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A balance transfer credit card allows you to move existing debt from one or more high-interest credit cards to a new card, typically one that offers low or 0% interest for a set period. This can help you save significant money while paying down your debt. The best balance transfer credit card is the MBNA True Line ® Mastercard ® , which offers 17.99% for an impressive 12 months. Still, this debt reduction strategy isn't helpful if you don't know how to use it. The guide to balance transfer credit cards below will help you understand how they work, how to get started, and how to choose the right card for your needs. In this article What is a balance transfer credit card How do balance transfers work What happens when a balance transfer offer ends Missing a payment during a promotional period Making purchases with a balance transfer card Limited time low interest Earning rewards on balance transfer cards Making balance transfers between credit cards from the same bank Best Balance Transfer Cards in Canada FAQ Never miss an amazing deal again + get our bonus 250+ page eBook for FREE . Join 50,000 other Canadians who receive our weekly newsletter – learn more . What is a balance transfer credit card? A balance transfer is when you take some or all of your debt, and you transfer it to a different lender – usually, this is done to consolidate loans and/or to save in interest. In terms of credit cards, a balance transfer allows you to take a pre-existing credit card balance and transfer it to another credit card ‒ particularly a lower interest card (or a card that has a promotional balance transfer rate). The goal is to relieve the burden of high interest rates , and help you get your credit card debt paid off faster. Depending how much debt you have, this could save you hundreds…or even thousands. How do balance transfers work? There are two different types of credit cards you may want to consider in a balance transfer situation: A credit card that is offering an introductory balance transfer rate – In some cases, credit cards will offer an introductory rate that can be anywhere from 6 to 12 months and will give you an extra low balance transfer rate between 0% and 7.99%. A credit card that has a permanently low interest rate – In other cases, there could be cards on the market that have a permanently low rate for all purchases and balance transfers, with no time limit. If you’re looking for the lowest rates you can get, you will typically need to apply for a new credit card – one that offers a low introductory balance transfer rate for new customers. The downside of this, however, is that there is a time limit . Let’s say, you’re considering a card with an intro rate of only 6 months. If you’re crunching the numbers and it looks like there is no way for you to get your debt paid off in under a year ‒ then you probably should keep looking. What happens when a balance transfer promo ends? At some point, the other shoe has to drop and it does on balance transfers when the promo period ends. Following the expiration of the introductory timeframe, the balance transfer interest rate reverts back to the mean and becomes pretty standard, which is usually between 19.99% and 23.99%. At that point, it just becomes a regular credit card, so it’s recommended that instead of being baited into a balance transfer credit card thanks to its attractive introductory low interest rate, you should instead look for a credit card with a permanently low rate on balance transfers like the following: BMO Preferred Rate Mastercard ® * 3.6 Genius Rating 3.6 (7) User reviews 0.99% on balance transfers for 9 months + Very low interest rates. * Annual fee $29.00 Learn more Annual rewards $0 ◊ Learn more Annual savings $1,117 ◊ Learn more Apply Now Learn More Instant approval: Yes Credit estimate: BMO Preferred Rate Mastercard ® * 3.6 Genius Rating 3.6 (7) User reviews 0.99% on balance transfers for 9 months + Very low interest rates. * Annual fee $29.00 Learn more Annual rewards $0 ◊ Learn more Annual savings $1,117 ◊ Learn more Credit estimate:  (560 - 659) Apply Now Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons …Or a card that has a low introductory promotional period, but its regular interest rate is low as well. MBNA True Line ® Mastercard ® 4.2 Genius Rating 2.9 (12) User reviews ×2 Award winner $20 GeniusCash + 0% on balance transfers for 12 months (3% fee) + No annual fee. * Annual fee $0.00 Learn more Annual rewards $0 ◊ Learn more Annual savings $1,551 ◊ GC Ends: Nov 30, 2025 GC: $20 I Want This Deal Learn More Instant approval: Yes Credit estimate: MBNA True Line ® Mastercard ® GC: $20 4.2 Genius Rating 2.9 (12) User reviews 2x Award winner $20 GeniusCash + 0% on balance transfers for 12 months (3% fee) + No annual fee. * Annual fee $0.00 Learn more Annual rewards $0 ◊ Learn more Annual savings $1,551 ◊ GC Ends: Nov 30, 2025 Credit estimate:  (660 - 724) I Want This Deal Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons The MBNA True Line Mastercard has a balance transfer promotion of 0% for 