Balance transfer credit card promotions lower your interest rate from the typical 20% or higher to as low as 0%.
This helps you save on interest fees for 6 to 12 months if you use this time to pay off or lower your credit card debt.
While promotional interest rates on balance transfer cards are usually for a limited time, the cost savings can be worthwhile.
And when used appropriately, balance transfer credit cards in Canada can also help you get your finances and credit score back on track.
Featured Balance Transfer Promotions
Scotiabank Momentum No-Fee Visa Card
Rewards: Earn 1% cashback on gas, groceries & drugstore purchases; 0.50% cashback on everything else.
Welcome offer: Earn 5% cashback in the first 3 months on up to $2,000 spent ($100 value); introductory 0% interest on balance transfers for the first 6 months.
Interest rates: 19.99% on purchases; 22.99% on cash advances.
Annual fee: $0
Scotiabank Value Visa Card
Rewards: Save up to 25% off car rental rates at AVIS and Budget car rental locations.
Welcome offer: 0.99% balance transfer for 9 months; the annual fee is waived in the first year.
Interest rates: 13.99% on purchases and cash advances.
Annual fee: $29
Best No Fee Balance Transfer Credit Card Promotions
Our top picks for the best no-fee balance transfer credit cards in April 2025 are:
- Scotia Momentum No-Fee Visa Card
- Tangerine Money-Back Credit Card
- Tangerine World Mastercard
- MBNA True Line Mastercard
Scotia Momentum No-Fee Visa Card
- Balance transfer promotion: 0% for 6 months
- Minimum credit score: Good
- Balance transfer fee: 2%
- Bonus reward: 5% cash back for 3 months ($100 value)
The Scotia Momentum No-Fee Visa Card offers 1% cash back on gas, grocery, and drug store purchases and 0.5% cash back on everything else.
It serves as a 0% balance transfer credit card during the first 6 months of card ownership. It also has no annual fees; however, a 2% balance transfer fee is applied to each transfer.
You can learn more about the card in this review.
Scotiabank Momentum No-Fee Visa Card
Rewards: Earn 1% cashback on gas, groceries & drugstore purchases; 0.50% cashback on everything else.
Welcome offer: Earn 5% cashback in the first 3 months on up to $2,000 spent ($100 value); introductory 0% interest on balance transfers for the first 6 months.
Interest rates: 19.99% on purchases; 22.99% on cash advances.
Annual fee: $0
Tangerine Money-Back Credit Card
- Balance transfer promotion: 1.95% for 6 months
- Minimum credit score: Fair or Good
- Balance transfer fee: 1%
- Bonus reward: Up to $150
The Tangerine Money-Back Credit Card tops our list of balance transfer promotions you should consider if looking to save on credit card fees.
In addition to its low 1.95% rate for 6 months and no annual fee, you only need a 600 credit score to qualify and a $12,000 annual income.
This card is also an excellent cash back credit card, offering up to 2% unlimited cash back in up to 3 categories of purchases.
You can get more details below.
Tangerine Money-Back Credit Card
Best no-fee cash back credit card
Annual fee: $0
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.
Welcome offer: na
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Minimum income requirement: $12,000
Recommended credit score:
Fair to Good
On Tangerine’s website
Tangerine World Mastercard
- Balance transfer promotion: 1.95% for six (6) months
- Minimum credit score: Fair or Good
- Balance transfer fee: 1%
- Bonus reward: 15% cash back in first 2 months ($150 value)
If you have a personal annual income of at least $60,000, the Tangerine World Mastercard offers more value.
It includes a 1.95% balance transfer rate for 6 months and several premium perks, including airport lounge access, mobile device, and car rental insurance. You also earn cash back on all purchases.
Lastly, there is no annual fee to own this card.
Tangerine World Mastercard
Excellent no-fee cash back card with travel perks
Annual fee: $0
Rewards: Earn up to 2% unlimited cash back in 2-3 spending categories and 0.50% on all other purchases.
Welcome offer: na
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Minimum income requirement: $12,000
Recommended credit score:
Fair to Good
On Tangerine’s website
MBNA True Line Mastercard
- Balance transfer promotion: 0% for 12 months
- Minimum credit score: Good to Excellent
- Balance transfer fee: 3%
- Bonus rewards: None
The MBNA True Line Mastercard offers a 0% balance transfer rate for 12 months.
