Best Balance Transfer Credit Cards in Canada
Sara Skodak
Author
Abid Salahi
EditorSometimes, the best thing you can do to avoid debt is to transfer your balance from one card to another with lower interest rates.
There are plenty of credit cards on the market that are optimal for these balance transfers.
Let’s break down all of the top contenders in balance transfer credit cards by placing them into different categories like the best with balance transfer welcome bonuses, the best in cashback, and the best with low permanent balance transfer rates.
Best Overall Balance Transfer Credit Card
Scotiabank Value® Visa* Card
5
Finly Rating
Welcome Bonus*
0.99% interest on balance transfers for 9 months + first year fee rebate
Rewards Rate*
0%
Annual Fee*
29 $0
Interest Rates*
13.99% / 13.99%
Why we like it
Why we like it
This is a great card for those who carry a balance every month and want to take advantage of much lower interest rates compared to most other cards. It also comes with a great introductory balance transfer rate for a limited number of months.
Pros & Cons
Pros & Cons
Pros
- A great low introductory interest rate on balance transfers
- Only 13.99% interest rate on purchases, balance transfers, and cash advances.
Cons
- No rewards on daily purchases
- Limited insurance
Product Details
Product Details
Rewards*
This card does not earn rewards on purchases but instead offers a much lower interest rate.
Insurance*
Coverage*
Balance Protection
optional
Benefits*
Details*
Car Rental Discount
Avis car rental discount up to 25% worldwide
Eligibility*
Credit Score
GoodAnnual Income
N/A
While it might not have the longest balance transfer promotional period, the Scotiabank Value Visa Card still offers one of the longest balance transfer welcome bonuses. Plus, once the offer is over, it has one of the lowest balance transfer rates of all time.
If that wasn't enough, the card's balance transfer fee is also one of the lowest. The Scotiabank Value Visa only charges a 2% transfer fee currently.
For a low annual fee (one that's also waived in the first year), you'll get balance protection insurance and a car rental discount at Avis car rental.
In conclusion, the Scotiabank Value Visa Card is the best balance transfer credit card on this list because it has one of the longest balance transfer intro offers, provides a low-interest permanent balance transfer rate, and it's balance transfer fee is one of the lowest you'll see.
Best Welcome Bonus Balance Transfer Credit Cards
In this first category, let's expand upon those welcome bonus balance transfer rates.
These cards draw applicants in with their enticing introductory interest rates on balance transfers.
MBNA True Line® Mastercard®
3.9
Finly Rating
Welcome Bonus
12 months 0% promotional interest rate
Rewards Rate
0%
Annual Fee
$0
Interest Rates
12.99% / 24.99%
Why we like it
Why we like it
Even though this card offers no benefits or rewards, the amount you can save on interest is substantial, making it an excellent option for reducing your monthly payments.
Pros & Cons
Pros & Cons
Pros
- Great to reduce monthly interest payments during the promotional period.
- Low purchase interest rate for people planning to put some balance on their credit card.
Cons
- A flat fee has to be paid on the balance to make the transfer happen.
- Not a good card other for purposes other than balance transfer.
Product Details
Product Details
Rewards
No Rewards on This Card
Eligibility
Credit Score
GoodAnnual Income
N/A
The MBNA True Line Mastercard earns its place as the best welcome bonus balance transfer credit card by offering cardholders 0% interest on balance transfers for a whole year. That said, you will need to make sure all your transfers are completed within the first 90 days of opening your account and you'll need to pay 3% fee for each transfer. After those 12 months are up, your balance transfer interest rate will revert back to its standard rate.
The MBNA True Line Mastercard also comes with no annual cost – talk about being budget-friendly in more ways than one!
This card has the longest and most impressive balance transfer welcome offer on the table – giving you plenty of time to get your finances in order so you can avoid future debt.
