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If you regularly carry a balance, you will probably need a low interest credit card. The best low interest credit cards can also help with your debt repayment plan. It's hard to pay off debt efficiently when you are stuck paying 19.99%. It can make a big difference to have a lower interest rate.

Low interest rate credit cards are helpful for the occasional large purchase that might require three or four months to pay off. Think about your plans for the future, and consider whether or not you might benefit from the right low interest credit card. Here are some of the best low interest credit cards available in Canada:

Scotia Momentum No-Fee VISA CardScotia Momentum No-Fee VISA Card – If you are looking for a low interest credit card without an annual fee, this can help. You can receive a 7.99% APR on purchases for the first 6 months if you open your account by October 31, 2015. This can be a great way to save money on larger purchases.

Not only does this card come with a low initial interest rate, but it also offers rewards. You'll receive 1% cash back on eligible as, grocery and drugstore purchases, as well as on recurring bill payments. Other purchases will earn you 0.5% cash back.

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Capital One Low Rate Guaranteed MasterCardCapital One Low Rate Guaranteed MasterCard – For those who have yet to build their credit, the Capital One Low Rate Guaranteed MasterCard can help. This card comes with a relatively low interest rate of 14.90% for purchases and balance transfers. Because it's a guaranteed card, though, there is an annual fee, in this case $79. However, depending on how often you carry a balance, it can still be worth it to pay the fee and avoid the charges that come with higher-rate cards.

The Capital One Low Rate Guaranteed MasterCard can help you strengthen your credit history, if you use it responsibly. Since it is a guaranteed card, though, you might be required to provide security funds. You can add an authorized user for nothing, though, and there is fraud protection.

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MBNA TrueLine MasterCardMBNA TrueLine MasterCard – If you are looking for a consistently lower rate, the MBNA TrueLine MasterCard can be a good choice. The regular purchase interest rate is 9.99%. That way, if you have to carry a balance for a few months, you aren't stuck with crippling interest charges. This rate can also be helpful if you want to transfer balances from higher-rate cards, since the 9.99% interest rate applies to balance transfers.

There is no annual fee with this credit card, and you have access to MasterCard's fraud protection and enhanced security. There is also a grace period of 21 days before you are charged interest on your purchases.

DISCLAIMER: While we attempt to keep all credit card details current, the rates, fees, rewards and benefits may have changed since the last update. Please visit the credit card supplier through the “Apply Now” links to ensure you have the lastest details for that card.

If you regularly carry a balance, you need a low interest rate credit card. Here are some of the best low interest credit cards available in Canada.