12 months – the best balance transfer offer available right now and it only reverts to 12.99% when the promo period ends, which is still manageable if you’re using it to pay off debt. Another option would be to simply apply for a new card, with a new introductory balance transfer rate. Play your cards right and you may be able to jump from one balance transfer offer to another when the promotional period ends. What happens if I miss a payment during a promotional period? If you happen to miss a minimum payment during your promotional period, your interest rate is going to jump up to your card’s normal balance transfer rate. Which, unless you have a credit card with a permanently low rate, is going to be around the 23% mark. If you’re absolutely committed to paying on time and you have a system in place to remind you when you need to make your monthly payments, then a promotional balance transfer could work. If you’re forgetful or sometimes find yourself missing credit card payments, then an introductory balance transfer offer may not be your best option. Can I make purchases with a balance transfer card? As long as your credit card is not maxed out, you will be able to use your balance transfer card for purchases ‒ however, this is something you should avoid . When paying off your credit card : “ Typically, your minimum payment will apply to the portion of your balance with the lowest interest rate. Any amount you pay over the minimum payment applies in one the following two ways: to the portion of the balance with the highest interest rate proportionally to the entire balance A credit card issuer that is a federally regulated financial institution can decide how it will apply your minimum payment to your balance. Check your credit card agreement or ask your credit card issuer how it applies a payment to your balance.” Most credit card companies, MBNA / TD, Amex, and RBC included, will allocate any payment “proportionally to the entire balance.” What does that mean? Well, let’s say you have made an $800 balance transfer to a card and then you decide to make a $200 purchase. 80% of your balance is getting charged at your promotional balance transfer rate, and 20% will be getting charged at your normal purchase interest rate. You then decide that you’re going to make a $200 payment on your card. And while, in an ideal world that $200 would all go to the $200 purchase that is being charged 20% interest, that isn’t how credit cards work. Instead, 80% of that $200 will go toward your balance transfer, and only 20% will be going towards your high interest purchase. With this ratio payment, part of that $200 purchase that you made will be around until your entire balance is paid off…making your $200 purchase cost you much more in the long run. Related : Struggling With Debt? Debt Consolidation May Put You Back On Track Limited time low interest, but what’s the catch? One thing to remember is that many cards will charge you a balance transfer fee . While 10 months of 0% interest may seem too good to turn down, always remember to read the fine print. Banks will charge anywhere from 0% to 3% for balance transfers. Sure, this will often still be a better deal than months of 19.99% interest, but when it comes to choosing which balance transfer card is the best fit for you, these fees are important to keep in mind. Transferring money at 3% could really add up quickly. The good news is the best balance transfer promotions also usually come with lower than normal balance transfer fees. We know it hardly seems fair to those paying higher rates, but that’s often the case. Can I earn rewards on balance transfer cards? There are some cards out there that will give you a great balance transfer rate, and also allow you to earn great rewards . Rewards, however, are only given on purchases, and they will not be given for any balance transfers or cash advances. A suggestion : skip the rewards for now, and focus on the savings instead ‒ make your balance transfer, pay off your full balance in full, and then it makes sense, look into rewards later. Can a balance transfer be made between credit cards from the same bank? The answer is no. Credit card issuers are considered lenders, so a balance transfer can only be executed between two separate lenders, not from one product to another issued by the same lender. When you think of it like that, this standard policy starts to make sense and is usually relatively straightforward, except when you get into the fact that some issuers are owned by the same company, such as TD and MBNA. This might be a problem if you want to take advantage of the best balance transfer credit card in Canada in the form of the MBNA True Line ® Mastercard ® . However, it is possible to transfer to another credit card issued by another bank and then from there, transferring to the MBNA True Line Mastercard. Of course this move means you’ll have to endure at least two balance transfer fees along the way, but if you really think it’s worth it, who are we to stop you? Best Balance Transfer Cards in Canada: Head to Head Now that you have the basics, here are the best balance transfer cards on the market. For the MBNA cards listed, you can: transfer money to a chequing account and consolidate all of your debt, or the balance transfer can be made by logging into your online banking. For the Scotiabank Value Visa Card : balance transfers can be done by logging into your Scotiabank online account, and you can transfer up to a maximum of $49,999. 