Best Balance Transfer Credit Cards | April 2024

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.

Best Balance Transfer Credit Card Offers

Here is a table summarizing the different promotional offers for balance transfers or cash advances:

Credit card	Institution	Offer	Transfer fees	Annual fee
CIBC Select Visa* Card	CIBC	0% for 10 months on balance transfers	1%	$29 ($0 for the first year)
MBNA True Line^® Mastercard^® (Non-Quebec Residents)	MBNA	0% for 12 months on balance transfers	3%	$0
Scotia Momentum^® No-Fee VISA* Card	Scotiabank	0% for 6 months on balance transfers	2%	$0
BMO eclipse rise Visa* Card	BMO	0.99% for 9 months on balance transfers	2%	$0
BMO^® Preferred Rate Mastercard^®*	BMO	0.99% for 9 months on balance transfers	2%	$29 ($0 for the first year)
Scotiabank^® Value VISA Card	Scotiabank	0% for 10 months on cash advances	1%	$29 ($0 for the first year)
Tangerine Money-Back Credit Card	Tangerine	1.95% for 6 months on balance transfers	1%	$0
Scotia Momentum^® VISA* Card	Scotiabank	2.99% for 6 months on balance transfers	0%	$39
BMO Rewards^® World Elite^®* Business Mastercard^®*	BMO	0% for 9 months on balance transfers	3%	$149 ($0 for the first year)
BMO CashBack^® Business Mastercard^®*	BMO	0% for 9 months on balance transfers	3%	$0

For more details, read on or click on the name of a card.

Best CIBC Balance Transfer Credit Card

CIBC Select Visa* Card

The CIBC Select Visa* Card is one of the best balance transfer Visa credit cards in Canada.

With this CIBC Credit Card with a balance transfer option, you earn 0% interest on balance transfers for up to 10 months. You’ll only have to pay a 1% fee when you transfer your balance from another card. Once this promotional period ends, the standard card interest rate of 13.99% will apply to any remaining balance. This interest rate is lower than the rates charged by many other credit cards.

For example, you could pay for major purchases on another credit card (such as renovations, furniture or appliances) and transfer your balance to the CIBC Select Visa* Card to benefit from its 0% interest rate on balance transfers for ten months.

CIBC Select Visa* Card users can also save on gas thanks to the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating service stations.

The CIBC Select Visa* Card has an annual fee of $29 (rebated in the first year) and requires a $15,000 annual household income. Despite its lack of additional benefits, the CIBC Select Visa* Card comes with up to $100,000 in Common Carrier Accident Insurance and allows users to add up to three authorized users at no additional cost.

Best MBNA Balance Transfer Credit Card

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 could get 0% interest on balance transfers for 12 months (with a 3% transfer fee). And you’re protected against fraud at all times.

Best BMO balance transfer credit cards

BMO eclipse rise Visa* Card

The new BMO eclipse rise Visa* Card is a no-annual-fee travel rewards credit card with no minimum income required.

With this offer, you can earn up to 25,000 points as a welcome bonus:

20,000 points after $1,500 in purchases in the first 3 months
2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with points
2,500 bonus points for paying your full credit card balance on time for 12 consecutive months

Moreover, you can get a 0.99% introductory interest rate on Balance Transfers for 9 months (a 2% fee applies to balance amounts transferred).

With the new BMO eclipse rise Visa* Card, you get :

5 points for every two dollars spent on recurring bill payments
5 points for every two dollars spent at the grocery store
5 points for every two dollars in dining and takeout purchases
1 point per two dollars spent on everything else

You can use BMO Rewards points for all travel purchases made through the agency or website of your choice (flights, hotels, car rentals, all-inclusive resorts, Airbnb, etc.) or for rewards and gift cards on the BMO Rewards platform.

The new BMO eclipse rise Visa* Card also offers:

Mobile Device Insurance
Purchase Protection
Extended warranty insurance

BMO^® Preferred Rate Mastercard^®*

The BMO Preferred Rate Mastercard is a Bank of Montreal credit card that offers:

0.99% introductory interest rate on Balance Transfers for 9 months
First-year annual fee waiver

There is no minimum income requirement for this BMO credit card.

You can use this low-interest credit card at Costco because it is a Mastercard credit card.

Finally, you’ll receive insurance on purchases charged to your BMO Preferred Rate Mastercard.

Best Tangerine Balance Transfer Credit Card

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card has no annual fee and offers cash back.

With this limited-time welcome offer, you can earn an additional 10% cash back (up to $100) 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.

