Credit Card Balance Transfer: 2026 Guide in Canada

Q: Which card offers the longest 0% balance transfer period?

The MBNA True Line ® Mastercard ® offers 0% for 12 months on balance transfers, with a 3% fee and no annual fee. The CIBC Select Visa* Card offers 0% for 10 months with a 1% fee. The MBNA offer is not available to Quebec residents; with the CIBC Select, they pay no transfer fee.

A credit card balance transfer allows you to move debt from one card to another card offering a lower promotional interest rate. In Canada, this strategy can reduce your interest, simplify your payments, and speed up your repayment. However, it works best if you have a clear plan and pay off the balance before the promotional period ends.

In 2026, several Canadian cards still offer competitive deals. However, transfer fees and the regular rate after the promotion remain essential factors to check.

If you have a high-rate balance, this guide explains how to complete a balance transfer, which cards to consider, and how to avoid common mistakes.

What is a balance transfer?

A balance transfer consists of transferring the amount owed on a credit card to another card. The new card then often offers a reduced promotional interest rate for a limited period.

For example, you could transfer debt charged at 22.99% to a card offering 0.99% for a period of ten months or more.

This way, a larger portion of your payments goes toward paying down the principal rather than interest.

A balance transfer can also be used to consolidate multiple debts onto a single card. This sometimes makes monthly budget management easier.

How does a balance transfer work?

To get started, you need to apply for a credit card that is eligible for balance transfers. Once approved, you submit the transfer request based on the credit limit granted.

The issuer then pays off all or part of your old debt. You will then need to repay that amount on the new card.

Steps to follow

Compare cards offering a promotional rate.
Check the balance transfer fees.
Submit your application.
Wait for approval.
Request the transfer.
Continue paying the old card until the transfer is confirmed.
Start your repayment plan.

Expected timelines

Generally, the transfer can take anywhere from a few days to two weeks depending on the financial institution.

During this period, always continue to make your minimum payments on the old card.

What fees apply?

However, even with an attractive promotional rate, a balance transfer is not free.

Balance transfer fee

Most cards charge between 1% and 5% of the transferred amount.

For example, an $8,000 transfer costs $80 with a 1% fee, versus $240 with a 3% fee.

Promotional rate

The promotional interest rate often lasts from six to twelve months, sometimes longer.

Some cards display a 0% rate, others 0.99% or a low temporary rate.

For example, the CIBC Visa* Select Card offers a 0% rate for ten months on balance transfers, with a 1% transfer fee (not applicable to Quebec residents). This offer is available only at the time of the online application.

Compare

CIBC Select Visa* Card

CIBC First-Year Annual Fee Rebate

Annual feeNo annual fee the first year: $0 $29
Our valuationMilesopedia first-year estimate First-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.: $29
Welcome offer$29 annual fee rebated: First-Year Annual Fee Rebate

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:

a 0% interest rate on balance transfers of at least $100, for up to 10 months
a refund of the annual fee for the first year^†

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.

Legal

^† Terms and conditions apply. Click on Apply Now to learn more.

Annual fee

Primary card$29

Additional card$0

Annual income required

Individual$0

Household$15,000

Conversion fees

2.5%

Earning rate

0xAll spending

Value

1st Year Value$29

2nd Year Value$29

Another example: the Scotia Visa minima Card offers an interest rate of 0.99% on balance transfers for the first nine months, with a 2% transfer fee.

Compare

Scotiabank Value^® Visa* Card

Scotiabank First-Year Annual Fee Rebate

Annual feeNo annual fee the first year: $0 $29
Our valuationMilesopedia first-year estimate First-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.: $29
Welcome offer$29 annual fee rebated: First Year Annual Fee Rebate; Ends Jan 3, 2027

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.

Legal

1 Offer description and terms and conditions: The 0% introductory rate offer on cash advances and the first-year annual fee waiver (the “Offer”) applies only to new Scotia minimum Visa credit card accounts (the “Accounts”) opened between July 2, 2026 and January 3, 2027 (regardless of when you apply for the Account), subject to the terms and conditions below. We will waive the annual fee for the primary card for the first year only. The Offer may be changed, cancelled or extended at any time without notice, and cannot be combined with any other offer.

