Best Balance Transfer Credit Cards in Canada
A balance transfer moves debt onto a card with a temporary low or 0% rate, giving you room to pay down principal without interest working against you. Ranked by transfer rate, fee, and post-promo APR, using terms published directly by each issuer.
Short answer: The BMO Preferred Rate Mastercard has the longest 0% balance transfer offer of the cards we compare: 0% for 18 statement periods with a 3% transfer fee, and the $29 first-year fee refunded. If you can clear the balance within a year, the MBNA True Line (#2) gives 0% for 12 months with no annual fee, but leftover transfers jump to 17.99%. The BMO CashBack World Elite (#3) also gives 0% for 12 statement periods at a 2% fee and earns cash back, but it needs $80,000 in personal income and leftovers move to 23.99%. To pay the least upfront, CIBC Select (#4) and Scotiabank Value (#5) charge just 1% for 10 and 9 months at 0%. Terms checked September 21, 2026 against each issuer’s own page.
Our Picks, Ranked
among low-interest cards
BMO Preferred Rate Mastercard
Why it’s #1: The longest 0% runway on this page. Transfers posted in your first 18 statement periods pay 0% until that period ends, which gives a larger balance real time to shrink. The 3% fee ($150 on $5,000) is the price of the extra time, and anything left afterward moves to BMO’s 15.99% cash advance rate.
Good for
- ✓13.99% purchase APR, one of BMO’s lowest standard rates
- ✓Annual fee rebated yearly with BMO Performance Plan chequing account
Worth knowing
- !No rewards, points, or cash back of any kind
- !$29 annual fee unless paired with a qualifying BMO chequing account
among low-interest cards
MBNA True Line Mastercard
Why it’s here: 0% for 12 months on transfers made within 90 days of opening, and the only card here with no annual fee. The 12.99% rate applies to new purchases; transferred balances left after the promo move to MBNA’s 17.99% balance transfer rate, so plan to clear the balance inside the year.
Good for
- ✓0% promotional rate for 12 months on balance transfers within 90 days
- ✓No annual fee for primary and up to 9 authorized users
Worth knowing
- !No rewards program of any kind
- !24.99% cash advance APR
among cash-back cards
BMO CashBack World Elite Mastercard
Why it’s here: The only 0% transfer offer on this page from a rewards card. Transfers posted in your first 12 statement periods pay 0%, and the 2% fee ($100 on $5,000) sits between the 1% and 3% cards. The trade-offs: it needs $80,000 in personal income (or $150,000 household), the $139 annual fee returns in year two, and anything left after the promo moves to BMO’s 23.99% cash advance rate (21.99% in Quebec), the highest on this page. It suits someone who qualifies, will clear the balance inside a year, and wants a card worth keeping afterward.
Good for
- ✓5% cash back on groceries (on up to $500 a month) and 1% on everything else, uncapped
- ✓Welcome offer also pays $40 bonus cash back in each month you spend $2,000+ in year one
Worth knowing
- !Minimum income of $80,000 personal or $150,000 household
- !Transfers don’t earn cash back, and balances from other BMO cards aren’t eligible
among low-interest cards
CIBC Select Visa Card
Why it’s here: 0% for 10 months at a 1% fee — $50 on a $5,000 transfer, a third of what the 3% cards charge. Anything left afterward moves to CIBC’s 13.99% cash advance rate, tied with Scotiabank Value for the lowest post-promo rate on this page.
Good for
- ✓13.99% purchase and cash advance APR, well below typical rewards-card rates
- ✓Low $29 annual fee, waived in year one
Worth knowing
- !No rewards, points, or cash back on any purchases
- !2.5% foreign transaction fee
among low-interest cards
Scotiabank Value® Visa* Card
Why it’s here: The same 1% fee as CIBC Select (minimum $5) with a slightly shorter 0% window: 9 months from account opening. After that, remaining transfers move to Scotiabank’s 13.99% preferred cash advance rate.
Good for
- ✓Low 13.99% ongoing purchase and cash advance rate — well below the ~19.99%+ standard for…
- ✓Up to 25% off base rates at Avis and Budget car rentals
Worth knowing
- !No meaningful rewards program — earns no points, cash back, or miles…
- !$29 annual fee applies after the first year (a true $0-fee low-rate variant…
among low-interest cards
RBC Visa Classic Low Rate Option
Why it’s here: Not a true 0% — 0.99% for 10 months — but the fee is a flat $5 per transfer instead of a percentage, so on a large balance it costs about the same as the 1% cards. After 10 months, transfers move to 14.99%; the 12.99% rate applies to purchases only.