0% interest on balance transfers for 6 months Credit Card Promotion and Information Annual Fee Balance Transfer Fee Learn More MBNA True Line Mastercard $20 GeniusCash + 0% interest on balance transfers for 12 months ( terms ) Has a permanently low interest rate of only 12.99%. $0 3% Learn more Scotiabank Value Visa Card 0.99% interest on balance transfers for 9 months ( terms ) Has a low interest rate of only 12.99% as its regular rate. $29 3% Learn more When it comes to balance transfers right now, it’s MBNA’s world. They have the best offer on the market right now with the MBNA True Line ® Mastercard ® . No one else is offering you 0% interest for 12 months on balance transfers. Yes, the fee is a little higher than other offers at 3%, but that’s more than offset by both the interest rate and the length of the promotion. Plus, it’s all for no annual fee, and the card has no income requirements at all. MBNA True Line ® Mastercard ® 4.2 Genius Rating 2.9 (12) User reviews ×2 Award winner $20 GeniusCash + 0% on balance transfers for 12 months (3% fee) + No annual fee. * Annual fee $0.00 Learn more Annual rewards $0 ◊ Learn more Annual savings $1,551 ◊ GC Ends: Nov 30, 2025 GC: $20 I Want This Deal Learn More Instant approval: Yes Credit estimate: MBNA True Line ® Mastercard ® GC: $20 4.2 Genius Rating 2.9 (12) User reviews 2x Award winner $20 GeniusCash + 0% on balance transfers for 12 months (3% fee) + No annual fee. * Annual fee $0.00 Learn more Annual rewards $0 ◊ Learn more Annual savings $1,551 ◊ GC Ends: Nov 30, 2025 Credit estimate:  (660 - 724) I Want This Deal Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Your turn Have you ever done a balance transfer before? How did it work for you? Do you have any tips for fellow readers who are considering a balance transfer? Let us know in the comments below. FAQ Do balance transfer credit cards hurt your credit? Not exactly. Doing a balance transfer will not hurt your credit at all, but applying for a new credit card where you’re going to transfer your balance will cause a hard credit check as a condition of approval. This may bring your credit score down a few points temporarily, but as long as you pay on time over your next few billing cycles and there’s nothing else on your credit report that could be damaging, your score should come right back up over the next few months after applying. Is it a good idea to do a balance transfer from a credit card? It depends on the balance on your credit card and your own diligence. If you think the balance is small enough that you can pay it off during the low interest promotional period, then getting a balance transfer credit card is a great idea. However, if your balance is too big and you won’t make a significant dent within the low interest period anyway or you know that you will likely still make purchases on the card with an existing balance on it, then a balance transfer credit card likely isn’t for you. What are the best balance transfer credit cards currently available? The best balance transfer credit card currently available is the MBNA True Line ® Mastercard ® with a balance transfer rate of 0% for 12 months. The rest of the time, it’s regular balance transfer rate isn’t too shabby at 17.99%. There are many other options sprinkled throughout this article as well. Should you transfer a credit card balance to a line of credit? Outside of the balance transfer offer promotional period, you’re likely to get a lower interest rate if you transfer your credit card balance to a line of credit . You also won’t have to pay a balance transfer fee of 3%. However, if you still want access to a credit card – the purchasing power and the rewards that come with it – then a balance transfer credit card is still your best option. What is the catch with balance transfer credit cards? There’s no catch really (everything is laid out in the fine print), but balance transfer credit cards do carry a fee that can be as much as 3%, even if the balance transfer rate is 0% . You also won’t be able to transfer a balance to another card offered by the same issuer, so you’ll have to be strategic about where your balance lands, while also being able to take on the balance transfer fee. creditcardGenius is the only tool that compares 126+ features of 227 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 227 cards is for you. Did you find this article helpful? Yes No 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. Hot Credit Card Deals This Month Hot Credit Card Deals This Month: Get even more cash back with exclusive offers only available on the GeniusCash app Explore bigger GeniusCash offers that you won't find anywhere else. Connect your credit cards and unlock bonus cash on your spending that you won't get anywhere else. Explore customized recommendations to help you find the best products to level up your rewards. Be the first to know about new, limited-time GeniusCash offers so that you never miss a deal. Refer your friends and family to earn bonus levels and extra cash back. Up to 90,000 100,000 bonus points + 4 free lounge passes per year + $125 GeniusCash Earn up to 5x the points on purchases. 