- No rewards breakdown available
You could get a 0% promotional annual interest rate (“AIR”) for 12 months on balance transfers completed within 90 days of account opening.
The MBNA True Line Mastercard is designed as a low-interest card and does not offer any standard rewards points or cash back on purchases.
12.99%
24.99%
The MBNA True Line Mastercard stands out as the top choice because it offers a 0% promotional interest rate on balance transfers for the first year, making it ideal for those looking to manage existing debt without incurring additional interest.
Pros:
- No annual fee
- Low interest rates
Cons:
- No rewards program
- Higher interest rates after promotional period
2.National Bank Syncro Mastercard
National Bank
- 1%Cashback on all purchases
- 0.5%Additional cashback on the first $25,000 of annual gas, grocery, and online purchases
The National Bank Syncro Mastercard offers a welcome bonus of $70 in cashback, along with a first-year annual fee rebate.
The National Bank Syncro Mastercard primarily offers a low-interest rate rather than a robust rewards program, but it includes 1% cashback on all purchases for accounts in good standing.
8.90%
12.90%
What sets the National Bank Syncro Mastercard apart is its low interest rate of 8.90% on purchases, making it an excellent choice for those who may carry a balance while still earning cashback on their spending.
Pros:
- Low interest rates
- Cashback on all purchases
Cons:
- Limited rewards program
- Annual fee applies
- No rewards breakdown available
Enjoy a 0.99% introductory interest rate for the first 10 months on balance transfers.
The RBC Visa Classic Low Rate Option card focuses on savings over traditional rewards, featuring a low fixed rate on purchases and cash advances.
12.99%
12.99%
This card shines for its low fixed interest rate of 12.99% on purchases and cash advances, making it a solid option for individuals looking to minimize interest charges while managing their debt.
Pros:
- Low fixed interest rate
- Introductory balance transfer rate
Cons:
- Limited rewards
- Annual fee applies
4.CIBC Select Visa Card
CIBC
- No rewards breakdown available
The CIBC Select Visa Card currently offers a welcome bonus featuring 0% interest on balance transfers for up to 10 months.
The CIBC Select Visa Card focuses on low-interest rates rather than a robust rewards program.
13.99%
13.99%
A key differentiator is the CIBC Select Visa Card's 0% interest on balance transfers for the first 10 months, making it an attractive option for those looking to consolidate debt without incurring interest.
Pros:
- 0% introductory balance transfer rate
- Manage debt effectively
Cons:
- Annual fee applies
- Limited rewards
5.Scotiabank Platinum American Express Card
Scotiabank
- 2%Points on all purchases
The Scotiabank Platinum American Express Card offers up to 80,000 bonus Scene+ points for new applicants who spend $3,000 within the first 3 months.
Earn 2 points per $1 spent everywhere with the Scotiabank Platinum American Express.
9.99%
9.99%
The standout feature here is the Scotiabank Platinum American Express Card's extensive travel benefits, including 10 complimentary airport lounge accesses and a competitive earn rate of 2 Scene+ points per dollar spent.
Pros:
- High rewards on travel
- Airport lounge access
Cons:
- High annual fee
- Foreign transaction fee
Final Words
As you navigate the options for low interest credit cards this February, remember that finding the right card can significantly impact your financial health. Take the time to compare various offers, focusing on interest rates, fees, and rewards to ensure you make an informed decision that best suits your needs.
Frequently Asked Questions
You could get a 0% promotional annual interest rate (“AIR”) for 12 months on balance transfers completed within 90 days of account opening.
The MBNA True Line Mastercard is designed as a low-interest card and does not offer any standard rewards points or cash back on purchases.
The National Bank Syncro Mastercard has an annual fee of CA$35, which is relatively low considering the cashback rewards it offers.
The National Bank Syncro Mastercard primarily offers a low-interest rate rather than a robust rewards program, but it includes 1% cashback on all purchases for accounts in good standing, and 0.5% additional cashback on the first $25,000 of annual gas, grocery, and online purchases.
The RBC Visa Classic Low Rate Option card focuses on savings over traditional rewards, featuring a low fixed rate on purchases and cash advances, with a 0.99% introductory interest rate for the first 10 months on balance transfers.
When choosing a low-interest credit card, consider the interest rates, any annual fees, and any introductory offers. Additionally, assess your spending habits to determine if a card with rewards could be more beneficial than a purely low-interest option.
Low-interest credit cards can be beneficial for individuals who carry a balance, as they minimize interest charges. However, if you pay off your balance in full each month, a rewards card may offer better value through cashback or points.
To apply for a low-interest credit card, you typically need to provide personal information such as your income, employment status, and credit history. It's advisable to check your credit score beforehand to understand your likelihood of approval.
