Balance Transfer Credit Cards
Best Balance Transfer Credit Cards Canada 2020
Balance transfer cards are for cardholders who carry credit card debt. They offer a promotional 0% or low APR (typically below 3%) for a temporary period. That way, cardholders can get out of debt sooner.
When comparing balance transfer cards, check the promotional APR and how long the promotion lasts. The best balance transfer cards give you at least six months to a year to pay down your balance at a lower rate. Also, look at the card’s balance transfer fee, which can add a substantial charge to your final balance.
COMPARE THE BEST BALANCE TRANSFER CREDIT CARDS FOR CANADIANS
As one of the top balance transfer cards, the MBNA True Line Mastercard is a great option. The card comes with a balance transfer promo of 0% for ten months. If you carry over a balance after ten months, the interest rate moves to 12.99%. Quite low, for any standard Mastercard.
As well, the card does not have an annual fee and has all the standard Mastercard perks such as rental car deals.
Finally, you can authorize up to 9 users on the card, which makes it great for large families. With the excellent promo rate and low standard interest rate, the MBNA True Line deserves a spot on this list.
One of the best transfer credit cards of the big five, the Scotiabank Value Visa is a great choice. The card comes with a solid 0.99% promo interest rate on all balance transfers for six months. After the six months, the card has a 12.99% interest rate, which is an excellent offer from a big five card!
As well, the card comes with Visa perks such as car rental deals and financial insurance options.
Finally, with a low $29 annual fee, the card is competitive. If you are looking for a balance transfer card with a top-five bank, then the Scotiabank Value Visa is worth a peek.
Yet another great option on the market is the TD Emerald Flex Rate Visa. Unlike the other cards on this list, the card does not have a promotional rate for balance transfers. But it does have a great rate of prime plus 4.5%.
With the current low prime rate, this is a great deal for a more substantial balance transfer. As well, the card does come with optional travel medical insurance and access to the TD Auto Club.
Finally, the card does have a low annual fee of $25. With a great interest rate, the TD Emerald Flex Rate is a tremendous long-term balance transfer card in Canada.
With its low-interest rate, the Desjardins Modulo Visa is a great balance transfer card in Canada. The card itself does not have a promotional rate for balance transfers. But it does offer an aggressive 10.9% interest rate that will help you pay down your debt quicker.
As well, the card has a 1% cash back option, which is a rarity in balance transfer card in Canada!
Finally, with an affordable $50 annual fee, the card can pay for itself with $5000 worth of transactions. With a low rate and great perks, the Desjardins Modulo Visa deserves a spot on the top balance transfer list.
Like its cousin card, the MBNA True Line Gold Mastercard is one of the top cards on the market. Designed for balance transfers, the card has a promo rate of 0% for six months. After the transfer, the interest rate moves to 8.9%. Plus, the card also has an 8.9% interest rate for purchases, which keeps costs low.
As well, the card comes with perks such as rental car deals and extended warranty benefits.
Finally, the card does have a $39 fee, but with its low-interest rate, it will pay for itself in no time. With its low fee, great promo rate and unreal interest rate, the MBNA True Line Gold is a gold standard in this niche.
For most, balance transfer credit cards are a way to limit debt by paying down more of the principal every month. Whether you are looking for a great long-term option or need a short-term solution, your cards are here. This list presents you with some options to consider for your next card here in Canada. No matter your situation, one of these cards will be the perfect fit for you!
THE BOTTOM LINE
- Best overall balance transfer credit card: MBNA True Line Gold Mastercard
- Best $0 fee balance transfer credit card: MBNA True Line Mastercard
- Best interest rate for balance transfer credit card: Desjardins Modulo Visa
- Best big five balance transfer credit card: TD Emerald Flex Rate Visa
- Best perks for balance transfer credit card: Desjardins Modulo Visa
Balance Transfer Credit Card Summary
PROMO TRANSFER RATE
INTEREST RATE AFTER PROMO
MBNA True Line Mastercard
0% for ten months
Scotiabank Value Visa
0.99% for six months
TD Emerald Flex Rate Visa
Prime + 4.5%-12.5%
Desjardins Modulo Visa
MBNA True Line Gold Mastercard
0% for six months
Other Popular Credit Cards for Canadians