Canada's Best Low Interest Credit Cards 2019 - MoneySense

Canada’s Best Low Interest Credit Cards 2019

If you carry a balance, consider these low-interest cards

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If you know you’ll likely be carrying some debt on your credit card from month-to-month—or simply trying to pay off a balance—then a low-interest credit card is a good choice for you. After all, why lock yourself into the typical 19.99% credit card interest rate when you have the option to pay about half that. Here are some good card choices for you:

The best low interest credit cards in Canada 2019

American Express Essential Credit Card*

Low annual interest rate: 8.99% on purchases and cash advances—half the interest rate of typical rewards cards.

Free to use: No annual fee

Bonus offer: Pay 1.99% interest in the first 6 months on balance transfers. The rate increases to 8.99% after that.

Entertainment deals: You’ll have priority access to concert ticks with American Express Invites.

Click here for more details about the American Express Essential Credit Card*

MBNA True Line Gold MasterCard*

Single-digit interest rate: 8.99% interest rate on purchases is less than half the going rate.

Low annual fee: $39 a year

Introductory offer: a 0% interest rate on balance transfers for six months (additional 1% fee applies). After that, the rate increases to a low 8.99%.

Extras: round-the-clock protection against fraudulent charges.

Click here for more details about the True Line MasterCard*

Modulo Visa

Low-interest rate: 10.99% on purchases.

Modest annual fee: $50.

Rewards: Get 1% of your purchases in BONUSDOLLARS which can be redeemed for trips, gifts and more.

Protect your mobile devices: $1,000 in mobile insurance coverage for cell phones, smartphones or tablets.

Click here for more details about the Modulo Visa

Honorable mention

MBNA True Line MasterCard*

No annual fee: $0

Competitive low-interest rate: 12.99% on purchases and balance transfers

Welcome offer: Get a 0% introductory interest rate on balance transfers for 6 months (1% fee also applies), after which rate increases to 12.99%

Extras: round-the-clock protection against fraudulent charges

Click here for more details about the True Line MasterCard*

In-Depth: THE BEST CREDIT CARDS BY CATEGORY

The methodology

For the Best Low Interest Credit Cards 2019 ranking, we listed low interest rate credit cards based on their annual purchase interest rate (APR). Our methodology also took into consideration other factors, including balance transfer offers, purchase protections, insurance perks and annual fees.

‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the “Canada’s Best Credit Card” rankings. You can read more about this in our Editorial Code of Conduct.