The most effective low-interest bank cards in Canada for September 2023

In the event you carry a steadiness in your bank card, or in case you count on to tackle debt that may take a while to repay, you would possibly need to contemplate a low-interest bank card. Whereas most common bank cards cost round 20% in curiosity, the playing cards listed right here provide charges that may be half that, or much less. Some playing cards even include enticing steadiness switch promotions that may permit you to pay down debt at a significantly decreased price for a restricted time. In the event you’re seeking to see which one has the very best charges, perks and promotions, learn on for our record of the very best low-interest bank cards in Canada.

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At a look: The MBNA True Line Gold Mastercard has a daily buy rate of interest of 8.99%—that’s lower than half of what’s on a typical bank card. Plus, the $39 annual price is manageable. 

• Annual price: $39
• Rate of interest: 8.99% on purchases, 24.99% on money advances, 8.99% on steadiness transfers
• Welcome provide: No welcome provide.
• Extra advantages: Financial savings with Finances and Avis automotive leases; safety in opposition to fraudulent expenses; buy safety and prolonged guarantee.
• Annual earnings requirement: None listed

Professionals

• Rise up to 9 licensed customers at no cost.
• Whenever you hire a automotive from Finances or Avis, you’ll save a minimal of 10% off the bottom charges.

Cons

• This bank card doesn’t provide a lot in the way in which of perks and advantages, and it doesn’t have factors or money again rewards.
• The acquisition rate of interest for Quebec residents is 10.99%—which is larger than the speed supplied to residents of different provinces and territories. Nevertheless, this card remains to be the the bottom price MBNA bank card out there to Quebecers.

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Flexi Visa

At a look: The Flexi Visa from Desjardins credit score union provides a low 10.90% rate of interest. Plus it has perks like restricted journey insurance coverage, as much as $1,000 in new cell system insurance coverage, and the power to pay for bigger purchases in month-to-month instalments.

• Annual price: $0
• Rate of interest: 10.90% on purchases, 10.90% on money advances
• Welcome provide: None
• Extra advantages: Get a second credit score restrict in your card by Desjardins’ Accord D financing; three days of journey insurance coverage; new cell system insurance coverage; as much as a 15% low cost at Hertz automotive rental and as much as a ten% low cost at Thrifty and Greenback automotive rental areas; buy safety and prolonged guarantee.
• Annual earnings requirement: None

Professionals

• It comes with journey insurance coverage protection that features emergency medical, journey cancellation and misplaced or broken baggage.
• Use this card to purchase a brand new cell system, and also you stand up to $1,000 to cowl loss, theft, injury or mechanical failure.
• Entry to Accord D by Desjardins, which can get you a fast approval for as much as $50,0000 in financing.

Cons

• Whereas a professional, the restricted journey insurance coverage solely covers as much as the primary three days of your journey. If you’re away for for longer, you’ll want to purchase further insurance coverage. 
• The rate of interest will not be the bottom on this record.

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HSBC +Rewards Mastercard*

At a look: The HSBC +Rewards Mastercard provides a low 11.9% rate of interest, plus the power to earn HSBC factors which you can redeem for journey, merchandise and reward playing cards—or you possibly can apply them to your HSBC mortgage, bank card or financial savings account. In the event you’re in search of a low-interest bank card that additionally lets you gather rewards factors, it is a good choice.

• Annual price: $25 (rebated for the primary 12 months)
• Rate of interest: 11.9% on purchases, 11.9% on money advances, 11.9% on steadiness transfers
• Welcome provide: You may earn earn as much as $200 in complete worth for the primary 12 months. Should apply by September 29, 2023. Situations apply.
• Extra advantages: Buy safety
• Annual earnings requirement: None listed

Professionals

• The welcome provide has a worth of as much as $200. 
• Earn HSBC Rewards once you use this bank card. You’ll get 2 factors per $1 spent on eligible eating or leisure purchases and 1 level per $1 on all the pieces else.

Cons

• Doesn’t embrace any journey insurance coverage or different perks.  
• The 11.9% rate of interest will not be the bottom round.

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At a look: This low-interest card from MBNA will get you most of the similar perks because the MBNA True Line Gold Mastercard—additionally on this record—with barely larger rates of interest. The benefit of this card is that it comes with no annual price and a prolonged no-interest steadiness switch. 

