TD LowVISA
—VISA
3.0/5
TD Low Rate Visa Card
TD VISA · Personal
0% promo 6mo
Standard Purchase APR12.99%
Annual Fee$0
Switch interest cost$390 /yr
Switch Year-1 Savings
+$240
saved on carried balanceTopCash $30rebate paid directly on approval
Category · 5 cards audited · updated May 2026
Best Low Interest & Balance Transfer Credit Cards in Canada, 2026.
Crush credit card debt. Compare the leading low interest purchase rates and promotional 0% balance transfer credit cards from top Canadian banks to reduce compounding interest.
Lowest Standard Rate
12.99%purchase APR
MBNA True Line & BMO Preferred — save 8% vs standard cards
Top Balance Transfer
0% APRup to 12 months
MBNA True Line — 0% rate on transfers with a 3% fee
TopCash Rebates
$30extra payout
Rebate paid directly via Paypal/e-Transfer on approval
Carried Debt Interest Savings Calculator
Carried Interest Cost$630paid annually at 20.99% APR
Audited Net Savings+$240switch savings with standard winners
How to successfully escape credit card debt in Canada.
Credit card debt is extremely expensive due to **daily compounding interest**. When you carry a balance on a standard Canadian credit card, you are charged an average of **19.99% to 20.99%** interest per year. If you carry a balance on a store retail credit card, that rate regularly jumps to **29.99%**.
There are two highly effective broker strategies to reduce carried interest:
- Switching to a Standard Low Interest Card: Moving your balance to a card that charges a permanent low standard rate of **11.99% to 12.99%** (like MBNA True Line). This slashes your annual interest payments by up to 40% permanently.
- Switching to a Promotional 0% Balance Transfer Card: Moving your balance to a card offering **0% interest on balance transfers for 10 to 12 months** (like Scotiabank Value or CIBC Select). You pay a small one-time transfer fee (typically 1% to 3%), but pay **$0 in monthly compounding interest** during the promo period, enabling you to pay down 100% of your principal balance.
Advertiser disclosureCompensation does not affect our scoring or rankings. We calculate all carried interest yields and savings strictly using our math model algorithms. How we make money →
MBNA TrueMASTERCARD
—MASTERCARD
3.0/5
MBNA True Line Mastercard
MBNA MASTERCARD · Personal
0% BT 12mo
Standard Purchase APR12.99%
Annual Fee$0
Switch interest cost$390 /yr
Switch Year-1 Savings
+$240
saved on carried balanceTopCash $30rebate paid directly on approval
Scotiabank ValueVISA
—VISA
3.0/5
Scotiabank Value Visa Card
Scotiabank VISA · Personal
BT promo 0.99%
Standard Purchase APR12.99%
Annual Fee$29
Switch interest cost$390 /yr
Switch Year-1 Savings
+$211
saved on carried balanceTopCash $30rebate paid directly on approval
BMO PreferredMASTERCARD
—MASTERCARD
3.0/5
BMO Preferred Rate Mastercard
BMO MASTERCARD · Personal
None
Standard Purchase APR13.99%
Annual Fee$29 (Waived Yr-1)
Switch interest cost$420 /yr
Switch Year-1 Savings
+$210
saved on carried balanceTopCash $30rebate paid directly on approval
CIBC SelectVISA
—VISA
3.0/5
CIBC Select Visa Card
CIBC VISA · Personal
None
Standard Purchase APR13.49%
Annual Fee$35
Switch interest cost$405 /yr
Switch Year-1 Savings
+$190
saved on carried balanceTopCash $30rebate paid directly on approval
KOHO EssentialMASTERCARD
—MASTERCARD
3.0/5
KOHO Essential Mastercard
KOHO MASTERCARD · Prepaid
None
Standard Purchase APR19.99%
Annual Fee$0
Switch interest cost$600 /yr
Switch Year-1 Savings
+$30
saved on carried balanceTopCash $30rebate paid directly on approval
Wealthsimple CashVISA
—VISA
3.0/5
Wealthsimple Cash Card
Wealthsimple VISA · Prepaid
None
Standard Purchase APR19.99%
Annual Fee$0
Switch interest cost$600 /yr
Switch Year-1 Savings
+$30
saved on carried balanceTopCash $30rebate paid directly on approval
Loop CardVISA
—VISA
3.0/5
Loop Card
Loop Financial VISA · Business
None
Standard Purchase APR19.99%
Annual Fee$0
Switch interest cost$600 /yr
Switch Year-1 Savings
+$30
saved on carried balanceTopCash $30rebate paid directly on approval
SimplyCash PreferredAMEX
—AMERICAN EXPRESS
3.0/5
SimplyCash Preferred Card from Amex
American Express AMEX · Personal
10% CB 4mo
Standard Purchase APR21.99%
Annual Fee$120
Switch interest cost$660 /yr
Switch Year-1 Savings
+$0
saved on carried balanceTopCash $30rebate paid directly on approval
KOHO ExtraMASTERCARD
—MASTERCARD
3.0/5
KOHO Extra Mastercard
KOHO MASTERCARD · Prepaid
None
Standard Purchase APR19.99%
Annual Fee$84
Switch interest cost$600 /yr
Switch Year-1 Savings
+$0
saved on carried balanceTopCash $30rebate paid directly on approval
KOHO EverythingMASTERCARD
—MASTERCARD
3.0/5
KOHO Everything Mastercard
KOHO MASTERCARD · Prepaid
None
Standard Purchase APR19.99%
Annual Fee$168
Switch interest cost$600 /yr
Switch Year-1 Savings
+$0
saved on carried balanceTopCash $30rebate paid directly on approval
Frequently asked
Low Interest & Balance Transfers, answered straight.
Essential mechanics to wipe out credit card interest compounds.
How does a credit card balance transfer work?
A balance transfer lets you move your high-interest credit card debt from your current bank to a new credit card with a significantly lower interest rate. Once approved, the new bank pays off your old credit card balance directly, transferring the debt to your new card. You then pay a promotional interest rate (typically 0%) on that transferred balance for a set period (usually 10 to 12 months).
What is the catch with promotional 0% balance transfer offers?
There are three main details to watch: 1) One-time balance transfer fee: Banks charge a one-time fee of 1% to 3% of the total amount transferred. 2) Strict payments: You must make at least the minimum monthly payments on time, otherwise the bank will immediately cancel the 0% promotional rate. 3) Standard rate after promo: Any remaining balance left unpaid when the promo ends is immediately charged the standard purchase APR (12.99% on low-rate cards, or 20.99% on standard cards).
Does a balance transfer affect my credit score?
Yes, but mostly positively in the long run. Opening a new credit card will cause a small, temporary dip in your credit score due to a hard inquiry. However, moving high-interest debt onto a single card immediately lowers your overall credit utilization ratio (since you have more total credit limits), which is one of the most critical factors of credit score algorithms.
What is the difference between standard low interest and balance transfer promos?
Low interest credit cards offer a permanent standard purchase rate of 11.99% to 13.99% on all spending and carried balances. Balance transfer cards offer a promotional rate of 0% strictly on transferred debt for 10 to 12 months, but charge a standard purchase rate (often 19.99% or 12.99%) on any new purchases.
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