Best Scotia Balance Transfer Credit Card

Scotia Momentum^® 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.

Scotiabank^® Value VISA Card

The Scotiabank Value® Visa* Card is one of the best credit cards for cash advances (including balance transfers) in Canada.

You can get an introductory interest rate of 0% on cash advances for the first ten months (including balance transfers). And you pay no annual fee for the first year with this Visa credit card.

What’s more, this Visa credit card offers a low-interest rate: 12.99% on purchases, balance transfers and cash advances.

Scotia Momentum^® 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.

And you can get a 2.99% introductory interest rate with 0% fee on balance transfers for the first 6 months.

Best balance transfer offers for business credit cards

BMO Rewards^® World Elite^®* Business Mastercard^®*

The BMO World Elite®* Business Mastercard®* is one of Canada’s best travel points Mastercard for Business credit cards. You can earn up to 70,000 points as a welcome bonus:

50,000 points after you spend $5,000 in the first 3 months
20,000 points after you spend $35,000 in the first twelve months

Plus, there is no annual fee for the first year! And you get 2 free visits a year to DragonPass airport lounges.

You can also enjoy a 0% introductory interest rate on balance transfers for nine months (with a 3% transfer fee).

With the BMO World Elite®* Business Mastercard®*, you earn 4 points per dollar spent on:

gas purchases
office supply purchases
cell phone/internet payments

And 1.5 points for every dollar you spend, including at Costco or for significant purchases at home improvement stores.

You can also combine the points you earn with the other two BMO Rewards cards to save even more on your travels.

With the BMO World Elite®* Business Mastercard®*, you get many travel insurance coverages:

Collision Damage Waiver
Car Rental Personal Effects & Business Property
Car Rental Accidental Death & Dismemberment
Baggage & Personal Effects
Baggage insurance in case of delay
Flight Cancellation
Trip Interruption/Trip Delay
Flight delay
Common Carrier Insurance

And for your purchases :

Extended Warranty
Purchase Protection

BMO CashBack^® Business Mastercard^®*

The BMO CashBack Business Mastercard is one of Canada’s best cashback Mastercard business credit cards.

You can get 10% cash back for three months on:

gas purchases
office supply purchases
cell phone/internet payments

After that, you’ll get 1.5% on these purchases and 1.75% at Shell.

You can also enjoy a 0% introductory interest rate on balance transfers for nine months (with a 3% transfer fee).

How to make a credit card balance transfer

Choose the best balance transfer credit card for you

The first step is to find the card that best suits your needs.

Once you have a list of cards eligible for balance transfer, evaluate them according to :

Their interest rate on balance transfers
The duration of their promotional balance transfer offer
Balance transfer costs

This analysis will enable you to target the most advantageous option for your specific case. You can then apply for this credit card with balance transfer option online via the offers on this page, or at a branch.

Evaluate the amount to be transferred

Once you’ve obtained a balance transfer credit card like the CIBC Select Visa* Card, you need to consider how much debt you want to transfer.

Please note that your new card’s credit limit limits the transferable amount. Some issuers also limit the portion of the credit limit available for transfers. So if you’re $12,000 in debt but your new card has a $5,000 limit, you’ll have to make some choices.

In this case, opt for debts with the highest interest rates.

Start the balance transfer procedure

The method of requesting a balance transfer varies according to the credit card issuer.

Some issuers will ask you to provide details of the accounts to be settled at the application stage, while others will invite you to call them once the credit card has been received.

In any case, once you’ve specified the debts you want to eliminate, you can start transferring them to your new card. Please note that most issuers charge transfer fees, which can vary considerably. For example, with the CIBC Select Visa* Card, there is a 1% balance transfer fee. Some other credit cards may charge up to 5% transfer fee.

Draw up and follow a monthly repayment plan

Once you’ve moved your balance to your new credit card and started benefiting from lower interest rates, the next step is to plan how you’re going to pay off this debt before the promotional period ends. If you have chosen the CIBC Select Visa* Card, you will need to set up a repayment plan within the next 10 months.

A simple method is to divide your total balance by the number of months during which the promotional rate is in effect. If this monthly payment proves too high for your budget, don’t hesitate to adjust.

You’ll still save on your initial high-interest credit card debt, even if you don’t manage to pay it all back on time.

Pros and Cons of credit card balance transfers

Pros of credit card balance transfers

The pros of a credit card balance transfer are:

Lower interest costs: By transferring your balance to a lower-rate card, you can reduce your interest costs and pay off your debt faster.
Flexibility: a balance transfer allows you to move your debt to a card that suits your needs and budget better.
Additional benefits: Some cards offer benefits for balance transfers, such as loyalty points or free insurance.
Ability to consolidate multiple debts: If you have numerous credit cards with different balances, a balance transfer allows you to consolidate all these debts onto one card.

