Rankings
Best Low Interest Credit Cards in Canada
The lowest purchase interest rates on Canadian credit cards, from 9.99%, and how much they save if you carry a balance.
What credit card has the lowest interest rate in Canada?
Scotiabank Platinum American Express at 9.99%, then Desjardins Flexi Visa (10.9%), MBNA True Line Gold Mastercard (10.99%), Desjardins Odyssey Visa Infinite Privilege (11.9%).
| Card | Purchase rate | Annual fee |
|---|---|---|
| TopScotiabank Platinum American Express | 9.99% | $399 |
| Desjardins Flexi Visa | 10.9% | $0 |
| MBNA True Line Gold Mastercard | 10.99% | $39 |
| Desjardins Odyssey Visa Infinite Privilege | 11.9% | $395 |
| TD Low Rate Visa | 12.9% | $25 |
| MBNA True Line Mastercard | 12.99% | $0 |
| RBC Visa Classic Low Rate Option | 12.99% | $20 |
| CIBC Select Visa | 13.99% | $29 |
| BMO Preferred Rate Mastercard | 13.99% | $29 |
| Scotiabank Value Visa | 13.99% | $29 |
Low-rate cards usually earn few or no rewards; they’re built for carrying a balance.
Put it into practiceAll low-interest cardsHow much does a low-interest card save?
Paying $250 a month on $5,000: at 20.99% you pay $1,207 interest over 2 yrs 1 mo; at 12.99% you pay $665 over 1 yr 11 mo.
Run your own numbers in the credit card payoff calculator.
Who should get a low-interest card?
Anyone who carries a balance most months. Interest at 20%+ wipes out any rewards: carrying $3,000 at 20.99% costs about $630 a year, while 2% back on $3,000 of purchases earns $60.
Is a balance transfer better than a low-rate card?
For a fixed amount you can clear within 6–12 months, a 0%–1.99% transfer promo is cheaper even after a 1%–3% fee. For ongoing balances, a permanently low rate is safer.
Official sources and further reading
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value