7 Best Balance Transfer Credit Cards of October 2026 in Canada
Published Sep 21, 2026 7:31 PM • 5 min read
Sometimes, the best thing you can do to avoid debt is transfer your balance from one credit card to another with lower interest rates. There are plenty of Canadian credit cards that are optimal for balance transfers. In this blog, we'll help you find your perfect match.
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Best Balance Transfer Credit Cards in Canada
Our choice for: Best Overall
on MBNA's website
Welcome Bonus
0% rate on balance transfers for 12 months (3% fee applies). Not available for residents of Quebec.†
Rewards Rate
0%
Annual Fee
$0
Interest Rates
12.99%* / 24.99%*
RECOMMENDED CREDIT SCORE
5/5
Voted the Best Balance Transfer Credit Card by FinlyWealth, the MBNA True Line offers a 0 percent introductory balance transfer rate, a feature that very few credit cards in Canada provide, along with a very competitive transfer fee. Beyond the promotional period, it continues to stand out with one of the lowest ongoing purchase interest rates in Canada. With no annual fee, this card is an excellent choice for Canadians looking to reduce interest costs.
Awards & Recognition
Best Balance Transfer Credit Card
2026
Pros
- No annual fee
- Balance transfer intro offer
- Low purchase interest rates
- Credit transfers
- Fraud protection
- Car rental discounts
Cons
- Flat transfer fee
- No rewards
Rewards
- No rewards earned on purchases.
- Standard Annual Interest Rates of 12.99% on eligible purchases, 17.99% on balance transfers✪, and 24.99% on cash advances.
- You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee. This offer is not available for residents of Quebec.
- Use available credit on your credit card to transfer funds right to your chequing account.
- Around-the-clock fraud protection.
Benefits
Details
Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Eligibility
Credit Score
GoodAnnual Income
N/A
Our choice for: Best Balance Protection Low Interest Option
on Scotiabank's website
Welcome Bonus
0% interest on balance transfers for 9 months + first year fee rebate
Rewards Rate
0%
Annual Fee
$29 $0
Interest Rates
13.99%* / 13.99%*
RECOMMENDED CREDIT SCORE
4.6/5
This is a great card for those who carry a balance every month and want to take advantage of much lower interest rates compared to most other cards. It also comes with a great introductory balance transfer rate for a limited number of months.
Pros
- Balance transfer promotion
- Low interest rates
- First-year fee rebate
- Shell Fuel Savings
- Balance protection
- Car rental discounts
Cons
- No rewards
- Limited extras
Rewards
This card does not earn rewards on purchases but instead offers much lower interest rates. Rates, fees and other information are effective as of July 2, 2026. Subject to change.
Insurance
Coverage
Balance Protection
optional
Benefits
Details
Car Rental Discount
Avis car rental discount up to 25% worldwide.svg)
Gas Discount2
Get up to 5¢/L in value on fuel purchases at Shell stations
Eligibility
Credit Score
GoodAnnual Income
N/A
Our choice for: Best BMO Balance Transfer Card
on BMO's website
Welcome Bonus
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 3% transfer fee and a $29 first-year annual fee rebate.*
Rewards Rate
No Rewards
Annual Fee
$29 $0
Interest Rates
13.99%* / 15.99%*
RECOMMENDED CREDIT SCORE
4.5/5
If you plan to carry a balance on your credit card, this card offers a very low interest rate. However, there are other cards with no annual fee and slightly lower interest rates that you might want to consider as well.
Pros
- Low interest rates
- Balance transfer welcome bonus
Cons
- Annual fee
- Lacks significant benefits
Rewards
No rewards earned on this card
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Doubled up to 1 year
Benefits
Details
Discount
Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
Eligibility
Credit Score
GoodAnnual Income
N/A
Our choice for: Best for RBC
on RBC's website
Welcome Bonus
Enjoy a 0.99% introductory interest rate for the first 10 months on balance transfers^ and no annual fee for the first year*. Apply by November 4 2026.
Rewards Rate
N/A
Annual Fee
$20 $0
Interest Rates
12.99% / 14.99%
RECOMMENDED CREDIT SCORE
4.8/5
A low-interest credit card in case you want to carry a balance every month. This card provides no rewards on purchases, however comes with a relatively lower interest rate compared to many other credit cards, so if you're unable to pay your balance in full every month, this card will save you a lot of money in interest payments.
