Best Balance Transfer Credit Cards in Canada

Do you need help paying down your credit card debt or paying off a big purchase? Balance transfer credit cards can help you consolidate your debt onto one card and save you money with the lowest interest rates. Use Ratehub.ca’s best balance transfer credit card comparison chart to find and apply for the best card for you.

Some credit cards come with an annual fee and some do not. The general rule for this is that the greater the rewards, the larger the annual fee. The annual fee is charged once per year and is added to your credit card statement. If you don't mind paying an annual fee, select I don't mind. If you'd prefer not to pay to use a credit card, select None. Some rewards credit cards have an annual income requirement. Enter either your personal or household annual income here, as it may affect which credit cards you are able to apply for.

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What type of rewards do you want to earn for every dollar you spend? Is cash back important to you? Would you prefer gift cards or store credit? What about free flights and hotels? Think about what's most important to you and what would help your budget the most, then look for the best cards to offer that reward. Do you have a preference of whether you want a Visa, MasterCard or American Express card? Select which network you'd prefer, or select "All" if you don't have a preference.
There are a number of lenders and companies that issue credit cards - and they aren't just financial institutions. If you would prefer to get a credit card from one specific credit card issuer, choose the one you want. Otherwise, select All banks. Most credit cards have a minimum credit score requirement. Select your credit score to filter your credit card results based on your credit score and which cards you are most likely to be approved for. If you aren’t sure what your credit score is, select “Not sure”, and your results will be filtered without taking your credit score in to account. There are many different credit card reward programs available. If you have a preferred reward program, such as Aeroplan Miles, select your choice using the dropdown. Note that each card only uses one reward program. Enter the dollar amount you spend each month on your credit card. Edit your monthly spend by each spending category in the 'monthly spending by category' tab below.

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Some credit cards come with an annual fee and some do not. The general rule for this is that the greater the rewards, the larger the annual fee. The annual fee is charged once per year and is added to your credit card statement. If you don't mind paying an annual fee, select I don't mind. If you'd prefer not to pay to use a credit card, select None. Some rewards credit cards have an annual income requirement. Enter either your personal or household annual income here, as it may affect which credit cards you are able to apply for.

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Do you carry a balance on your credit card each month? This isn't how much you spend on your card, but how much you typically carry over into a new month. If so, write that amount here, so we can calculate how much interest you'll be charged.

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There are a number of lenders and companies that issue credit cards - and they aren't just financial institutions. If you would prefer to get a credit card from one specific credit card issuer, choose the one you want. Otherwise, select All banks. Most credit cards have a minimum credit score requirement. Select your credit score to filter your credit card results based on your credit score and which cards you are most likely to be approved for. If you aren’t sure what your credit score is, select “Not sure”, and your results will be filtered without taking your credit score in to account. Do you have a preference of whether you want a Visa, MasterCard or American Express card? Select which network you'd prefer, or select "All" if you don't have a preference.
Some credit cards come with an annual fee and some do not. The general rule for this is that the greater the rewards, the larger the annual fee. The annual fee is charged once per year and is added to your credit card statement. If you don't mind paying an annual fee, select I don't mind. If you'd prefer not to pay to use a credit card, select None. Some rewards credit cards have an annual income requirement. Enter either your personal or household annual income here, as it may affect which credit cards you are able to apply for.

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Do you have a preference of whether you want a Visa, MasterCard or American Express card? Select which network you'd prefer, or select "All" if you don't have a preference.
There are a number of lenders and companies that issue credit cards - and they aren't just financial institutions. If you would prefer to get a credit card from one specific credit card issuer, choose the one you want. Otherwise, select All banks. Most credit cards have a minimum credit score requirement. Select your credit score to filter your credit card results based on your credit score and which cards you are most likely to be approved for. If you aren’t sure what your credit score is, select “Not sure”, and your results will be filtered without taking your credit score in to account. If you are currently carrying a balance on another credit card, you may want to take advantage of a balance transfer promotional offer with one of the credit cards listed below. Enter the amount you would transfer to the new card, to find out what the promotional interest rate and period are.

