Filter cards
Low balance transfer credit cards

Compare low balance transfer credit cards and start paying off your consolidated debt, interest-free.

Learn More.
Showing 1 — 10 of 14
Annual fee $0
Interest rate 12.99%
Balance transfer rate 0% 12.99% after 6 months
Card details
Network
Mastercard
Provider
MBNA
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
12.99%
Cash advance rate
24.99%
Balance transfer rate
0%
12.99% after 6 months
Card description
  • No annual fee
  • Standard Annual Interest Rates of 12.99% on eligible purchases, 12.99% on balance transfers✪ and access cheques, and 24.99% on cash advances
  • You could get a 0% promotional annual interest rate (“AIR”)† for 6 months on balance transfers✪ completed within 90 days of account opening, with a fee of 1% of the amount advanced (minimum fee of $7.50). Limited time offer, apply online by December 31, 2018.
  • Around-the-clock fraud protection
  • Access to 24/7 customer service
  • Immediate cash access at over 1 million ATMs internationally
Features
  • 24/7 Customer Service
  • Fraud Protection
Annual fee $0
Interest rate 19.95%
Balance transfer rate 1.95% 19.95% after 6 months
Card details
Network
Mastercard
Provider
Tangerine
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
19.95%
Cash advance rate
19.95%
Balance transfer rate
1.95%
19.95% after 6 months
Card description
  • Get a 1.95% interest rate on balance transfers for the first 6 months, with a fee of 1% of the amount advanced
    • Only available for 30 days after being approved for a Tangerine Credit Card
  • Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.5% Money-Back Rewards on all other purchases
  • Get three 2% Money-Back Categories if you choose to have your Rewards deposited into your Tangerine Savings Account, or two 2% Money-Back Categories if your Rewards are deposited back onto your Credit Card
  • No limit on the amount of Money-Back Rewards you can earn
  • No annual fee
  • 2.5% Foreign Conversion Fee
  • Free Cards for Authorized Users on your Account
  • Money-Back Rewards are earned automatically and paid monthly, and can either be applied towards your Credit Card balance or redeemed into your Savings Account.
  • Change your 2% Money-Back Categories to suit your spending.
  • Orange Alerts are emailed to you so that you’re up-to-date on what's happening in your Account.
  • Purchase Assurance and Extended Warranty
  • Accepted worldwide at more than 24 million locations in over 210 countries
  • Mastercard Zero Liability
Features
  • Extended Warranty
  • Free Supplementary Card
  • Purchase Protection
Annual fee $0
Interest rate 8.99%
Balance transfer rate 1.99% 8.99% after 6 months
Card details
Network
American Express
Provider
American Express
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
8.99%
Cash advance rate
8.99%
Balance transfer rate
1.99%
8.99% after 6 months
Card description
  • Enjoy a low 8.99% interest rate on purchases
  • Optional Balance Transfer Offer - Enjoy a 1.99% interest in first 6 months of Cardmembership if you choose to transfer your other credit card balances to this American Express card*
  • Balance Transfer option is only available at time of online application. There is no balance transfer fee at time of application*
  • Access to memorable experiences with American Express Invites™
  • Shopping coverage and 24/7 Customer Service
  • Have the flexibility to pay your balance in full or over time
  • * American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details, current product information and Terms and Conditions, click the Apply now link.
  • Conditions apply
Features
  • 24/7 Customer Service
  • Purchase Protection
  • Travel Insurance
Annual fee $0
Interest rate 19.99%
Balance transfer rate 1.99% 22.99% after 6 months
Card details
Network
American Express
Provider
American Express
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
19.99%
Cash advance rate
22.99%
*provided you make your minimum monthly payments on time
Balance transfer rate
1.99%
22.99% 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 mile for every $15 in Card purchases at eligible AIR MILES®* Partners
  • *Excludes purchases made at airmilesshops.ca
  • Earn 1 mile for every $20 in Card purchases you charge to the Card everywhere else
  • Shop at participating AIR MILES®* Partners across Canada with your Card and show your AIR MILES®* Card, and you can earn miles twice
  • Redeem for a wide range of rewards - everything from electronics to travel and more
  • Optional Balance Transfer Offer – Enjoy a 1.99% interest rate on Balance Transfers in first 6 months of Cardmembership if you choose to transfer your other credit card balances to this American Express card
  • Balance Transfer option is only available at time of online application. There is no balance transfer fee at time of application
  • *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
Annual fee $39
Interest rate 8.99%
Balance transfer rate 0% 8.99% after 6 months
Card details
Network
Mastercard
Provider
MBNA
Credit needed
Good
Fees and interest
Annual fee
$39
Purchase interest rate
8.99%
Cash advance rate
24.99%
Balance transfer rate
0%
8.99% after 6 months
Card description
  • $39 annual fee
