Balance Transfer Credit Cards

A balance transfer is the act of moving high interest debt from one card to another card with a lower interest rate. The result is lower interest payments and the ability to pay down the debt faster. Before you apply, be sure to have your existing account details ready as you will want to request a balance transfer with your application. Be sure to read the fine print on the application page for details of each balance transfer offer.

  • Transferring high interest debt to a low rate card can help cut your debt quickly.
  • Take advantage of low or 0% introductory rate offers to save even more on your existing balances.
  • Some cards require a fee to transfer a balance to a new card. Make sure the interest savings outweighs the fee.
Showing 1 - 7 of 20 cards | View All
MBNA Platinum Plus MasterCard
  • 0% promotional annual interest rate† (AIR) on balance transfers✪ for the first 12 full months
  • Access to 24/7 customer service
  • Around-the-clock-fraud protection
  • Immediate cash access at over 1 million ATMs worldwide
  • No annual fee
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Annual Fee APR Balance Transfer APR Cash Advance APR
$0 19.99% 0% on balance transfers for the first 12 months 24.99%
MBNA Platinum Plus MasterCard
MBNA Platinum Plus® MasterCard® credit card
  • 0% promotional annual interest rate† (AIR) on balance transfers✪ for the first 12 full months
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Annual Fee:
$0
APR:
19.99%
Balance Transfer:
0% on balance transfers for the first 12 months
Cash Advance:
24.99%
Apply Now
MBNA Rewards MasterCard
  • Get MBNA Rewards for your purchases and redeem them for your passions, including travel, merchandise, or even cash back.
  • Earn 1 MBNA Rewards point‡ for every $1 in eligible purchases
  • Receive 5,000 bonus MBNA Rewards points after your first eligible purchase††. That's equivalent to $50 when redeemed for cash back or travel
  • Redeem points‡ for cash back, travel, brand-name merchandise, gift cards from top retailers and charitable donations
  • 0% annual interest rate(AIR)† on balance transfers✪ for the first 6 months
  • No annual fee
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Annual Fee APR Balance Transfer APR Cash Advance APR
$0 19.99% 0% intro for 6 months 24.99%
MBNA Rewards MasterCard
MBNA Rewards MasterCard® credit card
  • Get MBNA Rewards for your purchases and redeem them for your passions, including travel, merchandise, or even cash back.
  • Earn 1 MBNA Rewards point‡ for every $1 in eligible purchases
  • Receive 5,000 bonus MBNA Rewards points after your first eligible purchase††. That's equivalent to $50 when redeemed for cash back or travel
  • Full credit card details
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Annual Fee:
$0
APR:
19.99%
Balance Transfer:
0% intro for 6 months
Cash Advance:
24.99%
Apply Now
Scotiabank Value Visa Card
  • Special 0% introductory interest rate on Balance transfers for the first six months. For accounts opened by February 28, 2017.
  • Low 11.99% interest rate
  • Interest free grace period of at least 21 days on purchases
  • Pay down balances faster
  • Simplify your monthly payments
  • 20% AVIS rental car discount
  • NOTE: A 1% Promotional Rate Fee (minimum fee of $3.50) on the amount of any cash advance, balance transfer and Scotia® Credit Card Cheque will apply during this promotional offer.
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Annual Fee APR Balance Transfer APR Cash Advance APR
$29 11.99% 11.99% 11.99%
Scotiabank Value Visa Card
Scotiabank Value® VISA* Card
  • Special 0% introductory interest rate on Balance transfers for the first six months. For accounts opened by February 28, 2017.
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Annual Fee:
$29
APR:
11.99%
Balance Transfer:
11.99%
Cash Advance:
11.99%
Apply Now
Scotia Momentum VISA Card
  • 1.99% interest rate on balance transfers for the first six months for accounts opened by February 28, 2017.
  • 2% on eligible gas station, grocery store and drug store purchases and recurring bills
  • 1% cash back on all other eligible purchases
  • Purchase security and extended warranty protection
  • 20% AVIS rental card discount
  • NOTE: A 1% Promotional Rate Fee (minimum fee of $3.50) on the amount of any cash advance, balance transfer and Scotia® Credit Card Cheque will apply during this promotional offer.
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Annual Fee APR Balance Transfer APR Cash Advance APR
$39 19.99% 1.99% on balance transfers for 6 months 22.99%
Scotia Momentum VISA Card
Scotia Momentum® VISA* Card
  • 1.99% interest rate on balance transfers for the first six months for accounts opened by February 28, 2017.
  • 2% on eligible gas station, grocery store and drug store purchases and recurring bills
  • 1% cash back on all other eligible purchases
  • Full credit card details
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Annual Fee:
$39
APR:
19.99%
Balance Transfer:
1.99% on balance transfers for 6 months
Cash Advance:
22.99%
Apply Now
Toronto Raptors® MBNA Rewards MasterCard® Credit Card
  • Redeem points for tickets, memorabilia, exclusive team experiences and other Toronto Raptors items with this card
  • 1.99% promotional annual interest rate† (AIR) on balance transfers for the first 10 full months
  • Earn 1 MBNA Rewards point for every $1 in eligible purchases‡
  • 1,000 bonus points after your first eligible purchase††
  • 1,000 bonus points each year on your account anniversary‡‡
  • Choose the rewards you want, whether it's travel, cash back, brand name merchandise and gift cards or charitable donations
  • You can also redeem points for exclusive Raptors experiences, memorabilia and merchandise
  • No annual fee
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Annual Fee APR Balance Transfer APR Cash Advance APR
$0 19.99% 1.99% on balance transfers for the first 10 months 24.99%
Toronto Raptors® MBNA Rewards MasterCard® Credit Card
Toronto Raptors® MBNA Rewards MasterCard® Credit Card
  • Redeem points for tickets, memorabilia, exclusive team experiences and other Toronto Raptors items with this card
  • 1.99% promotional annual interest rate† (AIR) on balance transfers for the first 10 full months
  • Earn 1 MBNA Rewards point for every $1 in eligible purchases‡
  • Full credit card details
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Annual Fee:
$0
APR:
19.99%
Balance Transfer:
1.99% on balance transfers for the first 10 months
Cash Advance:
24.99%
Apply Now
Best Western Rewards MasterCard
  • Earn 1 Best Western Rewards® point for every $1 in eligible purchases‡
  • Earn 5 Best Western Rewards® points for every $1 in eligible purchases at Best Western properties‡
  • Earn 20,000 Best Western Rewards® points†† on your first purchase – enough for a free night stay
  • You will be awarded "Gold Status" upon first use of your credit card and "Diamond Status" when you spend $10,000 in eligible purchases within one year◊◊
  • No limit to the Best Western Rewards® points that can be earned using the credit card in a year
  • Use your Best Western Rewards® points in many ways – hotel stays, elite status upgrades◊◊, dining, airfare, gift cards and more.
  • 1.99% promotional annual interest rate† (AIR) on balance transfers✪ for the first 10 full months
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Annual Fee APR Balance Transfer APR Cash Advance APR
$0 19.99% 1.99% on balance transfers for the first 10 months 24.99%
Best Western Rewards MasterCard
Best Western MasterCard® credit card
  • Earn 1 Best Western Rewards® point for every $1 in eligible purchases‡
  • Earn 5 Best Western Rewards® points for every $1 in eligible purchases at Best Western properties‡
  • Earn 20,000 Best Western Rewards® points†† on your first purchase – enough for a free night stay
  • Full credit card details
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Annual Fee:
$0
APR:
19.99%
Balance Transfer:
1.99% on balance transfers for the first 10 months
Cash Advance:
24.99%
Apply Now
No-Fee Scotiabank Value VISA card
  • Get an introductory 3.99% interest rate on Balance transfers for the first six months. For accounts opened by February 28, 2017.
  • 16.99% interest rate
  • Interest free grace period of at least 21 days on purchases
  • Save hundreds of dollars a year
  • Pay down balances faster
  • Simplify your monthly payments
  • 20% AVIS rental card discount
  • NOTE: A 1% Promotional Rate Fee (minimum fee of $3.50) on the amount of any cash advance, balance transfer and Scotia® Credit Card Cheque will apply during this promotional offer.
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Annual Fee APR Balance Transfer APR Cash Advance APR
$0 16.99% 3.99% on balance transfers for 6 months 16.99%
No-Fee Scotiabank Value VISA card
No-Fee Scotiabank Value® VISA* card
  • Get an introductory 3.99% interest rate on Balance transfers for the first six months. For accounts opened by February 28, 2017.
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Annual Fee:
$0
APR:
16.99%
Balance Transfer:
3.99% on balance transfers for 6 months
Cash Advance:
16.99%
Apply Now

