If you’re struggling with debt, you’ll want to take a look at one of the best balance transfer credit cards in Canada. Basically, balance transfer credit cards allow you to take your debt from an existing credit card and port it over your new card. This benefits you since you’ll get a lower interest rate for 6-12 months which will allow you to pay down your debt quicker.

How much can you save? Well, it depends on how much debt you have and what interest rate you get, but there are 0% balance transfer credit cards which is a lot less than the standard 19.99% interest that most credit cards charge. In other words, you should always do a balance transfer to help you save money. Here’s a list of the best balance transfer credit cards in Canada.

 Promotional rateRate after promotionAnnual fee
MBNA True Line Gold Mastercard0% for 6 months8.99%$39
MBNA True Line Mastercard0% for 6 months12.99%$0
Tangerine Money-Back Credit Card1.95% for 6 months19.95%$0
Scotiabank Value Visa Card0.99% for 6 months12.99%$29

MBNA True Line Gold Mastercard

  • $39 annual fee
  • 0% balance transfer interest rate for the first six months
  • 8.99% interest rate after the promotional period ends

MBNA has two 0% balance transfer credit cards but the MBNA True Line Gold Mastercard is the higher tier version since you’ll just pay 8.99% interest after your promotional rate of 0% ends after six months. If you’re expecting to still have a balance after six months, then this card is what you want since it has one of the lowest interest rates out there. Keep in mind that there is an annual fee of $39, but that’s likely much lower than what you would pay on interest charges for your current card.

Apply Now for the MBNA True Line Gold Mastercard

 

MBNA True Line Mastercard

  • No annual fee
  • 0% balance transfer interest rate for the first six months
  • 12.99% interest rate after the promotional period ends

The MBNA True Line Mastercard has no annual fee but it still comes with a 0% balance transfer interest rate which will appeal to many people. What makes this card different from the Gold version (besides the annual fee) is that you’ll pay 12.99% interest on your balance after your promotional period ends. Despite this higher interest rate, this is still one of the best balance transfer credit cards in Canada. You can read my full review of both MBNA True Line Mastercards here.

Tangerine money-back credit card

  • No annual fee
  • 1.95% interest rate on balance transfers for the first six months
  • 19.95% interest rate after the promotional period ends
  • 2% money-back on up to 3 categories
  • 0.5% cash-back on all other purchases

If you know that you’ll pay off your balance within six months, then consider the Tangerine money-back credit card. The interest rate is 1.95% for six months and jumps up to 19.95% when the promotional period ends, but it’s one of the best cash back credit cards in Canada which makes it appealing. Read my Tangerine money-back credit card review now for more details.

Apply Now for the Tangerine Money-Back credit card

 

Scotiabank Value Visa Card

  • $29 annual fee
  • 0.99% interest rate on balance transfers for the first 6 months
  • 12.99% interest rate after the promotional period ends

Rounding up my list of the best balance transfer credit cards is the Scotiabank Value Visa. It has a modest fee of $29 and gives you 0.99% interest rate on balance transfers for the first 6 months. After your six months is up, you’ll pay 12.99% interest. To be honest, the MBNA True Line Mastercard gives you better rates, but this card is good for people who do all their banking with Scotiabank and prefer to stay with them. To learn more about the card, you can read my Scotiabank Value Visa review here.

Apply Now for the Scotiabank Value Visa