The Best Balance Transfer Credit cards
These credit cards have a low-interest rate for purchases or balance transfers.
Check out this post on balance transfer, to learn more about this technique.
Here is a table summarizing the different promotional offers for balance transfers or cash advances:
| Credit card | Offer | Annual fee |
| CIBC Select Visa* Card | 0% for 10 months on balance transfers | $29 ($0 for the first year) |
| MBNA True Line® Mastercard® (Non-Quebec Residents) |
0% for 12 months on balance transfers | $0 |
| Scotia Momentum® No-Fee VISA* Card |
0% for 6 months on balance transfers | $0 |
| BMO® Preferred Rate Mastercard®* | 0.99% for 9 months on balance transfers | $20 ($0 the first year) |
| Scotiabank® Value VISA Card | 0% for 6 months on cash advances | $29 ($0 for the first year) |
| Tangerine Money-Back Credit Card | 1.95% for 6 months on balance transfers | $0 |
| Scotia Momentum® VISA* Card |
0% for 6 months on balance transfers | $39 |
For more details, read on or click on the name of a card.
CIBC Select Visa* Card
The CIBC Select Visa* Card is one of the best balance transfer Visa credit cards in Canada.
With this Card, you get 0% interest on balance transfers for your first 10 months. You’ll only have to pay a 1% fee when you transfer your balance from another card.
Currently, you get a first-year annual fee rebate (a $29 value)! And this card has valuable insurance:
- $100,000 Common Carrier Accident Insurance
MBNA True Line® Mastercard® credit card
The MBNA True Line® Mastercard® credit card is one of the best balance transfer Mastercard credit cards in Canada.
With this Card, you get 0% interest on balance transfers for your first 12 months. And you have fraud protection at all times.
Scotia Momentum<sup>®</sup> No-Fee Visa* card
The Scotia Momentum® No-Fee Visa* Card is a great cash back credit card in Canada. Currently, you can earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).
With the Scotia Momentum® No-Fee Visa* Card, you get :
- 1% Cash back on all eligible gas station, grocery store, drug store purchases and recurring payments.
- 0.5% on all other purchases
This is a great no-fee Visa credit card to earn cash back.
Plus, you can get a 0% introductory rate on balance transfers for the first six months.
BMO® Preferred Rate Mastercard®*
The BMO Preferred Rate Mastercard offers:
- 0.99% introductory interest rate on Balance Transfers for 9 months
- First-year annual fee waiver
Scotiabank® Value VISA Card
The Scotiabank Value® Visa* Card is one of the best credit cards for cash advances in Canada.
You can get a 0% introductory interest rate on cash advances for the first six months. And you pay no annual fee for the first year with this Visa credit card.
In addition, this Visa credit card offers a low-interest rate of 12.99% on purchases and cash advances.
Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card has no annual fee and offers cash back.
Through October 31, 2022, you can earn an additional 15% back (up to $150) when you spend up to $1,000 on everyday purchases during the first 2 months.
You can choose two to three categories that interest you (groceries, gas, furniture, home improvement, recurring bills, pharmacy, etc.) to earn 2% cash back ! And there is no annual cash back limit. It is one of the best credit cards for renovations.
In addition, the Tangerine Mastercard offers several insurance coverages for your purchases :
- 90 days purchase insurance
- One year extended warranty
Finally, during your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months.
Scotia Momentum<sup>®</sup> VISA* Card
The Scotia Momentum Visa Card is a great cash back credit card in Canada.
With the Scotia Momentum Visa Card, you get:
- 2% on eligible gas station, grocery store and drug store purchases and recurring bill payments
- 1% cash back on everything else
This is a perfect Visa credit card to earn cash back rewards.
Plus, you can get a 0% introductory rate on balance transfers for the first six months.
Frequently Asked Questions about Credit Card Balance Transfers
Here are frequently asked questions in the milesopedia community about credit cards in Canada.
What is a credit card balance transfer?
A credit card balance transfer is the transfer of a balance from one credit card to another to take advantage of a benefit: lower interest rate or debt consolidation.
Once the balance is transferred to the new credit card, you will be able to get the money directly into your chequing account to pay off your balance on your old credit card.
What is the best balance transfer credit card in Canada?
Credit card balance transfer offers are constantly evolving. Currently, the two best balance transfer credit cards are:
Are there any fees associated with a credit card balance transfer?
Yes, a fee is frequently charged to complete a credit card balance transfer: between 1% and 3% of the total amount transferred.