  • Standard Annual Interest Rates of 8.99% on purchases, 8.99% on balance transfers✪ and access cheques, and 24.99% on cash advances
  • You could get a 0% promotional annual interest rate (“AIR”)† for 6 months on balance transfers✪ completed within 90 days of account opening, with a fee of 1% of the amount advanced (minimum fee of $7.50). Limited time offer, apply online by December 31, 2018.
  • A suite of comprehensive insurance**
  • Around-the-clock-fraud protection
  • Access to 24/7 customer service
Features
  • 24/7 Customer Service
  • Fraud Protection
Annual fee $29
Interest rate 12.99%
Balance transfer rate 0.99% 12.99% after 6 months
Card details
Network
VISA
Provider
Scotiabank
Credit needed
Good
Fees and interest
Annual fee
$29
Purchase interest rate
12.99%
Cash advance rate
12.99%
Balance transfer rate
0.99%
12.99% after 6 months
Card description
  • 0.99% introductory interest rate on balance transfers for the first 6 months (12.99% after that; annual fee $29) ◊. For accounts opened by February 28, 2019.
  • Save hundreds of dollars in interest a year.
  • Low 12.99% interest rate.
  • Pay down balances faster.
  • Simplify your monthly payments.
  • Rates, fees and other information are effective as of February 1, 2018. Subject to change.
Annual fee $0
Interest rate 19.99%
Balance transfer rate 1.99% 21.99% after 10 months
Card details
Network
Mastercard
Provider
MBNA
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase 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, dining, gift cards and more
  • You could get a 1.99% promotional annual interest rate (“AIR”)† for 10 months on balance transfers✪ [completed within 90 days of account opening], with a fee of 1% of the amount advanced (minimum fee of $7.50)
Features
  • No Limit on Points Earned
Annual fee $0
Interest rate 19.99%
Balance transfer rate 1.99% 22.99% after 6 months
Card details
Network
American Express
Provider
American Express
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
19.99%
Cash advance rate
22.99%
*provided you make your minimum monthly payments on time
Balance transfer rate
1.99%
22.99% after 6 months
Card description
  • New SimplyCash™ Card from American Express Cardmembers can earn 2.5% cash back on purchases (up to $150 cash back) for the first 3 months of Cardmembership
  • Earn 1.25% cash back on purchases when your Welcome Rate ends
  • No limit to the amount of cash back you can earn after your Welcome Rate ends
  • Optional Balance Transfer Offer – Enjoy a 1.99% interest in first 6 months of Cardmembership if you choose to transfer your other credit card balances to this American Express card
  • Balance Transfer option is only available at time of online application. There is no balance transfer fee at time of application
  • Access to memorable experiences with American Express Invites®
  • Insurance coverage and 24/7 Customer Service
  • 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
  • Rental Car Insurance
  • Travel Insurance
Annual fee $0
Interest rate 19.99%
Balance transfer rate 1.99% 21.99% after 10 months
Card details
Network
Mastercard
Provider
MBNA
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
19.99%
Cash advance rate
24.99%
Balance transfer rate
1.99%
21.99% after 10 months
Card description
  • You could be one purchase away from winning a Harley-Davidson® motorcycle††
  • Use your card for eligible purchases and you may be entered in a quarterly Harley-Davidson motorcycle draw‡
  • You could get a 1.99% promotional annual interest rate (“AIR”)† for 10 months on balance transfers✪ [completed within 90 days of account opening], with a fee of 1% of the amount advanced (minimum fee of $7.50)
  • Earn 1 Genuine Rewards Point for every $2 in eligible purchases‡
  • Redeem your points for Harley Chrome® Cash‡ to be used at participating Harley-Davidson Canadian retailers
  • No annual fee
Annual fee $0
Interest rate 19.99%
Balance transfer rate 1.99% 22.99% after 9 months
Card details
Network
Mastercard
Provider
BMO Bank of Montreal
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
19.99%
Cash advance rate
22.99%
Balance transfer rate
1.99%
22.99% after 9 months
Card description
  • Welcome offer: Get 5% cash back in your first 3 months*
  • Get a 1.99% introductory interest rate on balance transfers for 9 months*
    • 1% fee applies to balance amounts transferred*
  • Get 1% cash back on all other card purchases with no restrictions*
  • No annual fee*
  • Minimum 15K individual household income*
  • Get up to 25% off rentals at National Car Rental and Alamo Rent A Car*
  • FREE additional cards
  • Extended Warranty*
  • Purchase Protection*
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply Now link for the most up to date information.
  • *Terms and conditions apply
Features
  • Extended Warranty
  • Free Supplementary Card
  • Purchase Protection
  • Rental Car Discounts
0 cards selected
  1. 1
  2. 2
  3. ...

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.

SimplyCash Card from Amex™
Rewards
  • Earn 5% cash back on eligible purchases, and 1.29% cash back on everything else.
Balance transfer rate
1.99%
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.

More ways to find a great rate