Description and terms and conditions of the 0% introductory rate offer:
The 0% introductory rate offer (the “Rate Offer”) applies to eligible cash advances (including balance transfers and quasi-cash transactions, collectively referred to as “cash advances”), subject to the terms and conditions below. This introductory rate applies for 9 months from that date (the “Promotional Period”). A fee equal to 1% of the amount of any balance transfer made during the Promotional Period applies (minimum fee of $5.00). After the Promotional Period, the interest rate on balance transfers subject to the 0% promotional rate (including any unpaid balance of those cash advances at the end of the Promotional Period) will revert to the applicable preferred interest rate for cash advances (currently 13.99%).

The introductory rate offer is subject to your Account’s cash advance limit. This offer is also based on your approved credit limit as of the date of this offer. This means that if the total of the balances transferred exceeds the approved credit limit, balance transfers may not be processed. This introductory rate offer cannot be used to transfer the balance of another Scotiabank account, or to make a payment or deposit to another Scotiabank account.

Cancellation of the promotional rate: If we do not receive your minimum payment by the due date shown on your statement two times in a row, you will lose the benefits of this special rate offer and your interest rates will revert to the annual rates normally applicable to your Account (24.99% for purchases and 27.99% for cash advances).

Application of payments: Your payment cannot be applied to the balance of your choice. For persons residing in Quebec: Generally, if one or more interest rates apply to your account, we apply payments according to the interest rate(s) that apply to the transactions posted to your account (from the highest rate to the lowest). For persons not residing in Quebec: Generally, if you make a payment greater than the minimum amount shown on your statement, the difference is applied proportionally to the different groups of charges billed to your account. Charges are grouped according to the interest rate applicable to them. Consult your credit card agreement to learn more about how payments are applied to your account.

Description and terms and conditions of the first-year annual fee waiver offer: We will waive the annual fee for the first year only for the primary card, which must occur between July 2, 2026 and January 3, 2027.

Eligibility and exclusions: You cannot take advantage of the Offer if you are currently a primary or secondary cardholder of a Scotiabank personal credit card or if you have been one in the past two years, including if you transfer your balance from an existing Scotiabank personal credit card account (and subject to the exclusions mentioned, persons holding a Scotiabank business credit card are eligible for this offer). By accepting this Offer, you confirm that you meet all eligibility conditions. We reserve the right to revoke this Offer at any time if we believe you do not meet the eligibility conditions, including after its acceptance or obtaining the Account.

Rates and fees: Current annual fees are $29 for the primary card, and additional cards are free (including those issued to co-account holders and additional cardholders).
The preferred annual interest rates currently applicable to the Account are as follows: 13.99% on purchases 13.99% on cash advances. All rates, fees, features and benefits described in the application disclosure statement are subject to change.

Savings at Shell

Get up to 3 cents per litre in instant fuel discounts and earn up to 2 cents per litre in Scene+ points value with a Scotiabank Value^® Visa* Card linked to a Shell Go+ Account:

Instant 3 cents per Litre Discount on Fuel Purchases (All Grades): Receive an instant 3 cents per litre discount on purchases of fuel (all grades) (“Fuel Purchases (All Grades)”) at participating Shell locations in Canada when you use any eligible Scotiabank debit card or credit card linked to a Shell Go+ Account, up to a maximum of 1,000 litres per month per Scotiabank debit card and per Scotiabank credit card account. This total limit resets at the start of each new month per payment card account. This discount is subject to the Scotiabank Fuel Benefit Terms and Conditions or Tangerine Fuel Benefit Terms and Conditions (as applicable).
Earn up to 2 cents per Litre in Scene+ points Value (Equivalent) on Fuel Purchases: As a Scene+ Member you will automatically earn 1 Scene+ point for each litre in Fuel Purchases (All Grades), and as a Shell Go+ member, automatically earn 1 additional Scene+ point for each litre in Premium Fuel Purchases, made with your linked Scotiabank Value^® Visa* Card. This means that for every litre in fuel purchased with your eligible linked card, you can earn the equivalent of up to 2 cents of redeemable Scene+ points value based on a redemption value of $10 for every 1,000 Scene+ points redeemed for fuel purchases at participating Shell Locations. Actual value may be lower depending on how you choose to redeem your Scene+ points. Earn and redemption limits may apply. See the Scene+ Program Terms and Conditions available at sceneplus.ca/terms-and-conditions for full details including redemption options and additional terms.

