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Best Low Interest Credit Cards in Canada

Mark’s favourite low interest credit card is….

My brand; Money With Mark is here to help Canadians make informed financial choices. Such as choosing a low interest credit card, or finding the highest yield savings account.

But before you do that I caution you to slow down a second and watch my video to truly understand how to evaluate cards and find the best credit card for your situation!

koho mastercard

Mark’s Top Pick: KOHO

$0 Annual fee

0% interest

Earn high interest on your savings

I tested out 10 credit cards to find the lowest interest card for you

In this video I’m reviewing the pros and cons of Canadian credit cards that have the lowest interest rate possible.

In this video I review over my own personal credit card checklist, but I’m also taking into account what the government of Canada outlines on how to compare interest rates.

Jump To a Topic

TLDR: Comparing The Best Credit Cards

My Top 3 Low Interest Credit Cards In Canada

How I evaluate credit cards

Mark’s Credit Score Protocol

Low Interest FAQ’s

Comparing the best:

Low Interest Card Comparison

I’ve researched and signed up for almost all Canada’s most popular credit cards to help you choose the right one. I found that my favourite overall low interest credit card was KOHO. Checkout how it compares to my other favourite low interest cards.

KOHOWealth Simple Cash CardDesjardins Flexi VisaHSBC +Rewards Mastercard
Annual Fee$0$0$0$25
Interest Rate0%0%10.9%11.9%
App Interface😃😃🙂🙂
Types Of Creditpre paidpre paidcreditcredit
Best Featurehigh interest savingsno fees, easy to useno annual feetravel points reward program
Rewards programcash backcash backn/atravel points
Mark’s Rating5/55/54/54/5

Check out these top cards first

Top 3 Credit Cards With Low Interest

The best low interest credit cards offer you a combination of competitive interest rates, low or preferably no annual fees, and valuable perks or rewards.

Some low interest credit cards and fintech companies offer cash back, points, or other rewards programs to provide even more value for you. These are the best low interest credit cards offer a cost-effective and convenient way to make purchases and manage debt.

My Top 3 Low Interest Credit Cards in Canada:

koho mastercard

KOHO

$0 Annual fee / 0% interest

Pre-paid card (no debt!)

Credit building tool

Desjardins Flexi Visa

$0 Annual fee

10.9% Interest rate

No point system

HSBC Rewards Mastercard Canada

HSBC +Rewards™ Mastercard®

$25 Annual fee

11.9% Interest rate

Travel points

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Follow Mark’s credit card protocol for optimal results

⚠️Caution: Most Credit Cards Are Not Used Optimally

Don’t fall for the common credit traps, and make sure that you learn how to use and compare credit cards. Mark has boiled down the best credit score advice into his credit card protocol. Which will maximize your travel hacking points and minimize the risk of impacting your credit score.

    optimal credit card protocol

    Credit card evaluation criteria

    How I evaluate low interest credit cards

    Obviously looking for the lowest interest rate is a priority for your ideal credit card. However there are so many more variables that we should look at to determine which card suits you.

    Here’s my evaluation criteria:

    • Interest rate
    • Annual or monthly fees
    • Rewards programs
    • App usability
    • Hidden fine print (e.g. temporary introductory offers)
    • Other fees (foreign currency conversion, cash advances, statement fees, over limit fees,

    After that what I look for is companies that provide an easy to use app interface, have amazing features, and prioritize good financial habits. Typically this excludes most of the big banks, who try to hide fees, and make your money seem complex.

    That’s why in my content you’ll see me gravitate towards more progressive financial technology companies like Neo Financial and KOHO.

    What Makes The Best Low Interest Credit Card?

    What low interest credit card is the easiest to get in Canada?

    The easiest credit card to get in Canada that has a low or no interest would be a pre-paid credit card. Such as KOHO or Wealthsimple card. These types of fintech companies let you signup online in minutes, and get access to virtual cards almost immediately.

    Should you choose pre-paid or standard credit card?

    The best card for you depends on your situation. If you have troubles staying out of debt, or are a new comer to Canada then you may have issues getting approved for most credit cards. So I would recommend using a pre paid card like KOHO. Or on the flip side if you manage your money well, earn a high income and are looking to maximize your savings look for a company with a lot of perks like Wealthsimple or Amex.

    Does cancelling a card hurt your credit score?

    Cancelling a card has the potential to hurt your score, but does not necessarily mean it will impact your score. When handling credit you should ensure you’re not opening and closing a lot of accounts in a short amount of time. Plus make sure you pay the full balance off every month, and never spend more than 30% of the maximum credit available to you.

    Summary of the best low interest credit cards for Canadians

    At Money With Mark, you’ve got an unconventional, slightly sarcastic sidekick in the world of ‘low interest Credit Cards in Canada’ and beyond. This isn’t just about quick fixes, it’s about making informed decisions that truly benefit your financial health.

    Whether you’re new to entrepreneurship or a financial expert, you’ll find candid, reliable reviews right here. Until our next venture into finance, keep your wallets smart and never forget—your money is important.

    best low interest credit card in canada

    My Honorable Mention Credit Card: Neo Financial!

    Instant virtual card access

    Earn 1 – 8% cashback

    Earn high interest on savings

    User Review
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      Money With Mark is a personal finance speaker, influencer, author and content creator on YouTube, Tik Tok, and Instagram.