Awards & Recognition
Best Low Interest Credit Card
2026
Pros
- Low annual fee
- Lower interest rates
- Low interest welcome bonus
- first-year fee rebate
Cons
- No rewards
Rewards
- Get a low, fixed annual interest rate of 12.99% on purchases and 14.99% on cash advances including balance transfers1.
- Your RBC Visa Classic Low Rate Option card includes purchase security and extended warranty insurance coverage4.
- Get special partner offers from brands like Petro Canada, Rexall and DoorDash.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Doubled Up to 1 year
Benefits
Details
Extra points
50 Be Well points for every $1 spent on eligible products at RexallGas Discount
save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada and 20% more Avion points at Petro-CanadaDiscount
Get a 6-month complimentary DashPass subscription — a value of almost $60. Plus, enjoy unlimited deliveries when $0 delivery fees on orders of $15 or more when you pay with your eligible RBC credit card.
Eligibility
Credit Score
GoodAnnual Income
N/A
Our choice for: Best No-Interest Rewards Contender
on Scotiabank's website
Welcome Bonus
Earn 5% Cash Back on all purchases for the first 3 months (up to $2,000 in total purchases).1
Annual Fee
$0
Interest Rates
19.99% / 22.99%
RECOMMENDED CREDIT SCORE
3.1/5
The Scotiabank Momentum® No-Fee Visa* Card is ideal for those seeking a straightforward, entry-level credit card to build their credit while earning modest cash back on everyday purchases like groceries, gas, and bills. With no annual fee, a competitive balance transfer offer, and a high spending cap, it's a practical choice for young adults or newcomers who want to earn rewards without the complexities of more premium cards.
Pros
- No annual fee
- Generous welcome bonus
- Decent rewards
- Car rental discounts
Cons
- No insurance
- Annual redemption
- Relatively lower earn rate
Rewards
- 1% cash back on gas, groceries, drug store, transit, rideshare, food delivery and recurring payments
- 0.5% cash back on all other credit card purchases (unlimited)
Benefits
Details
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A CarGas Discount2
Get up to 6¢/L in value on fuel purchases at Shell stations
Eligibility
Credit Score
GoodAnnual Income
$12,000 personal
Our choice for: Best Cashback Card
on Tangerine's website
Welcome Bonus
10% Cash Back (up to $100 value) + 1.95% balance transfer promo rate for 6 months
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
RECOMMENDED CREDIT SCORE
4.4/5
While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.
Awards & Recognition
Best Starter Credit Card
2026
Pros
- Customizable cashback
- Unique categories available
- High recurring transaction optimization
- High pharmacy purchase optimization
- Bonus category available
- No annual fee
Cons
- Basic insurance
- Low base earn rate
Rewards
- 2% Money-Back Rewards on your choice of two categories from the 13 offered by Tangerine (Grocery, Restaurants, Gas, Entertainment, Furniture, Hotel-Motel, Drug Store, Reccurring Bill Payments, Home Improvement, Public Transportation and Parking and more). Change them up every 90 days to match your spending habits.
- Have your Money-Back Rewards deposited into a Tangerine Savings Account and get a third 2% Money-Back Category.
- 0.5% cashback on all other credit card purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to a year
Eligibility
Credit Score
FairAnnual Income
$12,000 personal
Our choice for: Best Premium Honourable Mention
on Scotiabank's website
Welcome Bonus
Earn up to $3,000* in value in the first 14 months, including up to 100,0001 bonus Scene+ points.
Annual Fee
$399
Interest Rates
9.99% / 9.99%
RECOMMENDED CREDIT SCORE
3.8/5
The Scotiabank Platinum American Express is the perfect choice for those seeking a super premium credit card without steep income requirements. With a high flat rate of rewards on all purchases, extensive insurance coverage, and flexible travel redemption options, it offers full-featured perks that cater to frequent travelers and savvy spenders alike.
