The best low-interest credit cards in Canada for 2024 + MORE May 29th

A new report suggests an increasing number of Canadians are seeing their credit card balances balloon as the cost-of-living crisis and higher interest rates eat into household budgets. A TransUnion report published Tuesday said the number of Canadians paying only the minimum monthly amount on their credit card rose eight basis points to 1.3% in the first quarter compared with last year. 

What is causing debt for Canadians?

Matthew Fabian, director of financial services research at TransUnion Canada, said many household incomes are not keeping up with inflation and higher interest rates, leaving them to rely on credit.

“Consumers that have had significant increases in their mortgage payment have made that deliberate trade-off to pay less on their credit card and in some cases, they’re missing their payment,” Fabian said in an interview. “We’ve seen a higher delinquency rate in credit cards for those consumers that have mortgages than traditional credit card consumers…

Credit card interest rates aren’t all the same. If you carry a balance on your credit card, or if you expect to take on debt that will take some time to pay off, you might want to consider applying for a low-interest credit card.

The savings could be substantial: while most regular credit cards charge around 20% in interest, the cards listed below offer rates that can be half that, or less. Some low-interest cards even come with attractive balance transfer promotions that will allow you to pay down debt at a greatly reduced rate for a limited time. To find out which have the best rates, perks and promotions, read on for our list of the best low-interest credit cards in Canada.

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers…

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If you’re from India, you’re in for a world of new experiences in Canada. Some things are the same as back home, while others are different. For example, driving a car is very much the same, but you now have to drive on the right side of the road. The same applies to your finances as well. Many aspects of living are similar to those you’re accustomed to, but they have different names in Canada. For example, the Canadian equivalent of a fixed deposit (FD) is a guaranteed investment certificate (GIC). Let’s dive in and demystify other Canadian finance terms using the closest corresponding ones from India.

Fixed deposit (FD) → guaranteed investment certificate (GIC)

Home loan → mortgage

Income Tax Department (IT Dept) → Canada Revenue Agency (CRA)

Income tax slab rate → marginal tax rate

Equated monthly installment (EMI) → loan payment

CIBIL score → credit score

S&P BSE 500 → S&P 500

Employee Provident Fund (EPF) → Canada Pension Plan (CPP)

Differences in banking between India and Canada

sponsoredThe Chequing Account For Newcomers to Canadago to site

Monthly fee: $0 for up to three years ($15…

Welcome to Canada! Whether you’re moving here to live, work or study, you can learn how personal finance in this country works—including employment, housing, using credit, financial planning and investing.

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Getting started

To get started, here’s an overview of what you need to know about moving to Canada, working in Canada and building a good credit history. 

How to prepare your finances for coming to Canada

The more you know about Canadian money, savings and housing, the better prepared you’ll be. You can even do certain steps—such as opening a bank account—before you arrive…