Best low interest credit cards in Canada for 2019 award seal

If you’re the forgetful type who tends to run late on payments, or if you’re carrying a balance on your credit card right now…

Saving on your monthly interest charges is worth checking into.

Because with the right card, you could save hundreds (or even thousands depending on your credit card balance) per year.

They’re rare, but some low interest credit cards can offer interest rates under 9% for people with top-notch credit...That’s 11% less than the typical credit card these days.

What’s that in real dollars? Well if you carry a balance of $8,000 for a full year, that’s $880 in interest savings. Every. Single. Year.

These savings could help you pay down your credit card balance much faster ‒ and should give you extra breathing room every month.

Best low interest credit cards for 2019

Here are some great low interest credit cards that could help you enjoy some major savings:

Best low interest credit card American Express Essential™ Credit Card
Best introductory balance transfer offer MBNA True Line® Mastercard®
Runner-up low interest credit card BMO Preferred Rate Mastercard

Review all top 10 low interest credit cards here.

The best no fee, low interest credit card in Canada

The American Express Essential is one of the best low interest credit cards in Canada – and it has no annual fee.

Often, low interest rate credit cards will require you to pay an annual fee, but not this one.

Instead, with Amex Essential, you'll get a permanently low interest rate of only 8.99% on

  • all of your purchases,
  • cash advances, and
  • balance transfers.

And you have the option of getting a 1.99% balance transfer rate for 6 months (fees apply).

One of the best things about this card is that your interest rate does not depend on your credit score. Instead, everyone who gets approved will enjoy the same low interest rate.

A low interest credit card balance transfer offer

This offer is not available to residents of Quebec. For residents of Quebec, please go here.

Not only will credit cards allow you to save interest on future purchases, but if you're currently paying a soul-crushing 20% interest, there are cards that will allow you to transfer that balance to another card (with lower interest) to save some money.

The is a card that will allow you to do exactly that.

You'll be able to:

  • get a 0% promotional annual interest rate for 6 months on balance transfers completed within 90 days (fees apply), and
  • only pay a low 8.99% interest rate on that balance transfer when your 6 months are over.

Sure, there are lots of credit cards available with low balance transfer intro rates. But if you don't pay off that balance transfer within a set amount of time, your interest will jump up to 22-25%. And then you'll be in an even worse spot than before.

But, you won't need to worry about that happening with this low fee card. Plus, you'll get an 8.99% interest rate on all of your future purchases as well.

Honorable mention

Much like the Amex Essential mentioned above, the will give you a low interest rate on all purchases, cash advances, and balance transfers.

First, if you want to transfer any pre-existing credit card debt, you'll get:

  • a 3.99% introductory interest rate on Balance Transfers for 9 months (fees apply), and
  • a 12.99% interest on all future purchases, cash advances, and balance transfers.

If you've ever struggled with credit card debt, you'll know that any relief from 20% interest is welcome, so this card is definitely worth considering.

To be approved for this card, you'll need to have a very good credit score. And for an annual fee of only $20, you'll have:

  • wide acceptance (you can even use this card at Costco),
  • peace of mind thanks to 2 types of complimentary purchase insurance, and
  • interest rates that should help you save money.

Compare Low Interest Credit Cards

Featured In

The Globe and Mail