Best Low-Interest and Balance Transfer Cards in Canada

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If you carry a balance from month to month, your card’s interest rate costs you more than any reward can pay back. Many standard cards in Canada charge around 20% or more.

We compared three low-interest credit cards with balance transfer offers, using only the terms each issuer publishes today.

Quick answer: The MBNA True Line Mastercard is the best fit for most people moving a balance: a $0 annual fee, a 12.99% purchase rate and 0% on balance transfers for 12 months (3% transfer fee) as of September 2026. The Scotiabank Value Visa has a smaller 1% transfer fee and 13.99% on both purchases and cash advances, for a $29 annual fee waived in year one. The RBC Visa Classic Low Rate Option offers 0.99% on transfers for 10 months and a 12.99% purchase rate, for a $20 annual fee waived in year one.

Updated on September 23, 2026 · Sources: MBNA, Scotiabank, RBC

Key takeaways

All three cards charge between 12.99% and 13.99% on purchases, well below typical rewards cards.
A balance transfer promo only helps if you pay the balance down before it ends.
The transfer fee is charged up front. Compare it with the interest you will save.
Balance transfers are treated as cash advances, so they have no interest-free grace period.

Low-interest cards at a glance

Card	Best for	Key numbers
MBNA True Line Mastercard	A long 0% transfer window	$0 annual fee · 12.99% · 0% for 12 months
Scotiabank Value Visa	Low fee on the transfer	$29 annual fee · 13.99% · 1% fee
RBC Visa Classic Low Rate Option	RBC clients who want a low rate	$20 annual fee · 12.99% · 0.99% intro

Rates and offers as of September 2026, from each issuer’s official page. Full terms are in each card’s section below.

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1. MBNA True Line Mastercard

The simplest low-rate card on this list. It has a $0 annual fee and the longest 0% window of the three.

At a glance

Purchase rate: 12.99%.
Balance transfer offer: 0% for 12 months on transfers completed within 90 days of account opening.
Transfer fee: 3% of each transfer made with the application, minimum $3.50.
After the promo: 17.99% on balance transfers; 24.99% on cash advances.
Cost: $0 annual fee, including up to 9 authorized users.

Pros and cons

12 months at 0% gives the most time to pay down debt.
$0 annual fee, so there is no yearly cost after the promo.
The 3% fee is the highest here: $150 on a $5,000 transfer.
Leftover transferred balances jump to 17.99%.

How to apply

Apply online and add the balances you want to move in the same application. Transfers must be completed within 90 days of opening to get the 0% rate. A transfer can’t exceed your available credit.

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2. Scotiabank Value Visa

A low flat rate on purchases and cash advances alike. The transfer fee is a third of MBNA’s.

At a glance

Interest rates: 13.99% on purchases and 13.99% on cash advances, including balance transfers.
Balance transfer offer: 0% for the first 9 months from account opening, with a 1% transfer fee (minimum $5).
Cost: $29 annual fee, waived for the first year on accounts opened between July 2, 2026 and January 3, 2027.
Who qualifies for the offer: people who have not held a Scotiabank personal credit card in the past 2 years.

Pros and cons

1% fee: $50 on a $5,000 transfer.
After the promo, the leftover balance moves to 13.99%, not a high cash advance rate.
Shorter 0% window: 9 months.
Two missed minimum payments end the promo and raise rates to 24.99% on purchases and 27.99% on cash advances.

How to apply

Apply online or with an advisor. Scotiabank asks about your job, income and address. Request the transfer early, since the 9 months start at account opening, not at the transfer date.

3. RBC Visa Classic Low Rate Option

A fixed low rate for RBC clients, with a near-zero rate on transfers for 10 months.

At a glance

Interest rates: fixed 12.99% on purchases and 14.99% on cash advances, including balance transfers.
Balance transfer offer: 0.99% introductory rate for the first 10 months. Apply by November 4, 2026.
Cost: $20 annual fee, waived for the first year.
Extras: purchase security and extended warranty coverage.

Pros and cons

Lowest ongoing purchase rate of the three, tied with MBNA.
Easy to manage alongside an RBC chequing account.
0.99%, not 0%, during the promo.
RBC’s page does not state the transfer fee up front; check the offer terms before you move a balance.

How to apply

Apply online or in a branch before November 4, 2026 for the intro rate. Ask for the balance transfer fee in writing before you sign.

How to choose

Choose the MBNA True Line if you need the longest 0% window and want a $0 annual fee for good.
Choose the Scotiabank Value Visa if you can clear the balance in about 9 months and want the smallest transfer fee.
Choose the RBC Visa Classic Low Rate if you bank with RBC and want a fixed 12.99% on purchases after the promo.

When a card is not the answer

If your debt is larger than a card limit, a debt consolidation plan or a personal loan with a fixed payment may cost less. If your score is holding you back, see credit card options for bad credit in Canada.

Balance transfer checklist

List each balance, its rate and its minimum payment.
Work out the transfer fee in dollars.
Divide the balance by the promo months to get your monthly target.
Stop using the old card, or keep it at $0.
Never miss a minimum payment during the promo.

Balance transfers and cash advances get no interest-free grace period, while federally regulated institutions must give at least 21 days interest-free on new purchases when you pay in full, according to the Financial Consumer Agency of Canada. So while a transferred balance is still unpaid, your statement is not paid in full, and new purchases on that card can start charging interest. A lower balance also helps your score over time; see how to build and check your credit score for free.

How we compared these cards

Sources: only each issuer’s official product page and offer terms. Every offer was checked on September 23, 2026.
Criteria: ongoing purchase rate, balance transfer promo rate and length, transfer fee, rate after the promo and annual fee.
Order: listed from the best fit for most readers down, weighting the promo length and the $0 annual fee.
Independence: no issuer paid for placement.

Not financial advice. Rates and terms checked on September 23, 2026 with each provider’s official page; confirm before applying.

FAQ

What is a good interest rate for a credit card in Canada?

Low-rate cards in this list charge 12.99% to 13.99% on purchases. Many rewards cards charge around 20% or more, so the gap adds up quickly on a carried balance.

How does a balance transfer work?

The new issuer pays off your old card, and you owe the amount plus a transfer fee on the new card. The promotional rate applies only for the stated months.

Is a 3% transfer fee worth it?

Often, yes. On $5,000, a 3% fee is $150. A year of interest at around 20% on the same balance would cost far more, even as you pay it down.

Can I transfer a balance between cards from the same bank?

Usually not. Issuers generally accept transfers only from other institutions. MBNA says a transfer can’t pay off balances held with MBNA or its affiliates.

What happens when the promo ends?

Any leftover transferred balance moves to the card’s regular rate: 17.99% at MBNA, 13.99% at Scotiabank and 14.99% at RBC, as of September 2026.

For the full picture, see our hub Best Credit Cards in Canada 2026, the best credit cards in Canada for 2026 and the best $0 annual fee cash back cards in Canada.

Sources

Ieveera SEO is an independent publisher, not a bank or financial advisor; content is for information only and may include paid affiliate links that never affect our rankings — always confirm current rates and terms with the provider. Rates shown in CAD; verify with the issuer.