Best Balance Transfer Credit Cards In Canada
Canada’s best balance transfer credit cards, with as low as 0% interest.
The MBNA True Line Mastercard is the best balance transfer credit card in Canada because it currently offers the most competitive balance transfer promotion. You can transfer balances and enjoy 0% interest for 12 months.
Although that card offers the best balance transfer promotion, there are still other credit cards with valuable terms that are worth considering. For instance, some offer rewards or low interest rates on purchases, making them useful cards after you’ve paid off your debt.
Key Takeaways
- The best balance transfer offer in Canada is 0% interest for 12 months with the MBNA True Line Mastercard.
- Balance transfer cards help you save on interest by letting you move high-interest debt to your card with a lower promotional interest rate.
- Keep in mind that most balance transfer cards charge a fee for the initial transfer (usually up to 3% of the amount transferred).
- Never make new purchases on a card with a balance transfer offer since payments will be applied to your transferred amount and new amounts will accrue interest at the full purchase rate.
Top balance transfer credit cards in Canada for November 2025
| Category | Credit card | Monthly fee | Regular interest rates | Current offer | Eligibility requirements |
|---|---|---|---|---|---|
| Best overall | MBNA True Line® Mastercard® | $0 | * Purchase: 12.99%12.99% * Cash advance: 24.99% * Balance transfer: 17.99% |  $20 GeniusCash + 0% interest on balance transfers for 12 months (terms) | None |
| Best for low transfer fees | CIBC Select Visa* Card | $29 | * Purchase: 12.99%12.99% * Cash advance: 24.99% * Balance transfer: 17.99% | 0% interest on balance transfers for 10 months (terms) | $15,000 household |
| Best for permanent low rates | Scotiabank Value Visa Card | $29 | * Purchase: 12.99%12.99% * Cash advance: 24.99% * Balance transfer: 17.99% | 0.99% interest on balance transfers for 9 months (terms) | $12,000 personal |
| Best for rewards | BMO eclipse rise Visa* Card | $0 | * Purchase: 12.99%12.99% * Cash advance: 24.99% * Balance transfer: 17.99% | $125 GeniusCash + 0.99% interest on balance transfers for 9 months | |
| Best for low interest | BMO Preferred Rate Mastercard®* | $0 | * Purchase: 12.99%12.99% * Cash advance: 24.99% * Balance transfer: 17.99% | 0.99% interest on balance transfers for 9 months (terms) | None |
| Best for students and newcomers | Tangerine Money-Back Credit Card | $0 | * Purchase: 12.99%12.99% * Cash advance: 24.99% * Balance transfer: 17.99% | $120 GeniusCash + 1.95% interest on balance transfers for 6 months | None |
| Best for cash back rewards | BMO CashBack® Mastercard®* | $0 | * Purchase: 12.99%12.99% * Cash advance: 24.99% * Balance transfer: 17.99% | $20 GeniusCash + 0.99% interest on balance transfers for 9 months | None |
As the chart below demonstrates, the MBNA True Line® Mastercard® offers the lowest promotional interest rate for the longest time.
1. Best overall
×2 Award winner 
GC: $20
2x Award winner Why we think it’s the best: The MBNA True Line Mastercard’s balance transfer offer is unheard of - an incredible 0% in interest for 12 months. Even after the 12-month promo period is over, the MBNA True Line Mastercard's regular 12.99% interest rate still beats most credit cards on the market (although the cash advance and balance rate are a little high).
Pros:
- 0% promotional balance transfer rate for the first 12 months
- Low regular purchase interest rate of 12.99%
- No annual fee
Cons:
- No rewards on purchases
- High cash advance interest rate of 24.99%
2. Best for low transfer fees
Why we think it’s the best: In some instances, the CIBC Select Visa Card might be a better pick – especially if you have credit card debt with MBNA or TD (and therefore can’t take advantage of the above balance transfer offer) or you think you can pay off your debt within ten months. This Visa card has a 0% for 10 months balance transfer but its transfer fee is only 1% of the amount transferred. For every $1,000 you transfer, you'll save an extra $20 compared to a card with a 3% fee. It also has a low annual fee that’s rebated for the first year.
Pros:
- 10-month-long balance transfer offer of 0% with a low fee of 1%
- Low regular purchase, balance transfer, and cash advance interest rates of 13.99%
Cons:
- No rewards on purchases
- Low annual fee of $29 (rebated for the first year)
3. Best for permanent low rates
Why we think it’s the best: The Scotiabank Value Visa Card offers 0.99% for 9 months with a low transfer fee of 1%. After the promo, you’ll get an interest rate of 13.99% on your balance transfer, purchases, and cash advances. These are some of the best rates among balance transfer credit cards. Note that this card has an annual fee of $29 – but since it's waived for the first year, it could be a good choice if you can pay your balance quickly.
