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Based on an analysis of 170 credit cards sold to Canadian consumers, this article ranks the top 10 credit cards with the lowest interest rates for purchases, cash advances and balance transfers.

Unless otherwise noted, dollar amounts are in Canadian currency.

Credit Cards with Lowest Interest Rates for Purchases

Consumers should carefully read the different interest rates that apply based on the type of expenses incurred. For example, Capital One SmartLine Platinum MasterCard has a relatively low 5.99% interest rates for consumer purchases. However, the SmartLine rate for that same card is 19.8% for any expense that Capital One considers as a cash advance.

  1. Capital One SmartLine Platinum MasterCard … 5.99% (no annual fee)
  2. National Bank of Canada MasterCard Syncro … 8.9% ($35 annual fee)
  3. Citi Low Rate Gold MasterCard … 9.9% ($39 annual fee)
  4. Desjardins VISA - Modulo GOLD … 9.9% ($50 annual fee)
  5. Desjardins VISA - Platinum … 9.9% ($169 annual fee)
  6. MBNA Program Premium MasterCard Credit Card … 9.99% (no annual fee)
  7. Capital One Platinum MasterCard … 9.99%* (no annual fee)
  8. Scotiabank Value VISA Card … 11.49% ($29 annual fee)
  9. CIBC Select VISA Card … 11.5% ($29 annual fee)
  10. RBC VISA Classic Low Rate Option … 11.9% ($20 annual fee).

*Guaranteed for 3 Years