Cons of credit card balance transfers

There are several potential drawbacks to making a credit card balance transfer:

Balance transfer fees may apply, increasing the total cost of your debt.
Your interest rate may increase after the balance transfer, which may cost you more in the long run.
A balance transfer can affect your credit score in two ways: first, taking out an additional line of credit can temporarily lower your credit score. Secondly, if you cannot pay off your debt quickly, it can negatively impact your credit score.
A balance transfer may encourage you to spend more than you should because you can pay off your debt at a relatively low-interest rate. However, if you can’t pay off your debt before the interest rate goes back up, you could end up with even more debt.

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?

Credit card balance transfers are an option for credit card holders who have high balances on their cards and are looking to reduce their interest charges. They allow you to transfer your balance from a high-rate credit card to a lower-rate card, which can result in significant savings on interest costs. However, it is essential to understand the fees associated with balance transfers, including transfer fees and higher interest rates on balance transfers than on purchases made with the card. Therefore, it is essential to compare the various offers and ensure that the cost of balance transfers will be less than the savings on interest charges.

What is a credit card balance transfer promotion?

Credit card balance transfer promotions are temporary offers from credit card issuers to encourage cardholders to transfer their balance from a higher-rate card to a lower-rate card. These promotions may include reduced interest rates on balance transfers or free transfer fees. They are usually offered for a limited time. They are subject to strict conditions, such as not having an outstanding balance on the new card or making new purchases with the card during the promotional period. It is essential to read the terms and conditions of the offer carefully before signing up for a balance transfer promotion and to make sure you pay off the balance before the end of the prime rate period.

What is a promotional credit card balance transfer rate?

A promotional credit card balance transfer rate is a reduced interest rate credit card issuers offer as an incentive for cardholders to transfer their balance from a high-rate card to a lower-rate card. This rate is generally lower than the usual interest rates applied to balance transfers and can represent significant savings for users. However, it’s essential to read the terms and conditions of the offer carefully before signing up for a promotional balance transfer rate, as there may be transfer fees or strict requirements that must be met to qualify for the reduced rate. The promotional balance transfer rate is generally offered for a limited time and may be subject to early termination conditions.

What is a credit card balance transfer fee?

Credit card balance transfer fees are fees charged by credit card issuers when a cardholder transfers their balance from a higher-rate card to a lower-rate card. These fees are generally expressed as a percentage of the amount transferred balance and may vary by the card issuer and offer. It is essential to understand the balance transfer fee before you sign up for a balance transfer and to ensure that the savings on interest charges will exceed the cost of the transfer fee. It is also important to check if the transfer fee is included in the interest rate or is charged separately. Balance transfer fees can be avoided by choosing a credit card with no balance transfer fee.

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.

What is a credit card cash advance rate?

A credit card cash advance rate is the interest rate applied to cash advances made with a credit card in Canada. Cash advances are withdrawals of money using your credit card at an ATM or by requesting it from your card issuer. The cash advance rate is generally higher than the interest rates charged on credit card purchases and may vary by card issuer and offer. It is important to understand the fees associated with cash advances and compare them to the interest rates offered by other credit options before committing to a cash advance. It is also essential to ensure that the cash advance balance is repaid as soon as possible to avoid costly interest charges.

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:

How to improve credit score with a credit card balance transfer in Canada?

Here are some tips for improving your credit score with a credit card balance transfer in Canada:

Transfer your balance to a lower interest rate credit card: By transferring your balance to a lower rate card, you can reduce your interest costs and pay off your debt faster.
Pay off your balance before the end of the prime rate period: To take full advantage of the benefits of a balance transfer, it is important to pay off your balance before the end of the prime rate period.
Don’t make new purchases with the credit card: limit your use of the credit card to paying off your balance and avoid making new purchases that could put you in additional debt.
Pay your bills on time: Pay your credit card bills on time to avoid late payment fees and show your creditors that you can manage your credit responsibly.

By following these tips, you should be able to improve your credit score with a credit card balance transfer.

How do I transfer my Scotiabank credit card balance?