Note: Highest value of 5 cents per litre assumes a Premium Fuel Purchase made with a Scotiabank Value^® Visa* Card linked to a Shell Go+ Account. Actual value will vary depending on whether or not the credit card is linked, fuel grade purchased, cost of fuel at time of purchase, whether or not you are a Scene+ member, and how you choose to redeem your Scene+ points.

Additional 3¢/L at Shell (limited time)

Additional 3¢/L Fuel Discount Offer: Offer valid from October 5, 2026 to December 31, 2026 (“Promotional Period”), eligible Scotiabank credit and debit cardholders enrolled in the Shell Fuel Benefits Program who have linked an eligible Scotiabank payment card (an “Eligible Card”) to their Shell Go+ account will receive an additional instant fuel discount of 3 cents per litre on eligible fuel purchases at participating Shell-branded retail locations in Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, and the Northwest Territories (the “Eligible Provinces”) excluding Shell Flying J locations. Fuel purchases made outside the Eligible Provinces are not eligible for this offer.

To receive the additional fuel discount, customers must pay with their linked Eligible Card at the time of purchase.

The additional fuel discount is in addition to the fuel savings available through the Shell Fuel Benefits Program and may be combined with other eligible fuel discounts, rewards programs, and promotional fuel offers unless otherwise stated in the applicable offer terms and conditions.

The additional fuel discount is available on up to 1,000 litres of eligible fuel purchases per calendar month for each Eligible Card. The 1,000-litre limit resets at the beginning of each calendar month.

The additional fuel discount is non-transferable, is not redeemable for cash, and cannot be substituted or exchanged.

Participation in the Shell Fuel Benefits Program is subject to the applicable program terms and conditions available at Scotiabank Fuel Benefit Terms and Conditions.

Shell Canada reserves the right to make changes to this offer and to terminate the offer at any time, for any reason and without notice.

All other applicable terms and conditions of the Shell Fuel Benefits Program, Shell Go+ and Scotiabank continue to apply.

Annual fee

Primary card$29

Additional card$0

Annual income required

Individual$12,000

Household$12,000

Conversion fees

2.5%

Earning rate

0xAll spending

Value

2nd Year Value$-29

For the longest promotional period, the MBNA True Line^® Mastercard^® offers a 0% rate on balance transfers for 12 months, with a 3% transfer fee. This card has no annual fee and its regular purchase rate is 12.99%. Note that this transfer offer is not available to Quebec residents.

Once the promotional period ends, any remaining transferred balance is charged 13.99% on the CIBC Select and 17.99% on the MBNA True Line (its balance transfer rate; purchases stay at 12.99%), still below the 19.99% to 29.99% charged by the majority of Canadian cards.

Live in British Columbia? The Vancity enviro Visa Classic Low Interest card gives you an 11.25% regular rate for $25 a year, and balance transfers come with no transfer fee. To compare it with the rest of the lineup, read our Vancity credit card comparison.

On the rewards side, the Tangerine^® Rewards World Elite^®* Mastercard^®* applies a 1.95% promotional rate for 6 statement periods to balance transfers made within 30 days of account opening. According to Tangerine's disclosure statement, a fee of 3% of the amount transferred (minimum $5) applies, except for Quebec residents. The card costs $120 a year, but its Scene+ points can then be redeemed at the checkout at IGA in Quebec, at 1,000 points for $10 off your groceries.

Once the promotional rate period ends, the regular rate can exceed 19%.

You should therefore aim for full repayment before this date.

Benefits of a balance transfer

First, the main benefit is reduced interest.

Next, you could:

Pay off your debt faster.
Simplify multiple payments into one.
Improve your budget discipline.

