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Best balance transfer credit cards in Canada

Bridget Casey
Cory Santos

Fact checked by Scott Birke

Updated Dec 15, 2025

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Top 3 Canadian balance transfer cards

Balance transfer cards let you to transfer and merge debts onto a new, low interest credit card to save money. Here's our list of the top 3 best balance transfer credit cards in Canada to help you get control of your finances today.

  • Why you can trust Money.ca's best balance transfer credit card list

    +

    Money.ca rates all credit cards on a numeric scale of 1 to 5 stars, with 1 being the lowest and 5 the highest rating, respectively. Money.ca’s proprietary scoring formulas break down the confusing language, complex points, rewards and earn rates to give you the real data that caters to your needs first, not ours. We analyzed 28 credit card programs, considered more than 135 features, reviewed over 200 cards and sifted through approximately 27,000 data points to identify the best options available.

    Our partnerships have no impact on our ratings, which are solely determined by the merits of each card. To learn more about how we researched and ranked these cards, read our full credit card review methodology.

Consolidate your higher interest debt into lower monthly payments with a balance transfer credit card

Balance transfer cards offer a low interest rate or interest-free way to pay off debt and re-start your financial life. According to Statistics Canada1, Canadian household credit card debt increased by approximately 8.5% from June 2023 to December 2024. If you find yourself in a similar situation, here's Money.ca's list of the best balance transfer credit cards in Canada (and don't forget to check out our comprehensive best credit cards Canada list for all our top picks for this year).

🏆Gold: MBNA True Line® Mastercard®

MBNA True Line® Mastercard®

2.9

Review

Welcome Bonus: Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.

On MBNA Credit Cards' Secure Site

Get this card if you...

  • want a low interest rate with no annual fee
  • value extended warranty and purchase protection
  • want to pay down existing credit card debt

The MBNA True Line® Mastercard® offers the most sought-after combination of features in a balance transfer card -- which has propelled it to a repeat of its victory in last year's Credit Card Awards.  

  • Unbeatable balance transfer offer: Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.. This is the longest interest-free period you'll find anywhere in Canada in 2025, giving you maximum breathing room to tackle your debt
  • Competitive APR everyday: Cardholders enjoy a 12.99% APR on purchases, 17.99% APR on transfers and 24.99 % APR on cash advances once the intro period ends
  • No annual fee: Zero annual fee for the life of the card, making it truly free to transfer and manage your debt

In fact, the card’s only weakness is its relatively high promotional balance transfer fee, a one-time charge of 3% of the amount transferred (minimum fee of $7.50).

The Math: If you have a debt of $5,000, to pay off your balance within 12 months using MBNA's True Line Mastercard you would owe a 3% fee of $150. You would need to pay approximately $429.17 per month to pay off the total amount owed within 12 months.  

Disclosures:

  • †, ✪, Terms and Conditions apply.

    This offer is not available for residents of Quebec. For residents of Quebec, please click here.

    Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

    The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

🥈 Silver: CIBC Select Visa* Card

CIBC Select Visa* Card

2.7

Review

Welcome Bonus: Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡

On CIBC's Secure Site

Get this card if you...

  • want a low-interest rate on purchases and balance transfers
  • want a modest annual fee
  • don't need comprehensive insurance benefits

The CIBC Select Visa* Card comes in as our strong second-place finisher, offering:

  • Impressive 0% introductory APR offer: Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡
  • Transfer fee promotion: Reasonable 1% transfer fee during the promotional period
  • Annual fee waiver: First-year annual fee rebate ($29 value), reducing your overall cost of debt consolidation
  • Backed by CIBC's excellent mobile banking platform and customer service

Ultimately, the Select Visa falls short of the top spot due to those crucial 2 extra months of interest-free payments offered by our winner, the True Line. Plus, the MBNA credit card offers no annual fee, with the CIBC option only provides a first-year waiver.

The Math: If you have a debt of $5,000, to pay off your balance within 12 months using CIBC's Select Visa you would owe a 1% fee of $50. You would need to pay approximately $431.67 per month to pay off the total amount owed within 12 months.    

Disclosures:

  • †Terms and Conditions Apply. This offer is not available for residents of Quebec.

  • This is a digital-exclusive offer.†

    To be eligible for this offer:

    1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and

    2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.†

    This offer is reserved for you. Please do not forward it to anyone else.

    This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.

    Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.

