If you know you’ll likely be carrying some debt on your credit card from month-to-month—or are 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 to consider:
The best low interest credit cards in Canada 2019
- American Express Essential Credit Card — 8.99% APR
- MBNA True Line Gold MasterCard — 8.99% APR
- Desjardins Modulo Visa — 10.99% APR
- MBNA True Line MasterCard – Honourable mention
- More on the best credits cards – View a complete list of top cards by category
- Our methodology – For greater insight into our rankings
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.
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 3% fee applies). After that, the rate increases to a low 8.99%.
Extras: round-the-clock protection against fraudulent charges.
NOTE: APR and balance transfer offer is different for residents of Quebec
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.
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 ten months (3% fee also applies), after which rate increases to 12.99%
Extras: round-the-clock protection against fraudulent charges
NOTE: APR and balance transfer offer is different for residents of Quebec
Click here for more details about the True Line MasterCard*
In-Depth: THE BEST CREDIT CARDS BY CATEGORY
- Overall Best Credit Cards in Canada
- Best Rewards Credit Cards
- Best Travel Credit Cards
- Best Cash Back Credit Cards
- Best No Fee Rewards Credit Cards
- Best Balance Transfer Credit Cards
- Best Student Credit Cards
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.