Borrowell Review Inside : Top Low Interest Credit Cards Canada 2025
Borrowell Review Inside In a world where the average Canadian is juggling rising living costs, inflation, and personal debt, finding a credit card that doesn’t eat you alive with interest charges is more than just smart—it’s necessary. That’s where low interest credit cards come into play, and thanks to tools like Borrowell, discovering the best options has never been easier.
Whether you’re consolidating debt, planning a big purchase, or just tired of paying sky-high interest on everyday balances, 2025 brings some fresh low-interest credit card options worth exploring. And if you haven’t heard of Borrowell yet, it might just become your new favorite financial companion.
Let’s break down the top low interest credit cards in Canada for 2025—and give you an inside look at how Borrowell can help you pick the perfect one.
Introduction
Why Low Interest Credit Cards Matter in 2025
Interest rates are still a hot topic in 2025. The Bank of Canada has tried to stabilize inflation with rate hikes over the past couple of years, and the result? Many Canadians are feeling the pinch—especially those carrying a balance on their credit cards. Most standard credit cards come with APRs around 19.99% or higher. Yikes.
Now, if you’re only using your credit card for small, manageable expenses and paying it off every month, interest might not be a concern. But let’s be honest—life happens. Unexpected car repairs, medical bills, or just trying to stay afloat in a tough economy can mean carrying a balance for a while. That’s when a low interest credit card can save you hundreds—if not thousands—of dollars over time.
In 2025, financial literacy is more accessible than ever, and Canadians are getting savvier with their money. They’re not just looking for rewards anymore—they want affordability and flexibility. Low interest credit cards offer both.
The Role of Borrowell in Credit Card Comparison
Enter Borrowell—Canada’s go-to platform for credit score monitoring and personalized financial product recommendations. What started as a free credit score checker has evolved into a comprehensive financial marketplace, helping Canadians make smarter decisions without drowning in options.
Borrowell takes the guesswork out of choosing a credit card. Instead of scrolling through 30+ options on bank websites and trying to compare fine print, Borrowell shows you cards matched to your credit profile and needs. Want a card with a 0% balance transfer offer? Prefer something with a low annual fee? Borrowell filters it down in seconds.
Their system even factors in your credit score, debt-to-income ratio, and other financial habits to show you your likelihood of approval—a game-changer in 2025 when application rejections can temporarily ding your credit score.
Understanding Low Interest Credit Cards
What Qualifies as a Low Interest Credit Card?
Let’s set the record straight: a low interest credit card typically offers an APR (Annual Percentage Rate) of around 8.99% to 13.99%—far lower than the standard 19.99% found on most credit cards in Canada. Some cards offer introductory 0% interest rates on purchases or balance transfers, which is a great way to pay off existing debt or finance large purchases without the stress of compounding interest.
Here’s a breakdown of what you should look for:
- Standard APR: The regular interest rate after any promotional period ends.
- Introductory Offer: Many low interest cards start with 0% for 6-12 months.
- Balance Transfer Rate: Ideal for moving debt from high-interest cards.
- Annual Fee: Some cards charge a yearly fee, but many offer low rates with no fee.
- Grace Period: This is the time before interest kicks in—often 21 days after your billing cycle ends.
Not all low interest cards are created equal. Some offer better rates but lack perks like travel insurance or rewards points. Others charge an annual fee in exchange for ultra-low APRs. The key is to understand how you’ll use the card and whether the cost savings from lower interest outweigh the fee.
Who Should Consider a Low Interest Card?
Low interest credit cards aren’t for everyone—but they can be a lifesaver for the right people. Ask yourself these questions:
- Do you carry a balance month-to-month?
- Do you need to consolidate debt from other cards?
- Are you planning a large purchase you’ll pay off over time?
- Are rewards less important than saving on interest?
If you answered “yes” to any of those, then a low interest card might be your best bet.
They’re ideal for:
- Students starting to build credit with modest spending habits.
- Young professionals with unpredictable expenses or occasional cash flow gaps.
- Families dealing with emergency costs or fluctuating budgets.
- Anyone paying off debt and looking to avoid the trap of compounding interest.
These cards also provide peace of mind. Life is unpredictable, and knowing your credit card isn’t charging you 20% interest can be the buffer you need during tough times.
How Borrowell Helps Canadians Find the Best Credit Cards
What is Borrowell?