CIBC Select Visa* Card
4
Finly Rating
Welcome Bonus
Balance transfer 0% interest for up to 10 months with a 1% transfer fee
Rewards Rate
No Rewards
Annual Fee
29 $0
Interest Rates
13.99% / 13.99%
Product Details
Product Details
Rewards
No rewards earned on this card
Insurance
Coverage
Travel Accident
$100,000
Eligibility
Credit Score
GoodAnnual Income
N/A
While the CIBC Select Visa Card doesn’t give you a full year of zero-interest balance transfers (like the MBNA True Line Mastercard), it still gives you 10 months of interest-free transfers, all for a substantially low transfer fee of 1%.
Similar to the MBNA True Line Mastercard, the CIBC Select Visa Card has no rewards program, but it does offer travel accident insurance.
There is a small annual fee for this card as well, but you won’t have to worry about it for the first year, since it’ll be waived while you get things situated.
Overall, the CIBC Select Visa Card is a good runner up to the MBNA True Line Mastercard in terms of balance transfer welcome bonuses. It’s also ideal for those who want to save on some of their first-year balance transfer fees.
Scotiabank Value® Visa* Card
5
Finly Rating
Welcome Bonus*
0.99% interest on balance transfers for 9 months + first year fee rebate
Rewards Rate*
0%
Annual Fee*
29 $0
Interest Rates*
13.99% / 13.99%
Why we like it
Why we like it
This is a great card for those who carry a balance every month and want to take advantage of much lower interest rates compared to most other cards. It also comes with a great introductory balance transfer rate for a limited number of months.
Pros & Cons
Pros & Cons
Pros
- A great low introductory interest rate on balance transfers
- Only 13.99% interest rate on purchases, balance transfers, and cash advances.
Cons
- No rewards on daily purchases
- Limited insurance
Product Details
Product Details
Rewards*
This card does not earn rewards on purchases but instead offers a much lower interest rate.
Insurance*
Coverage*
Balance Protection
optional
Benefits*
Details*
Car Rental Discount
Avis car rental discount up to 25% worldwide
Eligibility*
Credit Score
GoodAnnual Income
N/A
It shouldn’t be a surprise that the Scotiabank Value Visa is resurfacing in this category.
Like the CIBC Select Visa Card, the Scotiabank Value Visa offers interest-free balance transfers in the first 10 months of membership. It also waives its minimal annual fee in the first year – but may offer a bit more value considering the cost accounts for balance protection insurance and a car rental discount.
The standout feature of the Scotiabank Value Visa is that it also has a low balance transfer interest rate even after the 10 month promotion, plus a low balance transfer fee.
So, the Scotiabank Value Visa might be the better alternative to the CIBC Select Visa Card for cardholders who crave some more perks on top of their low balance transfer welcome bonuses, plus lower interest rates even after the intro offer comes to a close.
BMO Preferred Rate Mastercard®
3
Finly Rating
Welcome Bonus
0.99% introductory interest rate on balance transfers
Rewards Rate
No Rewards
Annual Fee
$29
Interest Rates
13.99% / 15.99%
Why we like it
Why we like it
If you plan to carry a balance on your credit card, this card offers a very low interest rate. However, there are other cards with no annual fee and slightly lower interest rates that you might want to consider as well.
Pros & Cons
Pros & Cons
Pros
- Low interest rate
- Nice welcome offer for balance transfer
Cons
- Annual fee while there are similar cards that don't have that fee with them
- No benefits other than the most basic purchase protection and extended warranty
Product Details
Product Details
Rewards
No rewards earned on this card
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Doubled up to 1 year
Eligibility
Credit Score
GoodAnnual Income
N/A
For a small annual fee (unfortunately one that isn’t waived in the first year like the Scotiabank Value Visa), you can opt for the BMO Preferred Rate Mastercard.
This Mastercard has a 9-month promotional offer of a 0.99% interest rate on balance transfers with a 2% transfer fee, before shifting back to its standard the cash advance rate of 15.99%.
To keep shoppers secure, the card also has purchase protection and extended warranty insurance.
Ultimately, you might prefer the BMO Preferred Rate Mastercard if you’d like a low-interest balance transfer credit card with some purchase coverage.