90,000 100,000 point welcome bonus worth up to $670. Includes a Mastercard Travel Pass membership with 4 free passes.. Annual fee of $150, which is waived for the first year. $125 GeniusCash on approval ‒ offer ends Dec 31, 2025. * Earn up to 165,000 bonus points + First year annual fee rebate + $20 GeniusCash Earn up 165,000 TD Rewards points as a welcome bonus. Earn 8 points per $1 spent on travel through Expedia For TD. Earn 6 points per $1 spent on groceries and restaurants. Annual $100 travel credit for use at Expedia For TD. $20 GeniusCash on approval ‒ offer ends Nov 30, 2025. * 0% interest for 12 months with Canada's #1 balance transfer promotion + $20 GeniusCash Best balance transfer rate in Canada. You can get a 0% promotional balance transfer rate for 12 months to help you pay off pre-existing credit card debt. Permanent low interest rates of 12.99% on purchases and 17.99% on balance transfers (24.99% on cash advances). No annual fee. $20 GeniusCash on approval ‒ offer ends Nov 30, 2025. * $20 GeniusCash on approval ‒ offer ends Nov 30, 2025. * Bonus : Finally earn rewards on your biggest expense by paying for your rent and other bills with Chexy. Related Posts The Best 0% APR Credit Cards In Canada Can You E-Transfer From A Credit Card? MBNA Mastercard Updates Coming September 25 Credit Card Balance Transfer or Personal Loan? Which Is Better? Comments Leave a comment Required fields are marked with *. Your email address will not be published. Post Comment Showing 21 comments Nat March 20, 2024 Hi, is is alright to move my loan from my line of credit, to my credit card, so that i can transfer that again over to a new credit card with 0% balance transfer rate? Reply Yulia March 22, 2024 Hey Nat, Balance transfers only work by moving a balance from a credit card with high rates to another card with lower rates to save on credit card interest. Reply Jessica January 21, 2023 Hi, is it possible to move an unsecured line of credit to one of these 0% interest credit cards? Interest rate for the line of credit has skyrocketed ugh. Reply Yulia January 23, 2023 Hey Jessica, Balance transfers only work by moving a balance from a credit card with high rates to another card with lower rates to save on credit card interest. Reply D August 3, 2022 For the balance transfer is there a cheque option? Where MBNA will send you cheques that you can use that will count as balance transfer. Reply Yulia August 4, 2022 Hello, There's no cheque option, because balance transfers work by moving a balance from one credit card with high rates to another card with lower rates in order to save on interest. Reply k.p.on. October 23, 2020 i do have a question here. If i have one card with 1000 dollars credit limit and if it allows balance transfer with 0% interest and if i transfer all 1000 dollars from the balance transfer card to another card. situation : another card has 1000 dollars credit limit ,and i do not use any money from it assume it has 0 balance to be paid and 1000 dollars full credit available. now on this another card when i transfer 1000 dollars from balance transfer card then available credit will be 2000 . now from that 2000 i want to take 1000 as cash advance, so do i have to pay interest on it ? Reply creditcardGenius Team October 28, 2020 Hello, Balance transfers don't work how you describe them. Balance transfers work by moving a balance from a credit card with high rates to another card with lower rates to save on credit card interest. This does not affect your credit limit on either card. And you can't transfer cash or credit limits between credit cards, and then take it out as a cash advance. Balance transfers interest rates also don't apply to cash advances. Cash advances start accruing interest right away as well. Reply E June 10, 2020 Hey! Question for ya pertaining to the MBNA card. I have a TD CC I'd like to to do a balance transfer on with this MBNA card. Because they're both TD I'll need to do a "Cash Advance" balance transfer, how do I identify this transaction as the "balance transfer" case and not pay the normal 24.99% interest on Cash Advances? Thanks! Reply creditcardGenius Team June 15, 2020 Hello, Since MBNA is owned by TD, you won't be able to do a balance transfer to an MBNA credit card. In this case, the next best balance transfer offers are BMO's no fee credit cards, with 1.99% for the first 9 months on balance transfers. You can view the details on these pages: https://creditcardgenius.ca/credit-cards/bmo-cashback-mastercard https://creditcardgenius.ca/credit-cards/bmo-rewards-mastercard https://creditcardgenius.ca/credit-cards/bmo-air-miles-mastercard Reply