Canada’s best low interest credit cards 2021 + MORE Dec 31st

If you know you’ll likely be carrying some debt on your credit card from month to month—or are simply trying to pay off a balance—then a low-interest credit card might be a good choice for you. After all, why lock yourself into the typical 19.99% credit card interest rate when you have the option to pay about half that? Here are some solid low-interest cards to consider:
The best low-interest credit cards in Canada

These are credit cards offered by Ratehub partners. You can find information about additional product options below.*

Card
Interest rate (APR)
Annual fee

MBNA True Line Gold
(get more details)*
8.99%
$39

MBNA True Line
(get more details)*
12.99%
$0

BMO Preferred Rate
(get more details)*
12.99%
$20 (waived first year)

National Bank Syncro Card
(get more details)*
Prime plus 4%
(currently 8.90%)
$35

NOTE: MBNA True Line offers are not available for residents of Quebec

Fixed rate cards
Most credit cards offer a fixed interest rate, meaning that there is a single, unchanging percentage charged against your purchases…

The concept behind cash-back credit cards is easy to understand. You get a small percentage back on purchases you make with the card, and the reward comes in the form of cash back, meaning money. The beauty of this system is that cash-back rewards are flexible and you can spend them on anything you want.
No two cash-back credit cards are identical, so you need to consider the annual fee, earn rate, how much your charge to your card and any additional benefits before you apply. To help you pick the right card we’ve put together a list of what the top options have to offer based on different categories.
The best cash-back credit cards in Canada 2021

Card
Rewards
Annual fee

American Express SimplyCash Preferred
(get more details)*

2% on everything

$99

American Express SimplyCash
(get more details)*

1.25% on everything

$0

Tangerine Money-Back
(get more details)*

2% in up to 3 categories of your choice (including groceries, gas & more)
0.5% on everything else

$0

Rogers World Elite
(get more details)

3% on purchases in U…

Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balance monthly and find the right rewards program for you, and you are sure to come out ahead. There’s a slew of credit card options out there, and it can be challenging to find the best deal—but this list of best credit cards in Canada is here to help. We’ve highlighted the best in 13 different categories so that you can zero in on the ones that fit your spending habits, and offer features you truly value. Remember, this ranking is the starting point; the final decision is yours to make. 
The best credit cards in Canada 2021

Card
Rewards / Features
Annual fee

American Express Cobalt
(get more details)*

5 pts/$1 on groceries & dining
2 pts/$1 on travel, gas & transit
1 pt/$1 on everything else

$120

Scotiabank Gold American Express
(get more details)*

5 pts/$1 on groceries, dining & entertainment
3 pts/$1 on gas, transit & streaming
1 pt/$1 on everything else
No foreign exchange fees

$120

Amex SimplyCash Preferred
(get more details)*

2% cash back on everything

$99

Scotiabank Momentum Visa Infinite
(get more details)*

4% cash back on groceries & recurring bills
2% on gas & daily transit
1% on everything else

$120

TD First Class Travel Visa Infinite
(get more details)*

9 pts/$1 on travel (via ExpediaForTD)
3 pts/$1 on everything else

$120

BMO eclipse Visa Infinite
(get more details)*

5 pts/$1 on groceries, dining, gas & daily transit
1 pt/$1 on everything else
$50 annual lifestyle credit

$120

Tangerine Money-Back
(get more details)*

2% cash back in up to 3 spending categories
0…

If you’re looking for a card that delivers top rewards without an annual fee, look no further. In exchange for slightly lower earn rates, these no-annual-fee cards still get you perks on what you spend. So whether it’s cash back that you want, no foreign transaction fees or generous travel points, these no-fee credit cards offer gold-plated options.
The best no-fee credit cards in Canada 2021

Card
Best for
Rewards / Feature

AMEX SimplyCash
(get more details)*
Flat-rate

1.25% cash back on everything

Tangerine Money-Back
(get more details)*
Cash back

2% in up to 3 categories of your choice
0.5% on everything else

MBNA Rewards Platinum Plus Mastercard
(get more details)*
Travel

2 pts/$1 on groceries, gas & dining1
1 pt/$1 on everything else
1 pt = 1 cent in travel rewards

Home Trust Preferred Visa
(get more details)*
No FX fees

1% cash back on CAD purchases
No FX fees

MBNA True Line
(get more details)*
Low APR

12.99% purchase interest rate

BMO CashBack Mastercard
(get more details)*
Groceries

3% cash back on groceries2
1% on recurring bills2
0…

Are you working on a plan to become debt-free but are paying a lot of interest on purchases made on your existing high interest card? A balance-transfer credit card, which allows you to move the balance from your current cards over to a new card with a lower interest rate (some as low as 0%) can be a good strategy. Just keep in mind that these great balance transfer offers are time limited and when that period ends—often after only six months—the rates go back up. (Note: The regular rate on some of these cards is still significantly lower than the standard 19.99%.)
The best balance transfer credit cards in Canada 2021

Card
Balance transfer rate
Annual fee

Scotiabank Value Visa
(get more details)

0.99% for 6 months
12.99% afterwards

$29

BMO Preferred Rate
(get more details)*

3.99% for 9 months (+1% transfer fee)
12.99% afterwards

$20 (waived 1st year)

PC Financial World Elite
(get more details)*

0.97% for 6 months
 22.97% afterwards

$0

BMO Air Miles Mastercard
(get more details)*

1…