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 - 5 of 5 cards
  • $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
  • 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
  • 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
  • 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
  • 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 $20 annual fee for the first year*
  • Enjoy our lowest interest rate of 12.99% 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

1. BMO Preferred Rate Mastercard applications must be received between June 1, 2022 and December 6, 2022 to be eligible for the first-year annual fee waiver offer. The primary cardholder annual fee of $20 will be rebated in the first year and will appear as a fee and a credit on the primary cardholders first statement. After the first year, the annual fee will appear on your Credit Card statement twelve (12) months after the Credit Card open date. The first-year annual fee waiver offer is limited to new BMO Preferred Rate Mastercard accounts and will not be awarded to current or former cardholders who reinstate a closed account, product transfer, or who open a new account. This offer may be withdrawn or changed without notice.

2. a) Subject to these Terms and Conditions, each balance transfer amount is eligible for a promotional interest rate of 0.99% provided that each balance transfer is posted to your BMO Preferred Rate Mastercard account (the "Account") in the first 9 (nine) statement periods from the Account open date (“Promotional Period”) , and your Account remains in good standing. Offer is available to new customers only upon Account approval for applications submitted on or after June 1, 2022. Balances from other BMO credit card accounts are not eligible to be transferred. The promotional rate will no longer apply to your Account if you transfer into a card other than the BMO Preferred Rate Mastercard. Balance transfers apply to Canadian dollar amounts only.

b) Balance transfers are treated as cash advances and the promotional interest rate applies from the date the transactions are posted to your Account until the last day of the Promotional Period. After the Promotional Period expires, any remaining balance transfer amounts will be charged interest at the standard annual interest rate for cash advances. The promotional interest rate of 0.99% does not apply to purchases, fees, cash advances and other charges posted to your Account during the Promotional Period. Standard interest rates will continue to apply to those transactions. Please refer to your monthly statement for the interest rate applicable to your Account.

c) Each balance transfer is subject to a fee of 2% which will be charged to your account on the date the balance transfer is posted to your Account. For example, if an amount of $1,000 is transferred to your Account, you will be charged a fee of $20. You may request a balance transfer for as low as $100, as long as the transfer amount plus the fee, does not exceed the unused portion of the credit limit on your Account.

d) If your Account has balances with different interest rates, such as purchases with a standard interest rate and balance transfers with a promotional interest rate, any payment that exceeds the minimum payment will be allocated proportionately to those balances according to the terms set out in section 14 of the BMO Mastercard Cardholder Agreement. For example, if you have an $800 purchases balance at the standard interest rate and a $200 balance transfer balance at a promotional interest rate, 80 per cent of your payment will be allocated to your purchases balance and 20 percent will be allocated to your balance transfer balance. This offer may be withdrawn or changed without notice.

e) You will pay interest on purchases unless you pay your full Account balance by the payment due date. For example, if you complete a balance transfer for $5,000 and spend $2,000 in purchases during the same statement period, you must pay the entire balance of $7,000 before the payment due date to avoid paying interest on your purchases. You will be charged interest if you only pay the amount owing for your purchases. There is no interest-free grace period for cash advances or balance transfers.

f) To transfer balances from non-BMO credit card accounts, register for Online Banking or log in at bmo.com and do the following; select your Mastercard account, then select Set up Balance Transfer or Pre-authorized payment, then select Credit Card Balance Transfer and follow the instructions to complete the transfer

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Annual Fee Purchase APR Balance Transfer APR Cash Advance APR
$20 12.99% 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 $20 annual fee for the first year*
  • Enjoy our lowest interest rate of 12.99% on purchases*
  • Free extended warranty and purchase protection*
  • Full credit card details
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Annual Fee:
$20
APR:
12.99%
Balance Transfer:
0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee
Cash Advance:
15.99%
Apply Now
Scotiabank Value Visa Card
  • 0.00% introductory interest rate on Cash Advances for the first 6 months (12.99% after that)Plus annual fee waived for the first year
  • Save up to hundreds of dollars a year on interest
  • Low interest rate of 12.99%
  • Pay down higher interest rate balances faster
  • Transfer higher rate balances and save even more
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Annual Fee Purchase APR Balance Transfer APR Cash Advance APR
Plus annual fee waived for the first year 12.99% 12.99% 12.99%
Scotiabank Value Visa Card
Scotiabank Value® VISA* Card
  • 0.00% introductory interest rate on Cash Advances for the first 6 months (12.99% after that)Plus annual fee waived for the first year
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Annual Fee:
Plus annual fee waived for the first year
APR:
12.99%
Balance Transfer:
12.99%
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).Plus, get a 0.00% introductory interest rate on balance transfers for the first 6 months (22.99% after that)
  • Earn 1% cash back on all eligible gas stations, grocery stores, drug stores purchases and recurring payments.
  • Earn 0.5% cash back on all other eligible purchases.
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Annual Fee Purchase APR Balance Transfer APR Cash Advance APR
$0 19.99% Get an introductory 0% 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).Plus, get a 0.00% introductory interest rate on balance transfers for the first 6 months (22.99% after that)
  • Earn 1% cash back on all eligible gas stations, grocery stores, drug stores purchases and recurring payments.
  • Earn 0.5% cash back on all other eligible purchases.
  • Full credit card details
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Annual Fee:
$0
APR:
19.99%
Balance Transfer:
Get an introductory 0% 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.