Borrowell is one of Canada’s top financial technology platforms, offering free credit scores, credit monitoring, and personalized financial recommendations to over 2 million Canadians. They’ve partnered with top banks, lenders, and credit card providers to bring you tailored options that fit your credit profile and financial goals.
Their mission? Make financial progress possible for everyone. And in 2025, they’ve expanded beyond just credit scores. Their updated tools now help you:
- Track your spending
- Monitor your debt levels
- Compare credit card offers
- Get pre-qualified recommendations without affecting your score
Borrowell uses AI-powered technology to match you with products you’re most likely to be approved for. No more applying blindly and hoping for the best.
Borrowell’s Free Credit Score Check and Matching Algorithm
When you sign up, Borrowell pulls your credit score from Equifax—and they do it without affecting your score. That’s a huge bonus. Once they have your profile, their algorithm starts working in the background.
Here’s what it does:
- Analyzes your credit score and history
- Compares your profile with partner lenders’ criteria
- Shows you tailored card offers with estimated approval chances
No need to comb through dozens of options. Borrowell acts like a matchmaker, presenting you only with cards that align with your credit health and financial habits.
Benefits of Using Borrowell for Card Comparison
Still not convinced? Here’s why Borrowell stands out:
- Totally Free: No hidden costs, no subscription fees.
- Personalized Matches: Cards matched to you, not a generic list.
- Credit Score Monitoring: Weekly updates, alerts, and insights.
- Financial Wellness Tools: Budget tracking, debt breakdowns, and more.
- Approval Likelihood: Know your odds before applying.
In 2025, knowledge is power—and Borrowell gives you all the tools to make smarter, faster credit decisions.
Top Low Interest Credit Cards in Canada 2025
Choosing the best low interest credit card can be overwhelming with all the options available. But don’t worry—we’ve done the heavy lifting for you. Here are the top contenders for 2025 based on interest rates, perks, and overall value, as recommended through Borrowell.
#1 Scotiabank Value Visa Card
Key Features
- Purchase interest rate: 12.99%
- Balance transfer offer: 0.99% for 6 months (1% transfer fee)
- Annual fee: $29
- Interest-free grace period: Up to 21 days
- Optional insurance coverage: Available for purchase
Pros and Cons
Pros:
- One of the lowest interest rates in Canada for a major bank card
- Excellent balance transfer offer for debt consolidation
- Comes with Visa Zero Liability and optional protection insurance
Cons:
- Small annual fee of $29
- No rewards program or travel perks
This is a classic low interest credit card that does exactly what it promises—helps you save on interest. It’s perfect if you tend to carry a balance and want stability from a big bank like Scotiabank. The intro balance transfer rate of 0.99% is a great incentive if you’re looking to move debt from a higher-rate card.
#2 MBNA True Line Mastercard
Key Features
- Purchase interest rate: 12.99%
- Balance transfer offer: 0% for 12 months (1% fee applies)
- Annual fee: $0
- Cash advance rate: 24.99%
Pros and Cons
Pros:
- No annual fee
- Very strong 0% balance transfer promo
- Access to MBNA’s online tools and budgeting features
Cons:
- No rewards or cashback
- High interest on cash advances
The MBNA True Line Mastercard is an excellent no-fee option for those seeking low interest and short-term debt relief. The 0% interest on balance transfers for 12 months can provide significant breathing room for those looking to eliminate debt aggressively.
#3 CIBC Select Visa Card
Key Features
- Purchase interest rate: 13.99%
- Balance transfer offer: 0% for 10 months (1% transfer fee)
- Annual fee: $29 (often waived in the first year)
- Optional insurance and fraud protection
Pros and Cons
Pros:
- Strong introductory offer for balance transfers
- Features like auto-pay and fraud alerts
- Backed by a major Canadian bank
Cons:
- Interest rate slightly higher than some competitors
- Annual fee (though waived in many promotions)
The CIBC Select Visa card is a great hybrid card. It combines decent low interest rates with features from a traditional big-bank card. Plus, you get the flexibility and security of Visa, making it ideal for cautious spenders.
