As a part of my journey to cover all kind of Credit Cards, Today’s article is about the Best Low Interest Credit Cards in Canada.

Choose the right Credit Cards for your needs

Choosing the wrong Credit Cards will always become a headache for you in the future. Many of my friends had shared similar headache stories with me.

Some of them worried about not getting approved even though they have a good credit score and some of them about terrible debt on it.

I will pick the second one because today’s article is about Low-Interest Credit Cards in Canada which will help the second category to help save money and stay out of trouble.

Before we get started, I need to pinpoint what you really want to do with a Low-Interest Credit Card so that I can be more specific while selecting a card for you.

Are you looking to get a Credit Card that you want to;

  1. Use in the long run or Finance a new purchase and pay less on interest?
  2. Transfer your balances and save some money on interest?
  3. Keep a low balance on it and build your Credit?
  4. Get some real money by Cash Advance at Low-Interest Rate?


If you are here for any of these reasons, then you reached the right place. Of course, Low-Interest Credit Cards are the best suitable one for these requirements but we need to be more specific.

Let’s find the Best Low Interest Credit Cards for your needs

# Want to Use a Credit Card in the long run or Finance a new purchase and pay less on interest?

Undoubtedly, Low Fixed Interest Rate Credit Cards are best to choose here.

You can trust a fixed rate card if you have plans to keep it for a long term, also when it offers a lower rate, things will get better than you think.

In this category, I have two different credit cards for you.

  1. Alterna Platinum Plus MasterCard.
  2. MBNA TrueLine Credit Card.

I will explain both in detail.

#1 Alterna Platinum Plus MasterCard

Key things about Alterna Platinum Plus MasterCard

Annual Fee: 0$.

Interest Rates: 9.99% Fixed Rate.

As you can see, it offers the Best fixed rate in the Canadian Credit Card Market where most of the Credit Cards comes with even higher rates and also with annual fees.

The coolest thing is that you get approval to what is offered by the Company which is 9.99% interest rate rather than putting your rate somewhere within a range of rates.

Once you got this card, no need to worry about the interest rates or annual fee and of course, that will help you in the long run.

Also, it offers some perks as a set of insurances such as Car Rental Insurance, Trip interruption insurance, etc.

#2 MBNA TrueLine Credit Card

Key things about MBNA TrueLine Credit Card

Annual Fee: $0.

Interest Rates: Anywhere from 5.99% to 14.99% depending on your Credit.

The coolest thing is that you will know what will be your interest rate before you submit your Credit Card application and you can proceed if you like the deal.

All this will happen without making any impact on your current Credit – that means, it will not count as a credit inquiry and won’t affect your Credit Rating.

If your credit strength is excellent, you can get as low as 5.99% interest rate which is an awesome number in the Canadian Credit Card market. Also, it could be an asset in the long run.

# Looking to Transfer your Balance from one Credit Card to another to reduce your debt?

Are you looking for better balance transfer deals to reduce debt on your current Credit Card?

Finding the Lowest Interest Rate is the biggest challenge, right? I know it is.

If you don’t get the lowest rates, transferring your balance is worthless as you don’t save anything on the interest.

You know what? Some Credit Cards offer even 0% Interest Rate.

MBNA Platinum Plus is one of them which offers 0% interest for the first 12 months to new Cardmembers.

The coolest part is that there is no annual fee for this Card, that’s why it became the best standing Balance Transfer offer in Canada.

0% interest rate for 12 months, without any annual fee – what else you want from a Balance Transfer Credit Card?

Unfortunately, MBNA Platinum Plus doesn’t offer anything special on rewards which is sad. But, you will forget it soon because the numbers speak louder than words, so keep reading.

Let’s do some math. Let’s say that you are on a debt of $5000 on a Credit Card.

By transferring your balance to an MBNA Platinum Plus Credit Card, you will be saving up to $1200 a year – that’s a big number, right?

That’s why MBNA Platinum Plus is the final word on Balance Transfer.

If you like to hear more about MBNA Platinum Plus, I have an article already here, go ahead and read it.

Are you interested in knowing more about the other Balance Transfer Credit Card offers in Canada?

Here, I have an article which talks about the Best Balance Transfer Credit Cards in Canada.

# Want to keep Low Balance and build your Credit?

As we discussed in this article, getting a Credit Card is the best ways to improve or re-establish your Credit.

Once you got a Credit Card, you need to keep low balances on it and make on-time payments to reach your goal.

But, you don’t want to lose more money on it because you just want to build your Credit, that’s it – Getting a Low-Interest Fixed Rate Credit Card is the best way to do it.

In the previous section, I’ve mentioned the Best Fixed Lower Interest Rate Credit Card offers available in Canada.

  1. Alterna Platinum Plus MasterCard.
  2. MBNA TrueLine Credit Card.

The same cards will work here also.

# Need some real money by Cash Advance at Low-Interest Rate?

This is where at least some of you lose the most of your money while dealing with your Credit Card.

Cash Advances are not really a good habit for you as it costs you more money on interest.

What if you get some special interest rates for your Cash advances? That is pretty generous.

RBC Cash Back MasterCard is the right choice

Key things about RBC Cash Back MasterCard

Annual Fee: $0.

Cash Advance Rates: 1.9% interest for the first 10 months on cash advances – OMG.

This is the best, lowest rate and the longest term offer available for Cash Advances in Canada which is absolutely a great one.

Additional Offers: 2% cash back for grocery purchases and 1% for all other purchases.

If you check any other cash advance rates in Canada, you will see that most of the Credit Cards will charge you a rate of 24% or more and an additional cash advance fee of $5 or more.

Do you see the difference? That is a huge difference and you save a lot!

In Conclusion

I want to share with you something that I always mention through most of my articles which are – Before you go for a Credit Card, you need to figure out why you need a Credit Card or where you will be using it most?

You know why?

A lot of people out there eagerly trying to get a Credit Card, but don’t have any specific reasons to get it or don’t know how to use it properly and finally get into terrible debt situations.

Next, they will start complaining about Credit Cards and spread the wrong information to others.

They actually should complain their selves, not the Credit Card Companies.

Of course, the companies are doing it for money. But, if you lose money because you don’t know how/where to use it properly, that is not Credit Card’s mistake.

I don’t want you to face that situation. That is why I keep repeating it in all my articles.

If you use it properly and can manage the cash flow, it can be your best friend. A nice friend who can borrow money without any further questions.

“A Friend in Need is a Friend Indeed”

Did I forget something mate?

I hope I covered all the situations where you wanting a Low-Interest Credit Card, with a suitable selection of Credit Cards.

If I missed any, please write me in the Comments Section below the article.

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