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Canada’s best balance transfer credit cards 2022

If you bring a balance on a routine credit card, opportunities are you’re paying around 20% in passion. At that price, it can come to be challenging to stay up to date with the repayments and also your financial obligation can increase– quick. Moving your credit card financial obligation to a balance transfer credit card can aid you repay the principal quicker by providing you accessibility to a reduced normal rate of interest. Many balance transfer cards provide a welcome bonus offer with an extra-low (and also often 0%) price for a minimal time. Check out our choices for the best balance transfer credit cards in Canada.

At a look: With a routine rate of interest of 12.99% and also a 0% balance transfer price for a complete year, the MBNA True Line Mastercard provides a great deal of path to lower your financial obligation. This card does not bill a yearly cost, both for you and also as much as 9 extra individuals.

  • Annual cost: $0
  • Interest prices: 12.99% on acquisitions, 24.99% on cash loan, 12.99% on balance transfers
  • Balance transfer deal: Get a 0% marketing yearly rate of interest (“AIR”) for year on balance transfers within the initial 90 days of opening up the account.


  • Pay for acquisitions of greater than $100 in regular monthly installations making use of the MBNA regular monthly layaway plan.
  • Get 10% off the base prices for Budget and also Avis vehicle leasings in Canada, and also 5% off the base prices when you rent out worldwide.
  • Add as much as 9 extra individuals absolutely free.


  • Even though the balance transfer rate of interest is 0% for year, there is a balance transfer cost of 3%, suggesting that you pay $30 for each $1,000 moved.
  • Card does not consist of insurance policy or various other rewards.

CIBC Select Visa Card

At a look: The CIBC Select Visa Card provides an appealing 13.99% rate of interest, also on cash loan, and also it has a 10-month balance transfer deal of 0% passion and also a reduced 1% balance transfer cost. A handful of various other rewards, like typical provider crash insurance policy and also discount rates on gas, complete the plan.

  • Annual cost: $ 29 (rebated for the initial year)
  • Interest prices: 13.99% on acquisitions, 13.99% on cash loan, 13.99% on balance transfers
  • Balance transfer deal: Get 0% passion for as much as 10 months with a 1% transfer cost. For the initial year, you’ll likewise obtain a yearly cost refund.


  • When you connect this card with Journie Rewards, you can conserve as much as $0.10 per litre on gas at taking part Pioneer, Fas Gas, Ultramar and also Chevron gasoline station.
  • Transfer cash worldwide with CIBC Global Money Transfer and also pay no transfer costs.
  • Includes $100,000 of typical provider crash insurance policy.
  • Get as much as 3 extra cards absolutely free.


  • The consisted of traveling insurance policy is insufficient, so you might need to get extra insurance coverage.

At a look: For those currently financial with Scotiabank, the Scotiabank Value Visa provides a tempting balance transfer alternative. The yearly cost is a workable $29, and also it’s forgoed for the initial year and also forgoed completely for those that have the Preferred or Ultimate financial plan. The 12.99% rate of interest is amongst the most affordable about, making it appropriate for settling your financial obligation.

  • Annual cost: $29 (forgoed for the initial year)
  • Interest prices: 12.99% on acquisitions, 12.99% on cash loan, 12.99% on balance transfers
  • Balance transfer deal: Get 0% passion on cash loan for the initial 6 months, plus no yearly cost for the initial year. Offer finishes April 30, 2023.
  • Additional advantages: Get a 25% price cut on rental automobiles at taking part Avis places
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  • Pay off acquisitions of $100 or even more with no-interest regular monthly installations, together with a reduced installation cost (differs by strategy), as component of the Scotia SelectPay program.
  • Get a 25% price cut on rental automobiles at taking part Avis places.
  • Don’ t pay the yearly cost if you have a Preferred or Ultimate financial plan with Scotiabank.
  • Supplementary cardholders are complimentary, so your good friends or household can likewise make use of a reduced rate of interest.


  • You can not gain cash money back or awards with this card.
  • There is little in the method of bonus.


At a look: BMO’s Preferred Rate Mastercard includes a reduced normal rate of interest of 12.99% and also a yearly cost of just $20, which is forgoed for the initial year– and also forgoed each year for cardholders with a BMO Performance chequing account. The balance transfer deal isn’t as solid as others on this listing, however can still conserve you cash contrasted to a routine card. Circus followers will certainly enjoy the discount rates at Cirque du Soleil.

