Here are the three best credit card offers for balance transfers:
CIBC Select Visa* Card
The CIBC Select Visa* Card is one of Canada’s best balance transfer Visa credit cards.
With this exclusive digital offer for this CIBC balance transfer credit card, you get :
- 0% interest on balance transfers of at least $100, for up to 10 months†
- a two-year annual fee rebate†
You’ll only pay a 1% fee when you transfer your balance from another card (balance transfer fees do not apply to Quebec residents). Once this promotional period is over, the card’s standard interest rate of 13.99% will apply to any remaining balance. This interest rate is lower than that 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.
CIBC Select Visa* Card has an annual fee of $29(refunded for the first two years) and requires an annual family income of at least $15,000 to qualify.
MBNA True Line® Mastercard®
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.
Scotiabank Value® Visa* Card
Scotia 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 0.99% on cash advances for the first nine months (including balance transfers, with a 2% 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.