Pros
- Low interest rates
- Strong rewards
- Airport lounge access
- Comprehensive travel insurance
- Shell Fuel Savings
- Flexible travel rewards
- No foreign transaction fees
- Instant decision. No credit impact.
Cons
- Higher annual fee
- Limited premium perks
Rewards
- Earn 2x Scene+ points for every $1 spent on all other eligible purchases
- Earn additional benefits + up to 4x Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
- Rates, fees and other information are effective as of July 2, 2026. Subject to change.
Insurance
Coverage
Travel Medical Insurance (64 & under)
$2M, Up to 31 daysTravel Medical Insurance (65 to 75)
$2M, Up to 10 days
Trip Cancellation
$2500/person, $10000/trip
Lost or Stolen Baggage
$500/person, $1000/trip
Trip Interruption
$5000/person, $25000/trip
Baggage Delay
$1000 After 4 hoursFlight Delay
$1000/person
Common Carrier Travel Accident Insurance
$500K/person, $1M/occurrence.svg)
Car Rental Damage & Theft
$65K up to 48 days
Hotel Burglary Insurance
$1000/occurrence
Mobile Device Insurance
$1000Purchase Protection
120 daysExtended Warranty
Up to a year
Benefits
Details
No Foreign Transaction Fees
Airport Lounge - Plaza Premium
10 visits, 4 visits for secondary card (combined with the Priority pass)Airport Lounge - Priority Pass
10 visits, 4 visits for secondary card (combined with the Plaza Premium)Gas Discount2
Get up to 11¢/L in value on fuel purchases at Shell stations
American Express® Experiences
.svg)
Concierge Services
Discount
Discount on PriorityPass Membership.svg)
Status lift
Hertz #1 Club Gold MemberExtra points
Extra 4 Scene+ points per Canadian dollar spent on hotel and car rental bookings made through Scene+ Travel using your Scotiabank Platinum American Express Card
Eligibility
Credit Score
GoodAnnual Income
$12,000 personal or $12,000 household
From our Editors: The Full List of Best Balance Transfer Credit Cards in Canada
Best Overall: MBNA True Line Mastercard
What makes the MBNA True Line Mastercard the best balance transfer credit card in Canada? The answer is simple. In short, this no-fee contender offers a 0% promotional interest rate on balance transfers for an entire year! That means, with this card, you can differ your interest rates on balance transfers for the longest amount of time. In fact, this card is both one of the best no-fee credit cards in Canada and best low-interest credit cards in Canada. Unfortunately though, this contender lacks a rewards program and coverage. That said, it includes car rental discounts at Avis and Budget locations.
Ultimately, when you apply for the MBNA True Line Mastercard, you're applying for the best avenue to catch up on your credit card debt. Read more in our MBNA True Line Mastercard Review.
Best Balance Protection Low Interest Option: Scotiabank Value Visa Card
The Scotiabank Value Visa Card gives you the best of both worlds, offering a low interest rate on balance transfers for the first several months of membership for a low transfer fee. There are no rewards attached to the Scotiabank Value Visa Card, but the low annual fee accounts for perks like balance protection insurance and car rental discounts at participating Avis locations. Not to mention, the annual cost is completely waived in the first year.
In conclusion, the Scotiabank Value Visa Card is a top contender for the best balance transfer credit because it has one of the longest low-interest balance transfer intro offers, provides a low transfer rate, and includes valuable balance protection insurance. Get all the details in our Scotiabank Value Visa Card Review.
Best BMO Balance Transfer Card: BMO Preferred Rate Mastercard
There are a handful of BMO credit cards that offer competitive balance transfer interest rates, but the BMO Preferred Rate Mastercard is the most highly ranked. This Mastercard has a lasting low-interest promotional offer on balance transfers, plus a low transfer fee. To keep shoppers secure, the card also provides purchase protection and extended warranty insurance. Discover more in our BMO Preferred Rate Mastercard Review.
Best RBC one: RBC Visa Classic Low Rate Option
This impressive offer is accompanied by extended warranty and purchase protection insurance, plus gas discounts and extra points at Rexall. Thankfully, this card's annual fee is waived for this first year of membership. Find out more in our RBC Visa Classic Low Rate Option Review.