  • Annual cost: $ 20 (reimbursed in the initial year)
  • Welcome deal: Earn a 0.99% initial rate of interest on balance transfers with a 2% transfer cost for the initial 9 months.
  • Interest prices: 12.99% on acquisitions, 15.99% on cash loan, 12.99% on balance transfers
  • Balance transfer deal: 0.99% initial rate of interest on balance transfers in the initial 9 months; 2% transfer cost
  • Additional advantages: Extended service warranty, acquisition defense, and also Zero Liability defense; discount rates on Cirque du Soleil admission


  • The $20 yearly cost is incredibly inexpensive and also is forgoed for the initial year. If you have a BMO Performance chequing account, it’s forgoed each year.
  • Cardholders can get affordable Cirque du Soleil tickets.
  • Add one extra cardholder absolutely free.


  • Doesn’ t consist of traveling insurance policy.
  • You can not gain benefits or cash money back.
  • The balance transfer deal isn’t as solid as a few other offered.


At a look: With no yearly cost, an obtainable $15,000 yearly revenue demand and also an advertising rate of interest of 0.99% on balance transfers for your initial 9 months, the BMO CashBack is best if you remain in a reduced revenue brace and also intend to handle your credit cardbalance This card can also place some cash back in your pocket.

  • Annual cost: $0
  • Welcome deal: Get 1,500 bonus offer Air Miles ($ 150 worth) and also a 0.99% initial rate of interest on balance transfers for the initial 9 months (a 2% transfer cost uses).
  • Interest prices: 20.99% on acquisitions, 22.99% on cash loan (21.99% for Quebec locals) and also 22.99% on balance transfers
  • Balance transfer deal: 0.99% passion on balance transfers for your initial 9 months; 2% transfer cost
  • Additional advantages: Members get 25% off National and also Alamo vehicle leasings; obtain a discount rate of 15% off admission to Cirque du Soleil reveals touring Canada and also 20% off resident programs in Las Vegas; consists of Zero Liability defense and also MasterCard Identity look for on the internet acquisitions


  • The normal cash money back price on grocery stores is 3%, which is the greatest in Canada for a no-fee card. Recurring costs repayments gain at 1% cash money back, and also the base gain price is 0.5%.
  • Use your cash money back as a declaration credit, or a down payment right into your BMO chequing, cost savings or In vestorLine account, and also benefits never ever end.
  • Add a 2nd cardholder absolutely free.


  • There is a balance transfer cost of 2%, suggesting that for each $1,000 moved, you’ll pay a single cost of $20.
  • This card does not featured much in the method of bonus or rewards.
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What is a balance transfer?

A balance transfer is the transfer of financial obligation from one credit card to one more. Although a cardholder can transfer their financial obligation for a selection of factors, the objective is normally to reduce the quantity of passion billed and also to repay the car loan quicker.

As most everyday-use credit cards regulate a rate of interest of around 20%, your major financial obligation lots can bloat promptly. By moving financial obligation to a card with a reduced rate of interest, you ll sustain reduced passion costs– so even more of your cash mosts likely to the principal balance.

Important points to find out about balance transfer credit cards

Balance transfers can be a reliable method to settle and also attend to financial obligation. There are 7 points to think about prior to you get a balance transfer card.

