Best balance transfer credit card in Canada for 2020 award seal

Credit cards should never be treated as extra income – treating them as such is a very slippery slope. The #1 rule of credit cards is to pay off your balance each and every month.

If you find yourself at the bottom of that slope, looking up at a mountain of credit card debt, chances are you’re also paying a mountain of interest.

Thankfully there's a way out and freedom from that credit card debt could be closer than you think...

If you still have a decent credit score, balance transfer credit cards could offer the help you need.

Best balance transfer credit cards for 2020

Here are some of the best balance transfer cards we think you should take a closer look at:

CategoryCredit CardCurrent Balance Transfer Offer
Best balance transfer credit cardMBNA True Line® Mastercard®0% interest on balance transfer for 10 months (terms)
Balance transfer credit card with low ratesMBNA True Line® Gold Mastercard®0% interest on balance transfers for 6 months (terms)

Review all top 10 balance transfer credit cards here.

Best balance transfer credit card

This offer is not available to residents of Quebec. For residents of Quebec, please go here.

The credit card with the best balance transfer promotion is the .

You'll get 0% interest on balance transfers made to the card for 10 months. It's a balance transfer promotion not matched by any other card in Canada.

After the promotion is finished, you'll still enjoy a low rate of 12.99%, if you haven't yet finished paying your balance.

Best balance transfer credit card with low rates

This offer is not available to residents of Quebec. For residents of Quebec, please go here.

For a great balance transfer card, with long term low rates, then look at the .

Why this card? It has some of the best interest rates available. To start, you'll get 0% interest on balance transfers for the first 6 months.

And while that's not the best balance transfer offer out there (see the card above), it has great overall interest rates.

After that? You'll still get a low rate of 8.99% on any outstanding amounts on your balance transfers to the card. This low rate applies to new purchases made to this card as well.

It's a great, all-around low interest card to save on your credit card debt.

Using your balance transfer card

So, while saving a lot of money in interest is great, there are some things to keep in mind with these cards:

  • Do not use your balance transfer card for purchases until the balance transfer promotion period ends, otherwise you'll be stuck paying full interest on those purchases.
  • When the promotional period is up, interest rates often go back to their usual 19.99%+ (unless they're permanent low rate cards), so be sure to pay off the balance of your balance transfer card before the promotion ends.
  • Pay your minimum balance on time every month, otherwise you could lose your promotion and end up paying the full or even higher penalty interest rates.

There aren't many worse financial experiences than sitting on huge credit card debt at insane interest rates that could be costing you thousands every year…

Want to know how much you could save? Our interest savings calculator can help you out:

Enter in your current debt, new interest rate, the old one, and how much you could pay off per month.

And so, for this best credit card ranking, our focus shifts towards getting you the maximum annual interest savings. Because no rewards or perks are worth incurring debt.

Check out these balance transfer cards, ranked based on annual interest savings – then decide what features matter most to you.

Compare Balance Transfer and 0% Interest Credit Cards

How we get our rankings

How do we decide what are the best balance transfer cards? We take into account over 126 features of each credit card into account, broken down into 7 main categories.

Balance transfer page genius rating scoring

We then take those features and put them through our algorithm, which calculates a score out of 5. And since we're talking about credit cards with low interest, we give extra weight to the interest category, as it's the primary feature we're after with cards on this page.

Learn more about our Genius Rating methodology.

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