BMO CashBack® Mastercard®
2.5
Finly Rating
Welcome Bonus
5% cash back for the first 3 months, up to $2,500 in spend
Annual Fee
$0
Interest Rates
20.99% / 22.99%, for Quebec 21.99%
Product Details
Product Details
Rewards
- 3% cash back on grocery purchases (maximum $15 per statement)
- 1% cash back on recurring payments like bills or subscriptions (maximum $5 per statement)
- 0.5% cash back on all other purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Car Rental Discount
20% off base rate of participating National Car Rental and Alamo Rent a Car and up to 5% on Enterprise Rent-A-Car.svg)
Gas Discount
Save up to 7 cents per litre at Shell stations when linked with Air Miles
Eligibility
Credit Score
GoodAnnual Income
N/A
If you were hoping for a credit card in this category with some cashback, the BMO Cashback Mastercard could be a great contender – especially since it has no annual fee!
With a balance transfer welcome bonus of 0.99% in the first 9 months of membership at a 2% transfer fee, this card also earns you cashback on grocery purchases and recurring payments.
Like the BMO Preferred Rate Mastercard, this card comes with purchase protection and extended warranty insurance, but it also adds benefits like car rental discounts at participating National Car Rental and Alamo Rent a Car, plus gas discounts at Shell stations.
So, if you want a card that earns you cashback on popular everyday categories, purchase insurance, and some road-related benefits, the BMO Cashback Mastercard is a good balance transfer credit card.
BMO eclipse rise Visa* Card
2.6
Finly Rating
Welcome Bonus
Up to 25,000 points
Annual Fee
$0
Interest Rates
20.99% / 23.99%, for Quebec 21.99%
Why we like it
Why we like it
The BMO Eclipse Rise Visa is an excellent choice for those who want to earn rewards without paying an annual fee. It offers solid bonus categories like dining, groceries, and bills, and includes rare perks such as mobile device insurance. The card is ideal for newcomers or those looking to build their credit while enjoying the benefits of a no-fee rewards card with simple, everyday earnings. If you frequently spend in the bonus categories, this card provides good value without any added costs.
Pros & Cons
Pros & Cons
Pros
- No annual fee: This card comes with no annual fee, making it an affordable option for earning rewards.
- Bonus categories: Earn 5 points per $2 spent on dining, groceries, and recurring bills.
- Mobile device insurance: Includes $1,000 mobile device coverage, a rare perk for a no-fee card.
- Welcome bonus: Earn up to 20,000 points ($134 value) after spending $1,500 in the first 3 months.
- Annual bonus points: Earn up to 5,000 bonus points yearly when you complete certain actions, such as paying your bill on time.
- Fuel savings: Save up to 7 cents per litre at Shell when you link your BMO and Air Miles accounts.
Cons
- Low base earn rate: Only 1 point per $2 spent on non-bonus categories, providing a low return of 0.335%.
- Low point value: Points are valued at 0.67 cents each, reducing the overall reward potential.
Product Details
Product Details
Rewards
- 2.5x points per $1 spent on eligible dining, groceries and recurring bill payments (up to $5,000 spent per category)
- 0.5x point per $1 spent on all other eligible purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 year
Mobile Device Insurance
$1,000
Benefits
Details
Extra points
2,500 bonus points per year for paying full credit card bill on time for 12 consecutive monthsExtra points
Another 2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with Points
Discount
Up to 7 cents off per litre on Shell® fuel if you are an AirMiles collector
Eligibility
Credit Score
GoodAnnual Income
N/A
Another BMO balance transfer credit card, the BMO Eclipse Rise Visa Card is a points alternative to the BMO Cashback Mastercard, offering points per dollar spent on day-to-day high-spend categories like dining, groceries, and recurring payments.
Similar to the BMO Cashback Mastercard, the welcome bonus supplies cardholders with a 0.99% introductory interest rate on balance transfers for the first 9 months of membership, all at a low transfer fee of 2%.
On top of purchase protection and extended warranty insurance, the BMO Eclipse Rise Visa Card tacks on mobile device insurance, plus benefits like extra points for paying off your credit card bill in full, balance statement redemptions, and a discount on gas at Shell – all for no annual cost!
