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 21 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
  • Save hundreds of dollars in interest a year
  • Low 11.99% interest rate
  • Pay down balances faster
  • Simplify your monthly payments
  • Rates, fees and other information are effective as of March 1, 2017. Subject to change.
  • 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% 1.99% on balance transfers for the first six months. 11.99%
Scotiabank Value Visa Card
Scotiabank Value® VISA* Card
  • Save hundreds of dollars in interest a year
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Annual Fee:
$29
APR:
11.99%
Balance Transfer:
1.99% on balance transfers for the first six months.
Cash Advance:
11.99%
Apply Now
Scotia Momentum VISA Card
  • Get an introductory 3.99% on Balance transfers for the first six months. Plus, $39 first year annual fee waiver. For accounts opened by July 31, 2017
  • Cash back with low annual fee
  • 2% on eligible gas station, grocery store and drug store purchases and recurring bill payments
  • 1% cash back on all other eligible everyday purchases
  • Rates, fees and other information are effective as of March 1, 2017. Subject to change.
  • 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
First year free then $39 19.99% 3.99% on balance transfers for 6 months 22.99%
Scotia Momentum VISA Card
Scotia Momentum® VISA* Card
  • Get an introductory 3.99% on Balance transfers for the first six months. Plus, $39 first year annual fee waiver. For accounts opened by July 31, 2017
  • Cash back with low annual fee
  • 2% on eligible gas station, grocery store and drug store purchases and recurring bill payments
  • Full credit card details
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Annual Fee:
First year free then $39
APR:
19.99%
Balance Transfer:
3.99% on balance transfers for 6 months
Cash Advance:
22.99%
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 July 31, 2017.
  • A great low rate with no annual fee
  • Pay down balances faster
  • Simplify your monthly payments
  • Rates, fees and other information are effective as of March 1, 2017. Subject to change.
  • 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 July 31, 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
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††
  • 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
Simplycash Card
  • New SimplyCashTM Card from American Express Cardmembers can earn 5% cash back on all eligible purchases at gas stations, grocery stores and restaurants in Canada (up to $250 cash back) for the first 6 months of Cardmembership
  • Earn 1.25% cash back on all other purchases and when your Welcome Rate ends
  • No limit to the amount of cash back you can earn
  • Optional Balance Transfer Offer to new Cardmembers – Enjoy a special 1.99% introductory interest rate on transferred balances in the first 6 months if you choose to transfer your other credit card balances to this American Express card at time of online application. There is no balance transfer fee at time of application.
  • No annual fee for Supplementary Cards
  • Access to memorable experiences with American Express Invites®
  • Insurance coverage and 24/7 Customer Service
  • You can use Apple Pay on your eligible device to pay for goods and services at participating American Express contactless merchants
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
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Annual Fee APR Balance Transfer APR Cash Advance APR
$0 19.99% 1.99% for 6 months* 21.99%
Simplycash Card
SimplyCashTM Card from American Express
  • New SimplyCashTM Card from American Express Cardmembers can earn 5% cash back on all eligible purchases at gas stations, grocery stores and restaurants in Canada (up to $250 cash back) for the first 6 months of Cardmembership
  • Earn 1.25% cash back on all other purchases and when your Welcome Rate ends
  • No limit to the amount of cash back you can earn
  • Full credit card details
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Annual Fee:
$0
APR:
19.99%
Balance Transfer:
1.99% for 6 months*
Cash Advance:
21.99%
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.