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Low balance transfer credit cards

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MBNA Platinum Plus® MasterCard®
MBNA Platinum Plus® MasterCard® image
Annual fee $0
Balance transfer rate 0% 21.99% after 12 months
Card details
Network
MasterCard
Provider
MBNA
Fees and interest
Annual fee
$0
Interest rate
19.99%
Cash advance rate
24.99%
Balance transfer rate
0%
21.99% after 12 months
Card description
  • Simplify your finances while enjoying platinum services
  • 0% promotional annual interest rate† (AIR) on balance transfers✪ for the first 12 full months
  • Access to 24/7 customer service
  • Around-the-clock-fraud protection
  • Immediate cash access at over 1 million ATMs worldwide
  • No annual fee
Features
  • 24/7 Customer Service
  • Fraud Protection
MBNA Rewards MasterCard®
MBNA Rewards MasterCard® image
Annual fee $0
Balance transfer rate 0% 21.99% after 6 months
Card details
Network
MasterCard
Provider
MBNA
Fees and interest
Annual fee
$0
Interest rate
19.99%
Cash advance rate
24.99%
Balance transfer rate
0%
21.99% after 6 months
Card description
  • Get MBNA Rewards for your purchases and redeem them for your passions, including travel, merchandise, or even cash back.
  • Earn 1 MBNA Rewards point‡ for every $1 in eligible purchases
  • Receive 5,000 bonus MBNA Rewards points after your first eligible purchase††. That's equivalent to $50 when redeemed for cash back or travel
  • Redeem points‡ for cash back, travel, brand-name merchandise, gift cards from top retailers and charitable donations
  • 0% annual interest rate(AIR)† on balance transfers* for the first 6 months
  • No annual fee
Features
  • Extended Warranty
  • Purchase Protection
  • Rental Car Insurance
  • Travel Benefits
SimplyCash Card from American Express
SimplyCash Card from American Express image
Annual fee $0
Balance transfer rate 1.99% 21.99% after 6 months
Card details
Network
American Express
Provider
American Express
Fees and interest
Annual fee
$0
Interest rate
19.99%
Cash advance rate
21.99%
Balance transfer rate
1.99%
21.99% after 6 months
Card description
  • Optional Balance Transfer Offer to new Cardmembers - Enjoy a special 1.99% introductory interest rate on transferred balances in the first 6 months if you choose to transfer your other credit card balances to this American Express card at time of online application. There is no balance transfer fee at time of application.
  • New SimplyCash™ Card from American Express Cardmembers can earn 5% cash back on all eligible purchases at gas stations, grocery stores and restaurants in Canada (up to $250 cash back) for the first 6 months of Cardmembership1
  • Earn 1.25% cash back on all other purchases and when your Welcome Rate ends
  • No limit to the amount of cash back you can earn
  • No annual fee for Supplementary Cards
  • Access to memorable experiences with American Express Invites®
  • Insurance coverage and 24/7 Customer Service
  • You can use Apple Pay on your eligible device to pay for goods and services at participating American Express contactless merchants
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link.
  • Conditions apply
Features
  • 24/7 Customer Service
  • Entertainment Benefits
  • Extended Warranty
  • Free Supplementary Card
  • Purchase Protection
  • Rental Car Insurance
  • Travel Insurance
Scotiabank Value® VISA*
Scotiabank Value® VISA* image
Annual fee $29
Balance transfer rate 1.99% 11.99% after 6 months
Card details
Network
VISA
Provider
Scotiabank
Fees and interest
Annual fee
$29
Interest rate
11.99%
Cash advance rate
11.99%
Balance transfer rate
1.99%
11.99% after 6 months
Card description
  • Special 1.99% introductory interest rate on balance transfers for the first six months. For accounts opened by July 31, 2017.