To make a credit card balance transfer with Scotiabank, you can follow these steps:

Log in to your Scotiabank credit card account online or by phone.
Check to see if your credit card account is eligible for a balance transfer and what the applicable interest rate is.
Choose the amount you wish to transfer and the credit card to which you wish to transfer the balance.
Provide the recipient’s credit card information, including account number and cardholder name.
Confirm the details of the balance transfer and agree to the terms and conditions of the transaction.
Wait for Scotiabank to process your balance transfer request and transfer the balance to the new credit card.

It is important to note that credit card balance transfers may incur transaction fees and interest charges, so it is important to check the terms and conditions of your credit card account before making a balance transfer.

How do I make a BMO credit card balance transfer?

To make a credit card balance transfer with Bank of Montreal (BMO), you can follow these steps:

Log in to your BMO credit card account online or by phone.
Check to see if your credit card account is eligible for a balance transfer and what the applicable interest rate is.
Choose the amount you wish to transfer and the credit card to which you wish to transfer the balance.
Provide the recipient’s credit card information, including account number and cardholder name.
Confirm the details of the balance transfer and agree to the terms and conditions of the transaction.
Wait for BMO to process your balance transfer request and transfer the balance to the new credit card.

Are there balance transfer credit cards with low-interest rates?

Yes, there are balance transfer credit cards with low-interest rates. See the list of the best low-interest credit cards in Canada.

Is it possible to transfer a balance to a credit card from the same financial institution?

No, institutions like Desjardins or CIBC generally don’t allow balance transfers between their own low-interest credit cards.

Does a balance transfer on a credit card have a negative impact on my credit score?

No, making a balance transfer, even with a 0 interest balance transfer credit card, is not considered a red flag by the credit bureaus.

Do all card issuers offer balance transfer options?

Most issuers, including National Bank and BMO, offer balance transfer options, but it’s best to check each credit card’s balance transfer terms and conditions.

Which banks offer balance transfers at 0% interest?

MBNA with the MBNA True Line^® Mastercard^® and CIBC with the CIBC Select Visa* Card are among the few banks offering 0% interest credit card promotions for balance transfers.

Can opening a balance transfer credit card hurt my credit rating?

No, but keep in mind that every new card application requires a credit check, which could slightly affect your credit rating in the short term.

Is it worthwhile to make a balance transfer?

If you have an outstanding balance with a high interest rate, transferring it to a card with a low promotional rate can result in significant savings.

What are the disadvantages of credit cards specializing in balance transfers?

These cards often offer few additional benefits and may include a transfer fee, which is usually a percentage of the transferred balance.

What is a balance transfer on a credit card?

This is the process of moving the balance from one card to another, often to benefit from a promotional interest rate. Some cards also allow cash advances directly to your card account.

Are there any fees associated with balance transfers?

Yes, credit card balance transfer fees generally vary between 1% and 3% of the total amount transferred.

What is the best balance transfer offer currently available?

CIBC Select Visa* Card offers 0% interest with this balance transfer credit card for 10 months, with a 1% transfer fee.

Can I transfer balances between cards issued by the same bank?

No, financial institutions like TD and Scotia do not generally allow this type of credit card balance transfer.

Do balance transfers affect my credit rating?

No, balance transfers in themselves have no negative impact on your credit score.

Do all issuers offer credit cards with balance transfer options?

No, it is important to check each welcome offer and the terms and conditions of each card before applying for one.

Should I opt for a balance transfer or a personal loan?

This depends on the rates offered and the length of the promotional period. If the interest rate is lower and you can pay off the balance during this period, a balance transfer may be the best option.

Can I earn cash back or rewards on balance transfers?

No, credit card rewards generally apply only to new purchases and not to balance transfers or payments.

What is a balance transfer?

A balance transfer is a financial transaction in which you move debt from one credit card to another. This is often done to benefit from a lower interest rate or a promotional period offered by the new card. The aim is to reduce the costs associated with debt repayment and make it easier to manage.

In general, credit cards that offer this option offer a reduced interest rate for a set period of time, allowing you to pay off your debt faster and at a lower cost. However, it’s important to read the conditions carefully, as transfer fees may apply, and the promotional rate is often only valid for a limited time.

Balance transfers are a particularly useful strategy if you’ve accumulated significant debt on a high-interest card. By transferring this debt to a card with a lower interest rate, you can make significant savings on interest payments.

How do I transfer a capital one credit card balance?

To carry out a balance transfer with a Capital One credit card, start by checking whether your card is eligible for this operation. Then log in to your online account and follow the instructions to initiate a balance transfer. You will need to provide details of the account from which you wish to transfer the balance. Once submitted, Capital One will review your request and, if approved, process the transfer. Please note that transfer fees and specific conditions may apply.