If you prefer points to cashback for your everyday expenses, plus you want slightly more benefits and coverage alongside your balance transfer welcome bonus, the BMO Eclipse Rise Visa Card could be the better choice over the BMO Cashback Mastercard.
Best Lower Permenant Rate Balance Transfer Credit Cards
In contrast to cards like the MBNA True Line Mastercard, there are also a couple of options that offer low balance transfer rates at all times, to keep your anxiety towards the impending end of promotional periods to a minimum.
These permanent rates by no means beat the promotional rates offered by many cards, but they are consistent – which is something that certainly offers peace of mind.
Scotiabank Value® Visa* Card
5
Finly Rating
Welcome Bonus*
0.99% interest on balance transfers for 9 months + first year fee rebate
Rewards Rate*
0%
Annual Fee*
29 $0
Interest Rates*
13.99% / 13.99%
Why we like it
Why we like it
This is a great card for those who carry a balance every month and want to take advantage of much lower interest rates compared to most other cards. It also comes with a great introductory balance transfer rate for a limited number of months.
Pros & Cons
Pros & Cons
Pros
- A great low introductory interest rate on balance transfers
- Only 13.99% interest rate on purchases, balance transfers, and cash advances.
Cons
- No rewards on daily purchases
- Limited insurance
Product Details
Product Details
Rewards*
This card does not earn rewards on purchases but instead offers a much lower interest rate.
Insurance*
Coverage*
Balance Protection
optional
Benefits*
Details*
Car Rental Discount
Avis car rental discount up to 25% worldwide
Eligibility*
Credit Score
GoodAnnual Income
N/A
The Scotiabank Value Visa Card actually gives you the best of both worlds. While it has a low balance transfer rate overall, it also offers a balance transfer welcome offer in the first 10 months of membership. This welcome offer shrinks the interest rate to 0%, afterwards, the rate returns to 13.99%.
There are no rewards attached to the Scotiabank Value Visa Card, but the low annual fee does account for perks like balance protection insurance and a car rental discounts with Avis. Not to mention, the annual cost is completely waived in the first year.
This credit card is a top option for those who want low interest rates overall – including low rates and fees on balance transfers.
Scotiabank Platinum American Express® Card
3.8
Finly Rating
Welcome Bonus*
Up to 80,000 Scene+ points ($800 value)
Annual Fee*
$399
Interest Rates*
9.99% / 9.99%
Why we like it
Why we like it
The Scotiabank Platinum American Express is the perfect choice for those seeking a super premium credit card without steep income requirements. With a high flat rate of rewards on all purchases, extensive insurance coverage, and flexible travel redemption options, it offers full-featured perks that cater to frequent travelers and savvy spenders alike.
Pros & Cons
Pros & Cons
Pros
- Low Interest Rate: Offers a competitive interest rate of 9.99%.
- Strong Rewards: Earn 2x Scene+ points on all purchases.
- Airport Lounge Access: Enjoy 10 complimentary lounge visits, including Plaza Premium Lounges, through Priority Pass (membership required).
- Comprehensive Travel Insurance: Includes extensive coverage for travel-related needs.
- Flexible Travel Rewards: Points can be redeemed for travel bookings with any provider.
- No Foreign Transaction Fees: Shop internationally without extra charges.
Cons
- High Annual Fee: The annual fee is steep compared to similar cards offering similar perks.
- Limited Premium Perks: Lacks top-tier travel benefits like free checked baggage and priority boarding.
