Looking for the best Balance Transfer Credit Cards in Canada? The right choice depends on your spending, annual fees and the benefits you will actually use.
Compare the 5 cards in our selection below. Interested in a card? Click Read review to read our full analysis.
on TD's website
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Limited Time Offer
The BMO Ascend™ World Elite®* Mastercard®* is one of the best World Elite Mastercard travel rewards credit cards in Canada. With the welcome offer, you can get up to 115,000 BMO Rewards points, for a total value of up to $1,900, including up to $200 in Instacart benefits.*
Plus, there’s no annual fee in the first year for the primary cardholder and additional cardholders, and you benefit from a 0% introductory interest rate on balance transfers for 12 months (with a 2% balance transfer fee).*
With the BMO Ascend™ World Elite®* Mastercard®*, you get:
The card also offers:
on BMO's website
The MBNA True Line® Mastercard® credit card is one of Canada’s best options for a low-cost balance transfer. It’s ideal for reducing interest charges and consolidating your debts onto one card.
With this card, you benefit from a 0% interest rate for 12 months on balance transfers made within 90 days of account opening. Transfer fees are a competitive 3%.
This card offers fraud protection, guaranteeing the security of your transactions.
If you want to transfer balances from high-rate cards, the MBNA True Line® Mastercard® credit card allows you to benefit from a 0% rate and pay off your debts at your own pace without high-interest charges during the promotional period.
In short, the MBNA True Line® Mastercard® credit card is an excellent choice for reducing debt and optimizing balance transfers.
The CIBC Select Visa* Card is one of the best Visa credit cards in Canada for balance transfers.
With this exclusive digital offer for this CIBC balance transfer credit card, you get:
You only pay a 1% balance transfer fee when transferring a balance from another credit card (balance transfer fees do not apply to Quebec residents). Once the promotional period ends, the card’s standard interest rate of 13.99% applies to any remaining balance. This interest rate is lower than those charged by many other credit cards.
For example, you could make large purchases on another credit card (such as renovations or furniture and appliance purchases) and then transfer the balance to the CIBC Select Visa* Card to benefit from its 0% interest rate on balance transfers for 10 months.
CIBC Select Visa* Card cardholders can also save on gas through the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating gas stations.
The CIBC Select Visa* Card has a $29 annual fee (refunded for the first year) and requires a minimum household income of $15,000 to qualify. With CIBC mobile banking and online banking services, you can easily track your credit limit and balance transfers from your phone or by signing in online.
on CIBC's website
The Scotia minimum Visa Card is one of the best credit cards for balance transfers in Canada.
You can get an introductory interest rate of 0% on balance transfers for the first nine months (with a 1% transfer fee). 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: 13.99% on purchases, balance transfers and cash advances.
on Scotiabank's website
The BMO Preferred Rate Mastercard®* is an excellent option for those who want to reduce interest charges or pay off a balance faster.
With this offer, you get a 0% introductory interest rate on balance transfers for 18 months, with a 3% transfer fee and no annual fee for the first year.*
The card also offers BMO’s lowest interest rate, at 13.99% on purchases, which may be appealing if you occasionally carry a balance on your card.*
With the BMO Preferred Rate Mastercard®*, you also get:
on BMO's website
