Canada Credit Card Balance Transfer Interest Savings Calculator
Calculate how much you could save by transferring your balance to a new credit card.
Our balance transfer calculator helps you make informed financial decisions with these key features:
Interest Savings Calculation
Instantly see how much you could save in interest by transferring your existing credit card balance to a card with a lower promotional rate.
Payment Timeline Comparison
Compare how long it will take to pay off your debt with your current card versus a balance transfer card, helping you create a realistic debt repayment plan.
Transfer Fee Analysis
Our calculator factors in balance transfer fees to give you the true cost savings, ensuring you make a decision based on complete information.
Your Current Credit/Loan Balances
Enter the balance and interest rate for each of your credit card or loan products.
Card/Loan 1
$
%
Balance Transfer Low Interest Term
Choose a time period (in months) to compare balance transfer options. This helps calculate costs and potential savings for each option.
Balance Transfer Credit Cards
Choose from available cards with promotional balance transfer rates. These offers are continuously kept up to date to ensure you maximize your savings.
We've pre-selected some of the best balance transfer cards by default to help you get started.
Selected Cards:
Tangerine Money-Back Credit Card
Promotional Rate:
Transfer Fee:
Promotional Term:
Standard Rate (after promo):
BMO CashBack® Mastercard®
Promotional Rate:
Transfer Fee:
Promotional Term:
Standard Rate (after promo):
Scotiabank Value® Visa* Card
Promotional Rate:
Transfer Fee:
Promotional Term:
Standard Rate (after promo):
MBNA True Line® Mastercard®
Promotional Rate:
Transfer Fee:
Promotional Term:
Standard Rate (after promo):
Your Interest Paid over 12 months
| Card | Interest + Fee | Finly Rebate | Interest Savings | Total Savings | |
|---|---|---|---|---|---|
Your Current Interest | $999.5 | ||||
MBNA True Line® Mastercard® | $0 | $100 | $999.5 | $1,099.5 | LEARN MORE |
Scotiabank Value® Visa* Card | $0 | $60 | $999.5 | $1,059.5 | LEARN MORE |
Tangerine Money-Back Credit Card | $0 | $50 | $999.5 | $1,049.5 | LEARN MORE |
BMO CashBack® Mastercard® | $0 | $50 | $999.5 | $1,049.5 | LEARN MORE |
Disclaimer:
This calculator provides estimates for illustrative purposes only. The estimated savings shown are based on the information you've provided and represent potential interest savings when completing a balance transfer. Your actual savings may differ from these estimates as real interest costs and savings depend on various factors including balance transfer rates and fees, outstanding balances, payment amounts, timing, and other individual circumstances.
The initial calculator values for Balance Transfer term, interest rate, and fee reflect the current Promotional Balance Transfer offer where available. If no promotional offers are available, the calculator will use the applicable Standard Balance Transfer interest rate and fee as default values. For the most accurate information about interest rates and fees applicable to your specific product, please refer to the terms and conditions when you apply.
Your Best Overall Balance Transfer Credit Card
Balance Transfer Summary
Total Balance:
$5,000
Current Interest (over 12 months):
$999.5
Balance Transfer Fee:
$150
Interest with Balance Transfer:
$0
Total Cost with Balance Transfer:
$150
Your Estimated Savings:
$849.5
Balance Transfer Details
Promotional Rate:
0% for 12 months
Balance Transfer Fee:
3%
Standard Rate After Promo:
0%
Minimum Transfer Fee:
$7.5
Rebate Amount:
$100
Our choice for: Balance transfer and interest savings
MBNA True Line® Mastercard®
MBNA True Line® Mastercard®
go to MBNA's website
Welcome Bonus*
0% rate on balance transfers for 12 months (3% fee and not available in Quebec)†
Rewards Rate*
0%
Annual Fee*
$0
Interest Rates
12.99%* / 24.99%*
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
- 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.
Rewards*
- No rewards earned on purchases.
- Standard Annual Interest Rates of 12.99% on eligible purchases, 17.99% on balance transfers✪, and 24.99% on cash advances.
- You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee. This offer is not available for residents of Quebec.
- Use available credit on your credit card to transfer funds right to your chequing account.
- Around-the-clock fraud protection.
Benefits*
Details*
Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Eligibility*
Credit Score
GoodAnnual Income
N/A
Credit Card Balance Transfer Interest Savings Calculator Breakdown
Dealing with debt on a typical credit card is only dragging you down, all while keeping your interest rates up.
