MBNA® True Line® Mastercard®
4.1·Paying down debt with a low rate and a 0% balance transfer
- Annual fee
- No annual fee
- Top reward
- No rewards
- Low ongoing purchase rate
- 0% intro balance-transfer offer
Best Balance Transfer Credit Cards in Canada
Updated June 2026 · Independently rated by the CreditCardGuru editorial team
The best balance transfer credit cards in Canada offer a low or 0% promotional interest rate on transferred balances, giving you a window to pay down debt without interest piling up. Compare the promo rate, how long it lasts, the transfer fee, and the rate it reverts to.
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Scotiabank® Value Visa® Card
4.0·Low interest on both purchases and cash advances
- Annual fee
- $29/yr
- Top reward
- No rewards
- Low interest on purchases AND cash advances
- Frequent 0% balance-transfer promos
CIBC® Select Visa® Card
3.8·Anyone carrying a balance or consolidating credit card debt.
- Annual fee
- $29/yr
- Top reward
- No rewards
- One of the cheapest ways in Canada to pay down card debt
- Same low rate applies to cash advances
BMO® Preferred Rate Mastercard®
3.4·Anyone who carries a balance and wants to minimize interest charges rather than earn rewards.
- Annual fee
- $29/yr
- Welcome bonus
- ~$29
- Top reward
- No rewards
- Among the lowest purchase interest rates from a big bank
- Cheap and effective for paying down transferred balances
Balance Transfer credit cards: FAQ
What is the best balance transfer credit card in Canada?
The MBNA True Line Mastercard pairs a low 12.99% purchase rate with a 0% intro balance-transfer offer and no annual fee. The Scotiabank Value Visa offers a low 13.99% rate on purchases and cash advances plus recurring balance-transfer promotions.
How does a balance transfer work?
You move a balance from a high-interest card to a card offering a low or 0% promotional rate, usually for a set number of months. A one-time transfer fee (often 1–3%) typically applies, and any remaining balance reverts to the card's standard rate when the promo ends.
Is a balance transfer worth it?
If you have high-interest debt and a plan to pay it off during the promo window, yes — you save the interest that would otherwise accrue at around 20% a year. Avoid new purchases on the card and clear the balance before the promotional rate expires.
Want to see how these stack up against every other card? Compare all credit cards or read how we rate cards.
Disclaimer: This page is for informational purposes only and does not constitute financial, tax or legal advice. Card terms and offers change and may be out of date — always verify with the issuer before applying, and consult a qualified professional before making financial decisions. CreditCardGuru may earn a commission from cards featured on this site; this never influences our editorial ratings. See our advertiser disclosure.
Written by
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CreditCardGuru Editorial Team
Rewards & Cards Research
Our editorial team independently researches and rates every credit card in Canada using a transparent, data-driven methodology. We update card terms continuously and never let issuer relationships influence our ratings.
- 200+ Canadian cards tracked
- Transparent rating methodology
- Updated continuously
Cite this page
“Best Balance Transfer Credit Cards in Canada” — CreditCardGuru, https://creditcardguru.ca/best/balance-transfer.