#4 BMO Preferred Rate Mastercard
Key Features
- Purchase interest rate: 13.99%
- Balance transfer offer: 3.99% for 9 months
- Annual fee: $20 (waived for BMO Performance Chequing customers)
- Car rental discount with National and Alamo
Pros and Cons
Pros:
- Low annual fee
- Car rental perks and extra purchase protection
- Optional extended warranty and travel insurance
Cons:
- Balance transfer offer isn’t as competitive
- Interest rate not the lowest on this list
While the BMO Preferred Rate Mastercard doesn’t have the absolute lowest rates, it makes up for it in value-added features and the low annual fee. Especially for existing BMO clients, it’s a great bundled option.
Comparing the Top Low Interest Credit Cards
Side-by-Side Comparison Table
| Card | Interest Rate | Balance Transfer Offer | Annual Fee | Ideal For |
|---|---|---|---|---|
| Scotiabank Value Visa | 12.99% | 0.99% for 6 months | $29 | Everyday purchases & transfers |
| MBNA True Line Mastercard | 12.99% | 0% for 12 months | $0 | Debt consolidation |
| CIBC Select Visa | 13.99% | 0% for 10 months | $29 | Balance transfers & security |
| BMO Preferred Rate Mastercard | 13.99% | 3.99% for 9 months | $20 | Travel & banking bundles |
How to Choose the Best One for You
Picking the right low interest credit card depends on your financial goals. Here are a few things to consider:
- Are you carrying high-interest debt?
- Go for cards with 0% or near-0% balance transfer offers like the MBNA True Line or CIBC Select Visa.
- Do you want to avoid annual fees?
- MBNA True Line Mastercard is your best bet.
- Are you already with a bank like BMO or Scotiabank?
- Bundling products could give you fee waivers and loyalty perks.
- Do you carry a monthly balance but still make regular payments?
- The Scotiabank Value Visa offers steady low interest without a complicated rewards structure.
Don’t just look at interest rates—think about fees, ease of access, approval chances, and any perks that come with the card. Use Borrowell to get matched with the card that fits your credit profile, so you’re not wasting time applying for cards that won’t approve you.
Borrowell Review 2025 – A Closer Look
What’s New with Borrowell in 2025?
Borrowell has significantly evolved in 2025, going far beyond its roots as a simple credit score checker. This year, it introduced AI-driven financial coaching, expanded its lender and credit card partnerships, and launched Borrowell Boost, a feature that predicts upcoming bills and cash flow issues—giving users a heads-up before overdrafts happen.
Here’s what’s new:
- Smarter Credit Card Recommendations: Borrowell now uses AI to assess your financial patterns, credit behavior, and even spending categories to match you with cards you’ll likely use to their full potential.
- Borrowell Boost: This predictive feature analyzes your banking transactions and alerts you if you’re about to go negative in your account. It’s perfect for managing cash flow without guesswork.
- Debt Payoff Planning Tool: An intuitive calculator that shows how long it’ll take to pay off debt depending on how much you can afford monthly, adjusted based on your credit card interest rate.
2025 is the year Borrowell became a full-on financial wellness platform, not just a credit tool.
User Experience and Mobile App Review
The Borrowell app is smoother and smarter than ever. It’s free to download, easy to navigate, and highly visual, showing your credit health on a dashboard with personalized insights.
Key UX improvements:
- New Dashboard Design: Visual indicators for credit health, upcoming bills, and debt tracking.
- Daily Notifications: Stay on top of due dates, credit score changes, and new card offers.
- Seamless Integration: Borrowell links with your major Canadian bank accounts and updates your credit dashboard in real time.
Users rave about its clean interface and how it feels more like a financial planner in your pocket than just another finance app. Whether you’re using Android or iOS, Borrowell is lightning-fast, secure, and most importantly—actionable.
Trustworthiness and Security Features
Security is top-of-mind in 2025, especially with financial data. Borrowell continues to lead by example with bank-grade encryption, two-factor authentication (2FA), and partnerships only with trusted Canadian financial institutions.
Here’s why you can trust it:
- Data is encrypted in transit and at rest
- Borrowell does not sell your personal financial information
- You can delete your profile at any time with full data removal
Borrowell is also regulated and compliant with Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA), ensuring your data stays safe.
So if you’re still wondering, “Is Borrowell legit?”—the answer is a resounding yes.
Pros and Cons of Using Low Interest Credit Cards
Benefits of Lower APR
The number one benefit is obvious: you pay less interest. But that’s just the beginning.
Here’s why low interest cards are so valuable:
- Cost Savings: A standard card charging 19.99% vs. a low interest card at 12.99% could mean hundreds saved annually if you carry a balance.
