View Best Low Interest Credit Cards - Comparewise

Best Low Interest Credit Cards

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Low Interest

The National Bank Syncro Mastercard offers one of the lowest interest...
  • $35
    Annual fee
  • $0
    Welcome Bonus
  • 0%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The Capital One Low Rate Guaranteed Mastercard is one of the best Capital...
  • $79
    Annual Fee
  • $0
    Welcome Bonus
  • 0%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The MBNA True Line Gold Mastercard offers cardholders some of the best...
  • $39
    Annual fee
  • $0
    Welcome Bonus
  • 0%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews

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Low Interest Credit Cards

Most credit cards combine convenience with great rewards for cardholders. However, if you aren't consistent with paying your credit card bills, you can incur high-interest charges. To avoid this, Canadians turn to low-interest credit cards.

What is a Low-Interest Credit Card?

As the name suggests, a low-interest credit card offers cardholders a lower interest rate. Most credit cards have an interest rate of 19.99%. With a low-interest credit card, you can get a rate as low as 4.99%.

A low-interest credit card will save you hundreds on interest charges. So it’s convenient for anyone who carries a credit card balance from month to month.

Pros and Cons of Low-Interest Credit Cards

Before getting a low-interest credit card, weigh the benefits against the drawbacks.

The Pros of Low Interest Credit Cards

  • Interest savings. Most credit cards have high-interest rates. Some can go up to 30%. With a low-interest credit card, you can get an interest rate of 14%. This means you save money on monthly interest payments. A low-interest credit card is handy for anyone who carries a monthly credit card balance. You'll save big on interest.
  • Simplified debt reduction. Anyone with significant credit card debt can benefit from a low-interest credit card. You can transfer your debt to the card and avoid accumulating more debt because of high-interest charges.
  • Lower annual fees. Unlike other cards that charge an annual fee of $199, low-interest cards often have annual fees between $0 and $40.
  • Non-promotional interest rates. Most low-interest credit cards don't offer their interest rates for a limited time. The interest rate you start with will remain until you close your account.

low interest credit cards 2 - comparewise

The Cons of Low Interest Credit Cards

  • Balance transfer fees. You will be charged a fee when you transfer your existing credit card balances to your low-interest credit card.
  • Little to no rewards. Most low-interest credit cards don’t offer benefits such as insurance or cashback for your spending.
  • High-interest rates for cash advances. While all the purchase and balance transfer interest rates are low, the cash advance rates are often high. You can be charged an interest rate of 25% for a cash advance. However, this applies only to certain low-interest credit cards. Shop around and find a card with a reasonable cash advance interest rate.
  • Potential debt accumulation. Although a low-interest credit card is a great way to save on interest, you still must pay off your debt. Use your card responsibly and to pay off what you owe. Otherwise, you will accumulate more debt.

Choosing the Right Low-Interest Credit Card for You

Not every low-interest credit card in the market offers a good deal. Follow these pointers when choosing a card.

  1. Distinguish between a temporary and permanent interest rate. Some low-interest credit cards offer a lower rate for a limited time. Afterwards, the rate will reset to a much higher percentage. When shopping around, look out for promotional rates.
  2. Look for a low balance transfer and cash advance interest rate. If you're using the card to pay down your debts, look for one that offers a reasonable balance transfer rate. A few low-interest credit cards are ideal for balance transfers. Keep an eye out for any promotions. Also, avoid any cards that have high cash advance rates.
  3. Check if there are special conditions for the low-interest rate to kick in. Some low-interest credit cards will only offer a low-interest rate once you meet the minimum monthly spending limit.
  4. Look out for annual fees. Most low-interest credit cards have annual fees, while others don’t.

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Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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March 17, 2022
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FAQs about
Low Interest Credit Cards

Who Should Get a Low-Interest Credit Card?

Anyone who can’t make consistent monthly payments on a credit card should get a low-interest credit card. Also, if you have high credit card debt, this card can be handy. It will save you hundreds of dollars in interest.

You can also pay your credit card debt off sooner. This is because most of your monthly payments will go towards paying off your balance rather than interest.

Will a Low-Interest Credit Card Really Save Me Money?

Yes. Regular credit cards charge interest between 19.99% and 22.99%. A low-interest credit card charges interest of 4.99% to 12.99%. This means you save up to 10% in interest.

What's the Lowest Interest Rate I Can Get With a Low-Interest Credit Card?

The interest rate can go as low as 2%. However, this rate may only be for a limited time. Make sure to check the card’s details thoroughly before applying.

When Should I Use My Low-Interest Credit Card?

You can use your low-interest credit card for everyday purchases and emergency expenses. Since the interest rate is low, you will pay less interest than you would with a standard credit card. You should also use it to perform balance transfers. If you’re interested in doing this, make sure your card has favourable balance transfer rates.

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