Pros:
- 0.99% rate on balance transfers for 9 months with a low fee of 1%
- Low regular purchase, balance transfer, and cash advance interest rates of 13.99%
Cons:
- No rewards on purchases
- Low annual fee of $29 (waived for the first year)
4. Best for rewards
GC: $125
Why we think it’s the best: The BMO eclipse rise Visa Card offers valuable rewards for no annual fee once you're finished paying off your debt. You can earn 5 BMO Rewards points for every $2 spent on dining, groceries, and recurring bills, and 1 point per $2 spent on all other purchases. The balance transfer promotion is 0.99% for 9 months on transfers made to your account, with a low 2% fee on the amount transferred.
Pros:
- 0.99% promotional balance transfer rate for the first 9 months
- $125 GeniusCash + Up to 20,000 bonus points (terms)
- Up to 5 points per $2 spent on purchases
- No annual fee
Cons:
- Standard interest rates of 21.99% on purchases and 23.99% on balance transfers and cash advances
5. Best for low interest
Why we think it’s the best: The BMO Preferred Rate Mastercard gets you a low rate of 0.99% for 9 months and comes with a low transfer fee of 2%. And while there is an annual fee, it’s waived for the first year. We recommend paying off the balance within the 9-month promotional period – but if you can’t, your purchase interest rate will increase to 13.99%. You'll also see a rate of 15.99% on cash advances and future balance transfers.
Pros:
- 0.99% interest on balance transfers for 9 months (terms)
- Low permanent interest rate of 13.99% on purchases and balance transfers
Cons:
- Annual fee of $29
- No rewards on purchases
6. Best for students and newcomers
×1 Award winner GC: $120
1x Award winner Why we think it’s the best: If you want something that's easily accessible to students and newcomers, go with the Tangerine Money-Back Credit Card. It’s a basic cash back credit card with low income requirements and a solid balance transfer offer. You’ll get 1.95% balance transfers for the first 6 months with a 1% transfer fee. The rewards are excellent: 2% cash back on purchases in up to three Money-Back Categories and 0.5% cash back on all other purchases. Plus, you’ll get a nice welcome bonus with extra cash-back earnings.
Pros:
- Earn an extra 10% cash back for the first 2 months, up to $1,000 spent
- 1.95% on balance transfers for the first 6 months (1% fee)
- Up to 1% cash back on purchases on up to three cash back categories
- No annual fee
Cons:
- Only earns 0.5% cash back on non-boosted category purchases
- Limited insurance included
7. Best for cash back rewards
GC: $20
Why we think it’s the best: The BMO CashBack Mastercard is a no fee cash back card that includes a low promotional balance transfer rate of 0.99% and a longer balance transfer period of 9 months. But beware: you'll pay double the transfer fee (2%). That said, the card provides a hefty welcome bonus and allows you to earn rewards – though they’re capped at $500 per month.
Pros:
- 5% cash back for the first 3 months, up to $2,500 in spend
- 0.99% balance transfers for the first 9 months (2% fee)
- Up to 1% in cash back rewards
- No annual fee
- Save up to 7 cents per litre at Shell
Cons:
- Only earns 0.5% cash back on purchases outside of bonus categories
- Limited insurance included
Compare top balance transfer credit cards by Genius Rating
Another way to consider the top balance transfer cards is to look at their Genius Ratings, as determined by our unbiased algorithm. Here are the best cards, ranked by Genius Rating:
×2 Award winner GC: $20 2x Award winner GC: $125GC: $20How we get our rankings
We analyze over 126 credit card features within seven main categories to choose our top credit cards. For balance transfer credit cards, we focus heavily on the interest and fees category since we want to find credit cards that will help save you money as you tackle your debt.
How to compare balance transfer credit cards
With the number of valuable balance transfer credit cards and offers available, you'll want to consider these factors before making a final choice:
- Interest rates: This is often the most important factor, as the lower your balance transfer interest rate, the easier it is to pay down the balance.
- Promo period lengths: Promo periods vary, so choose one that gives you the most time to make a significant dent in your balance.
- Annual fees: Make sure this fee is reasonable; otherwise, you're adding to your financial burden.
- Balance transfer fees: The lower the percentage, the better, so you can focus on paying down the balance rather than the fees.
- Eligibility requirements: Check that you meet the income and credit score requirements, and ensure you're in good standing with your other credit cards.
- Additional perks: While you're unlikely to use this card for spending, check for other benefits that may make one card more attractive than the others, such as insurance coverage.
What is a balance transfer credit card?
A balance transfer credit card offers a much lower interest rate on balances you move over from other cards for a limited period of time.
