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COVID-19 has had quite an impact on the financial world, whether that be mortgages, interest rates, or credit cards.

Unfortunately, one of the areas it’s hitting credit cards the hardest is introductory balance transfer offers.

Just recently, MBNA removed the 0% balance transfer offers on both the & , leaving us with no 0% balance transfer offers at the moment.

While it’s obviously less than ideal, there are still some decent balance transfer offers out there that can save you upwards of 20% in credit card interest.

Just keep in mind that these offers can change anytime. If you have some credit card debt and want to tackle it, here are the best options at your disposal. Will they change or be removed? No one really knows.

But it might be best to act sooner rather than later.

Best balance transfer offers in Canada

So, here are some of the best balance transfer offers currently available in Canada, to help get rid of unwanted credit card debt.

Just remember with balance transfer offers – don’t use your credit card to make new purchases once you make your balance transfer. Payments are generally applied to the portion of the balance with the lowest interest rate. So you’ll be paying off your low interest debt first, leaving your new purchases to earn interest at the regular interest rates.

Related: Balance Transfer Credit Cards 101

Credit Card Balance Transfer Offer Regular Balance Transfer Interest Rate Annual Fee, Income Requirements Apply Now
Best Western Mastercard 1.99% for 10 months (terms) 22.99% * $0
* No income requirements
Apply Now
BMO CashBack Mastercard 1.99% for 9 months (terms) 22.99% * $0
* $15K personal income requirement
Apply Now
BMO Preferred Rate Mastercard 3.99% for 9 months (terms) 12.99% * $20, first year free
* $15K personal income requirement
Apply Now

Right now, our best balance transfer offer is with the .

With this card, you’ll get an introductory interest rate of 1.99% on balance transfers for 10 months, with a fee of 1% of the amount transferred (minimum fee is $7.50).

Just note that your interest rate will go up to 22.99% once your 10 months are over.

This balance transfer offer is also available on the .

Our next best balance transfer offer is with the .

You’ll get an introductory balance transfer rate of 1.99% for the first 9 months, with a transfer fee of 1%.

Like the previous card however, make sure you get your debt paid off by the end of 9 months, as the rate will increase to 22.99%.

This balance transfer offer is also available on these 2 BMO cards:

Our last top recommendation is with the .

The offer with this card is 3.99% for 9 months, with a transfer fee of 1%.

And while the offer is not as good as the others mentioned, the interest rate after your 9 months are up is much lower – only 12.99%.

Meaning, you’re still much better off with this card if you have any unpaid debt left after your introductory offer is over.

Related: Best Low Interest Credit Cards In Canada

Your turn

It’s never great when there’s a downgrade in credit cards. Thankfully, there are still some good balance transfer offers to take advantage of for now.

Do you have any credit card debt you need to tackle?

Are you planning on taking advantage of any of these offers?

Let us know in the comments below.