Good for
- ✓Purchase Security and Extended Warranty Insurance
- ✓Petro-Canada fuel discount and bonus Petro-Points
Worth knowing
- !No rewards/cash-back earning on everyday purchases
- !$20 annual fee (after first-year waiver) versus true no-fee low-rate competitors
among cash-back cards
Scotia Momentum® Visa* Card
Why it’s here: A cash back card with 0.99% on transfers for 9 months at a 2% fee, and a lower annual fee than BMO CashBack World Elite from year two. The catch is what comes after: 22.99%, one of the highest post-promo rates on this page, plus a $49 annual fee. It suits someone who will clear the balance well inside the promo.
Good for
- ✓Purchase security and extended warranty protection
- ✓Up to 7¢/L fuel discount at Shell with Scene+ membership
Worth knowing
- !$49 annual fee with no confirmed first-year waiver
- !No travel insurance, concierge, or lounge perks
All 7 Balance Transfer Offers Compared
Compare any cards side by side →| # | Card | Transfer rate | Transfer fee | Rate after promo | Annual fee | Rating | |
|---|---|---|---|---|---|---|---|
| 1 | BMO Preferred Rate Mastercard | 0% 18 statement periods | 3% | 15.99% | $29 | 4.0 ★ | Apply |
| 2 | MBNA True Line Mastercard | 0% 12 months | 3% | 17.99% | $0 | 4.8 ★ | Apply |
| 3 | BMO CashBack World Elite Mastercard | 0% 12 statement periods | 2% | 23.99% | $139 | 4.8 ★ | Apply |
| 4 | CIBC Select Visa Card | 0% 10 months | 1% | 13.99% | $29 | 4.0 ★ | Apply |
| 5 | Scotiabank Value® Visa* Card | 0% 9 months | 1% | 13.99% | $29 | 4.0 ★ | Apply |
| 6 | RBC Visa Classic Low Rate Option | 0.99% 10 months | $5 | 14.99% | $20 | 4.4 ★ | Apply |
| 7 | Scotia Momentum® Visa* Card | 0.99% 9 months | 2% | 22.99% | $49 | 2.7 ★ | Apply |
Transfer terms are each issuer’s published offer as of September 21, 2026 and can change or end without notice. “Rate after promo” is the rate the issuer applies to transferred balances left over when the promotion ends, which is usually the cash advance rate, not the purchase rate. Rating = MoneyMint rating within each card’s group (low-interest or cash back). Methodology
What’s the Best Balance Transfer Credit Card in Canada?
It depends on how long you need to pay off the balance and how much you can pay upfront. Among the cards we compare, the BMO Preferred Rate Mastercard has the longest 0% window (18 statement periods, 3% fee). The MBNA True Line Mastercard gives 0% for 12 months with no annual fee. The BMO CashBack World Elite Mastercard also offers 0% for 12 statement periods (2% fee) and earns cash back, but requires $80,000 personal or $150,000 household income. If you want the lowest transfer fee, CIBC Select Visa and Scotiabank Value Visa charge 1% for 10 and 9 months at 0%.
How Does a Balance Transfer Fee Work?
Most cards charge a one-time fee — typically 1% to 3% of the amount transferred — added to your new balance when the transfer completes. A $5,000 transfer at a 3% fee costs $150 upfront; weigh that fee against the interest you’d actually pay on your existing card to see whether the move is worth it.
What Happens After the 0% Promotional Period Ends?
Any transferred balance still remaining moves to the rate the issuer charges on balance transfers, which is usually the cash advance rate rather than the purchase rate. On this list that ranges from 13.99% (CIBC Select, Scotiabank Value) to 23.99% (BMO CashBack World Elite; 21.99% in Quebec). Set a payoff plan before you transfer, and note the promo end date so you’re not caught off guard by the rate change.
Can I Use a Balance Transfer Card for Everyday Purchases Too?
You can, but most balance-transfer-focused cards on this list don’t earn rewards, and new purchases are charged the regular purchase rate while the transfer sits at the promo rate. Under federal rules, banks apply any payment above your minimum either to the highest-rate balance first or proportionately across balances. BMO, for example, splits it proportionately (outside Quebec), so part of every extra payment goes to the 0% balance while new purchases keep accruing interest. If you want to combine a transfer with ongoing rewards, BMO CashBack World Elite and Scotia Momentum Visa are the two cards here that earn cash back, though the transferred amount itself doesn’t earn rewards on the BMO card.
Will a Balance Transfer Hurt My Credit Score?
Opening a new card involves a hard credit inquiry, which can cause a small, temporary dip in your score. Beyond that, a transfer that lowers your utilization on your old card — without pushing utilization too high on the new one — can help your score over time, since credit utilization is a significant scoring factor.
Rates, fees and offers are as last verified by MoneyMint and may have changed — always confirm current terms on the issuer’s official page before applying. Some links on this page may be affiliate links, meaning MoneyMint could earn a commission if you apply through them, at no extra cost to you. This never affects which cards we feature or how we rank them. This is general information, not personalized financial advice. Where a card earns points, “estimated value” figures convert points to dollars using MoneyMint’s own point valuations — see our points value calculator.