Sign-up bonuses and rewards are only good if you get a credit card that matches your needs and spending patterns. This list of cards, compiled by our experts, breaks down the best Canadian credit cards of 2020.
Best Balance Transfer Card
MBNA True Line® Mastercard® credit card
0% for 12 months on balance transfers. Limited time offer expires Feb 29, 2020
Purchase APR: 12.99%
Balance Transfer APR: 0% for 12 months
Cash Advance APR: 24.99%
† Promotional Rates: Balance Transfers: 0%
This Promotional Rate applies to any balance transfers made within 90 days of your account opening (each, an “eligible transaction”) and will remain in effect for 12 Statement Periods from the transaction date of each eligible transaction. The Promotional Rate will increase and the remaining balance of the eligible transaction will become subject to the Standard Rate for balance transfers either: (1) on the first day of the first Statement Period that occurs after the expiry of the Promotional Rate; or (2) on the first day of the second Statement Period following any late Minimum Payment.
Balance transfers and access cheques: 12.99%
Cash advances: 24.99%
If your Minimum Payment is late twice within any  consecutive Statement Periods (the ""change event""), the Standard Rate(s) that apply to your account at that time will increase to the following new Standard Rate(s):
Balance transfers and access cheques: 21.99%
Cash advances: 24.99%
The new Standard Rate(s) will apply on the first day of the second Statement Period following the change event.
If you then pay each Minimum Payment on time for  consecutive Statement Periods (""cure period""), the new Standard Rate(s) will decrease to the Standard Rate(s) that applied on your account at the time of the change event. Such rates will apply on the first day of the first Statement Period that occurs after the cure period.
✪ Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group).
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.
Transferring a balance from a high rate card to a low rate card can save hundreds (or thousands) of dollars in interest payments. And you can’t beat a 0% interest rate. That’s why our top pick for best balance transfer card goes to the MBNA True Line® Mastercard®. This card works well if you are serious about paying down debt. However, if you are simply looking to make minimum payments on your transferred balance there may be better options. The go-to interest rate is pretty good compared with other cards, but you will want to pay down as much as possible within the intro period for the best results.