For many households, this can also serve as a temporary step before a broader debt consolidation strategy.

Risks and mistakes to avoid

However, a balance transfer is only useful if you change your financial habits.

Common mistakes:

Continuing to spend on the old card
Ignoring transfer fees
Missing a minimum payment
Not paying off before the promotion ends
Applying for too many cards in a short time

A missed payment can cancel certain promotional terms.

Additionally, a new credit application can temporarily affect your credit score.

Best credit cards for balance transfers in Canada

Our credit card selection
Credit card	Annual fee	Welcome offer
BMO Preferred Rate Mastercard^®* Apply NowCompare	Annual feeFirst Year Annual Fee Rebate$29 $0First Year Annual Fee Rebate	Welcome offer$29 annual fee rebated First Year Annual Fee Rebate $29 annual fee rebated	Apply NowCompare
National Bank Syncro^™ Mastercard^® Apply NowCompare	Annual fee$35	Welcome offer No current welcome offer	Apply NowCompare
CIBC Select Visa* Card Apply NowCompare	Annual feeFirst-Year Annual Fee Rebate$29 $0First-Year Annual Fee Rebate	Welcome offer$29 annual fee rebated First-Year Annual Fee Rebate $29 annual fee rebated	Apply NowCompare
Scotiabank Value^® Visa* Card Apply NowCompare	Annual feeFirst Year Annual Fee Rebate$29 $0First Year Annual Fee Rebate	Welcome offer$29 annual fee rebated First Year Annual Fee RebateEnds Jan 3, 2027 $29 annual fee rebated	Apply NowCompare
MBNA True Line^® Mastercard^® credit card Apply NowCompare	Annual fee$0	Welcome offerFor 12 months 0% on balance transfers For 12 months	Apply NowCompare
RBC Visa Classic Low Rate Option Card Apply NowCompare	Annual feeFirst Year Annual Fee Rebate$20 $0First Year Annual Fee Rebate	Welcome offer$20 annual fee rebated First Year Annual Fee RebateEnds Nov 4, 2026 $20 annual fee rebated	Apply NowCompare

To compare current offers:

For other low-rate cards:

Balance transfer or debt consolidation?

A balance transfer often suits moderate debts that you can pay off quickly.

Debt consolidation may be better suited if:

You have multiple loans
Your payments are difficult to manage
The debt is high
You need a longer term

In some cases, a lower-rate personal loan will be preferable.

Find out more:

Should you do a balance transfer in 2026?

Yes, especially if you have high-rate debt and a realistic repayment plan.

No, if you’re only looking to postpone the problem without changing your habits.

In 2026, with interest rates still high, reducing the cost of your debt can make a real difference.

The important thing is to choose the right card, understand the fees well, and pay it off quickly.

Conclusion

In summary, credit card balance transfers can be one of the simplest ways to pay less interest in Canada. When used wisely, it helps you regain control of your finances and pay off your debt faster.

However, it’s not a miracle solution. Without a budget, without discipline, and without a clear timeline, debt can return quickly.

Before applying, compare offers, check the fees, and make sure the promotional period is enough to reach your goal.

Credit card balance transfer - Frequently Asked Questions

What is a credit card balance transfer?

It’s the movement of debt to another card often offering a lower promotional rate.

How much are balance transfer fees in Canada?

They often range between 1% and 5% of the transferred amount.

Does a balance transfer affect my credit score?

Yes, temporarily possible when applying. Good management can then help your file.

How long does the promotional period last?

Often between six and twelve months, sometimes longer.

What is the best balance transfer credit card in Canada?

It depends on your profile, the fees charged, and the time needed to repay.

Can you transfer a balance between two cards at the same bank?

Sometimes not. Several institutions exclude internal transfers. Check the terms.

Which card offers the longest 0% balance transfer period?

The MBNA True Line^® Mastercard^® offers 0% for 12 months on balance transfers, with a 3% fee and no annual fee. The CIBC Select Visa* Card offers 0% for 10 months with a 1% fee. The MBNA offer is not available to Quebec residents; with the CIBC Select, they pay no transfer fee.