These credit cards have a low-interest rate for balance transfers, cash advances and purchases.
Check out this post on balance transfer, to learn more about this technique.
Here is a table summarizing the different offers. For more details, read on or click on the name of a card.
HSBC +Rewards™ Mastercard®
The HSBC +Rewards™ Mastercard® is a credit card offering rewards and a low-interest rate (11.9%). With the HSBC +Rewards™ Mastercard®, you can earn:
- 2 points per dollar on eligible dining or entertainment purchases
- 1 point per dollar for all other purchases
This credit card is one of the only ones in Canada to offer a Price Protection Service: find a lower price within 60 days of your purchase, the difference will be refunded, up to $500 per eligible item!
For a limited time, you can get:
- 40,000 points ($200 value in travel rewards) if you live in Quebec
- 35,000 points ($175 value in travel rewards) and First year annual fee rebate if you live outside Quebec
No minimum income is required to get this credit card.
CIBC Select Visa* Card
The CIBC Select Visa* Card is one of the best balance transfer Visa credit cards in Canada.
With this Card, you get 0% interest on balance transfers for your first 10 months. You’ll only have to pay a 1% fee when you transfer your balance from another card.
Currently, you get a first-year annual fee rebate (a $29 value)! And this card has valuable insurance:
- $100,000 Common Carrier Accident Insurance
BMO® Preferred Rate Mastercard®*
The BMO Preferred Rate Mastercard offers:
- 0.99% introductory interest rate on Balance Transfers for 9 months
- First-year annual fee waiver
Scotiabank® Value VISA Card
The Scotiabank Value® Visa* Card is one of the best credit cards for cash advances in Canada.
You can get a 0% introductory interest rate on cash advances for the first six months. And you pay no annual fee for the first year with this Visa credit card.
In addition, this Visa credit card offers a low-interest rate of 12.99% on purchases and cash advances.
What is a low-interest credit card?
Most credit card issuers offer balance transfer offers from time to time with low-interest rates.
The goal is to attract customers by offering credit cards with 0% to 5% rates, well below the 19% rates or more.
When to use a low-interest credit card?
A low-interest credit card is attractive when you want to pay off a high-interest credit card debt and have a low-interest charge.
A lower interest rate can save you money if you have an outstanding balance in the long run.
Why should I get a low-interest credit card?
This lower interest rate can be life-saving if you are currently paying interest on your credit card balance.
However, attention will have to be paid to all the terms and conditions imposed on the balance transfer. Credit card balance transfer offers often come with a fee (around 1 to 3% of the amount transferred).
These fees will depend on each credit card issuer, but also your province of residence.
This is a way, for example, to consolidate different credit card balances on the same card. So plan this balance transfer accordingly, so you don’t go beyond the promotional period and make sure you don’t miss any payment on your new credit card.