Let's say you have:
- $1,000 on a travel credit card with a 19.99% interest rate
- $1,500 on a rewards credit card with a 21.99% interest rate
If you get a balance transfer credit card, you can move those balances over (a total of $2,500). Instead of paying around 20% interest on that money, you could be paying as low as 0% (not including the balance transfer fee) if you pay it off within the balance transfer period, which can range between six months and a year.
Let's take a look at an example with some hypothetical numbers. You can see how much interest you'd have to pay if you left the balances on the regular credit cards:
| Credit card | Balance | Interest rate | Monthly payment | Time to pay off | Interest paid |
|---|---|---|---|---|---|
| Travel credit card | $1,000 | 19.99% | $130 | 9 months | $79.02 |
| Rewards credit card | $1,500 | 21.99% | $182 | 9 months | $140.76 |
| Balance transfer credit card | $2,500 | 1.99% | $312 ($130 + $182) | 9 months | $18.84 |
But if you move those balances to a card with a balance transfer promotion of 1.99% interest, you’ll save about $200 in interest charges.
Remember: You should pay off your balance before the balance transfer period ends. Otherwise, your balance will be subject to the card’s normal interest rate – which may be lower (e.g., around 10%) but won’t offer you as much in the way of savings.
Learn more: The best credit cards with 0% APR
How much can you save on interest?
Researching and applying for a balance transfer card can take time and energy, so is it really worth it?
To help you answer that question, spend a moment inputting your current debt and interest rate into the following calculator. Then, select a new interest rate to see how much you’d save on interest payments.
Credit Card Interest Calculator
Using the calculator is also a great way to compare different balance transfer offers.
How to use a balance transfer credit card
Using a balance transfer card is pretty straightforward once you know the details. Here’s what you can expect to do:
- Apply for the best balance transfer card for you: Remember, you can’t complete a balance transfer between cards at the same bank. Once you've found potential cards, read the fine print about interest rates, promotion dates, and transfer fees. Then, submit your application and wait for approval.
- Decide how much debt you want to transfer: You can transfer up to your credit limit, but some cards only make a portion of your total limit available for a balance transfer.
- Start the balance transfer process: Begin moving the balances from your existing cards to your balance transfer card. Don’t forget that there’s usually a balance transfer fee, which can range from 0% to 5%.
- Create and follow a monthly payment plan: Aim to pay off all or your debt (or at least as much as you can) by the time the promo interest rate ends. The more you pay off with a low interest rate, the more you'll save.
Balance transfer fees
It’s important to note that even when you receive a low promotional interest rate on your balance transfer credit card, you’ll still be responsible for paying a balance transfer fee. This varies by card but usually ranges from 0% to 5% of the amount transferred.
Pros and cons of balance transfer credit cards
Here's a quick analysis of where you can benefit (and could suffer) from using a balance transfer card.
- Saves on interest charges. Normal credit card interest rates are around 20% in Canada, but promotional balance transfer interest rates are usually much lower. By transferring outstanding high-interest credit card debt to a balance transfer card, you can save as much as 95% on your interest payments.
- Helps you focus on paying off debt. With a balance transfer card, you have a clear timeline for paying off your debt, which can be a powerful motivator. Additionally, any money you save on higher interest payments can be used to pay off debt even faster.
- New purchases accrue higher interest. If you take advantage of a balance transfer option but then use the card to make new purchases, the new purchases will accrue credit card interest at the card's regular purchase interest rate – and they’ll continue to accrue interest until you completely pay the original balance transfer amount. In general, you should never use a balance transfer card for new purchases.
- Limited rewards. Most balance transfer credit cards don't earn rewards or welcome bonuses. Since your focus is on paying off an existing card balance and not making new purchases, you’ll likely miss out on any welcome bonus unless you time everything perfectly.
- Limited-time transfer promos. You can’t make a balance transfer any time you want. For example, you’ll only get that no-interest promo on the MBNA True Line Mastercard for transfers made within 90 days of being approved for the card.
Our experience with the #1 balance transfer credit card
One of our team members used the MBNA True Line Mastercard to pay down some accrued credit card debt. She received instant approval and a credit limit of $2,000. Then, using the MBNA app, she easily transferred the balance over from her other credit card.
"It was a simple process and allowed me to pay the balance throughout the year-long promotion with no interest accruing. The only downside was the promotional calls. After about eight months, I started receiving two calls per day (almost every day!) from MBNA marketers to sell me on their ID Assist services. I asked to be removed from the contact list and it took another few weeks for those calls to cease."