- Flexibility: Great for emergency expenses that can’t be paid off immediately.
- Stress Reduction: Knowing your interest charges won’t balloon gives peace of mind.
- Better for Debt Repayment: More of your monthly payment goes toward the principal instead of interest.
- Useful for Large Purchases: Financing furniture, appliances, or travel over time becomes manageable.
Especially in a high-cost economy, every percent counts, and a low interest card can be the financial cushion many Canadians need in 2025.
Potential Limitations and Things to Watch Out For
Of course, no credit card is perfect. Low interest cards come with their own set of caveats:
- Fewer Perks: These cards typically don’t offer cash back, points, or travel rewards.
- Annual Fees: Some cards charge a yearly fee to access those lower rates.
- High Cash Advance Rates: Even if the purchase rate is low, cash advances often incur 22–24% interest.
- Limited Promotions: Offers like 0% interest for 12 months are often available only for balance transfers, not new purchases.
- Eligibility Requirements: You may need a good to excellent credit score to qualify for the best rates.
It’s important to read the fine print—not all low interest cards are created equal, and some may come with hidden fees, stricter approval rules, or expiration dates on their “introductory” offers.
So be strategic. Use these cards for what they’re good at: saving money, not earning rewards.
How to Qualify for a Low Interest Credit Card
Credit Score Requirements
While requirements vary, most low interest credit cards in Canada ask for a minimum credit score of 660 or above. If your score falls below that, you might still qualify for entry-level options, but you’ll likely pay a higher interest rate or receive a lower credit limit.
Here’s how score tiers typically break down:
- Excellent (760+): Eligible for nearly all cards
- Good (700–759): Approved for most low interest options
- Fair (660–699): Eligible for some cards, possibly with fewer perks
- Poor (<660): Likely need to improve score before qualifying
Borrowell helps here by showing your actual approval likelihood based on your real credit score—not just generic estimates.
Tips to Improve Approval Odds
If you’re looking to qualify (or qualify for a better card), here are some steps you can take:
- Pay Your Bills on Time: Timely payments build positive history.
- Lower Your Credit Utilization: Keep your card balances under 30% of your limit.
- Check Your Credit Report: Look for and dispute any errors.
- Avoid Applying for Too Many Cards: Too many hard inquiries can hurt your score.
- Build Credit History: If you’re new to credit, start with a secured card or a low-limit card and use it responsibly.
Remember, Borrowell updates your credit score weekly and provides custom insights to help you improve it—step by step.
Alternatives to Low Interest Credit Cards
Balance Transfer Cards
Balance transfer credit cards are often lumped into the “low interest” category, but they function a bit differently. These cards offer extremely low or 0% interest on balances you transfer from other credit cards—usually for a limited time (e.g., 6–12 months).
Pros:
- Can consolidate and pay off debt without accruing new interest
- Often come with no annual fee
- Useful for short-term debt payoff strategies
Cons:
- Balance transfer fees (typically 1–3% of the amount)
- High interest kicks in after promo period
- Not ideal for new purchases
If you’ve got a pile of debt on high-interest cards, a balance transfer card could be your escape plan. Just be sure to pay off the full amount before the promo ends.
Personal Loans
A personal loan is a great option if you need a large sum of money and want predictable monthly payments. Unlike revolving credit (like a card), personal loans are installment-based—you borrow a set amount and pay it off over a fixed term.
Why it’s a good alternative:
- Often lower interest than credit cards
- Fixed repayment timeline
- Can be used for consolidating multiple debts
However, you’ll need a good credit score to secure low rates, and there may be origination fees or penalties for early repayment.
Line of Credit
A line of credit (LOC) works like a credit card but with generally lower interest rates and fewer rewards. LOCs are usually offered by banks and are ideal for ongoing or unpredictable expenses.
Key features:
- Flexible borrowing and repayment
- Lower interest (often 6–10%)
- Interest only applies to what you use
Lines of credit are great for home renovations, medical expenses, or small business cash flow. Just keep in mind—if you default, it can impact your credit or even lead to account closure.
Tips to Make the Most Out of Low Interest Credit Cards
Pay More Than the Minimum
The bare minimum payment may keep you in good standing, but it’ll take years to pay off even small debts. Always aim to pay at least double the minimum to chip away at your balance faster.
Even better? Set up automatic payments for a fixed amount above the minimum. This builds consistency and reduces risk of missed payments.