    Any opinions, analyses, reviews, or recommendations expressed on this page are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by our advertising partners.

🥉 Bronze: BMO eclipse rise Visa*

BMO eclipse rise Visa*

3.9

Review

Welcome Bonus: Get 20,000 points when you spend $1,500 in the first 3 months - that's a $133 value! Expires Jan 31, 2026

On BMO's Secure Site

Get this card if you...

  • want to quickly earn points on everyday spending
  • want flexible point redemption options
  • value a great welcome offer

New to our list this year, the BMO eclipse rise Visa* brings a compelling mix of features to the table that nearly earned it a top spot. The card represents a fresh approach to balance transfers by combining debt management with everyday rewards:

  • Impressive welcome bonus:

    Get 20,000 points when you spend $1,500 in the first 3 months - that's a $133 value!

    Plus, earn up to 5,000 bonus points every year.

    • 2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with points - that's just 1,000 points per month!

    • 2,500 bonus points for paying your full credit card balance on time for 12 consecutive months.


    Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.

    Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*

    *Terms and Conditions Apply

    . While not quite 0%, this ultra-low rate means a $5,000 balance would accrue just $37 in interest over the full promotional period, making it one of the most affordable options in Canada
  • Reasonable BT fee: Just a 2% balance transfer fee during the promotional period — slightly higher than CIBC's 1% fee, but still considerably lower than the 3-5% charged by many other Canadian cards
  • One of the most generous rewards structures we've seen on a balance transfer card: Earn 5 BMO Rewards points for every $2 spent on recurring bills, groceries, dining and takeout, categories where the average Canadian household spends over $1,200 monthly
  • No minimum income requirement: Making this card accessible to Canadians at various income levels — a refreshing approach compared to premium cards that require $60K+ annual income

The Math: That debt of $5,000, paid off within 12 months using The Eclipse Rise Visa, would require a 2% fee of $100. You'd need to pay approximately $439.42 per month to pay off the total amount owed within 12 months.      

Disclosures:

  • 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. 

Best no fee cash back card for balance transfers

BMO CashBack® Mastercard®*

3.3

Review

Welcome Bonus: Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.† Expires Jan 31, 2026

On BMO's Secure Site

Get this card if you...

  • want to earn cash back on everyday purchases
  • value the flexibility to redeem cash back at any time
  • value a great welcome offer

The BMO CashBack Mastercard is another no annual fee BMO credit card that offers  great mix of rewards and a great intro rate on transfers:

  • Generous welcome offer:

    Get 20,000 points when you spend $1,500 in the first 3 months - that's a $133 value!

    Plus, earn up to 5,000 bonus points every year.

    • 2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with points - that's just 1,000 points per month!

    • 2,500 bonus points for paying your full credit card balance on time for 12 consecutive months.


    Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.

    Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*

    *Terms and Conditions Apply
  • Earn accelrated cash back: The BMO CashBack® Mastercard®* helps you earn cash back faster. You can earn 3% cash back on groceries, 1% on any recurring bill payments* and 0.5% on all other eligible purchases*.
  • Ideal for families: This is the perfect card for families with young kids who want to take their time to pay off debt because their cash flow is so tight.

The Math: If you have a debt of $5,000, to pay off your balance within 12 months using BMO's CashBack Mastercard you would owe a 2% fee of $100. You would need to pay approximately $438.18 per month to pay off the total amount owed within 12 months.      

Disclosures:

  • 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.

Best balance transfer credit card for customizable rewards

Tangerine Money-Back Credit Card

3.4

Review

Welcome Bonus: Earn 10% cash back for 2 months† (up to $100). Expires Jan 30, 2026

On Tangerine's Secure Site

Get this card if you...

  • want flexible cash back categories
  • want unlimited cash back
  • want to avoid paying an annual fee

  • Solid introductory APR offer: A competitive 1.95% introductory APR for 6 months on balance transfers—significantly lower than the 19.95% charged once the intro period ends
  • Reduced transfer fee: Low 1% balance transfer fee (compared to the standard 3% charged by many competitors), saving you $100 on a $5,000 transfer
  • No annual fee for the life of the card: Unlike many premium options that waive fees only temporarily
  • Unique opportunity to earn rewards while paying down debt: Earn 2% cash back on two categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

The Math: If you have a debt of $5,000, to pay off your balance within 12 months using the Tangerine Cash Back Card you would owe a 1% fee of $50. You would need to pay approximately $440.60 per month to pay off the total amount owed within 12 months.        