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Some credit cards come with an annual fee and some do not. The general rule for this is that the greater the rewards, the larger the annual fee. The annual fee is charged once per year and is added to your credit card statement. If you don't mind paying an annual fee, select I don't mind. If you'd prefer not to pay to use a credit card, select None. Do you have a preference of whether you want a Visa, MasterCard or American Express card? Select which network you'd prefer, or select "All" if you don't have a preference.
There are a number of lenders and companies that issue credit cards - and they aren't just financial institutions. If you would prefer to get a credit card from one specific credit card issuer, choose the one you want. Otherwise, select All banks. Most credit cards have a minimum credit score requirement. Select your credit score to filter your credit card results based on your credit score and which cards you are most likely to be approved for. If you aren’t sure what your credit score is, select “Not sure”, and your results will be filtered without taking your credit score in to account.
Monthly spending by category
Monthly spending by category

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Credit card Purchase Interest Rate Balance transfer rate Annual fee Net reward (1st year) Monthly interest fee Monthly interest fee Required deposit
12.49% $30
$5.20
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0.99%
11.99% after 6 months
$29
$0.41
$5.00 after 6 months
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3.99%
16.99% after 6 months
$0
$1.66
$7.08 after 6 months
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0%
21.99% after 12 months
$0
$0.00
$9.16 after 12 months
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12.9% $30
$5.38
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13.99% $29
$5.83
Get details
11.9% $20
$4.96
Get details
1.99%
22.99% after 6 months
$0
$0.83
$9.58 after 6 months
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1.99%
22.99% after 6 months
$0
$0.83
$9.58 after 6 months
Get details
1.99%
22.99% after 6 months
$0
$0.83
$9.58 after 6 months
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3.9%
22.99% after 6 months
$150
$1.62
$9.58 after 6 months
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3.9%
22.99% after 6 months
$125
$1.62
$9.58 after 6 months
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11.99% $20
$5.00
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3.9%
22.99% after 6 months
$125
$1.62
$9.58 after 6 months
Get details
1.99%
22.99% after 6 months
$99
$0.83
$9.58 after 6 months
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10.9% $50
$4.54
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3.9%
22.99% after 6 months
$0
$1.62
$9.58 after 6 months
Get details
2.99%
21.99% after 6 months
$39
$1.25
$9.16 after 6 months
Get details
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If you need any help comparison shopping, read our frequently asked questions below:

What is a balance transfer credit card?

Balance transfer credit cards are credit cards that come with extremely low interest rate offers (sometimes as low as 0%) to entice people with credit card debt to transfer their balances from one card to another. These offers are usually only available for a limited period of time (e.g. 180 days, 10 months, 1 year, etc.) and are designed to bring in new customers who will hopefully keep the card even after the promotional period expires.


Why should I get a balance transfer credit card?

Balance transfer credit cards can be a great tool for paying down credit card debt on one card by transferring the balance to another card with a lower interest rate. If you plan on aggressively paying down your credit card debt during the low interest promotional period, a balance transfer credit card could potentially save you hundreds of dollars in interest, help you reduce your debt and boost your financial wellbeing.


What should I consider before getting a balance transfer credit card?

When used responsibly, a balance transfer credit card can save you money and help get you out of consumer debt sooner. Before transferring your debt from one card to another, though, you should consider the applicable balance transfer fees, interest rates for new purchases on the card and the standard interest rate when the promotional period ends.

Credit card issuers usually charge a balance transfer fee, which can range from 1.00-5.00% of the amount you transfer over (e.g. if you are transferring a balance of $10,000 and the transfer fee is 3%, you’ll be charged $300 for the switch). Depending on the interest rate being offered with the new card, the balance transfer fee may not be worth the move.

Interest rates can also end up costing you more in the long run, if you haven’t paid off your debt by the end of the promotional period, or if you’ve missed any payments when the promotional period ends and the standard interest rate applies.

A final factor to consider is that if you use your balance transfer credit card for new purchases before you pay off the original amount you transferred over, you’ll be charged the standard interest rate (which is often 19.99% or more) and any payments you make will be applied to the balance transfer amount first; that means you’ll continue to accrue interest on any purchases you make on the card, after conducting the balance transfer, until the amount you originally transferred is 100% paid off.


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