Balance transfer credit cards were literally designed to help cardholders tackle debt strategically with more affordable or 0% introductory APR periods and lower interest rates overall.
Not only do these low-interest and interest-free introductory periods allow you to catch up on repayments, they also help you target your debt rather than your interest rates (which is the real root of the problem). The result? You get to climb out of debt faster, leaving unnecessary and expensive surcharges in the dust.
Still, you might be wondering which balance transfer credit card eradicates debt best. To help you find the right contender for your case, we built the above Credit Card Balance Transfer Interest Savings Calculator. This calculator is programmed to compare how much you could be saving on your current credit/loan balance(s) if you transfer your lingering credit card balance to a Canadian balance transfer credit card.
How do Balance Transfer Credit Cards Work?
Before we dive in, let’s cover the basics.
Balance transfer credit cards limit or defer the amount of interest cardholders receive on their carried balance. They’re essentially a valuable vehicle for getting out of credit card debt.
Usually, good balance transfer credit cards will have the best balance transfer and interest rates during a promotional period, which can last up to a year. After this promotional period, these rates may rise, that’s why it’s best to apply for a balance transfer credit card with a promotional period that gives you enough time to pay off your debt – so plan ahead!
To transfer your current credit card balance, apply for a balance transfer credit card that you're eligible for. To check your eligibility and to ensure the card will cater to your needs, make sure you browse top offers with low balance transfer fees, low APRs, low interest promotional periods, and suitable credit limits to support your existing balance.
Our Best Balance Transfer Credit Cards blog post will help you navigate the best balance transfer credit cards on the Canadian market.
Once you successfully apply for a balance transfer credit card, you can initiate a balance transfer with your new credit card issuer, this is typically done online or by phone.
How Does a Balance Transfer Credit Card Compare to a Personal Loan?
The difference between a personal loan and a credit card balance transfer is that a personal loan can be used to cover multiple different types of debt, while credit card balance transfers are best suited to relieving credit card debt specifically.
Most of the time, personal loan interest rates are lower than credit card balance transfer rates after their promotional periods. During their promotional periods, balance transfer credit cards supply some of the best low interest or interest-free rates on credit card debt.
All in all, if you can pay off your credit card debt within your balance transfer credit card's promotional period, a credit card balance transfer is the superior option. However, if you're looking for a long-term loan that surpasses a year and maybe carries more than just credit card debt, a personal loan is best.
To learn more about these two debt consolidation methods, check out our Personal Loan Vs Credit Card Balance Transfer blog.
How to Understand Our Balance Transfer Calculator Results
Now for the fun part: playing around with our Credit Card Balance Transfer Interest Savings Calculator.
Basically, our balance transfer calculator estimates your potential interest savings when you swap your current credit/loan product(s) for a balance transfer credit card instead.
Here’s how to initiate a calculation:
- Start by inputting your current credit card or loan balance(s) into the first filter, indicating the value of your balance(s) and the associated interest rate(s) – you can add multiple products if needed.
- In the following filter, plug in the length of your interest term to help us accurately calculate costs and your potential savings within that time period.
- The final filter allows you to sift through various balance transfer credit cards and select multiple options for comparison. To make things easier, we’ve pre-selected some of the best balance transfer credit cards on the Canadian market.
As you interact with the filters, the interest graph will change according to your input, demonstrating how much you’ll ultimately be paying in your indicated loan term for each credit or loan product (including your current card/product).
Based on the height of each bar in the graph, you’ll be able to conclude which debt consolidation method (in this case, which balance transfer credit card) offers the lowest interest rates and fees during your specified time frame compared to your current product.
If a balance transfer credit card has a 0% introductory period that complements your loan term or even extends beyond it, it’s likely that this card will suit you best and save you the most money.
To keep things transparent, your best overall balance transfer credit card will be highlighted at the bottom of this page with a clear balance transfer breakdown and summary.
The Cost of Your Debt Without a Balance Transfer Credit Card
So, what happens if you don’t opt for a balance transfer credit card? In short, it’s going to cost you. How much? Just take a look at the savings table below the interest graph.
The amount you see represented in the “Interest Savings” column in this table is the amount you could be saving if you choose to swap your current interest product for one of the listed balance transfer credit cards. To sweeten some deals, many balance transfer credit cards also come with a Finly Rebate. If they do, this rebate contributes to your “Total Savings”, optimizing a balance transfer alternative even further.