  • NOTE: A 1% Promotional Rate Fee (minimum fee of $3.50) on the amount of any cash advance, balance transfer and Scotia® Credit Card Cheque will apply during this promotional offer.
  • Low 11.99% interest rate
  • Interest free grace period of at least 21 days on purchases
  • Save hundreds of dollars a year
  • Pay down balances faster
  • Simplify your monthly payments
  • 20% AVIS rental car discount
Features
  • Rental Car Discounts
Best Western MasterCard®
Best Western MasterCard® image
Annual fee $0
Balance transfer rate 1.99% 21.99% after 10 months
Card details
Network
MasterCard
Provider
MBNA
Fees and interest
Annual fee
$0
Interest rate
19.99%
Cash advance rate
24.99%
Balance transfer rate
1.99%
21.99% after 10 months
Card description
  • Reward yourself with a free night's stay. You could get a FREE night with the Best Western Rewards® MasterCard® credit card‡
  • Earn 20,000 Best Western Rewards® points†† on your first purchase – enough for a free night stay
  • Earn 1 Best Western Rewards® point for every $1 in eligible purchases‡
  • Earn 5 Best Western Rewards® points for every $1 in eligible purchases at Best Western properties‡
  • You will be awarded "Gold Status" upon first use of your credit card and "Diamond Status" when you spend $10,000 in eligible purchases within one year♦♦
  • No limit to the Best Western Rewards® points that can be earned using the credit card in a year
  • Use your Best Western Rewards® points in many ways – hotel stays, elite status upgrades♦♦, dining, airfare, gift cards and more.
  • 1.99% promotional annual interest rate† (AIR) on balance transfers* for the first 10 full months
Features
  • No Limit on Points Earned
American Express Air Miles Credit Card
American Express Air Miles Credit Card image
Annual fee $0
Balance transfer rate 1.99% 21.99% after 6 months
Card details
Network
American Express
Provider
American Express
Fees and interest
Annual fee
$0
Interest rate
19.99%
Cash advance rate
21.99%
*provided you make your minimum monthly payments on time
Balance transfer rate
1.99%
21.99% after 6 months
Card description
  • New American Express® AIR MILES®* Credit Card Cardmembers, earn a Welcome Bonus of 500 AIR MILES®* Reward Miles when you charge a total of $500 in purchases to your Card within your first three months of Cardmembership
  • Earn 1 reward mile for every $15 in Card purchases at AIR MILES®* Sponsors
  • Earn 1 reward mile for every $20 in purchases you charge to the Card everywhere else
  • Optional Balance Transfer Offer to new Cardmembers - Enjoy a special 1.99% introductory interest rate on transferred balances in the first 6 months if you choose to transfer your other credit card balances to this American Express card at time of online application. There is no balance transfer fee at time of application.
  • Shop at participating AIR MILES®* Sponsors across Canada with your American Express AIR MILES Credit Card and your AIR MILES®* Collector Card, and you can earn reward miles twice
  • More than 1000 rewards to choose from! Redeem for a wide range of rewards - everything from electronics to travel and more
  • You can use Apple Pay on your eligible device to pay for goods and services at participating American Express contactless merchants
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link.
  • Conditions apply
Features
  • 24/7 Customer Service
  • Entertainment Benefits
  • Extended Warranty
  • Purchase Protection
  • Travel Insurance
Vancouver Canucks® MBNA Rewards MasterCard®
Vancouver Canucks® MBNA Rewards MasterCard® image
Annual fee $0
Balance transfer rate 1.99% 21.99% after 10 months
Card details
Network
MasterCard
Provider
MBNA
Fees and interest
Annual fee
$0
Interest rate
19.99%
Cash advance rate
24.99%
Balance transfer rate
1.99%
21.99% after 10 months
Card description
  • Redeem points for tickets, memorabilia, exclusive team experiences and other Vancouver Canucks items with this card
