Best Low Interest Credit Cards Canada

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Our Most Recommended Credit Cards

What we most recommend for your next credit card.

Best No-Fee Rewards – Neo Secured Mastercard

Best for Travel Points – National Bank World Elite Mastercard

Best for Bad Credit – Neo Rewards Card

Low-interest credit cards are essential if you do not regularly pay off your monthly balance. It depends on your financial history and other banking products you have. If you are approved for a credit card, you all know that the interest rate you all get is a low one percent, and it will fluctuate with changes in your bankas prime rate or your credit rating.

The downside is that you may get stuck with a higher interest rate if your credit rating is not good. Fixed-rate credit cards are also likely to be offered in combination with time-limited balance transfers, which you can use to consolidate debt from prior credit cards and repay them at a fraction of the interest rate. Note that some credit cards can increase your rate if you miss a payment.

If you have trouble paying off your credit card debt, a low-interest card can be helpful to ease the pressure for up to 6 months. During this time, try to pay for purchases with cash and work on the repayment of your credit. If you carry a credit card balance with earned interest, charging a low-interest credit card could save hundreds or even thousands of dollars in interest expenses.

There is also a welcome bonus of 10,000 points if you spend $1,500 in the first 90 days. Compared with typical reward credit cards, you’d save $286 in interest by paying off your balance in just two months with MBNA True Line Gold. They pay a total interest rate of 2.37%, an annual fee of $39, and total debt costs of $276.

For example, assuming that a reward card has no annual fee, you can save a lot more in interest with the MBNA True Line Gold, even considering that it has an annual fee of $39. As you can see, choosing a low-interest credit card means in just one month, you are debt-free, and the interest costs drop by more than $200. Whatever the reason, a low-interest credit card saves you money by making fewer loans and helps you get out of debt faster, as more of your payments go toward capital and interest.

Canadian Low-Interest Rate Credit Cards

These cards are great for those who can’t afford to pay annual fees or who want to carry a credit card in times of crisis. Low-interest credit cards can be great for financing big purchases, consolidating debt and holding your hand in an emergency. They may have a small annual fee, but they save you money. On the other hand, you may be looking for instant approval cards for bad credit.

This card is an excellent low-interest card that you can keep in your wallet in an emergency. The US Bank Visa (r) Platinum Card has a higher interest rate than some of the other cards on this list but is still lower than many credit cards offering 0% introductory returns. In addition, due to the more extended introductory period, you will be able to pay off your debt within this time frame and will not have to pay any additional interest. 

To determine which credit cards have the lowest interest rates and the best value, we selected and analyzed 234 of the most popular credit cards offered by the major banks, financial companies and credit unions that allow everyone to join them. From debit cards to travel reward cards to low-interest cards, we’ve conducted extensive research to compare the Canadian credit card market and hand-pick our top picks for the best credit cards in Canada. As a result, we’ve picked the best credit card deals on the credit page, focusing on the best credit card deals for new purchases, including outstanding balance transfer cards.

The cards above were collected and not verified or supplied by the card issuer before publication. The card includes a range of insurance policies, including travel and medical access and exclusive hotel and travel benefits offered by the Visa Infinite program. Cardholders also get priority access to American Express invitations, including concerts, events and restaurant reservations.

Also Read:

Best Balance Transfer Credit Cards in Canada

Zero-Interest Credit Card Offers

How Does Credit Card Interest Work?

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