Chances are, your current product doesn’t have an interest-free promotional period, that’s why you’re here. So, if you choose to stick with your current situation, not only are you repaying your carried balance in monthly instalments, but you’re also paying hefty interest fees on top of that. Simply put, your current product is asking you for extra handouts instead of actually lending you a hand.
What to Look for in a Balance Transfer Credit Card
To pinpoint the best balance transfer credit card, there are a couple of qualities you’ll want to look for:
- Different Credit Card Issuers: Typically, you cannot transfer carried balances between credit cards with the same credit card issuer. So, if you have credit card debt on a regular Scotiabank credit card, you generally cannot transfer that balance to, say, the Scotiabank Value Visa Card. In this case, you’ll want to look for another leading balance transfer credit card from a different credit card issuer, like the MBNA True Line Mastercard.
- Low Balance Transfer Fees: Unfortunately, balance transfers aren’t free. Instead, cardholders are subject to transfer fees which can range from 1% to 3% of the transfer amount, sometimes even higher. With this in mind, it’s best to scout out a balance transfer credit card with a low transfer fee or to compare the transfer fee to the grand scheme of how much you’ll be saving overall, which might help offset the expense.
- Long Promotional Periods: The longer you have to catch up on your repayments and spread out your total debt, the better. That’s why you’ll want to look for balance transfer credit cards with low or (ideally) 0% introductory periods that are extensive or complimentary to your repayment plan.
- Some Perks: It’s no secret that most balance transfer credit cards lack reward programs and added benefits, but there are a few cards that feature some insurance and perks to bulk up the appeal. The best balance transfer credit card with benefits is the Scotiabank Platinum American Express Card, which includes a rewards program, extensive insurance coverage, and tons of travel-oriented benefits (including lounge access). The catch? An above average annual fee and no interest-free promotional period.
What's on this Page
Frequently Asked Questions
Based on the assumption that you have a balance on your card(s) and/or loan(s) with the interest rate(s) you entered, if you make the minimum payment at the end of the cycle along with any fees and interest charges, we calculate your total interest over the selected period. We then compare this to the cost of transferring your balance to a card with a promotional balance transfer rate, including any transfer fees. The difference between these two amounts represents your potential savings.
Our calculator assumes: (1) There is no outstanding balance on the card you're transferring to, (2) No additional purchases or transactions are made throughout the repayment period, (3) You pay exactly the minimum payment every month, including any additional interest and fees, (4) Interest is calculated based on a simple interest calculation where interest billed equals the average daily balance multiplied by your daily percentage rate then multiplied by the number of days in the month.
Balance transfer fees are typically a percentage of the amount transferred. For example, if you transfer $10,000 to a card with a 3% balance transfer fee, you'll pay $300 in fees. Some cards may have a minimum fee amount (e.g., $7.50) regardless of the transfer amount.
After the promotional period ends, any remaining balance will typically revert to the card's standard interest rate, which is usually much higher than the promotional rate. Our calculator shows both the promotional rate and the standard rate to help you plan accordingly.
Yes, you can typically transfer balances from multiple cards to a single balance transfer card, up to your approved credit limit. Our calculator allows you to enter multiple balances to see your potential total savings across all your debts.
We update our balance transfer offers as soon as we're notified of any changes by the card issuers. However, offers can change frequently, so we always recommend checking the issuer's official website for the most current terms and conditions before applying. Our team works diligently to ensure all information displayed is accurate and up-to-date.
Generally, no. Most financial institutions don't allow balance transfers between their own credit cards. Balance transfer offers are designed to attract new customers from competitors, so you typically can only transfer balances from cards issued by different banks or financial institutions.
No, credit card rewards programs typically only apply to new purchases made with the card. Balance transfers, cash advances, and similar transactions don't count as purchases and therefore don't earn points, miles, or cash back rewards. Always check the specific terms of your card's rewards program for complete details.
Finly Rebates are our exclusive cash rebate offers available only to FinlyWealth users. When you sign up on FinlyWealth and activate a rebate offer before visiting the card issuer's website, you'll receive the specified cash rebate from us depending on the offer's terms and timelines. These rebates are in addition to any rewards or bonuses offered directly by the card issuer, giving you extra value when you apply through FinlyWealth.