  • Earn 1 MBNA Rewards point for every $1 in eligible purchases†
  • You earn points and show support for your favourite team
  • 1.99% promotional annual interest rate† (AIR) on balance transfers✪ for the first 10 full months
  • 1,000 bonus points after your first eligible purchase††
  • Choose the rewards you want, whether it's travel, cash back, brand name merchandise and gift cards or charitable donations
  • You can also redeem points for exclusive Canucks experiences, memorabilia and merchandise
  • No annual fee
  • Show your support, apply today!
Features
  • Sports Rewards
Toronto Raptors® MBNA Rewards MasterCard®
Toronto Raptors® MBNA Rewards MasterCard® image
Annual fee $0
Balance transfer rate 1.99% 21.99% after 10 months
Card details
Network
MasterCard
Provider
MBNA
Fees and interest
Annual fee
$0
Interest rate
19.99%
Cash advance rate
24.99%
Balance transfer rate
1.99%
21.99% after 10 months
Card description
  • Redeem points for tickets, memorabilia, exclusive team experiences and other Toronto Raptors items with this card
  • Earn 1 MBNA Rewards point for every $1 in eligible purchases†
  • You earn points and show support for your favourite team
  • 1.99% promotional annual interest rate† (AIR) on balance transfers✪ for the first 10 full months
  • 1,000 bonus points after your first eligible purchase††
  • Choose the rewards you want, whether it's travel, cash back, brand name merchandise and gift cards or charitable donations
  • You can also redeem points for exclusive Raptors experiences, memorabilia and merchandise
  • No annual fee
  • Show your support, apply today!
Features
  • Sports Rewards
Toronto Maple Leafs® MBNA Rewards MasterCard®
Toronto Maple Leafs® MBNA Rewards MasterCard® image
Annual fee $0
Balance transfer rate 1.99% 21.99% after 10 months
Card details
Network
MasterCard
Provider
MBNA
Fees and interest
Annual fee
$0
Interest rate
19.99%
Cash advance rate
24.99%
Balance transfer rate
1.99%
21.99% after 10 months
Card description
  • Redeem points for tickets, memorabilia, exclusive team experiences and other Toronto Maple Leafs items with this card
  • Earn 1 MBNA Rewards point for every $1 in eligible purchases†
  • You earn points and show support for your favourite team
  • 1.99% promotional annual interest rate† (AIR) on balance transfers✪ for the first 10 full months
  • 1,000 bonus points after your first eligible purchase††
  • Choose the rewards you want, whether it's travel, cash back, brand name merchandise and gift cards or charitable donations
  • You can also redeem points for exclusive Leafs experiences, memorabilia and merchandise
  • No annual fee
  • Show your support, apply today!
Features
  • Sports Rewards
Ottawa Senators MBNA Rewards MasterCard®
Ottawa Senators MBNA Rewards MasterCard® image
Annual fee $0
Balance transfer rate 1.99% 21.99% after 10 months
Card details
Network
MasterCard
Provider
MBNA
Fees and interest
Annual fee
$0
Interest rate
19.99%
Cash advance rate
24.99%
Balance transfer rate
1.99%
21.99% after 10 months
Card description
  • Redeem points for tickets, memorabilia, exclusive team experiences and other Ottawa Senators items with this card
  • Earn 1 MBNA Rewards point for every $1 in eligible purchases†
  • You earn points and show support for your favourite team
  • 1.99% promotional annual interest rate† (AIR) on balance transfers✪ for the first 10 full months
  • 1,000 bonus points after your first eligible purchase††
  • Choose the rewards you want, whether it's travel, cash back, brand name merchandise and gift cards or charitable donations
  • You can also redeem points for exclusive Sens experiences, memorabilia and merchandise
  • No annual fee
  • Show your support, apply today!
Features
  • Sports Rewards
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Low balance transfer credit cards