Note that if you have an annual personal income of at least $60K, or household income of at least $100K, you should check out the Tangerine World Mastercard instead. It has no annual fee and offers the same balance transfer deal and flexible rewards as the Tangerine Money-Back Credit Card, but provides extra features including mobile device insurance, airport lounge access, and car rental insurance.  

Disclosures:

  • *Terms and conditions apply
You should know

Credit card debt impacts nearly every Canadian adult

Over 1.3 million Canadians missed a credit payment in Q3 of 2024, while 46% of Canadian credit card holders are carrying balances for at least two consecutive months.

Source: Bank of Canada

What is a Balance Transfer?

A balance transfer is a powerful financial tool that allows you to move debt from one credit card to another, typically one offering a lower interest rate. In the simplest terms, it's like refinancing your credit card debt to save money on interest charges.

Pros and cons of balance transfer cards

Pros
  • Savings: Most balance transfer cards offer a sweet 0% or low-interest introductory period. With lower (or no) interest, more of your payment goes towards the principal
  • Potential credit boost: As you chip away at your debt, your credit utilization ratio could improve, giving your credit score a nice little bump
  • More financial wiggle room: Juggling multiple credit card payments? A balance transfer lets you corral all those pesky debts into one manageable monthly payment
Cons
  • Fees: Most cards charge a balance transfer fee (typically 1-3% of the transferred amount). It's not a deal-breaker, but it's definitely a party pooper you need to factor in
  • Good credit required: These cards often require a good to excellent credit score. If your credit's seen better days, you might not qualify for the best offers
  • Fine print: Some cards have sneaky terms, like charging interest on new purchases right away or canceling your promo rate if you miss a payment. Always read the fine print, even if it's as exciting as watching paint dry

How do you transfer a credit card balance?

The process of executing a balance transfer will generally be similar from one card issuer to the next and should more or less follow the sequence below:

  1. 1 Choose the right card: Research balance transfer credit cards available in Canada. Look for low introductory rates and reasonable balance transfer fees.
  2. 2 Apply: During the application, you’ll need to provide details about the debts you want to transfer, including creditor names, account numbers, and amounts.
  3. 3 Wait for approval: Once approved, your new credit card issuer will handle the transfer process. This typically takes 2-4 weeks.
  4. 4 Maintain payments: Continue making minimum payments on your old cards until the transfer is complete to avoid late fees.
  5. 5 Act within the promo window: Most balance transfer offers in Canada have a time limit for making transfers, usually around 3 months from account opening.
  6. 6 Understand your limits: The amount you can transfer varies by card. Some allow transfers up to your full credit limit, while others may cap it at a percentage.
  7. 7 Stay on top of payments: Missing a payment during the promotional period can result in a significant rate increase. Consider setting up automatic payments.
  8. 8 Create a repayment plan: Develop a budget to maximize your debt repayment during the low-interest period.

When to transfer a credit card balance: 3 scenarios

Let's break down three scenarios with a $10,000 balance to show you exactly when a balance transfer makes financial sense—and when it doesn't:

Let's break down three scenarios with a $10,000 balance to show you exactly when a balance transfer makes financial sense—and when it doesn't.

-
Balance
Interest rate
Interest paid
Balance transfer fee
Year one
$10,000
13.99%
$1,399
$0
Year two
$10,000
13.99%
$1,399
$0
Year three
$10,000
13.99%
$1,399
$0
Total
$10,000
-
$4,197
$0

Grand Total: $4197

-
Balance
Interest rate
Interest paid
Balance transfer fee
Year one
$10,000
0%
$0
$300
Year two
$10,000
20%
$2,000
-
Year three
$10,000
20%
$2,000
-
Total
-
-
$4,000
$400

Grand Total: $4300

Balance
Interest rate
Interest paid
Balance transfer fee
Year one
$10,000
0%
$0
$300
Year two
$0
20%
$0
-
Year three
$0
20%
$0
-
Total
-
-
-
$300

Grand Total: $300

This example is a good way of illustrating just how important it is to pay down your debt during the promotional period. Your total costs in Scenario 3 (aside from paying off your balance) would only be $300, which would save you thousands of dollars in interest. However, if you don’t pay off the balance, you may be better off keeping your old credit card if the interest rate is lower than your new card (as illustrated in Scenario 1).

