Advertiser Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

Best RBC Low-Interest Credit Cards in Canada for 2023

A low-interest credit card can save you money in lower interest charges if you carry a balance on your credit card.

Compared to high-interest credit cards with 21% and higher rates, low-interest credit cards offer variable or fixed interest rates well below the average.

Does RBC offer low-interest cards? Read on to learn about the best RBC low-interest credit cards in 2023.

RBC Low Interest Credit Cards

The two main RBC low-interest credit cards are:

  • RBC RateAdvantage Visa, and
  • RBC Visa Classic Low Rate Option.

There is also an RBC Visa CreditLine for Small Business card you can apply for if you are a business owner.

These RBC credit cards have no or low annual fees and can potentially save you money on purchases and cash advances.

RBC RateAdvantage Visa Card

Good low-interest credit card

Annual fee: $0

Rewards: N/A

Interest rates: 4.99%-8.99% + prime rate for purchases and cash advances.

Minimum income requirement: None

Recommended credit score:

Very Good

RBC RateAdvantage Visa Card

On RBC’s website

  • Low variable interest rate.
  • Get a lower rate with a better credit rating.
  • No annual fee and no fee for additional cards.
  • Personalized offers on top brands to earn bonus points or get cash savings.
  • Save 3¢/L on fuel and earn 20% extra Petro-Points at Petro-Canada.
  • Earn extra Be Well points when you shop at Rexall. 50 points for every $1 spent on eligible products.
  • Free deliveries with DoorDash for three months.
  • Includes extended warranty insurance and purchase security for additional protection.

No annual fee

Low-interest rate

Includes several perks

Few premium perks

Can only earn points on specific purchases

The RBC RateAdvantage Visa Card is designed for people looking for a low-interest credit card. Rather than providing one fixed rate, it rewards users by offering lower rates for people with better credit ratings. If you carry a balance and want to pay less, this credit card could be a suitable option, especially as you don’t have to pay an annual fee.

Interest rates on this card are tied to the bank’s prime rate and will vary as this changes with the Bank of Canada’s key policy rate.

The interest rate you pay also varies based on your credit rating, with lower rates for those with excellent credit scores.

RBC Visa Classic Low Rate Card

Good for low-interest rates

Annual fee: $20

Rewards: Low-interest credit card.

Interest rates: 12.99% for purchases and 12.99% for cash advances

Minimum income requirement: None

Recommended credit score:

Good to Excellent

RBC Visa Classic Low Rate Option

On RBC’s website

  • Low-interest rates for both purchases and cash advances.
  • Low annual fee.
  • Extended warranty insurance and purchase security included.
  • No cost for additional cards.
  • Get cash savings or earn faster points with RBC Offers.
  • Save 3¢/L on fuel at Petro-Canada and earn 20% more Petro-Points.
  • Use your Be Well card to earn extra points at Rexall.
  • Enjoy free delivery from DoorDash for three months.

Low-interest rate

Low annual fee

Additional cards are free

Not many additional rewards and perks included

The RBC Visa Classic Low Rate Card has a low-interest rate for purchases and cash advances. Along with the low annual fee and the option to get free additional cards, this could be a good choice for anyone who carries a balance and wants to reduce the interest they are paying.

Unlike the RBC RateAdvantage Visa, the RBC Visa Classic Low Rate Option has a fixed low-interest rate of 12.99%.

It has a $20 annual fee, and like many other low-interest or balance transfer credit cards, you don’t get much in the way of rewards.

Cardholders have the option to add on extra services and perks for an additional fee.

Best Low Interest Rate Credit Cards in Canada

If you are looking for an alternative to an RBC low-interest credit card, these credit cards from HSBC, Scotiabank, and National Bank are worth considering.

HSBC +Rewards Mastercard

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

The HSBC +Rewards Mastercard is one of our top choices for the best low-interest credit cards in Canada.

With a low rate of 11.9% on your credit card balance, this card is appealing if you carry a balance from month to month.

New cardholders get a full annual rebate in the first year and earn welcome bonus points. In addition, this card includes purchase protection and extended warranty coverage.

