Canada’s Best Low-Interest Credit Cards: Save on Interest and Debt.

Are you tired of accumulating debt due to high-interest credit card rates? Look no further! In this article, we’ll explore Canada’s best low-interest credit cards, helping you save on interest and debt.

High-interest credit card debt can be overwhelming. Low-interest credit cards offer a solution, helping you save on interest and pay off debt faster.

Top Low-Interest Credit Cards:

1. RBC Low Rate Avion Visa Card: 10.99% interest rate.
2. TD Cash Back Visa Card: 12.99% interest rate, 10% cashback in the first 3 months.
3. Scotiabank Value Visa Card: 10.99% interest rate, 0% introductory rate for 6 months.
4. CIBC Select Visa Card: 10.99% interest rate, 0% introductory rate for 6 months.
5. American Express SimplyCash Preferred Card: 10.99% interest rate, 2% cashback on all purchases.

CIBC Dividend^® Visa* Card

The CIBC Dividend® Visa* Card is one of the best no-fee Visa cashback credit cards in Canada.

For a limited time, earn 5% cash back (up to 100 $) during the period covered by your first 4 monthly statements.

Plus, get :

• 2% cash back on eligible grocery purchases^†
• 1% cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments^†
• 0.5% cash back on all other purchases^†

This no-annual-fee CIBC credit card offers certain insurance coverages:

• $100,000 Common Carrier Accident Insurance
• Purchase Security and Extended Protection Insurance.

CIBC Select Visa* Card

The CIBC Select Visa* Card is one of the best balance transfer Visa credit cards in Canada.

With this exclusive digital offer for this CIBC balance transfer credit card, you get :

• 0% interest on balance transfers for up to 10 months^†
• a two-year annual fee rebate^†

You’ll only have to pay a 1% fee when you transfer your balance from another card. Once this promotional period ends, the standard card interest rate of 13.99% will apply to any remaining balance. This interest rate is lower than the rates charged by many other credit cards.

For example, you could pay for major purchases on another credit card (such as renovations, furniture or appliances) and transfer your balance to the CIBC Select Visa* Card to benefit from its 0% interest rate on balance transfers for ten months.

CIBC Select Visa* Card users can also save on gas thanks to the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating service stations.

The CIBC Select Visa* Card has an annual fee of $29 (with a two-year annual fee rebate) and requires an annual family income of at least $15,000 to qualify. Despite its lack of additional benefits, the CIBC Select Visa* Card comes with up to $100,000 in Common Carrier Accident Insurance and allows users to add up to three authorized users at no additional cost.

American Express Essential™ Credit Card

With the American Express Essential^™ Credit Card, you can enjoy a low interest rate of 12.99% if you decide to carry a balance and make your minimum monthly payments on time. It is one of the best low-interest-rate credit cards in Canada.

In addition, this low-interest credit card allows you to take advantage of the American Express installment plan (Plan It) to pay a portion of your statement balance in monthly installments.

With the American Express Essential^™ Credit Card, you benefit from $100,000 in travel accident insurance, an additional year of Purchase Protection and a 90-day Purchase Security Guarantee.

Finally, as an American Express Essential^™ Credit Card holder, you can take advantage of exclusive American Express offers for statement credit on selected purchases and American Express online travel services.

TD Low Rate Visa* Credit Card

With the TD Low Rate Visa* Credit Card, you can save on interest with a low annual interest rate of 12.90%^† (13.90%^† in Quebec) for Purchases and Cash Advance transactions. It’s one of the best low-interest credit cards in Canada.

For a limited time, you can get an 8.99% promotional interest rate on Purchases for the first 6 months^† from Account opening.

As a TD Low Rate Visa* Credit Cardholder, you have the option of purchasing Travel Medical Insurance^† and Trip Cancellation/Trip Interruption Insurance^†. You can also earn 50% more Stars at Starbucks^® locations.

Finally, you can use your TD Low Rate Visa* Credit Card with Apple Pay^† or Samsung Pay^†.

National Bank Syncro Mastercard

The NBC Syncro Mastercard is a low-interest credit card from National Bank. It offers a low interest rate of 9.95% for purchases and 13.95% for cash advances and balance transfers.

Since it’s a Mastercard credit card, you’ll be able to use the NBC Syncro Mastercard at Costco. Finally, it offers you insurance for your purchases.

RBC Visa Classic Low Rate Option Card

The RBC Visa Classic Low Rate Option Card is one of the best low-interest credit cards in Canada.

You can also save on fuel at Petro-Canada stations and earn 20% more Petro-Points by linking your RBC Visa Classic Low Rate Option Card to your Petro-Points membership card. Finally, get free delivery for three months with DoorDash by adding your RBC Visa Classic Low Rate Option Card to your DoorDash account.

You’ll be able to get a free three-month DashPass subscription worth nearly $30, and enjoy unlimited free shipping on orders of $15 or more when you pay with your RBC Visa Classic Low Rate Option Card.

BMO^® Preferred Rate Mastercard^®*

The BMO Preferred Rate Mastercard is a Bank of Montreal credit card that offers:

• 0.99% introductory interest rate on Balance Transfers for 9 months
• First-year annual fee waiver

There is no minimum income requirement for this BMO credit card.

You can use this low-interest credit card at Costco because it is a Mastercard credit card.

Finally, you’ll receive insurance on purchases charged to your BMO Preferred Rate Mastercard.

 Benefits of Low-Interest Credit Cards:

1. Reduced Interest Charges: Save on interest and debt.
2. Flexible Payment Options: Pay off debt faster with lower interest rates.
3. Improved Credit Score: Manage debt effectively and boost your credit score.
4. Rewards and Benefits: Earn cashback, travel points, or other rewards.
5. Introductory Offers: Enjoy 0% introductory rates for limited periods.

How to Choose the Best Low-Interest Credit Card:

1. Consider Your Credit Score: Choose a card that matches your credit score.
2. Evaluate Interest Rates: Compare rates among different cards.
3. Check Fees: Look for cards with low or no fees.
4. Read Reviews: Research and compare cards before applying.
5. Calculate Savings: Estimate interest savings with a low-interest credit card.

Frequently Asked Questions (FAQs):

What is the best low-interest credit card in Canada?

RBC Low Rate Avion Visa Card.

How do low-interest credit cards work?

Low-interest credit cards charge lower interest rates on purchases and balance transfers.

What is the average interest rate for credit cards in Canada?
Around 19%.

Can I transfer my balance to a low-interest credit card?

Yes, many low-interest credit cards offer balance transfer options.

 Conclusion:

Canada’s best low-interest credit cards offer a cost-effective solution to manage debt. By choosing the right card, you can save on interest and achieve financial stability.