How to choose a balance transfer credit card

As the name suggests, a "balance transfer" allows you to transfer your outstanding balance owed to your current credit card issuer to another credit card at a lower interest rate. Balance transfers effectively reduce the amount of interest you pay while carrying a monthly balance on your credit card.

So in a nutshell, balance transfers save money. By reducing your interest payments, more of your monthly payments can go towards paying down the balance. This also means you’ll be debt-free sooner.

When evaluating balance transfer offers, there’s a few key points to pay attention to:

  • Introductory rate: The “teaser” rate offered by the bank to entice you to sign up. The lower the rate, the better. Balance transfer credit cards usually range from 0% to 9.99% when it comes to introductory rates.
  • Introductory period: Next, find out how long you will receive the introductory rate. Longer is better. You will have more time to pay down your debt at the low rate. Be aware that often the purchase APR is different from the balance transfer APR. You might get a low rate for 12 months on balance transfers, but a regular rate on purchases.
  • Balance transfer fees: Most, if not all, credit card companies charge a fee for transferring a balance. Normally, this is a percentage of the total amount you transfer, usually between 1% and 3%. Crunch the numbers to make sure you’ll come out ahead. Most of the time the interest savings outweighs the fee.
  • Regular rate: Find out what your regular rate, or “go-to” rate will be after the intro period ends. This is a good way to prepare for what’s next. Also be aware that any new purchases will be at this rate.

Getting the most out of a balance transfer requires a plan. The goal is to pay down your debt as quickly as possible during the introductory period. As you work to reduce your debt don’t take on new expenses. Be prepared for what happens when the into rate expires so there’s no surprises.