  1. Shop around for the price, timing and also terms that match you best
    If you’re attempting to remove credit card financial obligation, your best wager could be a balance transfer credit card. These cards featured promos that allow cardholders pay really reduced passion (often just 0%) for a minimal time (like 6 or 10 months). These provides can be an actually efficient method to lower your financial obligation quick, if you are disciplined regarding making normal repayments and also are not acquiring a great deal of brand-new acquisitions. The card you pick will certainly depend greatly on what’s offered when you’re looking, how much time you assume you’ll require to repay your financial obligation, and also the card’s various other terms.
  2. Make certain you’re qualified for the balance transfer
    Balance transfer promos are just legitimate when relocating financial obligation from a credit card at one financial institution to a card at one more financial institution. It will certainly not function in between 2 cards from the very same financial institution.
  3. Timing is every little thing
    Balance transfer promos are offered as you make your application or often soon afterwards. Be calculated regarding when you use, and also see to it you’re prepared to make thetransfer That suggests having the credit card business name, your name as it shows up on the card, the financial obligation overall and also the credit card number.
  4. Remember that balance transfer promos do not last permanently
    The reduced, single-digit prices offered on balance transfer credit cards are limited-time deals. Once the marketing duration mores than, the cards’ normal rate of interest will certainly begin, which will certainly influence your regular monthly repayments. How you manage this will certainly depend upon the quantity of financial obligation you have and also just how promptly you prepare to pay it off. But, as a whole, the best approaches consist of settling the balance prior to the balance transfer provide ends and also choosing a card with a reduced normal rate of interest. This method, you’ll conserve cash on passion also if you still owe after the deal duration.
  5. Make your minimum repayments
    Even when capitalizing on a balance transfer deal, you should make at the very least the minimal repayment on the card, promptly, every month. If you do not, that super-low marketing rate of interest can promptly be terminated and also the basic rate of interest will certainly begin virtually promptly. In various other words, just make use of a balance transfer provide if you have the cash money accessible to make at the very least the minimal repayment every month and also you remain in the appropriate economic state of mind to tackle financial obligation settlement.
  6. Balance transfer costs
    Some– however not all–cards bill a charge for balance transfers. This cost is shared as a portion of the overall quantity you intend to relocate, and also it normally varies from 1% to 3%. So, for instance, if you’re seeking to transfer $1,000 in the red to a card with a 3% cost, your opening balance will certainly be $1,030. The extra price might well deserve the cash you’ll conserve at the brand-new reduced rate of interest. But maintain your eyes open for cost bargains: Occasionally, a card will certainly run a promo where the balance transfer cost is forgoed.
  7. Separate your costs
    If you bill a brand-new acquisition to your balance transfer card, this invest will certainly be billed at the card’s normal rate of interest if you do not pay promptly, not the marketing price that’s put on the balance you have actually moved. This could not appear like a huge offer, specifically if you have actually been fortunate sufficient to discover a card with a reduced normal price, however there’s an extra catch: Most credit cards use repayments to financial obligation noted at the reduced or marketing price initially, which suggests your high-interest acquisitions are resting there much longer, acquiring passion. If you’re attempting to pay for financial obligation, this only substances the issue. It’s great technique to leave your balance transfer card in your home and also make use of a various economic item (like debit, cash money and even a various credit card) for brand-new acquisitions.
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Do you gain cash money back on balance transfers?

Like cash loan or acquisitions of cash orders, balance transfers are ruled out to be acquisitions, so as a whole, they’re not qualified for cash money back awards. There might be some uncommon exemptions with specific marketing deals, however these are rare. That claimed, the passion conserved by relocating your financial obligation to a card with a reduced rate of interest will certainly much exceed the worth of the majority of cash money back returns.

How does a balance transfer credit card effect my credit rating?

When you get any type of credit card, you get a tough credit questions that can momentarily bring your credit rack up down a couple of factors. This consists ofbalance transfer cards However, this is not a factor to prevent using.

If you’re considering a balance transfer credit card, it’s most likely since you have actually obtained some exceptional credit card financial obligation. Moving that financial obligation in order to lower it will certainly have a favorable, long lasting effect on your credit rating in the tool to long-term.

The reduced rate of interest suggests even more of your cash mosts likely to paying for the balance, so you can lower your financial obligation lots quicker. A smaller sized financial obligation lots can boost your credit rating since it decreases your credit usage– a significant credit rating variable that determines the proportion in between the balance and also the overall credit limitation. Say you owe $600 on a credit card with a restriction of $2,000. Your credit usage would certainly be 30%. Having a credit usage rating of 30% or reduced is thought about great.

When you think about every little thing, the damages your financial obligation lots does to your credit rating much surpasses the little and also short-term impact on your credit rating brought on by a credit card application. When it involves financial obligation, constantly search for the longer-term option.

More on credit cards:

Our method

For the best balance transfer credit cards 2022 ranking, we classified credit cards based upon their limited-time balance transfer prices. Our positions likewise considered taken care of yearly rate of interest on balance transfers and also acquisitions, acquisition securities and also yearly costs.

‡Money and alsoRatehub ca are both had by moms and dad businessRatehub Inc We might be partnered with some banks, however this does not affect the “Canadas Best Credit Card” positions. You can learn more regarding this in our Editorial Code of Conduct.

This short article was initially released onFeb 19, 2019, and also has actually because been upgraded.

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