While it does not have an annual fee, a 3% transfer fee applies, and it lacks rewards or cash back.
This is the top TD balance transfer offer in Canada.
MBNA True Line Mastercard
Great for low-interest purchase rates
Annual fee: $0
Rewards: Low-interest rate of 12.99%.
Welcome offer: 0% interest rate on balance transfers for the first 12 months.
Interest rates: 12.99% for purchases, 24.99% for cash advance.
Minimum income requirement: N/A
Recommended credit score:
Good
On MBNA’s website
Top Credit Card Balance Transfer Promotions
Our top picks for balance transfer credit cards with low annual fees are:
- Scotiabank Value Visa
- CIBC Select Visa Card
- MBNA True Line Gold
- Scotia Momentum Visa Card
- BMO Preferred Rate Mastercard
Scotiabank Value Visa Card
- Annual fees: $29 (waived in the first year)
- Balance transfer promotion: 0% for 10 months
- Minimum credit score: Good
- Balance transfer fee: 1%
The Scotiabank Value Visa Card doubles as a balance transfer and low-interest rate credit card.
Its $29 annual fee is waived in the first year, and you pay an introductory 0% interest rate on balance transfers for 10 months.
After the promotional period ends, the interest rate for balance transfers and cash advances is 12.99%, which is almost 50% lower than the average rate.
Scotiabank Value Visa Card
Best for low-interest rates
Annual fee: $29
Welcome offer: No annual fee for the first year and 0.99% interest rate for cash advances for the first 9 months.
Interest rates: 13.99% for purchases and cash advances.
Minimum income requirement: N/A
Recommended credit score:
Good
On Scotiabank’s website
CIBC Select Visa Card
- Annual fee: $29
- Balance transfer promo: 0% for 10 months
- Minimum credit score: Good
- Balance transfer fee: 1%
If you need a CIBC balance transfer card, the CIBC Select Visa is an option.
Following the introductory period, this card has a 13.99% rate for cash advances and balance transfers.
You need a minimum annual income of $15,000 to qualify.
CIBC Select Visa Card
CIBC low-interest credit card
Annual fee: $29
Rewards: Access insurance benefits plus savings on gas and transaction fees.
Interest rates: 13.99% on purchases and cash advances.
Minimum income requirement: A minimum annual household income of $15,000.
Recommended credit score:
Good
On CIBC’s website
Scotia Momentum Visa Card
- Annual fee: $39
- Balance transfer promotion: 0% for six (6) months
- Minimum credit score: Good
- Balance transfer fee: 2%
The Scotia Momentum Visa Card offers up to 2% cash back on purchases.
In addition, cardholders get a zero balance transfer rate for the first 6 months.
Here’s a card overview with more details.
Scotia Momentum Visa Card
Good entry-level cash back credit card
Annual fee: $39
Rewards: Earn up to 2% cash back on high-spend categories.
Welcome offer: Receive a 2.99% introductory APR on balance transfers for the first six months.
Interest rates: 19.99% on purchases and 22.99% on cash advances.
Minimum income requirement: N/A
Recommended credit score:
Good
On Scotiabank’s website
MBNA True Line Gold Mastercard
- Annual fee: $39
- Balance transfer offer: 8.99%
- Minimum credit score: Good
- Balance transfer fee: 1%
The MBNA True Line Gold Mastercard has a standard 8.99% interest rate for purchases, balance transfers, and access cheques.
It also levies a 1% fee per transfer or a minimum of $7.50.
MBNA True Line Gold Mastercard
Best for low purchase interest
Annual fee: $39
Rewards: N/A
Welcome offer: N/A
Interest rates: 10.99% on purchases, 24.99% on cash advances.
Minimum income requirement: No minimum income requirements.
Recommended credit score:
Good
On MBNA’s website
Here’s an explainer for TD secured cards.
BMO Preferred Rate Mastercard
- Annual fee: $20
- Balance transfer promo: 0.99% for nine (9) months
- Minimum credit score: Good
- Balance transfer fee: 2%
This BMO balance transfer credit card offers a 0.99% rate for 9 months and a 2% fee.
When the introductory rate ends, you pay 15.99% for balance transfers.
BMO Preferred Rate Mastercard
Best BMO credit card for low-interest
Annual fee: $20
Rewards: Low-interest credit card.