Best No-Interest Rewards Contender: Scotia Momentum No-Fee Visa
The Scotia Momentum No-Fee Visa Card offers a 0% interest introductory period plus some cashback on gas, groceries, drug store purchases, and recurring payments. While the card lacks coverage, it includes car rental discounts at Avis and Budget locations. Note that there is a small annual income requirement, however, as the name suggests, this contender avoids annual fees. Read more in our Scotia Momentum No-Fee Visa Card Review.
Best Cashback Card: Tangerine Money-Back Mastercard
Speaking of cashback, the Tangerine Money-Back Mastercard allows you to select 2 cashback categories out of the 13 offered by Tangerine, plus a third when you deposit your rewards into a Tangerine Savings Account. The best part? This competitive no-fee cashback card also offers low interest rates on balance transfers, landing it a spot in our Best Cash Back Credit Cards in Canada post. Get the entire breakdown in our Tangerine Money-Back Mastercard Review.
Best Premium Honourable Mention: Scotiabank Platinum American Express Card
The Scotiabank Platinum American Express Card doesn’t have a balance-transfer-related welcome bonus, but it does offer all-time low interest rates on purchases and cash advances – which includes balance transfers. Unlike many of the other cards we mentioned above, the Scotiabank Platinum American Express Card features a rewards program, earning cardholders a flat rate of points per dollar spent on all eligible purchases. The Scotiabank Platinum American Express card also boasts extensive and comprehensive insurance, plus tons of travel-oriented benefits (including lounge access). The catch? You’ll have to pay a high annual fee for these perks on top of the low balance transfer rates – it is a premium card after all.
Ideally, this card is best for frequent travellers and bigger spenders who also want to take advantage of low-interest rates. See more in our Scotiabank Platinum American Express Card Review.
How to Choose the Right Balance Transfer Credit Card
As with any credit card, picking the right balance transfer credit card comes down to your spending habits current financial situation. Specifically, you'll want to pick a balance transfer card with the lowest possible interest rate, for the longest promotional period. This way, you'll have plenty of time to pay off your carried balance. A low transfer fee is always helpful as well!
To find a balance transfer credit card that complements your unique situation, check out our Credit Card Balance Transfer Calculator. This tool compares how much you could be saving on your current credit/loan balance(s) if you transfer your lingering credit card balance to a Canadian balance transfer credit card. It also helps determine which balance transfer card is best for you.
How to Apply for a Balance Transfer Credit Card
To apply for a balance transfer credit card, simply tap the "Apply Now" button featured below any of the listed contenders above. Afterwards, you'll be redirected to the issuer's official website to kickstart the application process. Credit card applications typically ask for your personal information (like your birthdate, address, and email) and financial information (such as your income, when applicable).
Frequently Asked Questions
Balance transfers can affect your credit card score both negatively and positively.
On the positive side of things, it can improve your utilization ratio. When you transfer your balance from one card (or a couple of cards) to a new card with a higher credit limit, your credit utilization can decrease. Just make sure you’re still making your payments on time to keep up a positive payment history. Transferring your balance to a credit card with lower interest rates will also help you reduce your debt, which is also beneficial to your credit card score.
Alternatively, if you’re constantly transferring your balance to better cards, this still puts a hard inquiry on your credit report. Hard inquiries can look risky to lenders and credit card bureaus.
While 0% or low balance transfer introductory interest rates are extremely appealing, they can promote a false sense of security since they don’t last forever. Just because the interest rate is 0%, doesn't mean it will cost you zero money, balance transfer fees still apply.
If you believe that you will have enough time to catch up on your debt in the time allotted by introductory promotional periods, then these offers are very beneficial. Still, you cannot rely on their generosity since they all come with expiration dates.
If you need some more time to pay off your debt and much lower interest rates in the meantime, then balance transfer credit cards are some of the best Canadian credit cards. Be wary, however, of the closing dates of promotional periods and any temptations to overspend now that you have some leeway.
You may also want to keep in mind that most balance transfer credit cards come with fewer benefits, coverage, and rewards (if any).
That said, if you know you can pay off your debt in the granted promotional window, if you don’t need tons of extra perks, and you plan on being financially responsible from here on out, you’re in good shape to apply for a balance transfer credit card.
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