Balance transfers vs. personal loans
Unlike balance transfers, which move your existing debt, a personal loan is a whole new loan you take out (with the idea that you use the funds to pay off your credit cards). There are a few reasons you might want to do this instead of doing a balance transfer.
| Details | Pros | Cons | |
|---|---|---|---|
| Balance transfer | * Some promos offer 0% interest for a period * Easy if your debt is all on credit cards * Typically lower short-term interest rates with promos * High interest after promos expire | * Save money on interest while paying down debt * Can use to consolidate several forms of debt * Simplifies repayment | * Might be charged balance transfer fees * May have to have a high credit score * Could cause debt to spiral if you keep charging to the card |
| Personal loan | * Usually able to access more money * Typically lower long-term interest rates * Longer period of time to pay loan off * Consistent monthly payments over the loan term * Unlikely to have promotional rates | * Can use loan for almost anything * Interest rates can be lower than those for credit cards * On-time payments can build your credit score | * Must meet credit score requirements to qualify * Usually come with fees to take out * Increases your overall debt |
| Line of credit | * Can be used for personal, business, or investment purposes * Only pay interest on the amount you borrow * Can help manage cash flow | * Flexible way to borrow only what you need * Responsible repayment can build your credit score * Tax-deductible if you use the funds for your business or income-generating property | * Might be difficult to qualify for * May charge higher interest rates than those for a credit card * Easy to overspend since you’re already approved |
If you intend to pay off your debt quickly, or all of your debt is on credit cards, a balance transfer is likely your best option. If you have a larger amount of debt and expect it will take a while to pay off – longer than a balance transfer promotional rate would last – it may be worth taking out a personal loan instead.
Do credit card balance transfers affect your credit score?
No, balance transfers won’t hurt your credit score and won’t cause you to have bad credit. That said, you may see a slight change to your credit score after applying for a new credit card due to the hard credit check and lowering your average age of credit.
Dos and don'ts of balance transfer credit cards
While saving a lot of money in interest is great, there are some things to keep in mind to ensure you’re making the most of a balance transfer opportunity:
Do:
- Pay off your balance before the promotional period is up: The main goal of a balance transfer card is to pay off your credit card debt. Be aware that if you don’t, the interest rate on the card can jump back up to around 20% (unless it’s a low interest card).
- Pay your minimum balance on time every month: Ideally, you can chip away at your credit card balance, but if you’re struggling to do that, focus on at least making the minimum payment each month.
- Take advantage of a low-interest-rate credit card: If you can’t pay off your entire balance before the promotion period ends, look for a card that has low regular interest rates.
Don’t:
- Open a balance transfer credit card without a plan: When you open the card, the clock is ticking on the promotional period. Make sure you have a budget and strategy for paying down the debt once you’re approved.
- Buy things with your balance transfer credit card: The point of a balance transfer card is to make it easier to pay off your existing credit card debt. To help you accomplish this, don’t make new purchases using your balance transfer card.
- Fall behind on your payments: If you miss a payment, not only will your credit score take a hit, but you could lose your promotional rate and be charged additional interest.
FAQ
What are balance transfers?
A balance transfer is when you move the balance of one credit card to another – usually to take advantage of promotional interest rates. Many balance transfer cards also let you transfer money directly to your chequing account for more flexibility.
Do balance transfers have a fee?
Yes, there usually is a fee involved when it comes to doing a balance transfer. Typically, it's between 1% and 3% of the total amount of money being transferred. Residents of Quebec will not pay fees.
Which banks are offering 0% interest balance transfers?
While rare, a few banks are offering 0% balance transfers: MBNA has a 0% offer with the MBNA True Line Mastercard, CIBC offers 0% with the CIBC Select Visa Card, and the Scotiabank Value Visa Card is also running a 0% offer.
What is the best balance transfer card in Canada?
The MBNA True Line Mastercard's balance transfer offer is hard to beat: 0% for 12 months after you make the transfer. This gives you a full year of interest-free payments, allowing you to tackle your balance.
Do balance transfers hurt your credit score?
Balance transfers don’t hurt your credit score, although your score might take a temporary dip after you apply for a new balance transfer credit card. As long as you make your payments on time, your score should bounce back quickly.
Can you transfer credit card balances between cards from the same issuer?
No – one of the rules about balance transfers is that you can't transfer balances between credit cards with the same bank. So, you’ll need to apply for a balance transfer card from a different bank than the one you currently have.
Can you earn cash back or rewards on balance transfers?
No, credit card rewards only apply to purchases you make with the card. Balance transfers, refunds, and card payments do not qualify as purchases and therefore don't earn you any kind of rewards – just some debt relief.
Should I do a balance transfer or get a personal loan?
When deciding between balance transfers and personal loans, it depends on the rates and the length of the promotion. If you can get a lower transfer rate and pay it off in time, it may be a better option.
Editorial Disclaimer: The content here reflects the author's opinion alone. No bank, credit card issuer, rewards program, or other entity has reviewed, approved, or endorsed this content. For complete and updated product information please visit the product issuer's website. Our credit card scores and rankings are based on our Rating Methodology that takes into account 126+ features for each of 227 Canadian credit cards.