Interest rates: 12.99% for purchases and 15.99% for cash advances.
Minimum income requirement: $15,000
Recommended credit score:
Good
On BMO’s website
Learn about BMO Secured credit cards.
Methodology:
Savvy New Canadians ranks the best balance transfer credit cards based on their interest rates for balance transfers, annual fees, welcome bonuses, rewards, top features, categories, insurance coverage, and other perks. We carefully evaluate each credit card and place more weight on the value of the long-term rewards it offers. Visit the credit card issuer’s website using the links to confirm each product’s terms and conditions before applying.
Balance Transfer Credit Cards
If you have credit card debt, you can move this debt to a balance transfer card with lower interest.
Balance transfer cards are similar to regular credit cards. The main difference is that they allow you to transfer your balances from other cards at lower interest rates for a limited time.
These cards are useful for consolidating debt.
How to Save Using a Balance Transfer Credit Card
For example, say you have a balance of $5,000 on a credit card with a 22% APR. If you make monthly payments of $500, it will take you 12 months to pay off the credit card, and you will incur $574 in interest.
Assuming you use a balance transfer credit card with 0% interest and repay $500 monthly, you become debt-free in 10 months and only pay the $50 balance transfer fee (1-3%).
| Standard Credit Card | Balance Transfer Card | |
| Starting balance | $5,000 | $5,000 |
| Interest rate | 22% | 0% |
| Monthly payment | $500 | $500 |
| Time to pay off balance | 12 months | 10 months |
| Interest paid | $574 | $0 |
| 1% balance transfer fee | $0 | $50 |
| Total fees | $574 | $50 |
A balance transfer credit card can save you hundreds of dollars (or thousands) if you carry a large balance.
Credit Cards Offering Balance Transfers
Many banks and financial institutions offer balance transfer credit cards in Canada.
The most popular issuers include:
- Scotiabank
- Bank of Montreal (BMO)
- MBNA (TD)
- Canadian Imperial Bank of Commerce (CIBC)
- Tangerine
- Royal Bank of Canada (RBC)
What to Consider for a Balance Transfer Credit Card
When applying for a balance transfer credit card, you should consider the following:
Annual fee: There are many balance transfer credit cards with no annual fees. If these are not your preference, look out for cards that waive the annual fee in the first year.
Interest Rate: Check the interest rates and read the terms and conditions. While the balance transfer rates for the cards on this list start at 0%, some cards hike the interest if you miss a payment.
Length of promotional period: Promotional balance transfer offers generally last for 6 to 12 months. When the introductory rate ends, you start paying the standard interest rate, which is higher.
Balance transfer fee: Often, you will pay a balance transfer fee on any amounts transferred. This ranges from 1% to 3% of the amount transferred. For example, if you transfer $5,000 at a 1% fee, you pay $50.
Welcome offers and rewards: Many balance transfer cards offer no rewards or welcome bonuses. With the Tangerine Money-Back Credit Card or Scotia Momentum No-Fee Visa, you earn cash back on all purchases. Both cards also offer a cash back sign-up bonus.
Benefits of Balance Transfer Credit Cards
The pros of balance transfer cards include:
- You pay lower interest on debt and save money in the process.
- They can help you pay off debt faster and improve your credit.
Downsides of Balance Transfer Credit Cards
The cons of balance transfer credit cards include the following:
- They usually do not offer rewards or cash back, and perks are limited.
- Promotional low-interest rates are for a limited time, usually no more than 12 months. So, you should plan to pay off your debt quickly.
- New spending on the card does not enjoy the low rates
How To Do a Balance Transfer in Canada
After applying and getting approved for a balance transfer promotional credit card, let them know you plan to complete a transfer.
You will need to provide details of the transfer, including amounts, credit card company, and other account details.
When the transfer is completed, aim to pay off the debt while the introductory rate is valid, or at least pay off as much as possible to save on interest fees.
After the promotional rate ends, the standard balance transfer rate applies to the unpaid balance you transferred.
Frequently Asked Questions
Your credit score may drop by a few points after you apply for a new credit card. If you pay off your balance quickly, getting a balance transfer credit card may help increase your credit score long term.
The balance transfer fee charged by credit cards in Canada ranges from 1% to 3%.
A balance transfer may not be worth it if you will be piling on more debt instead of paying off the existing balance.
