The Laurentian Bank Visa Reduced Rate is a low interest credit card that can help save you money on credit card interest if you carry a balance. The card is best known for its low permanent interest rates of 12.49% on purchases and a special balance transfer offer that goes as low as 0.99%.

Here's our full review of the card, along with a comparison to another popular low interest credit card.

Pros of the Laurentian Bank Visa Reduced Rate

Here are 5 places where the Laurentian Bank Visa Reduced Rate can flex its muscles when it comes to cash back credit cards.

1. Lower interest rates on purchases, cash advances, and balance transfers

Compared to the average interest rate of around 20%, the Laurentian Bank Visa Reduced Rate will save you money with a lower interest rate of 12.49%. The normal balance transfer rate is the same, which is also a big plus and covered in more detail in the next section.

Cash advance fees are also lower at 13.99%.

2. Huge potential savings with its balance transfer promo

The promo balance transfer rate on this card is 0.99% for the first 6 months (with a transfer fee of just 2%). If you're up to the task of paying off that balance within the 6 months, you could save an incredible amount of money.

3. Includes welcome bonus

Even though this is a low interest credit card, it comes with a welcome bonus of up to 10,000 bonus points when you spend $4,000 in the first 6 months. Plus, you can also earn up to 6,000 bonus points.

This is nice to have but paying off any balance should be top priority. If you're trying to maximize the balance transfer offer, you may need to sacrifice earnings (this welcome bonus included) until your balance is paid.

4. Includes buy now pay later installment plan

You can make big purchases more palatable with Laurentian's buy now pay later installment plan. It allows you to pay off large purchases (over $100) over 3, 6, 12, or 24 months with a lower interest rate of 5.99% – around half of the normal purchase interest rate you get with this card.

Cons of the Laurentian Bank Visa Reduced Rate

Here are the areas where this card has some room for improvement.

1. No rewards on purchases

You won’t earn anything beyond the welcome bonus. Most credit cards have some sort of cash back program or rewards points to collect but this card falls short.

In short, this card is all about the low interest rates – so it’s best to get this card if you're struggling to pay off your balance and then transition to one of Laurentian's more lucrative options once you're out of the red.

2. No perks or insurance

Most cards – even those with no annual fee – have some small perks or perhaps purchase protection or extended warranty. This card unfortunately swings and misses in that department, offering only lower interest rates.

3. $30 annual fee

You’ll have to pony up an annual fee of $30 to access the lower interest rates that this card offers. There are other credit cards with no annual fee or a first-year fee waiver that offer low interest rates, too.

Comparison to another low interest credit card

The MBNA True Line Mastercard is the best balance transfer credit card in Canada and excellent low interest credit card. Let's see how it compares to the Laurentian Bank Visa Reduced Rate.

	Laurentian Bank Visa Reduced Rate	MBNA True Line Mastercard
Permanent interest rates	* Purchase interest: 12.49% * Cash advance: 13.99% * Balance transfer: 12.49%	* Purchase interest: 12.99% * Cash advance: 24.99% * Balance transfer: 17.99%
Welcome bonus	Up to 10,000 bonus points when you spend $4,000 in the first 6 months + up to 6,000 bonus points	$20 GeniusCash + 0% interest on balance transfers for 12 months (terms)
Annual fee	$30	$0
Balance transfer promo	0.99% for the first 6 months (2% fee)	0% for the first 12 months (3% fee)
Other perks	* Referral program that earns 2,000 points per person referred * Installment plans available * Free additional cardholders	None

In terms of permanent interest rates, the Laurentian option is the clear winner – though not by much (excluding cash advances).

Where MBNA has Laurentian beat, however, is the balance transfer promo. It offers a better rate and a longer period to pay your balance. If you need the extra time to pay your balance, you'll be better off with the MBNA card. Otherwise, the perks that Laurentian offers are nice.

One other thing stands out here: the annual fee. The fact there is no annual fee for the MBNA True Line Mastercard tilts the scales heavily in its favor – especially if you can fully pay your balance in that time.

Do you have the Laurentian Bank Visa Reduced Rate?

You can potentially save a lot of money on interest with the Laurentian Bank Visa Reduced Rate, but would it be your first option? If you have the card, leave a review below to help others make an informed decision.

FAQ

Does the Laurentian Bank Visa Reduced Rate have a balance transfer promo?

Yes, compared to the normal balance transfer rate of 12.49%, you can save even more with a promotional interest rate of 0.99% for the first 6 months (2% fee).

Does the Laurentian Bank Visa Reduced Rate have an annual fee?

Yes, there is an annual fee of $30 per year – and Laurentian doesn’t currently have a promotion to waive this fee for the first year.

Does the Laurentian Bank Visa Reduced Rate earn rewards on purchases?

No, this card doesn’t earn rewards on purchases. Once you earn your welcome bonus, there is nothing further to earn in terms of cash back or rewards points.