Product Details
Product Details
Rewards*
- Earn 2x Scene+ points for every $1 spent on all other eligible purchases
- Earn additional benefits + up to 4x Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
Insurance*
Coverage*
Emergency Out of province Medical
$2M, Up to 31 daysEmergency Medical Over 65
$2M, Up to 10 days
Trip Cancellation
$2500/person, $10000/trip
Lost or Stolen Baggage
$500/person, $1000/trip
Trip Interruption
$5000/person, $25000/trip
Baggage Delay
$1000 After 4 hoursFlight Delay
$1000/personTravel Accident
$500K/person, $1M/occurrence.svg)
Car Rental Damage & Theft
$65K up to 48 days
Hotel Burglary Insurance
$1000/occurrenceMobile Device Insurance
$1000Purchase Protection
120 daysExtended Warranty
Up to a year
Benefits*
Details*
No Foreign Transaction Fees
Airport Lounge - Plaza Premium
10 visits, 4 visits for secondary card (combined with the Priority pass)Airport Lounge - Priority Pass
10 visits, 4 visits for secondary card (combined with the Plaza Premium)
American Express® Experiences
.svg)
Concierge Services
Discount
Discount on PriorityPass Membership.svg)
Status lift
Hertz #1 Club Gold MemberExtra points
Extra 4 Scene+ points per Canadian dollar spent on hotel and car rental bookings made through Scene+ Travel using your Scotiabank Platinum American Express Card
Eligibility*
Credit Score
GoodAnnual Income
$12,000 personal or $12,000 household
The Scotiabank Platinum American Express Card doesn’t have a balance-transfer-related welcome bonus, but it does offer all-time low interest rates on purchases and cash advances – which includes balance transfers at a standard transfer fee of 3%.
Unlike the other two cards we mentioned so far, the Scotiabank Platinum American Express Card features a rewards program, earning cardholders a flat rate of points per dollar spent on all eligible purchases.
Unlike most balance-transfer-optimizing credit cards, the Scotiabank Platinum American Express card also boasts extensive and comprehensive insurance, plus tons of travel-oriented benefits (including lounge access).
The catch? You’ll have to pay a high annual fee for all these perks on top of the low balance transfer rates – it is a premium card after all.
Ideally, this card is best for frequent travellers and bigger spenders who also want to take advantage of low interest rates.
Best Cashback Balance Transfer Credit Card
Let’s take a closer look at some cards that come with both balance transfer perks and cashback reward programs.
BMO CashBack® Mastercard®
2.5
Finly Rating
Welcome Bonus
5% cash back for the first 3 months, up to $2,500 in spend
Annual Fee
$0
Interest Rates
20.99% / 22.99%, for Quebec 21.99%
Product Details
Product Details
Rewards
- 3% cash back on grocery purchases (maximum $15 per statement)
- 1% cash back on recurring payments like bills or subscriptions (maximum $5 per statement)
- 0.5% cash back on all other purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Car Rental Discount
20% off base rate of participating National Car Rental and Alamo Rent a Car and up to 5% on Enterprise Rent-A-CarGas Discount
Save up to 7 cents per litre at Shell stations when linked with Air Miles
Eligibility
Credit Score
GoodAnnual Income
N/A
Mentioned in the last section, the BMO Cashback Mastercard earns you cashback on everyday spend categories like groceries and recurring payments (capped per statement).
This pairs nicely with its low introductory interest rate on balance transfers for the first 9 months, complete with a low balance transfer fee.
With standard purchase insurance and a couple of benefits (car rental discounts and gas discounts), this is a solid no-fee cashback balance transfer option.
Scotia Momentum® No-Fee Visa* Card
2.9
Finly Rating
Welcome Bonus*
5% Cash back (up to $2,000 in purchases)
Annual Fee*
$0
Interest Rates*
19.99% / 22.99%
Why we like it
Why we like it
The Scotiabank Momentum® No-Fee Visa* Card is ideal for those seeking a straightforward, entry-level credit card to build their credit while earning modest cash back on everyday purchases like groceries, gas, and bills. With no annual fee, a competitive balance transfer offer, and a high spending cap, it's a practical choice for young adults or newcomers who want to earn rewards without the complexities of more premium cards.
Pros & Cons
Pros & Cons
Pros
- No Annual Fee: Enjoy cash back rewards without any annual cost.
- Welcome Offer: Get 5% cash back on purchases for the first three months (up to $100).
- Cash Back Rewards: Earn up to 1% cash back in select categories.
