Best Low Interest Rate Credit Cards in Canada (June 2025)

Why Low Interest Cards Matter

If you're often carrying a balance, minimizing interest payments saves real money. A low APR—either intro or ongoing—keeps your debt more manageable and moves you closer to being debt-free.

Top Picks in Canada

1. Scotiabank® Platinum American Express® Card

• Ongoing rate: 9.99% on purchases and cash advances—a standout in Canada.

• Perks: Earn Scene+ points, no FX fees.

• Fee: $399/year—but first-year value estimated at ~$880 outweighs it.

• Ideal for: High spenders who want both low interest and strong rewards.

  
  

2. MBNA True Line® Mastercard®

• Intro offer: 0% interest on balance transfers for 12 months. 

• Ongoing rate: 12.99% on purchases, modest transfer fee.

• Fee: No annual fee.

• Ideal for: Those looking to consolidate debt interest-free and save on annual fees.

  
  

3. RBC® Visa Classic Low Rate Option

• Ongoing rate: 12.99% on purchases and cash advances.

• Perks: Includes DoorDash delivery offer.

• Fee: Usually no annual fee.

• Ideal for: Simple, low-interest borrowing with some added perks.

  
  

4. Honourable Mentions

• CIBC Select Visa – Recognized as one of the best low-interest cards.

• BMO Preferred Rate Mastercard – Another solid option.

• National Bank Syncro Mastercard – Variable but competitively low rate.

Quick Comparison

Card	Rate	Annual Fee	Highlights
Scotiabank Platinum Amex	9.99% purchases/cash	$399	Low APR + Scene+ rewards + no FX fees
MBNA True Line Mastercard	0% (12 mo BT), then 12.99%	$0	Excellent for debt consolidation
RBC Visa Classic Low Rate Option	12.99%	$0 (usually)	Low ongoing rate + bonus offers
CIBC Select Visa / BMO Preferred / NB Syncro	13–14%	Varies	Strong alternatives with low ongoing APR

How to Choose the Right One

1. Look at your balance habits

   • Carrying a balance? Prioritize low ongoing APR (Scotiabank, RBC).

   • Consolidating: Grab a 0% intro offer (MBNA).

2. Do the maths

   • Compare interest saved vs. annual fee.

   • Example: Scotiabank’s low rate + rewards may offset its $399 fee if you carry large balances.

3. Bonus perks matter

   • Scene+ points, DoorDash credits, and FX fee waivers can add meaningful value.

4. Check your eligibility

   • Good to excellent credit is generally required.

Final Take

• Best strict low APR: Scotiabank Platinum Amex at 9.99%—great if rewards and low interest matter.

• Best intro 0%: MBNA True Line Mastercard—ideal for clearing high-rate debt.

• Best easy low ongoing APR: RBC Visa Classic Low Rate—simple, no annual fee, reliable.

  
  

Next Steps

• Check the issuer’s website for the latest APRs and terms.

• Calculate interest costs on your current balance vs. these new rates.

• Choose the card that aligns with your credit habits, spending, and goals.