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Low Interest Credit Cards

Low Interest credit cards, Low Interest credit card reviews and credit card application details.

Low interest credit cards usually come with an interest rate between 0 and 9.99 percent. In some cases, they are featured with a very low introductory interest rate, which valid for new purchases only. The introductory rate may apply within a period of 6 months to 1 year.

Since the offered rate is lower compared to other credit cards, it makes sense to use the card for purchasing large items such as household appliances, covering emergency expenses, etc. Persons who carry a balance on a monthly basis will also benefit from using a low interest credit card. Apart from the low interest rate, this credit card usually doesn’t go with other benefits such as bonus points or cash back. While some cards are featured with low interest rates and rewards, they are typically offered to customers with excellent credit rating.

Most banks in Canada offer low interest credit cards to their customers. The Bank of Montreal, for example, features the BMO Preferred Rate MasterCard, going with no annual fee and interest rate of 17.5 percent or low interest rate of 11.9 percent and annual fee of $20. The card is offered with purchase protection and extended warranty and 21 grace days. The Bank of Nova Scotia offers three low interest credit cards: Scotiabank Value Visa, Scotiabank No-Fee Value Visa, and ScotiaLine Visa. The Scotiabank Value Visa credit card is featured with a low interest rate of 11.99 percent and annual fee of $29. What is even better, the card comes with an introductory interest rate of 1.99 percent valid for the first 6 months. The grace period is 21 days, and the minimum credit limit is set at $500. Other benefits include optional Visa balance protection and access to over 1 million ATMs globally. The balance protection option is an insurance policy in the event of involuntary unemployment, health crisis, death, or disability. The Scotiabank No-Fee Value Visa goes with no annual fee and interest rate of 16.99 percent. The grace period and minimum credit limit are 21 days and $500 respectively. The low introductory rate of 1.99 percent is offered with this card as well. The cardholders are entitled to additional benefits, including rental car discounts, Scotia Visa cheques, instant cash advances, and optional Scotia Visa balance protection. The third option, the ScotiaLine Visa goes with secured and unsecured rates. The secured rate is equal to the Scotiabank Prime Rate plus 1 percent while the unsecured rate is set at the Scotiabank Prime Rate plus 4.99 percent. The card goes with a minimum credit limit of $20,000, grace period of 21 days, and no annual fee.

The Royal Bank of Canada also has a low rate credit card on offer, the Visa Classic Low Rate. The card is featured with an interest rate of 11.99 percent, annual fee of $20, and additional cards at no added cost. There is no requirement for a minimum annual income. Cardholders have access to $500 a day at over 600,000 locations at home and more than 22 million globally. Additional benefits include guaranteed hotel reservations, chip and PIN technology, extended warranty and purchase protection. To apply for this credit card, clients need to provide their employment and personal information, including their annual income, and their social insurance number. Applicants should be permanent residents of Canada and of the majority age in their territory or province.

The Canadian Imperial Bank of Commerce also offers a low rate credit card with an interest rate of 11.99 percent. The CIBC Select VISA card goes with an annual fee of $29, three additional credit cards, and common carrier accident insurance. Emergency replacement and cash advances are also available. Likely applicants are residents of Canada with an annual household income of at least $15,000. They should not have filed for bankruptcy during the last seven years. Applicants should fill in their personal information (name and date of birth), contact information (phone number and address), work position and employer information, including company name, start date, work phone number, etc. In addition, applicants should provide their social insurance number and gross annual income. Applicants are notified of their applications status by mail within 2 - 3 weeks.

NameTypeInterest RateAnnual Fee
Visa Classic Low Rate Option CardVisa11.9%$20
CIBC Select VISAVisa11.99%$29
CIBC Aerogold VISA Card for BusinessVisa10.9%$180
Capital One Gold MasterCardMasterCard9.99%$49
The VISA Desjardins Modulo GOLD CardVisa9.9%$50
VISA Desjardins PlatinumVisa9.9%$169
TD Emerald Visa CardVisa12.75%$25
Blue Sky from American ExpressAMEX19.99%$0
ScotiaLine VISA CardVisa0%$0
Scotiabank Value VISA CardVisa11.99%$29
No-Fee Scotiabank Value VISA CardVisa16.99%$0
HSBC Premier MasterCard MasterCard12.9%$0
MBNA Canada Gold MasterCardMasterCard9.99%$0
enviroGold VISA Low Interest Rate OptionVisa11.25%$45
MBNA Canadian Bar Association MasterCardMasterCard9.99%$0
BMO Preferred Rate MasterCardMasterCard17.5%$0