- No rewards breakdown available
0% promotional annual interest rate (AIR) for 12 months on balance transfers completed within 90 days of account opening.
No traditional spending rewards; focuses on low interest rates.
10.99%
24.99%
The MBNA True Line Gold Mastercard stands out as the top choice because it offers one of the lowest interest rates available, making it ideal for those who carry a balance. Its focus on low-cost borrowing rather than rewards makes it a practical option for managing debt.
Pros:
- Low interest rate
- No annual fee
Cons:
- No traditional rewards
- Limited benefits
2.Scotiabank Value Visa Card
Scotiabank
- No rewards breakdown available
No annual fee in the first year and a 0.99% introductory interest rate on balance transfers for the first 9 months.
No rewards points on purchases.
13.99%
13.99%
What sets the Scotiabank Value Visa Card apart is its focus on low costs rather than rewards. It offers a competitive introductory interest rate and no annual fee for the first year, making it a solid choice for those looking to save on interest.
Pros:
- Low interest rates
- No annual fee in the first year
Cons:
- No rewards
- Limited benefits
3.CIBC Select Visa Card
CIBC
- No rewards breakdown available
0% interest for up to 10 months on balance transfers with a 1% transfer fee.
No traditional rewards points.
13.99%
13.99%
The standout feature of the CIBC Select Visa Card is its low interest rate and introductory balance transfer offer. It excels at providing cost savings for those looking to manage debt rather than earn rewards.
Pros:
- Low interest rates
- First-year annual fee rebate
Cons:
- No rewards
- Limited benefits
- No rewards breakdown available
0.99% introductory interest rate for the first 10 months on balance transfers.
No rewards points on purchases.
12.99%
12.99%
This card shines for its low fixed interest rate and introductory balance transfer offer, making it a great option for those who need to manage their debt effectively without the distraction of rewards.
Pros:
- Low interest rates
- First-year annual fee waiver
Cons:
- No rewards
- Limited benefits
- No rewards breakdown available
Potential $50 bonus tied to specific promotions.
No rewards points on purchases.
Prime + 4.99%-8.99%
Prime + 4.99%-8.99%
A key differentiator is that the RBC Rate Advantage Visa bases its interest rates on the cardholder's credit score, offering potentially lower rates for those with better credit, making it a smart choice for cost-conscious borrowers.
Pros:
- Variable interest rates based on credit score
- No annual fee
Cons:
- No rewards
- Variable rates can be high
- No rewards breakdown available
0% promotional interest rate on purchases for the first 6 months.
No rewards points on purchases.
12.90%
12.90%
The TD Low Rate Visa Card is designed for those who carry a balance, offering a low interest rate and promotional offers, making it a straightforward choice for managing larger purchases or unexpected costs.
Pros:
- Low interest rates
- Promotional offers
Cons:
- No rewards
- Limited benefits
7.National Bank Syncro Mastercard
National Bank
- 1.5%Cashback on gas, groceries, and online purchases up to $25,000 annually.
- 1%Cashback on all other eligible purchases.
Get $70 cashback one year after enrollment.
1% cashback on eligible purchases, 1.5% on the first $25,000 annually for gas, groceries, and online purchases.
8.90%
12.90%
The standout feature of the National Bank Syncro Mastercard is its competitive cashback structure, offering 1.5% on essential purchases like gas and groceries, making it a great option for everyday spending while maintaining low interest rates.
Pros:
- Low interest rates
- Cashback rewards
Cons:
- Annual fee
- Limited rewards on non-bonus categories
8.Scotiabank Platinum American Express Card
Scotiabank
- 4%Points on travel booked through Scene+ Travel.
- 2%Points on all other eligible purchases.
60,000 points after spending $3,000 in the first three months, and an additional 20,000 points after spending $10,000 in the first 14 months.
2 points per dollar on all eligible purchases, 4 points on travel booked through Scene+ Travel.
9.99%
9.99%
The Scotiabank Platinum American Express Card earns the #1 spot due to its exceptional rewards structure, offering 2 points on all purchases and 4 points on travel, alongside premium benefits like airport lounge access and comprehensive travel insurance, making it ideal for frequent travelers.
Pros:
- High rewards on travel
- Comprehensive travel insurance
Cons:
- High annual fee
- Requires significant spending to maximize rewards
Final Words
As you consider your options for low-interest credit cards this January, remember that comparing features, fees, and promotional offers is key to finding the best fit for your financial needs. Take the time to evaluate each card thoroughly, and make informed decisions that will benefit your financial health in the long run.
Frequently Asked Questions
The welcome bonus for the MBNA True Line® Gold Mastercard® is a 0% promotional annual interest rate (AIR) for 12 months on balance transfers completed within 90 days of account opening.
The MBNA True Line® Gold Mastercard® does not offer traditional spending rewards; it focuses on providing low interest rates instead.
The Scotiabank Value Visa Card has an annual fee of CA$29. Additionally, there is no annual fee in the first year.
The welcome bonus for the Scotiabank Value Visa Card includes no annual fee in the first year and a 0.99% introductory interest rate on balance transfers for the first 9 months.
The CIBC Select Visa Card does not offer traditional rewards points. Instead, it focuses on providing a low-interest environment for balance transfers.
Low interest credit cards are ideal for individuals who carry a balance month-to-month, as they help minimize interest charges. Additionally, they often come with promotional offers for balance transfers, which can provide significant savings.
When choosing a low interest credit card, consider factors such as the annual fee, the length of introductory interest rates, and any balance transfer fees. Compare these elements to find a card that aligns with your financial habits and spending patterns.
The application process for low interest credit cards typically involves filling out an online application form with personal and financial information. Be prepared to provide details about your income, expenses, and credit history to help lenders assess your eligibility.
