Best Balance Transfer Credit Cards 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.

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.

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.