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// Cc · LOW INTEREST

Low interest credit cards

We compare 5 low interest credit cards from 5 Canadian issuers. Annual fees range from $0 to $399. Sorted lowest purchase interest rate first.

Updated October 2026

Low interest credit cards compared

If you sometimes carry a balance, the interest rate matters more than any reward. Low interest cards charge well below the roughly 20% to 22% typical of rewards cards, which can save far more than points would earn.

  1. Scotiabank Platinum American Express Card

    See detailsfrom Scotiabank$399 annual feeRates & fees

    9.99% purchase interest rate

    • No foreign transaction fee
    • 2 Scene+ points per dollar on all purchases
    • 10 VIP airport lounge passes

  2. Desjardins Odyssey Visa Infinite Privilege

    See detailsfrom Desjardins$295 annual feeRates & fees

    11.90% purchase interest rate

    • 4% back on restaurants, entertainment and alternative transportation
    • 11.9% purchase rate, unusually low for a premium card
    • Up to 18 lounge visits a year across two programs

  3. MBNA True Line Mastercard

    See detailsfrom MBNA$0 annual feeRates & fees

    12.99% purchase interest rate

    • No annual fee
    • 12.99% interest rate on purchases
    • 0% promotional interest on balance transfers for 12 months

  4. BMO Preferred Rate Mastercard

    See detailsfrom BMO$29 annual feeRates & fees

    13.99% purchase interest rate

    • 13.99% purchase interest rate
    • 0.99% introductory balance transfer rate for 9 months
    • $29 annual fee waived in the first year

  5. CIBC Select Visa Card

    See detailsfrom CIBC$29 annual feeRates & fees

    13.99% purchase interest rate

    • 0% on balance transfers for 10 months, with a 1% transfer fee
    • 13.99% rate on purchases, cash advances and balance transfers
    • First-year fee rebate and free additional cards

Questions

How many low interest credit cards does CreditLab compare?

We compare 5 credit cards in this category from 5 issuers, with fees from $0 to $399 a year. Each one links to a full breakdown of its fees, rates and features.

Which card has the highest purchase interest rate rate?

Of the cards we track, the Scotiabank Platinum American Express Card has the highest rate here: 9.99% purchase interest rate. Check whether the rate is capped and how the rewards are redeemed before choosing.

Are there low interest options with no annual fee?

Yes. 1 of them have no annual fee, including the MBNA True Line Mastercard.

Fees and rates come from each issuer’s published terms. Always confirm with the issuer before applying. See our methodology.