My Rate Compass

Best Low Rate Credit Cards in Canada for 2020

 
Welcome Bonus
Annual Fee: $39
Purchases Interest Rate: 8.99%
Cash Advance Interest Rate: 24.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?

Low annual fee

Low standard purchase interest rates

Why we like it

Low annual fee: $39

Low interest rates: The standard purchase rate is8.99% after the promotional balance transfer rate period ends for the MBNA True Line® Gold Mastercard®

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MBNA True Line Gold Mastercard Review


$39 annual fee

Standard Annual Interest Rates of 8.99% on eligible purchases, 8.99% on balance transfers?and access cheques, and 24.99% on cash advances

A suite of comprehensive insurance**Around-the-clock-fraud protection

Access to 24/7 customer service



This offer is not available for residents of Quebec.
Welcome Bonus
Annual Fee: $0
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 22.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?
  • Appealing low balance transfer offer
  • $0 annual fee
  • Cashback on four key areas
  • Peace of mind
Why we like it

7.99% introductory interest rate on purchases for the first 6 months

Although it comes with no bells and whistles, the Scotia Momentum MasterCard Credit Card has an attractive low balance transfer promotion that may be appealing for people looking to pay off their debt. This no-fee cashback credit card also has solid features enough to make it ideal for people who want to build their credit.

Why We Like It:

  • Appealing low balance transfer offer This credit card offers a tempting 7.99% balance transfer promotional interest rate for a limited time, so you can slowly pay off your existing balance.
  • $0 annual fee Because it is a no-fee credit card, it makes the perfect starter card, or a secondary card for existing Visa or Amex cardholders who wish to shop on stores where only a MasterCard is accepted such as Costco.
  • Cashback on four key areas Not many no-free credit cards offer no-limit cashback rewards on gas, groceries, drugstore and recurring bills.
  • Peace of mind Even though this MasterCard lacks travel insurance and purchase protection, it makes up for it by giving 0% liability on all unauthorized credit card payments.
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Scotia Momentum Mastercard Credit Card review

•7.99% introductory interest rate on purchases for the first 6 months (19.99% after that)

• Cash back on everyday spending with no annual fee

• 1% cash back on eligible gas station, grocery store and drug store purchases and recurring bill payments

• 0.5% cash back on all other eligible everyday purchases

• Rates, fees and other information are effective as of August 1, 2019. Subject to change.

Make everyday purchases quickly and safely with just a tap of your contactless-enabled Mastercard or device

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

0.99% introductory interest rate on Cash Advances for the first 6 months 

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.

 

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.
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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.
Welcome Bonus
Annual Fee: $0
Purchases Interest Rate: 12.99%
Cash Advance Interest Rate: 24.99%
Recommended Credit Score
Poor / No Credit
Fair / Average
Good / Excellent
Why we like it?
  • Tempting balance transfer promotion
  • Low regular interest rate
  • No annual fee
  • Fraud protection
Why we like it

It comes with no annual fee and a low regular interest rate that make it appealing to people without a high income or credit score and those who want to pay off multiple debts.

Why We Like It:

  • Low regular interest rate – Once the promo expires, you will get the 12.99% rate on purchases. If you haven’t paid off your balance in the first 10 months, you will still not have a hard time paying of the remaining debt – thanks to this low interest rate.
  • No annual fee – Less money coming out of your pocket means more savings for you.
  • Fraud protection – MBNA keeps track of any suspicious activity and will look out for any fraudulent transactions on your behalf.
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MBNA True Line Mastercard Review

  • This low rate card has a 12.99% Standard annual interest rate on purchases
  • No Annual Fee
  • You could save on interest when you use our welcome offer to transfer a balance from a higher interest rate account
  • Add up to 9 authorized users¤ with no additional annual fee for each added authorized user

This offer is not available for residents of Quebec.