Rob August 20, 2019 Hi, Lets say I transferred my old balance of 2000 to a new balance transfer card (0% promo, and 2% transaction fee). I am not using this card for any purchase, and one month later I noticed there is a interest charge of the transaction fee (fee=$40). The bank told me that this transaction fee is equal to purchase. Is there anyway I can avoid the interest charge? Is this kind of sneaky trick the banks did not tell customers upfront? Reply creditcardGenius team August 21, 2019 Hi there, Unless you call the bank, I'm not sure there's a way to avoid it. Sometimes fees can be waived just by reaching out and explaining the situation. However, always to remember to read the fine print. It can save you big time in situations like these. Reply Janet July 5, 2018 My promotion with my MBNA Platinum Plus O % is almost up. I have made a significant dent in my debt but still need a few more months of low interest to do it. MBNA has now offered me 3.99 on balance transfer until May 2019. Would you recommend I transfer the amount owing to my other low interest card that currently has a 1.99 percent for a few more months then transfer back to MBNA? or should I just apply for a new balance transfer card? Reply creditcardGenius Team July 6, 2018 There are better balance transfer options out there. The BMO AIR MILES Mastercard currently has a 1.99% for 9 months offer, (and after your 9 months, you are left with a pretty solid no fee AIR MILES card). Or the American Express Essential has a 1.99% for 6 months offer, after which you only need to pay 8.99%. But if you're looking for another 0% offer you could try the MBNA True Line Mastercard . For a limited time, they are giving 0% for 6 months, and when your 6 months are up, you will pay a 12.99% interest. Reply Geoff Marshall April 26, 2018 Used it to build up my RRSP considerably at 0 - 1.99 % interest rate, depending on the promotion plus a one time 1% admin fee for each transfe ( cheaper interest rate than any bank loan). First I borrowed money from my line of credit and than transfered it to my MBNA, when a promotion rate was offered. Than I divided my MBNA balance by 11 and set up postdated payments for that amount for 11 months, Ensured payment was paid 5 business days before my due date. Once it was paid off, repeated same process only when MBNA offered another promotional transfer balance. This allowed me to put yearly large lump sum payments into my RRSP, at a minimal cost. Reply creditcardGenius Team May 4, 2018 Cleaver, Geoff. We have an article where we talk about using the MBNA card like a 0% interest loan. We definitely don't suggest it for everyone... but for anyone who can stay on top of things and make their payments on time, credit cards can help with more than just purchases. You can find the article here if you want to check it out: https://creditcardgenius.ca/blog/credit-card-arbitrage/ Reply James April 26, 2018 And all the time while you have a balance on the card (because the balance transfer is not paid off) you lose your 21 day grace period for any purchases. I think only CIBC makes this point super clear in their marketing, other banks do not. So ideally get a new card, transfer a balance to it, and do not use that card for purchases untl it's fully paid off. Reply Moota March 27, 2021 Including TD right? TY Reply creditcardGenius Team March 31, 2021 Hello, Yes ,TD would be included in this. They also have a 21 day grace period. Reply ss December 2, 2022 Grace period still applies for new purchases. The idea that you are still charged interest stems around the fact that you cannot pay the entire amount of the new purchases in full before the statement due date because the payment is split. A portion of the payment goes to the Balance transfer and the rest goes to the new purchases. So it is simply impossible to pay 100% to the new purchases only which is why interest is charged every statement until the balance is paid in full. Reply creditcardGenius Team May 4, 2018 Yes, James. Great advice. Thanks! 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"Welcome Bonus" is calculated by combining all one-time bonuses available to new cardholders within the first year with our point value estimates. To qualify for the full bonus you may need to make purchases, meet minimum spending requirements, or complete special actions. "Annual Interest Savings" is based on a credit card balance of $8,000 and a standard credit card interest rate of 19.99%. Annual Rewards, Welcome Bonus, and Annual Interest Savings values will change if the person adjusts their monthly spending away from the $2,000 monthly default or changes their reward preferences. *, † Terms and conditions apply. Your feedback matters What do you think of creditcardGenius? Needs work It's ok It's great! Disclosure creditcardGenius receives a referral fee for some credit cards listed; however, our comprehensive and math-based algorithm solely dictates the results of our rating system. Our ratings and rankings are strictly independent of compensation. 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