HSBC +Rewards Mastercard

Best for low-interest rates

Annual fee: $25

Welcome offer: Earn 35,000 points when you spend $2,000 within 180 days of account opening ($175 travel value).

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.

Scotiabank Value Visa

  • Annual fee: $29 (waived in the first year).
  • Interest rate: 12.99% interest on purchases, cash advances, and balance transfers.

The Scotiabank Value Visa is an excellent option if you need to transfer a balance and pay it off quickly to save on interest costs.

It offers a unique 0% promo balance transfer rate for the first six months, and the annual fee is also waived in the first year.

While you don’t get insurance coverage by default, you can add these for a fee.

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.

National Bank Syncro Mastercard

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

With the National Bank Syncro Mastercard, you get a variable interest that changes with the bank’s prime rate.

This card also includes purchase protection and extended warranty insurance coverage.

Here are some other options for National Bank credit cards.

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 (minimum of 10.7%), 8% + prime rate for cash advances (minimum of 14.7%).

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.


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.

What is a Low Interest Credit Card?

A low-interest credit card has a rate of interest that is lower than what the average credit card charges.

For example, you could get a low-interest rate credit card in Canada with rates below 13%, while the average credit card has an annual percentage rate (APR) above 20%.

With a lower rate, your interest charges and fees are lower if you carry a balance, and it may be easier to pay off your debt over time.

Pros and Cons of an RBC Low Interest Credit Card

Benefits of RBC low-interest credit cards include:

  • Low or no annual fee.
  • Cheaper financing costs result in lower interest charges.
  • You can pay off your credit card balance faster.

The downsides of an RBC low-interest credit card are:

  • They do not offer competitive rewards or cash back.
  • You will need a good credit score to qualify.
  • Cash advances fees still apply when used.

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

Assuming you have a $4,000 credit card balance and you pay $300 monthly to clear your debt.

With a regular credit card at 19.99%, it will take you 16 months and cost $560.92 in interest charges. Using a low-interest credit card with an 11.9% APR takes 15 months and costs $311.58 in interest.

 Regular CardLow-Interest Card
Interest rate19.99%11.9%
Months to pay off balance1615
Interest charges$560.92$311.58

How To Avoid Paying Credit Card Interest

The easiest way to avoid paying interest costs on your credit card is to pay off your credit card balance in full by the due date each month.

If you can’t afford to pay your full bill, try to make at least the minimum payment. This won’t cut your interest charges to zero, but it can help you avoid a scenario where your APR is increased significantly.

You can also reduce credit card interest by using a low-interest credit card or a balance transfer credit card with a promotional low-rate offer.

Fixed vs. Variable Rate Credit Cards

There are two types of low-interest credit cards:

  • Fixed-rate low-interest credit cards.
  • Variable rate low-interest credit cards.

A fixed-rate credit card has an interest rate that stays the same and doesn’t change due to changes in the prime rates. A bank can still change its fixed rate but will usually give advance notice.

A variable rate credit card has rates that fluctuate based on market conditions or due to economic factors, such as inflation.

The bank is not required to give you advance warning when variable rates change.

RBC Low Interest Credit Card FAQs

Does RBC have low-interest credit cards?

RBC has two low-rate credit cards for personal usage: RBC RateAdvantage Visa and RBC Visa Classic Low Rate Option.

How much interest do low-interest credit cards charge?

Low-interest credit cards in Canada charge interest ranging from 10.70% to 15%.

What is the best low-interest credit card in Canada?

One of the best low-interest credit cards is the HSBC +Rewards Mastercard. It offers a low, fixed 11.9% interest rate on purchases, cash advances, and balance transfers.


Best Credit Offers in May 2023

Get up to 5% cashback and grow your savings ($20 bonus)

Best free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with an optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Get the best no-fee cash back credit card in Canada ($100 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $100 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer and purchase protection insurance.

No annual fees to use the card; cashback is paid out monthly.

Earn up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

No annual account fees.

Earn up to 5% unlimited cash back at 10,000+ participating stores.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D


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.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.