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Best Scotiabank Low Interest Credit Cards for Sep 2023

Scotiabank offers credit cards in various categories, including low-interest, cash back, travel, no annual fees, student, and balance transfer credit cards.

With the Scotiabank low-interest credit card, you save on interest charges and can potentially pay off your balance faster compared to a regular credit card.

Read on to learn about the best Scotiabank low-interest credit cards and alternatives in 2023.

Scotiabank Low Interest Credit Card

The Scotiabank Value Visa Card is Scotiabank’s only low-rate card in Canada.

This credit card has a 12.99% fixed interest rate for purchases, cash advances, and balance transfers. While it costs $29 annually to keep in your wallet, the annual fee is waived in the first year, and supplementary cards are free.

Even better, if you have a balance on your other cards, you can transfer them to the Scotiabank Value Visa and pay a 0% promotional balance transfer rate for the first six months.


  • Low-interest rate at 12.99%.
  • 0% promo balance transfer rate for six months.
  • Save on car rentals at AVIS and Budget locations.
  • Free supplementary cards.


  • Does not offer cash back or reward points.
  • It lacks insurance benefits.

Scotiabank Value Visa Card

Best for low-interest rates

Annual fee: $29

Welcome offer: No annual fee for the first year and 0% interest rate for cash advances for the first 6 months.

Interest rates: 12.99% for purchases and cash advances.

Minimum income requirement: N/A

Recommended credit score:


Scotiabank Value Visa Card

On Scotiabank’s website

  • The annual fee is waived in the first year.
  • Low-interest rate of just 12.99%.
  • 0% promotional balance transfer rate for 6 months; 1% balance transfer fee.
  • Save up to 25% on car rentals at AVIS and Budget in Canada and the United States.
  • Minimum gross income requirement of $1,000 per month.

Low-interest rate on purchases

Low-interest rate on cash advances

Low minimum income requirement

No rewards

Few premium perks

The Scotiabank Value Visa Card is a no-frills credit card that offers a very low-interest rate on purchases and cash advances. While it does not offer many other perks, it is a good option for anyone who carries a balance.

Scotiabank Low Interest Credit Card Alternatives

Other low-interest cards in Canada include the ones from HSBC, National Bank, and RBC:

HSBC +Rewards Mastercard

  • Annual fee: $25 (waived in the first year).
  • Interest rate: 11.9% on purchases, balance transfers, and cash advances.

The HSBC +Rewards Mastercard is one of the best low-interest-rate credit cards in Canada.

Considering the average credit card interest rate is around 20%, an 11.90% annual percentage rate (APR) can potentially save you hundreds of dollars in interest charges.

This card is also a rewards credit card, offering 2 points per $1 spent on dining and entertainment and 1 point per $1 spent on everything else.

While you pay $25 annually, this fee is waived in the first year. Learn more in this review.

HSBC +Rewards Mastercard

Best for low-interest rates

Annual fee: $25

Welcome offer: Earn 35,000 points when you spend $1,000 within 60 days of account opening ($175 travel value); annual fee rebate for the primary cardholder in the first year.

Rewards: Earn up to 2 points per dollar on eligible purchases.

Interest rates: 11.9% on both purchases and cash advances.

Minimum income requirement: None

Recommended credit score:


hsbc plus rewards vertical art

On HSBC’s website

  • Earn 2 points per dollar spent on eligible dining or entertainment purchases.
  • Earn 1 point per dollar spent on all other everyday purchases.
  • Pay a low-interest rate on purchases, cash advances and balance transfers.
  • Redeem your points on travel, gift cards, or financial rewards.
  • Receive purchase protection for 90 days from the date of purchase in case of loss, damage, or theft.

Very competitive purchase APR at 11.9%

Low annual fee

Points are unlimited

2X points categories are limited

Limited insurance benefits

Limited travel benefits

The HSBC +Rewards Mastercard is an excellent low-interest credit card with no minimum personal or household income. It offers a robust point system with attractive redemption options and is a solid beginner card.

National Bank Syncro Mastercard

  • Annual fee: $35
  • Interest rate: 4% + Prime for purchases; 8% + Prime for cash advances and balance transfers.

The Syncro Mastercard offers a variable low-interest rate that fluctuates with the prime rate. This means the interest rate you pay increases and decreases with the Prime rate and is also impacted by your credit profile.

Cardholders also enjoy access to purchase protection for up to 90 days and an extended warranty for up to one additional year.

National Bank Syncro Mastercard

Best National bank credit card for low interest

Annual fee: $35

Rewards: Low-interest credit card.

Interest rates: 4% + prime rate for purchases (currently 11.20%), 8% + prime rate for cash advances (currently 15.20%).

Minimum income requirement: None

Recommended credit score:

Very Good

National Bank Syncro

On National Bank’s website

  • Low-interest credit card.
  • Comes with purchase protection from theft or damage for up to 90 days for extra peace of mind.
  • Includes extended warranty for purchases with up to double the manufacturer’s warranty.
  • Room upgrades, VIP experiences, tours, and special offers in cities around the world are included with Mastercard Priceless Cities.

Low-interest rates

Purchase protection and extended warranty provided

Low annual fee

Few premium perks included

If you’re looking for a low-interest credit card, the National Bank Syncro Mastercard could be a good option. The interest rates are very low, helping you to save if you carry a balance. While the card comes with a few premium perks, the low annual fee combined with the low-interest rate make up for this.

RBC Visa Classic Low Rate Option

  • Annual fee: $20
  • Interest rate: 12.99% for purchases and cash advances

The RBC Visa Classic Low Rate Option lets you save on interest compared to a traditional credit card, with a 12.99% fixed interest rate.

This card also includes purchase security and extended warranty coverage.

Here’s a detailed RBC Visa Classic Low Rate Option review. And you can learn about RBC low interest credit cards.


The Savvy New Canadians team assesses the best low interest credit cards based on their annual fees, interest rates, welcome bonuses, rewards, insurance coverage, and other perks. We carefully evaluate each credit card and place more weight on the value of the long-term rewards it offers. Only credit cards we would personally use are recommended. While these credit cards are some of the best on the market, they may not be right for you. Visit the credit card issuer’s website using the links to confirm each product’s terms and conditions before applying.

Pros and Cons of Low Interest Credit Cards

The benefits of a Scotiabank low-interest credit card include the following:

  • Low-interest charges compared to a regular credit card.
  • It may be easier to pay off credit card debt when it compounds at a lower rate.
  • Low annual fees compared to premium credit cards.

The downsides of a low-interest credit card are:

  • They usually do not offer competitive cash back or reward points.
  • You may need a high credit score to qualify.
  • They are generally no-frills and may lack basic insurance coverage.

How Much Do You Save With a Low Interest Credit Card?

Using the HSBC +Rewards Mastercard as an example, here’s how much money you can potentially save based on the lower APR.

Let’s say you have a $5,000 credit card balance. If the credit card charges 20.99% interest and you pay $350 monthly, it will take 17 months to pay off your balance. The total interest you pay is $803.

If you use a low-interest card with 11.9% APR and make the same monthly payments, it will take 16 months to pay off your balance and cost $418 in interest charges.

 Regular Credit CardLow Interest Card
Interest rate20.99%11.9%
Months to pay off balance1716
Interest fees$803$418


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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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