New year, new list. For the most up-to-date cards, check out The Best Balance Transfer Credit Cards in Canada
Balance transfer credit cards are typically used to help pay off other credit cards. A balance transfer card usually offers a low interest rate or no interest rate for an introductory period. To use this card more effectively, you should transfer all your high-interest credit card debt to a balance transfer card, which charges a lower interest rate. This allows you to consolidate your debt and reduce the amount of interest you have to pay.
The catch with balance transfer cards is the promotional interest rate is temporary and the interest rate will rise after a certain period of time. For this reason, it’s important to pay off the balance you transferred before the promotion period ends in order to avoid being charged high interest rates on your debt again.
- Earn 5% cash back on gas, groceries and restaurants for the first 6 months (up to $250 cash back total)
- Earn 1.25% cash back after, and on all other purchases throughout the introductory period
- No limit to the amount of cash back you can earn, after the introductory period is over
- No annual fee
The SimplyCash Card from American Express is unique as it’s a cash back card that also has an optional balance transfer offer for new applicants. You can transfer all your other credit card balances to your American Express card and not have to pay interest for the first six months. This is ideal for those looking to consolidate their debt. For the first six months, you can also earn 5% cash back on all eligible purchases at gas stations, grocery stores, and restaurants (up to $250) and 1.25% on everything else. After the welcome rate ends, you’ll earn 1.25% cash back on all of your purchases.
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