{"id":130591,"date":"2025-04-25T10:00:00","date_gmt":"2025-04-25T14:00:00","guid":{"rendered":"https:\/\/milesopedia.com\/news\/credit-card-balance-transfer-2\/"},"modified":"2025-05-01T15:09:20","modified_gmt":"2025-05-01T19:09:20","slug":"credit-card-balance-transfer","status":"publish","type":"post","link":"https:\/\/milesopedia.com\/en\/guide\/tutorials\/credit-card-balance-transfer\/","title":{"rendered":"How Does a Credit Card Balance Transfer Work?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_custom_heading text=&#8221;Balance Transfer&#8221; el_id=&#8221;balance_transfer&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>On milesopedia, we encourage our readers to be <strong>good managers of their personal finances<\/strong> before getting started with points. For example, to have an excellent credit report, it&#8217;s important to <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/credit-score\/101-credit-score\/\" target=\"_blank\" rel=\"noopener\">master different concepts<\/a>:<\/p>\n<ul>\n<li>Being punctual when time comes to pay our balance<\/li>\n<li>Having a reasonable &#8220;available credit&#8221; ratio<\/li>\n<li>Credit history<\/li>\n<li>The types of credit held<\/li>\n<li>New credit inquiries<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_message css=&#8221;&#8221;]<\/p>\n<p>Credit card balance transfer can help those who find themselves temporarily stuck with high credit card interest rates, <strong>provided it is done correctly<\/strong>. Read our article to <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/consider-balance-transfer\/\">find out if a balance transfer is right for you<\/a>.<\/p>\n<p>[\/vc_message]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"210633\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/div>[vc_custom_heading text=&#8221;Lower Interest Rates&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; el_id=&#8221;lower_interest_rates&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>Most credit card issuers occasionally offer balance transfer deals with low interest rates. The goal is to attract your business by offering <strong>rates of 0% to 5%<\/strong>, which are well below the common rates of 19% and above.<\/p>\n<p>This lower interest rate can temporarily save you if you&#8217;re currently paying interest on your credit card balance. However, you need to pay <strong>close attention<\/strong> to all the terms and conditions imposed as part of the balance transfer.<\/p>\n<p>[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='page'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_page container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"page_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"90612\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/div>[vc_custom_heading text=&#8221;Terms and Conditions&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; el_id=&#8221;terms_and_conditions&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>Different terms and conditions govern a credit card balance transfer, and failing to comply with them can have negative consequences!<\/p>\n<p>[\/vc_column_text][vc_custom_heading text=&#8221;Balance Transfer Fees&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; el_id=&#8221;balance_transfer_fees&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>Credit card <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/consider-balance-transfer\/\">balance transfer<\/a> offers often come with fees (around 1% to 3% of the transferred amount). These fees will depend on each credit card issuer, but also your province of residence.<\/p>\n<p>The <a title=\"CIBC Select Visa* Card\" href=\"https:\/\/milesopedia.com\/en\/go\/cibc-select-visa-card\/\" rel=\"noindex\">CIBC Select Visa* Card<\/a> for example, <a href=\"https:\/\/milesopedia.com\/en\/offres\/cartes\/cibc-balance-transfer-card\/\">offers a 0% interest rate for 10 months<\/a> on <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/transfer\/\">balance transfers<\/a>:<\/p>\n<p>[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='m-h'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='8'\n\t\t\t\tclass='deferred_container--preload container_card container_template--m-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"91259\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t<div class=\"card\">\n\t<div class=\"card--grid\">\n\n\t\t<div class=\"card--img-outer\">\n\t\t\t<div class=\"card--img\">\n\t\t\t\t<div class=\"shimmer shimmer-card\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--title-offer-selling\">\n\t\t\t<div class=\"card--title-offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\t\t\t<div class=\"card--selling-points\">\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--apply\">\n\t\t\t<div class=\"apply-btn\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n<\/div>\t\t<\/div>\n\n\t\t<\/div>[vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>The <a title=\"Scotiabank Value<sup>&reg;<\/sup> Visa* Card\" href=\"https:\/\/milesopedia.com\/en\/go\/scotiabank-value-visa-card\/\" rel=\"noindex\">Scotiabank Value<sup>&reg;<\/sup> Visa* Card <\/a>offers you an interest rate of 0.99% on balance transfers for the first 9 months.