Professionals

• The promotional steadiness switch price of 0% is in impact for a full 12 months, which supplies you a great period of time to pay down excellent debt. 
• Add as much as 9 licensed customers to the account at no cost (relying on which reimbursement plan you choose to your buy).

Cons

• Doesn’t embrace insurance coverage or different perks and advantages.
• There’s no annual price, however you’ll pay barely larger rates of interest than with the comparable MBNA True Line Gold Mastercard.

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At a look: The one American Specific card on this record, this no-annual-fee Important bank card provides a low 12.99% rate of interest. It additionally comes with Amex-related perks like Entrance-of-the-Line experiences, eating and leisure, and particular provides. 

• Annual price: $25
• Rate of interest: 12.99% on purchases, 12.99% on money advances, % on steadiness transfers
• Welcome provide: None
• Extra advantages: Entry to Amex Entrance-of-the-Line presale and reserved tickets, in addition to particular cardholder provides, eating, retail and leisure experiences; as much as $100,000 in loss of life and dismemberment journey insurance coverage; entry to Amex’s Plan It Installment Program.
• Annual earnings requirement: $15,000
• Be aware: In the event you don’t make your minimal month-to-month funds on time, the acquisition rate of interest ranges from to 24.99%—26.99%

Professionals:

• American Specific playing cards give cardholders entry to presale tickets, unique occasions and curated eating and leisure experiences. 
• It additionally provides Plan It, which lets you repay bigger purchases in installments for a hard and fast month-to-month price, which relies which reimbursement plan you choose to your buy.

Cons:

• The included journey insurance coverage is proscribed to as much as $100,000 of unintentional loss of life and dismemberment protection.
• Doesn’t embrace as many extras of different bank cards, resembling these finest journey insurance coverage bank cards.

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At a look: With a really cheap $20 annual price and a 12.99% rate of interest, the BMO Most popular Fee Mastercard will enchantment to those that need to follow a giant financial institution—significantly present BMO clients. The welcome provide sweetens the pot with a 0.99% promotional rate of interest on steadiness transfers for 9 months and a first-year price waiver. 

• Annual price: $20 (waived for the primary 12 months)
• Rate of interest: 12.99% on purchases, 15.99% on money advances, 12.99% on steadiness transfers
• Welcome provide: You may earn a 0.99% introductory rate of interest on Steadiness Transfers for 9 months with a 2% switch price and have the $20 annual price waived for the primary 12 months.
• Extra advantages: Prolonged guarantee and buy safety
• Annual earnings requirement: $15,000 (private or family)

Professionals:

• The promotional provide provides you a 0.99% balance-transfer rate of interest for 9 months and waves the annual price to your first 12 months.
• Get a BMO Efficiency chequing account, and also you’ll by no means need to pay the annual price for the BMO Most popular Fee Mastercard.
• Add one other cardholder at no cost.

Cons:

• This bank card doesn’t provide insurance coverage, rewards or different extras.
• The steadiness switch promotion runs for 9 months, which isn’t the longest provide amongst playing cards on this record.

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At a look: Not like most bank cards, the Nationwide Financial institution Synchro Mastercard comes with a variable rate of interest. You’ll pay an rate of interest of 4% plus the financial institution’s prime price (or 11.2%) on purchases, 8% + prime (or 15.2%) on money advances, 8% + prime (or 15.2%) on steadiness transfers. The Synchro bank card has the good thing about a decrease rate of interest than different playing cards, however it does carry the chance that your rate of interest may rise sooner or later.

• Annual price: $35
• Welcome provide: Prolong the producer’s guarantee interval as much as twice on most bank card purchases
• Rate of interest: 4% + prime (11.2%) on purchases, 8% + prime (15.2%) on money advances, 8% + prime (15.2%) on steadiness transfers (notice that the minimal buy rate of interest for the cardboard is 8.9% and the minimal steadiness switch and money advance price is 12.9%)
• Extra advantages: Entry to Mastercard Priceless Cities program; buy safety and prolonged guarantee

Professionals:

• The rates of interest of 11.2% for purchases and eight% + prime (15.2%) on money advances, 8% + prime (15.2%) on steadiness transfers are very aggressive.

Cons:

• Whereas its buy rate of interest remains to be fairly low, The minimal rate of interest is larger than the mounted charges supplied by different playing cards on this record.
• If rates of interest proceed to rise, your buy curiosity expenses may enhance (particularly in case you have a tendency to hold a steadiness).

Often requested questions

Extra of Canada’s finest bank cards: