- No rewards breakdown available
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 2% transfer fee and we'll waive the $29 annual fee for the first year.
The BMO Preferred Rate Mastercard does not offer rewards or cash back points, as it is designed specifically as a low-interest card.
13.99%
15.99%
The BMO Preferred Rate Mastercard stands out as the top choice because it offers a low ongoing purchase interest rate and a significant introductory offer for balance transfers, making it ideal for those looking to consolidate debt.
Pros:
- Low ongoing purchase interest rate
- 0% introductory rate on balance transfers for 18 months
Cons:
- Annual fee of CA$29 after the first year
- No rewards program
2.CIBC Select Visa Card
CIBC
- No rewards breakdown available
Transfer your credit card balance of $100 or more — get 0% interest for up to 10 months with a 1% transfer fee and a first year annual fee rebate.
The CIBC Select Visa Card does not earn standard purchase rewards or cash back.
13.99%
13.99%
What sets this card apart is its promotional balance transfer offer, allowing cardholders to manage their debt effectively while enjoying a low annual fee.
Pros:
- 0% interest for up to 10 months on balance transfers
- Low annual fee
Cons:
- No rewards program
- Higher interest rates after promotional period
3.Scotia Momentum Visa Card
Scotiabank
- 2%Cash back on gas, groceries, drugstores, transit, food delivery, and recurring payments
- 1%Cash back on all other purchases
Earn up to 2% cash back on select categories, flexible redemption, and partner fuel savings.
The Scotia Momentum Visa Card earns cash back rewards on everyday spending.
20.99%
22.99%
This card shines for its cash back rewards structure, allowing users to earn significant returns on everyday spending, particularly in essential categories.
Pros:
- Cash back on everyday purchases
- Flexible redemption options
Cons:
- Annual fee of CA$49
- Higher interest rates
- No rewards breakdown available
You could get a 0% promotional annual interest rate for 12 months on balance transfers completed within 90 days of account opening.
The MBNA True Line Mastercard does not offer a rewards program.
12.99%
24.99%
A key differentiator is its focus on low-interest rates and no annual fee, making it an excellent choice for those looking to manage existing debt without incurring additional costs.
Pros:
- No annual fee
- Low interest rate on purchases
Cons:
- No rewards program
- Higher cash advance interest rate
5.Tangerine Money-Back World Mastercard
Tangerine
- 2%Cash back in up to 3 categories of your choice
- 0.5%Cash back on all other purchases
Get $100 cash back when you spend $1,500 in your first 3 months.
The Tangerine Money-Back World Mastercard offers unlimited 2% cash back in up to three customizable categories.
20.95%
22.95%
This card excels with its customizable cash back categories, allowing users to tailor their rewards to their spending habits while enjoying a no-annual-fee structure.
Pros:
- Customizable cash back categories
- No annual fee
Cons:
- Higher interest rates
- Limited to three categories for 2% cash back
Did you know?
A no-fee credit card can beat a premium card if you do not use the extras. Match the card to your spend before chasing a bonus.
Final Words
As you consider the best low-interest credit cards this August, remember that the key to maximizing your savings lies in comparing options carefully. Take time to evaluate the features, fees, and benefits of each card to make an informed decision that best suits your financial needs.
Frequently Asked Questions
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 2% transfer fee and we'll waive the $29 annual fee for the first year.
The CIBC Select Visa Card does not earn standard purchase rewards or cash back, as it is primarily focused on providing low-interest rates.
The Scotia Momentum Visa Card earns cash back rewards on everyday spending, including 2% cash back on gas, groceries, drugstores, transit, food delivery, and recurring payments, and 1% cash back on all other purchases.
To transfer a balance, you typically need to provide your existing credit card information and the amount you wish to transfer. Many low-interest cards, like the BMO Preferred Rate Mastercard and CIBC Select Visa Card, offer promotional rates that can significantly reduce interest costs during the introductory period.
The Scotia Momentum Visa Card has an annual fee of CA$49, which can be offset by the cash back rewards earned on eligible purchases.
Consider factors such as the interest rate, annual fees, and any promotional offers like balance transfer rates. Additionally, evaluate your spending habits to determine if a card's rewards or cash back align with your financial goals.
While low-interest credit cards often have lower fees, it's important to review the terms for balance transfer fees, cash advance fees, and any other charges that may apply. Transparency in fees can help you avoid surprises.
