Best Low-Interest Credit Cards in Canada - September 2026

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TD Low Rate Visa* Credit Card

Annual fee: $25
Welcome offer: No current welcome offer

Features
Issuer: TD
Network
Loyalty Program: —

Fees and terms
Annual Fee: $25/yr
Additional card: $0
Min. annual income: —
Household income: $0+

Interest rates
Purchases: 12.9 %
Cash advance: 12.9 %
Balance transfer: 12.9 %
Foreign transaction fee: 2.5 %

Issuer terms

Get a 0% promotional interest rate on Purchases for the first 6 months^† from Account opening and receive an Annual Fee rebate for the first year^†. Conditions Apply.

The Annual Fee Rebate applies only for the first year for the Primary Cardholder. To receive the first-year Annual Fee Rebate for the Primary Cardholder, you must apply for, activate your Card and make your first Purchase on the Account within the first 3 months after Account opening.

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Pros

Simple and straightforward

Cons

No welcome bonus
Modest reward rates

With the TD Low Rate Visa* Card, you can enjoy great financial flexibility for your everyday purchases.

Save on interest with a low annual interest rate of 12.90%^† for residents outside Quebec and 13.90%^† in Quebec on purchases and cash advances.

Option to purchase Travel Medical Insurance^† and Trip Cancellation/Trip Interruption Insurance^†.
Earn more Starbucks Stars at participating Starbucks® stores. Conditions Apply.

Enjoy all the benefits of your TD Low Rate Visa* Card when you use Apple Pay, Google Pay, or Samsung Pay^†. These are easy and secure ways to pay.

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Scotiabank Value® Visa* Card

Scotia First-Year Annual Fee Rebate

Annual fee: $0 $29No annual fee the first year
Our valuation: $29Milesopedia first-year estimate First-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Welcome offer: First Year Annual Fee Rebate

Features
Issuer: Scotia
Network
Loyalty Program: —

Fees and terms
Annual Fee: $29/yr
Additional card: $0
Min. annual income: $12,000+
Household income: $12,000+

Interest rates
Purchases: 13.99 %
Cash advance: 13.99 %
Balance transfer: 13.99 %
Foreign transaction fee: 2.5 %

Issuer terms

Enjoy a 0% promotional interest rate on balance transfers for the first nine months, with a 1% transfer fee. Plus, pay no annual fee for the first year¹.

Save hundreds of dollars in interest each year
Low interest rate of 13.99%
Pay down balances faster
Simplify your monthly payments

Rates, fees and other information are effective as of July 2, 2026. Subject to change.

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Awards won by this card

Pros

First Year Annual Fee Rebate

Cons

No welcome bonus
Modest reward rates
Requires good credit

The Scotia minimum Visa Card is one of the best credit cards for balance transfers in Canada.

You can get an introductory interest rate of 0% on balance transfers for the first nine months (with a 1% transfer fee). You pay no annual fee for the first year with this Visa credit card.

What’s more, this Visa credit card offers a low interest rate: 13.99% on purchases, balance transfers and cash advances.

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BMO Preferred Rate Mastercard®*

BMO First-Year Annual Fee Rebate

Annual fee: $0 $29No annual fee the first year
Our valuation: $29Milesopedia first-year estimate First-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Welcome offer: First Year Annual Fee Rebate

Features
Issuer: BMO
Network
Loyalty Program: —

Fees and terms
Annual Fee: $29/yr
Min. annual income: —
Household income: $0+

Interest rates
Purchases: 13.99 %
Cash advance: 15.99 %
Balance transfer: 15.99 %
Foreign transaction fee: 2.5 %

Issuer terms

Get a 0% introductory interest rate on balance transfers for 18 months (2% transfer fee applies) and a waiver of the $29 annual fee for the first year*.

Get the lowest interest rate: 13.99% on purchases*
Free* extended warranty insurance and purchase protection insurance
Add another cardholder for free*
Zero Liability Protection: You are protected against unauthorized use of your card*
Card acceptance at more than 30 million merchants worldwide*
Enjoy three months of Instacart+ membership and a $5 monthly Instacart credit when you sign up with your eligible BMO credit card*

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Purchase protection: Coverage
Purchase Protection: 90 days
Extended Warranty: +1 year

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Pros

First Year Annual Fee Rebate

Cons

No welcome bonus
Modest reward rates

The BMO^MD Preferred Rate Mastercard^MD* is an excellent option for those who want to reduce interest charges or pay off a balance faster.

With this offer, you get a 0% introductory interest rate on balance transfers for 18 months, with a 2% transfer fee and no annual fee for the first year.

The card also offers one of BMO’s lowest interest rates, at 13.99% on purchases, which may be appealing if you occasionally carry a balance on your card.

With the BMO^MD Preferred Rate Mastercard^MD*, you also get…

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Low-interest credit cards trade flashy rewards for the lowest possible purchase APR — typically 8% to 13% — making them a smart pick if you carry a balance month-to-month.

Who Should Get One?

If you regularly pay only the minimum or expect a large purchase you can’t fully repay in one cycle, a low-interest card almost always saves you more than rewards points would generate.

What to Compare

Look at the purchase APR (your day-to-day rate), the balance-transfer rate (often promotional, then standard), and any annual fee — a $39 fee can be worth it if it shaves several percentage points off your APR.

FAQ

Frequently Asked Questions

What is a low-interest credit card?

A credit card with a purchase APR well below the typical 19.99–20.99% range — usually 8% to 13%. They’re designed for people who carry a balance and want to minimize interest charges, not maximize rewards.

Are low-interest cards worth it if I pay my balance in full?

No. If you always pay your statement balance, the APR never applies and you should pick a rewards card instead — you’ll come out ahead by hundreds per year.

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Awards won by this card

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Issuer terms

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Who Should Get One?

What to Compare

Frequently Asked Questions

What is a low-interest credit card?

Are low-interest cards worth it if I pay my balance in full?

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