Use for Big Purchases Strategically
Low interest credit cards are excellent tools for financing large purchases—like a new fridge, computer, or dental work—without going into crippling debt.
But here’s the trick: make a plan to pay off that purchase within a set time. Divide the total into 6–12 monthly payments, and stick to that goal. If your card has a promotional 0% rate, pay it off before that period ends.
This approach helps you use the card as a smart financing tool, not a bottomless pit of debt.
Monitor Statements and Interest Charges
Just because a card is “low interest” doesn’t mean you should ignore it. Keep tabs on:
- Statement due dates
- Interest charges
- Promotional rate expirations
Set calendar reminders or use apps like Borrowell to get notifications. Staying proactive keeps your low interest card an asset, not a liability.
Common Mistakes to Avoid with Low Interest Credit Cards
Ignoring Fees
Low interest doesn’t always mean low cost. Some cards charge:
- Annual fees
- Balance transfer fees
- Late payment penalties
Always factor these into your decision. A $29 fee may not sound like much, but if you’re barely saving that amount in interest, it may not be worth it.
Using Cards as Long-Term Debt Tools
Low interest cards are tools—not crutches. It’s easy to fall into the trap of thinking, “It’s only 12% interest, I can carry this balance forever.”
But that mindset keeps you in a cycle of debt.
Instead, use these cards for:
- Short-term financing
- Emergency expenses
- Planned purchases you can repay quickly
If you’re using a low interest card as a replacement for proper budgeting or emergency savings, it may be time to revisit your financial plan.
Future Trends in the Canadian Credit Card Market
More Personalization with AI
By 2025, AI isn’t just a buzzword—it’s embedded into every part of your financial journey. Banks and fintechs like Borrowell now use machine learning to:
- Predict spending patterns
- Recommend financial products
- Offer real-time advice
You’ll see more “smart” card recommendations tailored to your goals, not just your score.
Integration with Financial Wellness Tools
Credit cards will soon be part of a larger financial wellness ecosystem, with:
- In-app budgeting tools
- Credit coaching
- Debt payoff plans
- Savings goal trackers
Platforms like Borrowell are leading the charge, turning boring financial products into interactive, engaging tools that help you thrive—not just survive.
Final Thoughts on Choosing the Right Low Interest Card
Aligning with Financial Goals
Choosing the right low interest card in Canada for 2025 means looking beyond interest rates. You need to consider:
- How you plan to use the card
- What features matter most to you
- Whether the card fits your short- and long-term financial goals
Do you want to crush debt? Make a big purchase? Build credit? Your answer will guide your choice.
Getting Help from Tools Like Borrowell
Instead of browsing bank sites one by one, let Borrowell do the heavy lifting. With tailored card recommendations, credit coaching, and weekly credit score updates, you’ll always be one step ahead.
No guesswork. No wasted applications. Just smarter credit decisions.
Conclusion
In 2025, the best low interest credit cards in Canada offer more than just lower APRs—they offer flexibility, financial breathing room, and peace of mind. Whether you’re consolidating debt, managing monthly expenses, or simply want a smarter way to spend, there’s a low interest card out there for you.
And thanks to Borrowell, finding that card is easier than ever. With personalized recommendations, real-time credit monitoring, and financial tools that actually help, Borrowell is empowering Canadians to take control of their credit like never before.
So don’t wait. Check your credit score, get matched, and start saving on interest today.
FAQs
What’s considered a low interest rate on credit cards in Canada?
Anything between 8.99% and 13.99% is considered a low interest rate for Canadian credit cards in 2025. Some promotional rates may be as low as 0% for balance transfers.
Does using Borrowell affect my credit score?
Nope! Borrowell uses a soft check to pull your credit score, which means it won’t impact your score. It’s completely free and safe to use.
Are there any no-fee low interest cards in Canada?
Yes, the MBNA True Line Mastercard is one of the top options with no annual fee and a low interest rate.
Can I switch from a high-interest to a low-interest card?
Absolutely. In fact, many Canadians transfer their balance from high-interest cards to 0% or low interest offers to save money on interest and pay off debt faster.
How often does Borrowell update their credit card offers?
Borrowell updates its offers daily, syncing with lenders and credit card issuers to ensure you get the most accurate, up-to-date recommendations based on your credit profile.
One thought on “The Secret Borrowell Review – Top Low Interest Credit Cards Canada 2025”