If you have credit card debt, then chances are you’re paying a soul-crushing interest rate on that debt of at least 19.99%. It can go as high as 30% if you have a charge card or you’ve missed payments in the past.

If you have a $10,000 average monthly balance on your credit card over the period of one year, that debt is costing you between $2,000 and $3,000 each and every year. And that’s just the interest, not the principle.

Paying interest rates that high on debt is something you should work hard to avoid by staying out of credit card debt.

But, when you’re stuck with it…what then?

Top 5 low interest balance transfer credit card offers

Let me be cliché and say: when life gives you lemons it’s time to make some lemonade

..and find ways to cut that interest rate to the bone while paying down your balance ASAP.

One of the best ways to do that is to transfer your high interest credit card balance to a new credit card with a 0% interest rate (yes they exist!) for up to a full year. There’s also others that have very low rates like 1.99%.

Just make sure you have a plan to pay off that balance in full BEFORE the promotion is up.

Otherwise, high-interest rates will kick in again and you’ll be right back where you started.

Credit Card Annual fee Balance transfer promo Apply
MBNA True Line Mastercard $0 0% for 12 months until February 29, 2020 (terms) Apply
Best Western Mastercard $0 1.99% for 10 months (terms) Apply
BMO AIR MILES Mastercard $0 1.99% for 9 months (terms) Apply
MBNA True Line Gold Mastercard $39 0% for 6 months (terms) Apply
Scotiabank Value Visa Card $29 0.99% for 6 months (terms) Apply

Related: MBNA True Line Mastercard Review: The Best Balance Transfer Offer In Canada

1) MBNA True Line Mastercard

MBNA offers the only true 0% interest balance credit card in Canada with the longest low rate term of 12 months with the .

Better, there’s no annual fee to pay to qualify for this amazing rate.

You aren’t forced to only transfer a balance from an existing credit card either, you can actually transfer money directly to your bank account at the same 0% rate and use it to pay off any debt you may have.

And you can use the money for ANY purpose, just make sure you don’t blow it and get stuck with that big interest rate after your 12 months are up.

Also, there is a 3% fee that applies to any transfer you make at the promotional 0% rate. But you’ll still be saving at least 19% over the full year.

After the promotion expires, the annual interest rate goes up to 12.99%.

2) Best Western Mastercard

With the you’ll get 1.99% interest for 10 months on balance transfers with no annual fee.

Again you will be charged a 1% fee on transfers because this is another MBNA card.

If you like to travel, this card is nice to have for earning Best Western Rewards after your balance transfer promotion is over. You’ll earn 1 point for every dollar you spend on the card, and 5 points on eligible purchases at Best Western.

Better, on your very first purchase, you get 20,000 points all at once. That’s worth up to 2 free nights at their lowest category hotels (which are a bit rare), but you should be able to get at least 1 free at some of their better hotels.

Just make sure you only buy a pack of gum to qualify for the 20K bonus, and nothing else, until your promo interest rate expires.

However, it’s not the only MBNA card that offers this promotion. It’s also available on the as well.

3) BMO AIR MILES Mastercard

BMO has a sweet deal for the by offering new cardholders an intro balance transfer rate of 1.99% for 9 months – pretty impressive, right?

The nice thing about this card is that it will also give you valuable AIR MILES with every purchase you make.

However, we do suggest you wait until your balance transfer is paid off in full before you start using it for purchases.

But if you’re looking for a solid no fee rewards card, that also will give you a low intro rate on balance transfers, this could be the card to consider.

This balance transfer offer is also available on the if you prefer cash back rewards with your credit card instead.

4) MBNA True Line Gold Mastercard

For a good balance transfer offer, and low rates after the promotion is over, then take a look at the .

For transferring balance, you’ll get 0% interest for 6 months. Not too shabby.

But once your rate is over, you’ll enjoy a low permanent rate of 8.99% – better than all the other cards on our list here. This same rate also applies to new purchases.

It does have an annual fee of $39, but you’ll enjoy the lowest permanent rates of all cards listed here.

5) Scotiabank Value Visa Card

The offers 0.99% rate for 6 months and has a low 12.99% ongoing interest rateafter the initial promo expires.

But if you really want a Visa or something from a bigger bank, then this is your ticket.

Plus up to 4% cash back.
Ends January 31, 2020.

You’re getting the lowest interest rate possible

There’s no short or long term loan in Canada that offers a better interest rate than a 0% interest credit card balance transfer offer. Try if you want, you won’t find it.

You won’t be able to beat a 1.99% rate with another loan either if you’ve already used the MBNA 0% offer.

While it can be difficult to pay off a credit card from one bank with another credit card from the same bank…

…It’s easy to apply for a 2nd balance transfer card when your first promo rate is about to expire – and use that to pay off the 1st. That’s one way to extend your low interest rate for a much longer period until you get that debt paid off.

Just keep an eye on your credit score, because running high balance and applying for credit cards too often can start to drag it down. 1 or 2 cards per year if you have a healthy score is not a problem, but I’d avoid doing any more than that.

Final Tip: You often can get the 0% card from MBNA multiple times, even if you’ve had it and cancelled it before. Sometimes they’ll even let you have 2 of the same card at once.