conditions apply.

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

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.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property 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
  • Welcome Offer: Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee and we'll waive the $29 annual fee in your first anniversary*
  • Enjoy our lowest interest rate of 13.99% on purchases*
  • Free extended warranty and purchase protection*
  • Zero Dollar Liability: protects you from unauthorized use of your credit card*
  • Worldwide acceptance at over 30 million locations*
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
  • *Terms and conditions apply

*Terms and conditions apply

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Annual Fee Purchase APR Balance Transfer APR Cash Advance APR
$29 13.99% 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee 15.99%
BMO Preferred Rate Mastercard®*
  • Welcome Offer: Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee and we'll waive the $29 annual fee in your first anniversary*
  • Enjoy our lowest interest rate of 13.99% on purchases*
  • Free extended warranty and purchase protection*
  • Full credit card details
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Annual Fee:
$29
APR:
13.99%
Balance Transfer:
0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee
Cash Advance:
15.99%
Apply Now
  • Extended warranty*
  • Purchase protection in case of theft or damage*
  • National Bank ranks #1 among credit card issuers for Customer Experience according to the Forrester CX Index1.

Prime rate and Interest details

The prime rate means the annual variable interest rate posted by National Bank, from time to time, and used by the Bank to determine the interest rates on the demand loans it grants in Canadian dollars in Canada.

The interest rate for the SYNCRO card consists of a variable prime rate set by National Bank plus a fixed adjustment rate of 4% for purchases and 8% for balance transfers and cash advances. Please note that the annual interest rate for the SYNCRO card will not be less than 8.9% for purchases and 12.9% for balance transfers and cash advances.

Credit terms

Grace period: No interest will be charged on purchases made during the month, provided the client pays the balance in full within twenty-one (21) days of the statement date. This grace period does not apply to cash advances or balance transfers. Minimum payment: If your account balance is lower than $10, you must pay the entire balance. If you reside in the province of Quebec, your minimum payment will correspond to 5% of the credit card account balance plus any overdue payment or $10, whichever amount is higher. If you reside outside of Quebec, your minimum payment represents 2.5% of the credit card account balance plus any overdue payment or $10, whichever amount is higher. Account statement: A statement is sent monthly.

Example of credit charges over a 30-day period

Annual interest rate Average balance
  $500 $3,000
22.49% $9.24 $55.45
20.99% $8.63 $51.76
12.90% $5.30 $31.81
8.9% $3.66 $21.95

*Variable interest rate in effect on September 1, 2021

Balance transfer and cash advance are subject to credit approval by National Bank. Each balance transfer must be at least $250.

Purchase protection and Extended warranty

This coverage applies to purchases charged to the National Bank Syncro card. Extended warranty coverage applies to most new items purchased with the card, in Canada or abroad, as long as the manufacturer's warranty is valid in Canada. Certain conditions and restrictions apply. For more information and for details of your insurance coverage, please consult the insurance certificate associated with your card.

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Annual Fee Purchase APR Balance Transfer APR Cash Advance APR
$35 Variable rate: prime rate + 4% (8.90% min) Variable rate: prime rate + 8% (12.90% min) Variable rate: prime rate + 8% (12.90% min)
Syncro Mastercard®
  • Extended warranty*
  • Purchase protection in case of theft or damage*
  • National Bank ranks #1 among credit card issuers for Customer Experience according to the Forrester CX Index1.
  • Full credit card details
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Annual Fee:
$35
APR:
Variable rate: prime rate + 4% (8.90% min)
Balance Transfer:
Variable rate: prime rate + 8% (12.90% min)
Cash Advance:
Variable rate: prime rate + 8% (12.90% min)
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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.