**This post contains affiliate links

The best travel credit cards in Canada can be appealing, but what if you’re constantly carrying a balance on your credit card? It makes no sense to collect rewards when you’re paying 19.99% interest, so you’re better off with a credit card that has a much lower interest rate. In my list of the best low interest credit cards in Canada, I go over which cards have the lowest interest rate and what additional benefits they include.

best low interest credit cards

American Express Essential credit card

  • No annual fee
  • 1.99% interest rate on balance transfers for the first 6 months
  • Interest rate of 8.99% on purchases and cash advances
  • Access to American Express Invites
  • Buyer’s assurance
  • Purchase protection
  • Travel accident insurance

The American Express Essential credit card consistently comes out on top of just about every best low interest credit cards list since it has no annual fee and you get a 1.99% interest rate on balance transfers for the first 6 months. These low rates make it incredibly easy to pay down your debt and even when the promotional period ends, you’ll be paying just 8.99% on purchases and cash advances which is still incredibly low. Since this is an American Express card, you’ll also get access to American Express Invites which gives you access to dining and entertainment experiences. You also get buyer’s assurance, purchase protection and some basic travel insurance.

Apply Now for the American Express Essential card


MBNA True Line Mastercard

  • No annual fee
  • 0% interest rate on balance transfers for the first six months
  • 12.99% interest rate after the promotional period ends

With the MBNA True Line Mastercard, you’ll pay 0% interest rate on balance transfers for the first six months. There is no other credit card out there that offers 0% interest without an annual fee, so if you have a debt repayment plan in place, you can eliminate your debt quickly. That being said, when the promotional period ends, your interest rate goes up to 12.99% which is 4% higher than the American Express Essential credit card. MBNA does offer a Gold version of the True Line Mastercard that offers an 8.99% interest rate after the promotional period ends, but it comes with an annual fee of $39.

Apply Now for the MBNA True Line Gold Mastercard


Scotiabank Value Visa

  • $29 annual fee
  • 0.99% interest rate on balance transfers for the first 6 months
  • 12.99% interest rate after the promotional period ends
  • Up to 25% off at participating Avis car rental locations
  • Free supplementary card

Rounding out the list of the best low interest credit cards in Canada is the Scotiabank Value Visa. As you can see, compared to the American Express Essential credit card and the MBNA True Line Mastercard, the Scotiabank Value Visa has a slightly higher interest rate and comes with an annual fee. Obviously, the other two cards are better choices, but some who bank with Scotibank likely prefer a Scotiabank credit card so it’s understandable why they’d choose this card over the others.

Apply Now for the Scotiabank Value Visa


Final thoughts

Overall the difference between all three cards are pretty minor so you really can’t go wrong with any of them. Once you’ve cleared your debt and have your spending under control, you can maximize your return by applying for one of the best travel credit cards or one of the best cash back credit cards.