 

Scared to open your credit card statements? Forgot which card's maxed out and which one's paid off? It's time to apply for a balance transfer credit card. Balance transfer credit cards let you consolidate your debt while helping you save on interest charges. And at LowestRates.ca, finding the best balance transfer credit card has never been easier.

How do balance transfer credit cards work?

 

With a balance transfer credit card, you can transfer debts from your existing credit cards to a single low-interest card. After all, some balance transfer credit cards have introductory interest rates as low as 0%.

And getting started is easy: use funds from your balance transfer card's credit line to pay off the high interest rate balances on your other credit cards.

Credit card balance transfers can be a great way to reduce debt quickly. You can dedicate a larger portion of your monthly payments to principal rather than interest charges.

Who should apply for a balance transfer credit card?

 

Canadians who find themselves mired in high interest rate credit card debt. With a balance transfer card, you can pay off your existing credit card debt with funds from your new card. Just transfer your balances and focus on paying off your card during the introductory period.

Of course, balance transfer credit cards only work if you're committed to paying down your debt. That's why these cards are best for those who know how to use a credit card responsibly, make their payments on time, and are ready to get their finances back in order.

Can anyone get a balance transfer credit card?

 

Balance transfer credit cards tend to only be available to those with reasonably good credit scores — usually 680 or higher.

Applicants often have significant debt (which they'll likely transfer to their balance transfer credit card), but they need to have a decent credit history and the means to pay off their card in a timely fashion.

To qualify for most balance transfer credit cards, you usually need a minimum household income ranging anywhere from $30,000 to $70,000 per year.

How exactly do I transfer my balances?

 

Step 1: Fill out the balance transfer portion of your application. You can designate what credit cards you want to pay and the amount of the balances you wish to transfer.

Step 2: Once you have your balance transfer credit card, you can write a cheque from the card or call the credit card company to make a transfer. You just need the account numbers from your old credit cards and the balance amounts you want to transfer.

Step 3: Any time you complete a transfer, check with your previous credit card provider to make sure your balance has been paid in full and to verify that you won't continue to incur interest charges.

How do I decide which balance transfer credit card to get?

 
  1. Look for a great interest rate on your balance transfers. Most cards have rates as low as 1% or 2%. Lately, some credit cards have even been offering 0% interest on transfers.
     
  2. Find a credit card that offers those low rates for a reasonably long introductory period. Most balance transfer credit cards offer low introductory interest rates for at least 6 months. The longer the low rate introductory period, the more time you have to pay down your balance before your card resets to a higher rate.
     
  3. Look at the annual fee. In general, balance transfer credit cards are designed to attract new customers, so they charge very low annual fees.
     
  4. Compare rewards features. Some balance transfer credit cards offer solid rewards programs on top of great rates on balance transfers.

Below is a table comparing the key features of some of our favourite low balance transfer cards this year.

MBNA Platinum Plus® MasterCard®
Rewards
  • None, but check out the great balance transfer rate.
Balance transfer rate
0%
Interest rate
19.99%
Annual fee
$0
Scotiabank Value® VISA
Rewards
  • Interest-free grace period of at least 21 days on purchases.
Balance transfer rate
0.99%
Standard interest rate
11.99%
Annual fee
$29
No-Fee Scotiabank Value® VISA
Rewards
  • Interest-free grace period of at least 21 days on purchases.
Balance transfer rate
3.99%
Standard interest rate
16.99%
Annual fee
$0

What's the best way to take advantage of my balance transfer credit card?

 

Simple — use your low balance transfer credit card to pay off your debts before the introductory period expires. Here's a simple way to create a payment plan: take the amount of debt you're transferring and divide that figure by the number of months the introductory period lasts.

For example, if you're transferring $6,000 of debt and your introductory period lasts 8 months at 0% interest, divide $6,000 by 8. In this scenario, you need to make monthly payments of $750 (plus any extra fees) to pay off the balance transfer card before your interest rate resets.

What drawbacks do balance transfer credit cards have?

 

If you miss even one payment on a balance transfer credit card, your interest rate will reset to a much higher rate, effectively negating the main appeal of the card. In fact, you could end up with more debt than you started with.

Most balance transfer cards also levy extra fees and surcharges on transfers. For example, if you want to transfer $2,000 to a card with a 2% surcharge, you would have to pay an additional $40 on the transaction.

Make sure these charges aren't excessive. In general, cards with fees above 2% or 3% of the total transfer amount are uncompetitive and should be avoided.

Can I use a balance transfer credit card to earn interest?

 

Yes. Some balance transfer cards let you deposit funds from the card's credit line into an investment vehicle of your choice. So instead of paying off other credit cards, you can transfer funds into a savings account or another vehicle. The gap, or 'spread,' between the introductory interest rate on the balance transfer and the return you earn on your savings account or investment is yours to keep.

But while this may sound good, the gap between the introductory rate and what you could earn in a savings account isn't usually enough to justify the hassle, and deploying a transfer into riskier investments, like stocks, can easily backfire if those securities fall in price. Plus, if you miss a payment, your interest rate will reset, turning those easy profits into painful and unnecessary losses.

Compare low balance transfer credit cards today

 

So why get a low balance transfer credit card? It can help you save money on interest charges and gives you the time you need to get your finances in order. Remember to shop around for the right card and make sure you pay off your transfers as quickly as you can.

Compare all the best balance transfer credit cards today at LowestRates.ca.

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