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If you are carrying $5,000 on a card at 19.99% interest, you are paying $83/month in interest alone — money that reduces your balance by exactly zero. A 0% balance transfer card eliminates that interest for 6-12 months, letting every dollar you pay go directly toward the principal. The math is simple: transfer $5,000 to 0% for 12 months, pay $417/month, and be debt-free in a year. Without the transfer, that same $417/month takes 14 months and costs $580 in interest.
See how much you would save by transferring your balance to 0%:
CALCULATE YOUR SAVINGS →✓ Official site • ✓ Free • ✓ No registration
Low score limiting your transfer options? Rebuild strategically:
REBUILD YOUR SCORE WHILE YOU PAY →No existing card yet? The newcomer guide has the most accessible options:
NEED YOUR FIRST CARD INSTEAD? →✓ You'll stay on this site • ✓ Free content • ✓ No sign-up
Best 0% Balance Transfer Cards in Canada 2026
| # | Card | 0% Period | Transfer Fee | Annual Fee |
|---|---|---|---|---|
| 1 | MBNA True Line Mastercard | 12 months | 1% | $0 |
| 2 | CIBC Select Visa | 10 months | 1% | $29/yr |
| 3 | BMO Preferred Rate Mastercard | 9 months (3.99%) | 1% | $29/yr |
| 4 | Scotiabank Value Visa | 6 months (0.99%) | 1% | $29/yr |
💡 The 0% period starts from the date of transfer, not the date you receive the card. Transfer your balance immediately after activation to maximize the interest-free window.
MBNA True Line: The Clear Winner
12 months at 0% with no annual fee. No other card in Canada matches this combination. The 1% transfer fee on $5,000 is $50 — compared to $1,000 in interest you would pay at 19.99% over the same period. That is a $950 saving for a one-time $50 cost.
Critical rule: do NOT use this card for new purchases. New purchases accrue interest at 19.99% immediately and payments are applied to the transferred balance first (lowest rate first). Use a separate card for daily spending and dedicate MBNA exclusively to paying down the transferred debt.
The strategy: transfer your balance, divide by 12, set up autopay for that amount monthly. In 12 months, the debt is gone. If you cannot clear it in 12 months, the rate reverts to 19.99% — so be realistic about what you can pay.
CIBC Select Visa: Second Best Option
10 months at 0% with a $29 annual fee. Objectively worse than MBNA on every metric (shorter period, has a fee). The only reason to choose CIBC Select: you already bank with CIBC and want to keep everything in one place, or MBNA declined your application.
After the promotional period, the ongoing rate is 13.99% — lower than standard 19.99% cards. If you cannot clear the balance in 10 months, the ongoing rate is at least manageable.
BMO Preferred Rate: For Partial Transfers
3.99% for 9 months is not 0%, but the ongoing rate of 13.99% makes this card useful beyond the promotional period. If you carry balances occasionally and want a permanently lower rate (not just a promotional window), BMO Preferred Rate serves as both a transfer card and a long-term low-rate option.
The Balance Transfer Strategy
Follow these steps exactly:
- Step 1: Calculate your total high-interest debt across all cards
- Step 2: Divide by 12 (MBNA) or 10 (CIBC) — that is your required monthly payment
- Step 3: If you can afford that monthly payment, apply for the transfer card
- Step 4: Transfer immediately after activation (do not wait)
- Step 5: Set up autopay for the calculated monthly amount
- Step 6: Use a SEPARATE card for daily purchases (never the transfer card)
- Step 7: Mark your calendar for the revert date — clear the balance before then
When Balance Transfer Is NOT the Answer
If you cannot clear the debt in the promotional period: You are just delaying the problem. The revert rate (19.99%) will hit the remaining balance hard. Be honest about your monthly payment capacity before transferring.
If you will keep spending on the old card: Transferring debt but continuing to accumulate new debt is a trap. Cut the old card or freeze it. The transfer only works if you stop the bleeding.
If your score is below 650: Balance transfer cards require decent credit. If your score is too low to qualify, focus on a secured card to rebuild first, then transfer once your score improves.
Calculate your exact savings based on your current balance and rate:
SEE HOW MUCH YOU'D SAVE →✓ Official site • ✓ Free • ✓ No registration
Frequently Asked Questions
Does a balance transfer hurt my credit score? ▼
The application creates a hard inquiry (5-10 point drop). But reducing your utilization ratio by paying down debt typically improves your score more than the inquiry hurts it. Net effect is usually positive within 2-3 months.
Can I transfer between cards at the same bank? ▼
Usually no. Most banks do not allow transfers between their own cards. You need to transfer to a different bank. MBNA (owned by TD) may not accept transfers from TD cards — verify before applying.
What happens if I miss a payment during the 0% period? ▼
Most banks will revoke the promotional rate immediately and apply the standard rate (19.99%+) to the entire remaining balance. Never miss a payment during a balance transfer — set up autopay for at least the minimum.
This article is for informational purposes only and does not constitute financial or legal advice. Credit card terms, rates and offers change frequently. Always verify current conditions directly with the issuing bank before applying.