<\/p>\n<p>[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='m-h'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='8'\n\t\t\t\tclass='deferred_container--preload container_card container_template--m-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"22647\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t<div class=\"card\">\n\t<div class=\"card--grid\">\n\n\t\t<div class=\"card--img-outer\">\n\t\t\t<div class=\"card--img\">\n\t\t\t\t<div class=\"shimmer shimmer-card\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--title-offer-selling\">\n\t\t\t<div class=\"card--title-offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\t\t\t<div class=\"card--selling-points\">\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--apply\">\n\t\t\t<div class=\"apply-btn\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n<\/div>\t\t<\/div>\n\n\t\t<\/div>[vc_custom_heading text=&#8221;Balance Transfer Period&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; el_id=&#8221;balance_transfer_period&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>Generally, you will be able to make a credit card balance transfer within a limited period of 90 days from the account opening date.<\/p>\n<p>It&#8217;s a way, for example, of consolidating different credit card balances onto a single card. So plan your move well so that you don&#8217;t miss <strong>the promotional period<\/strong>.<\/p>\n<p>[\/vc_column_text][vc_custom_heading text=&#8221;The Duration of the Promotional Interest Rate&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; el_id=&#8221;the_duration_of_the_promotional_interest_rate&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>The promotional balance transfer interest rate is subject to a term of 6 to 12 months, as a general rule.<\/p>\n<p>This means that your transferred balance will be subject to the promotional interest rate for this period only. After this period, standard rates will apply.<\/p>\n<p>Here too, make sure you plan your balance transfer carefully, with <strong>a repayment schedule<\/strong> for the duration of the new term.<\/p>\n<p>[\/vc_column_text][vc_custom_heading text=&#8221;Clauses on Missed Payments&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; el_id=&#8221;clauses_on_missed_payments&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]Make sure you don&#8217;t miss ANY payments on your new card.<\/p>\n<p>Indeed, terms and conditions often come with &#8220;default rates&#8221;: <strong>if you miss several consecutive payments, the promotional interest rate will cease to apply<\/strong> and rates will rise back up to standard rates.[\/vc_column_text][vc_message]As with any new credit card application, please take a few minutes to read all the terms and conditions before applying for it![\/vc_message][vc_custom_heading text=&#8221;Additional Advice&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; el_id=&#8221;additional_advice&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]Transferring a credit card balance can be a good backup solution. However, you will need to be particularly <strong>vigilant in managing this debt<\/strong>. Here are 3 other tips to keep in mind.[\/vc_column_text][vc_custom_heading text=&#8221;Plan Your Repayments&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; el_id=&#8221;plan_your_repayments&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>Create a debt repayment game plan by scheduling regular payments over the duration of the promotional rate (6-9-12 months).<\/p>\n<p>Have you transferred $6,000 and are benefiting from a promotional rate of 0% for 12 months? Schedule payments of $500 per month for the next 12 months to completely erase your debt.<\/p>\n<p>[\/vc_column_text][vc_custom_heading text=&#8221;Temporarily Stop Using Credit&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; el_id=&#8221;temporarily_stop_using_credit&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>A credit card balance transfer should not be an opportunity to continue down the path of accumulating debt. Take a break from credit while you pay off your current debt.<\/p>\n<p>[\/vc_column_text][vc_custom_heading text=&#8221;No Purchases on the New Card&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; el_id=&#8221;no_purchases_on_the_new_card&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]To keep your finances clear, don&#8217;t make any new purchases with your new card. Just pay back the transferred balance gradually according to the established schedule.[\/vc_column_text][vc_custom_heading text=&#8221;Schedule an Appointment with a Specialist&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; el_id=&#8221;schedule_an_appointment_with_a_specialist&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]Don&#8217;t wait until you&#8217;re in trouble to schedule an appointment with a personal finance specialist. It could start with your bank advisor, who might be able to offer you financing solutions that are much less expensive than credit cards, for example![\/vc_column_text][vc_column_text css=&#8221;&#8221; el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>For more tips, discover our guides to help you <a href=\"https:\/\/milesopedia.com\/en\/avis\/cartes-credit\/how-to-eliminate-debt-credit-card-canada\/\">pay off your credit card debts<\/a> and <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/how-to-delete-your-debts\/\">manage your debts to improve your financial situation<\/a>.<\/p>\n<p>[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='s'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s container_count--2'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"210567,210581\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article><article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/div>[vc_custom_heading text=&#8221;Balance Transfer Offers&#8221; 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