My Rate Compass

Best Low Rate Credit Cards in Canada for 2020

 
Welcome Bonus
Annual Fee: $0
Purchases Interest Rate: 8.99%
Cash Advance Interest Rate: 8.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?
  • Low Interest Rate
  • Balance transfer 
  • No annual fee
  • Easy application
  • Access to AMEX invites
  • Useful insurance
Why we like it

If you are carrying a debt and don’t want to spend too much money paying the interest, then the American Express Essential Credit Card is worth considering. Regarded as the best low rate credit card in Canada, it has an 8.99% interest rate on purchases and funds advances. This is less compared to the usual 24.00% (or higher) from other credit cards.

Plus, if you have existing balances on your other credit cards, you can transfer your balance and take advantage of the 1.99% interest rate for 6 months. With this killer deal and a less strict application requirement, this credit card is great for those who want to save money to pay their accumulated debt.

  • Low Interest Rate – With one of the lowest interest rates in the market, this credit card is ideal for people who keep a balance each month.
  • Balance transfer – When you apply for this credit card, you are given a chance to transfer your balance for an interest rate of six months. After the promo period, your interest rate goes up to the regular 8.99% which is still a decent offer since other credit cards charge higher rates.
  • No annual fee –Take advantage of the zero annual fee and use this time to pay off your balance.
  • Easy application – This credit card has easy eligibility. You only have to have at least an annual income of $15,000 and haven’t filed for bankruptcy in the past 7 years.
  • Access to AMEX invites – This credit card gives you front-of-the-line access and special seating at concerts, advance film screenings and exclusive dining experiences.
  • Useful insurance – This credit card comes with attractive rewards such as extended warranty, purchase protection, and refund protection. The added smart phone screen insurance is great for people who use their AMEX card to purchase their phone or phone contract.
Credit Card snapshot

For the bigger things in life, choose something small.

ADVANCED & RESERVED TICKET ACCESS, SPECIAL OFFERS, AND EXPERIENCES

American Express Invites including Front Of The Line opens the door to great music, theatre, dining, film, fashion and shopping experiences.

Welcome Bonus
Annual Fee: $29
Purchases Interest Rate: 12.99%
Cash Advance Interest Rate: 12.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?
  • Save on car rentals
  • Optional insurance coverage
  • Faster checkout
  • Free supplement card
Why we like it

The Scotia Value Visa is aimed at individuals looking for a good balance transfer credit that offers decent privileges and a lower interest rate beyond the introductory promo period. Although it comes with a minimal fee, customers who cannot pay their balance in full can take advantage of the low post-promotional rate of 12.99%. Plus, if you regularly rent cars from Avis, then you might get the best value out of this card.

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Why We Like It:

  • Save on car rentals -Save up to 25% when you use the Scotia Value Visa to book your rental cars with AVIS and other budget rental car locations in Canada.
  • Optional insurance coverage - For a small fee, depending on the remaining balance on your credit card, you can receive financial protection from a range of life events such as job loss, disability, critical illness, and loss of life.
  • Faster checkout -The payWave feature helps you save time by allowing you to simply wave the card or use the app on your mobile phone to pay for small purchases.
  • Free supplement card - Get an additional supplementary cardholder at no extra charge.
Credit Card snapshot

Scotiabank Value® Visa* Card review

Great reasons to get this card for your everyday purchases

Save up to hundreds of dollars a year on interest

Pay down higher interest rates balances faster

  • Stay one step ahead of your balance a lower interest rate makes this card an affordable way to finance those medium to large purchases you are making.

Transfer higher rate balances and save even more

  • Switch balances over from higher interest-rate credit cards to the?Scotiabank Value?Visa Credit Card. By consolidating your higher-rate balances, you'll save on interest and make paying bills easier.