How much can you save with a balance transfer credit card?

Let's break down the numbers with a practical example. Say you're carrying $3,000 on a typical Canadian department store credit card charging 19.99% interest (a common rate among major retailers). If you're serious about eliminating this debt and can allocate $505 each month, here's what happens:

Department store card
CIBC Select Visa* Card
Starting balance
$3,000
$3,000
Interest rate
19.99%
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡
Balance transfer fee
N/A
5%
Monthly payment
$505
$505
Months to pay off your balance
7
6
Total fees and interest
$186
$30

By doing nothing more than applying for a different credit card and taking advantage of their promotional rate you’ve saved yourself $156 — and of course, the bigger the balance the bigger the savings.

How to choose the best balance transfer card

Before choosing a balance transfer credit card take your time to shop around and make sure you pick the right one for your financial situation. Read reviews, check rates and promotions, and calculate exactly how much you can save in interest and fees while responsibly repaying your debt. And don’t forget to read the fine print — not all balances can be transferred from one institution to the next.

Factor
Why It matters
Introductory APR
A lower rate (ideally 0%) means more savings on interest
Length of promo period
Longer periods give you more time to pay off your debt
Balance transfer fee
Lower fees (typically 1-3%) reduce the overall cost of transfer
Regular APR
Important if you can’t pay off the balance during the promo period
Credit score requirements
Higher scores often qualify for better offers
Additional perks
Rewards or cashback can provide extra value, but don’t lose focus

Read more: Best low interest credit cards in Canada

Should you get a balance transfer credit card?

A balance transfer is a tool that will only work to your advantage if you use it properly and focus as much effort as possible on paying down your transferred debt. Even if you don’t have debt, some people also consider letting others, like close friends or family members, balance transfer onto their credit card. While this can work, it might also leave you with debt you didn’t sign up for, so consider the points we mentioned above before you proceed.

Balance transfer credit card FAQs

  • How do you pay down your highest-interest balance first with a credit card?

    +

    The answer is actually pretty simple: Use one card for balance transfers only, and another low interest credit card for purchases only. (See our list of the best low interest credit cards for some card options.) You then determine how much of one balance you want to pay down versus the other, allocating the payments to each card yourself.

  • When is it the right move to apply for a balance transfer credit card?

    +

    The main reason to consider a balance transfer option is when you’re carrying debt on one or more credit cards with a higher interest rate and you want to pay it off. As long as you’re moving your balance owing from one credit card to another one with a lower interest rate, you’re making a smart choice and could save hundreds, if not thousands, of dollars (depending on the amount of debt you’re carrying). Though I will add one caveat: a transfer is only a wise choice so long as you pay off or significantly pay down your transferred balance during the promotional period.

  • How much can I transfer to my new card?

    +

    Here’s where things can get tricky. Your transfer limit depends on the credit limit of your new card, which isn’t always as high as you might hope. Some Canadians have found themselves approved for a card, only to discover they can only transfer a portion of their debt. Always check the fine print!

  • Should I keep my old credit card after the transfer?

    +

    It’s tempting to cut up that old card and do a victory dance, but hold your horses. Keeping the old account open (but not using it) can actually help your credit score by maintaining your length of credit history and overall available credit. Just resist the urge to rack up new charges!

  • Can I use my balance transfer card for new purchases?

    +

    You could, but it’s like bringing a chocolate bar to the gym – it defeats the purpose. New purchases usually don’t get the promotional rate, and some cards even charge interest on them right away, with no grace period. Focus on paying down your transferred balance instead.

  • What happens if I can’t pay off the full balance during the promotional period?

    +

    If you don’t slay that debt dragon before the promo period ends, any remaining balance will be subject to the card’s regular interest rate – which can be higher than your old card’s rate. Make a realistic repayment plan and stick to it like maple syrup to a pancake.

Sources

Bridget Casey Author

Bridget Casey is the award-winning entrepreneur behind Money After Graduation, a Canadian financial literacy website aimed at 20 and 30-somethings. She holds a BSc. from the University of Alberta, and an MBA in Finance from the University of Calgary. She has been featured as a millennial financial expert by Yahoo! Finance, TIME Magazine, Business Insider, CBC and BNN. Bridget was recognized as one of Alberta's Top Young Innovators in 2016.

Cory Santos Senior Reporter

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, BlogTO, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk. He's also the creator and author of the annual Money.ca Credit Card Awards.

Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.