Best 0% Balance Transfer Cards in Canada – MBNA, Scotia, BMO
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If you are carrying a balance on a credit card at 19.99% or higher, every month you wait costs you real money. A ,000 balance at 20% interest generates 3 in interest charges per month – money that goes to the bank instead of reducing your debt. A 0% balance transfer card lets you move that debt to a new card with zero interest for 6 to 12 months, so every dollar you pay goes directly to eliminating the balance. Here are the best balance transfer offers in Canada right now and exactly how to use them.
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Best Balance Transfer Cards in Canada (2026)
| # | Card | Promo Rate | Duration | Transfer Fee | Annual Fee |
|---|---|---|---|---|---|
| 1 | MBNA True Line Mastercard | 0% | 12 months | 1% | /usr/bin/bash |
| 2 | Scotiabank Value Visa | 0.99% | 6 months | 1% | 9 |
| 3 | BMO Preferred Rate Mastercard | 3.99% | 9 months | 1% | 9 |
| 4 | CIBC Select Visa | 0% | 10 months | 1% | 9 |
| 5 | TD Low Rate Visa | 0% | 6 months | 1% | /usr/bin/bash |
1. MBNA True Line Mastercard – Best Overall Balance Transfer
0% interest on balance transfers for 12 months with a 1% transfer fee. No annual fee. Standard purchase rate of 19.99% after the promo period. This is the longest 0% period available in Canada from a no-fee card.
The math: Transfer a ,000 balance. Pay 1% fee (0). Pay /usr/bin/bash in interest for 12 months. Monthly payment to clear the balance: 17/month. Total cost: ,050. Without the transfer, you would pay ,000 + approximately 50 in interest = ,550. You save 00.
Best for: Anyone with a balance under 0,000 who can commit to paying it off within 12 months.
Watch out for: New purchases on this card accrue interest at 19.99% immediately. Do not use this card for spending.
2. Scotiabank Value Visa – Low Ongoing Rate
0.99% on balance transfers for 6 months, then drops to a permanent low rate of 12.99%. Transfer fee of 1%. Annual fee of 9. The ongoing low rate makes this valuable even after the promo ends.
Best for: People who cannot pay off their full balance within 12 months. The 12.99% ongoing rate saves money long-term.
3. BMO Preferred Rate Mastercard
3.99% on balance transfers for 9 months, then 13.99% ongoing. Transfer fee of 1%. Annual fee of 9. Also offers 13.99% on purchases, making it useful as a daily card for people who occasionally carry a balance.
Best for: People who want both a balance transfer tool AND a low-rate card for ongoing use.
4. CIBC Select Visa
0% on balance transfers for 10 months. Transfer fee of 1%. Annual fee of 9. Standard rate of 13.99% after promo. Includes purchase protection and extended warranty.
Best for: CIBC customers who want to consolidate debt within their existing banking relationship.
5. TD Low Rate Visa
0% on balance transfers for 6 months. No annual fee. Standard rate of 12.99% after promo.
Best for: Smaller balances (,000-,000) that you can clear in 6 months.
How Balance Transfers Actually Work
Step 1: Apply for the balance transfer card and get approved.
Step 2: Request the transfer (online or by phone). Provide your old card number and the amount. The new bank pays your old bank directly.
Step 3: The transferred balance appears on your new card at the promotional rate.
Step 4: Pay down the balance aggressively during the 0% period. Divide the total by the number of promo months.
Step 5: Before the promo ends, either pay off the remaining balance or transfer again to another card.
Critical Mistakes to Avoid
Using the card for new purchases: Most balance transfer cards charge full interest on new purchases immediately. Payments are applied to the lowest-rate balance first (the transfer), meaning new purchase interest compounds. Use a different card for spending.
Missing a payment: One missed payment can void the promotional rate entirely, jumping your balance to the standard rate retroactively. Set up autopay for at least the minimum.
Not having a payoff plan: If you transfer ,000 at 0% for 12 months but only pay minimums, you will still owe ,000+ when the rate jumps. Calculate your monthly payment target on day one.
Transferring between cards at the same bank: Most banks do not allow balance transfers between their own products. You must transfer to a different institution.
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Frequently Asked Questions
Does a balance transfer hurt my credit score?
The application creates a hard inquiry (5-10 point drop). However, if the transfer reduces your utilization on the old card, the net effect is usually positive.
Can I transfer a balance from a line of credit?
Some issuers allow transfers from lines of credit. MBNA and BMO both accept LOC transfers. Check with the issuer before applying.
What happens if I cannot pay off the balance before the promo ends?
The remaining balance starts accruing interest at the standard rate (typically 19.99-22.99%). You can apply for another balance transfer card, but approval is not guaranteed.
How much can I transfer?
Up to your approved credit limit (sometimes 80-90% of it). If you need to transfer ,000, you need at least an ,000 limit, which typically requires income of 0,000+ and a score of 680+.
This content is for informational purposes only and does not constitute financial advice. Balance transfer offers change frequently. Always verify current promotions on the issuer website.
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