Cons
- Lower Earn Rate: Offers a below-average cash back rate compared to other cards.
- Annual Redemption: Cash back can only be redeemed once per year.
- Lacks Insurance Coverage: No travel or consumer insurance, including purchase protection and extended warranty.
Product Details
Product Details
Rewards*
- 1% cash back on gas, groceries, drug store and recurring payments
- 0.5% cash back on all other credit card purchases (unlimited).
Benefits*
Details*
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A Car
Eligibility*
Credit Score
GoodAnnual Income
$12,000 personal
Newcomers will benefit greatly with the Scotia Momentum No-Fee Visa Card.
Alongside some cashback on gas, groceries, drugstore purchases, and recurring payments – this card rewards members with a 0% introductory interest rate on balance transfers within the first 6 months of membership, with a 2% transfer fee.
Even with no annual fee, you’ll still get a car rental discount at Avis Rent A Car and Budget Rent A Car.
Therefore, if you're applying for your first Canadian credit card, this could be a solid balance transfer option without all the complexities of competing cards.
Tangerine Money-Back Credit Card
4
Finly Rating
Welcome Bonus
10% Cash Back up to $100 value
I currently have or may soon have a Tangerine Savings account
Annual Fee
$0
Interest Rates
20.95% / 22.95%
Why we like it
Why we like it
While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.
Pros & Cons
Pros & Cons
Pros
- Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
- 2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
- Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
- Easy credit score requirements needed for this card.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
Cons
- Insurance coverage is the most basic.
- Very low cashback rate on the other categories not selected.
Product Details
Product Details
Rewards
- 2% on the choice of two categories chosen from the 10 offered by Tangerine
- 0.5% cashback on all other credit card purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to a year
Eligibility
Credit Score
GoodAnnual Income
N/A
For slightly more cashback (compared to the Scotia Momentum No-Fee Visa Card) on two categories of your choice, the Tangerine Money-Back Credit Card is a flexible, no-fee, balance-transfer-friendly credit card.
For the first 6 months, enjoy a low interest rate on balance transfers at one of the lowest transfer fees (1%), before the standard rate comes back into play.
To keep you protected with every tap, the Tangerine Money-Back Credit Card is equipped with purchase protection and extended warranty insurance.
All in all, this might be the balance transfer credit card for you if you’re just getting started and prefer to pick your cashback categories, plus you want a small promotional period on balance transfers.
Frequently Asked Questions
Do balance transfers affect your credit card score?
Balance transfers can affect your credit card score both negatively and positively.
On the positive side of things, it can improve your utilization ratio. When you transfer your balance from one card (or a couple of cards) to a new card with a higher credit limit, your credit utilization can decrease. Just make sure you’re still making your payments in time to keep up a positive payment history. Transferring your balance to a credit card with lower interest rates will also help you reduce your debt, which is also beneficial to your credit card score.
Alternatively, if you’re constantly transferring your balance to better cards, this still puts a hard inquiry on your credit report. Hard inquiries can look risky to lenders and credit card bureaus.
Are there any drawbacks to 0% balance transfer introductory offers?
While 0% or low balance transfer introductory interest rates are extremely appealing, they can promote a false sense of security since they don’t last forever. Plus, just because the interest rate is 0%, doesn't mean it will cost you zero money, balance transfer fees still apply.
If you believe that you will have enough time to catch up on your debt in the time allotted by introductory promotional periods, then these offers are very beneficial. But, you cannot rely on their generosity since they all come with expiration dates.
Are balance transfer credit cards worth it?
If you need some more time to pay off your debt and much lower interest rates in the meantime, then balance transfer credit cards are your best friend. Be wary, however, of the closing dates of promotional periods and any temptations to overspend now that you have some leeway.
You may also want to keep in mind that most balance transfer credit cards come with fewer benefits, coverage, and rewards (if any).
That said, if you know you can pay off your debt in the granted promotional window, if you don’t need tons of extra perks, and you plan on being financially responsible from here on out, you’re in good shape to apply for a balance transfer credit card.