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10 Best Balance Transfer Credit Cards of September 2025
Published Aug 31, 2025 2:16 AM UTC • 6 min read
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Sometimes, the best thing you can do to avoid debt is to transfer your balance from one credit card to another with lower interest rates.
There are plenty of credit cards on the market that are optimal for balance transfers. In this blog, we'll help you find your perfect match.
To do so, let’s break down all of the top contenders in balance transfer credit cards by placing them into different categories, like the best with balance transfer welcome bonuses, the best in cashback, and the best with low permanent balance transfer rates.
Better yet, search for your next card using our finder tool.
Best Overall Balance Transfer Credit Card
Our choice for: Balance transfer and interest savings
APPLY NOW
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%*
Even though this card offers no benefits or rewards, the amount you can save on interest is substantial, making it an excellent option for reducing your monthly payments.
Pros
- Great to reduce monthly interest payments during the promotional period.
- Low purchase interest rate for people planning to put some balance on their credit card.
Cons
- A flat fee has to be paid on the balance to make the transfer happen.
- Not a good card other for purposes other than balance transfer.
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
*†, ✪, Terms and Conditions apply. This offer is not available for residents of Quebec. Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button. The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank. Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). Important Notice: Effective September 25, 2025: If the Balance Transfer fee is less than $3.50, we will charge a minimum Balance Transfer fee of $3.50. Check here for full details and current product information.
What makes the MBNA True Line Mastercard the best balance transfer credit card on the Canadian market? 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 available.
Unfortunately though, this card doesn't have a rewards program or any coverage, but it does include 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, providing you with an interest-free promotional period for the longest period of time.
Best Lower Permanent Rate Balance Transfer Credit Cards
In contrast to cards like the MBNA True Line Mastercard, there are also a couple of options that offer low balance transfer rates at all times. These cards will keep your anxiety towards the impending end of promotional periods to a minimum.
Of course, the following permanent rates by no means beat the promotional rates offered by many cards, but they are consistent – which is something that certainly offers peace of mind.
APPLY NOW
on Scotiabank's website
Welcome Bonus
0.99% interest on balance transfers for 9 months + first year fee rebate
Rewards Rate
0%
Annual Fee
$29 $0
Interest Rates
13.99%* / 13.99%*
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
- A great low introductory interest rate on balance transfers
- Only 13.99% interest rate on purchases, balance transfers, and cash advances.
Cons
- No rewards on daily purchases
- Limited insurance
Rewards
This card does not earn rewards on purchases but instead offers much lower interest rates.
Insurance
Coverage
Balance Protection
optional
Benefits
Details
Car Rental Discount
Avis car rental discount up to 25% worldwide
Eligibility
Credit Score
GoodAnnual Income
N/A
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. Check here for full details and current product information.
The Scotiabank Value Visa Card actually gives you the best of both worlds. While it has a low balance transfer rate overall, it also offers a balance transfer welcome offer in the first 10 months of membership. This welcome offer shrinks the interest rate to 0%, afterwards, the rate returns to 13.99%.
If that wasn't enough, this card's balance transfer fee is also one of the lowest. Currently, the Scotiabank Value Visa only charges a 2% 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 with Avis. 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 balance transfer intro offers, provides a low-interest permanent balance transfer rate, and it's balance transfer fee is one of the lowest you'll see.
Our choice for: Luxury Travel + No FX Fees
APPLY NOW
on Scotiabank's website
Welcome Bonus
Up to 80,000 Scene+ points ($800 value)
Rewards Rate
2x Points
Points
Annual Fee
$399
Interest Rates
9.99% / 9.99%
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 Rate: Offers a competitive interest rate of 9.99%.
- Strong Rewards: Earn 2x Scene+ points on all purchases.
- Airport Lounge Access: Enjoy 10 complimentary lounge visits, including Plaza Premium Lounges, through Priority Pass (membership required).
- Comprehensive Travel Insurance: Includes extensive coverage for travel-related needs.
- Flexible Travel Rewards: Points can be redeemed for travel bookings with any provider.
- No Foreign Transaction Fees: Shop internationally without extra charges.
Cons
- High Annual Fee: The annual fee is steep compared to similar cards offering similar perks.
- Limited Premium Perks: Lacks top-tier travel benefits like free checked baggage and priority boarding.
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
Insurance
Coverage
Emergency Medical Term
$2M, Up to 31 daysEmergency Medical (65+)
$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
Travel Accident
$500K/person, $1M/occurrence.svg)
Car Rental Damage & Theft
$65K up to 48 days
Hotel Burglary Insurance
$1000/occurrence
Mobile Device Insurance
$1000
Purchase Protection
120 days
Extended 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)
American Express® Experiences
.svg)
Concierge Services
Discount
Discount on PriorityPass Membership.svg)
Status lift
Hertz #1 Club Gold Member
Extra 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
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. Check here for full details and current product information.
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 at a standard transfer fee of 3%.
Unlike the other two cards we mentioned so far, 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 all of 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.
Best Welcome Bonus Balance Transfer Credit Cards
In this next category, let's expand upon those welcome bonus balance transfer rates.
These cards draw applicants in with their enticing introductory interest rates on balance transfers.
Our choice for: Balance transfer and interest savings
APPLY NOW
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%*
Even though this card offers no benefits or rewards, the amount you can save on interest is substantial, making it an excellent option for reducing your monthly payments.
Pros
- Great to reduce monthly interest payments during the promotional period.
- Low purchase interest rate for people planning to put some balance on their credit card.
Cons
- A flat fee has to be paid on the balance to make the transfer happen.
- Not a good card other for purposes other than balance transfer.
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
*†, ✪, Terms and Conditions apply. This offer is not available for residents of Quebec. Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button. The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank. Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). Important Notice: Effective September 25, 2025: If the Balance Transfer fee is less than $3.50, we will charge a minimum Balance Transfer fee of $3.50. Check here for full details and current product information.
As mentioned, the MBNA True Line Mastercard earns its place as the best welcome bonus balance transfer credit card by offering cardholders 0% interest on balance transfers for a whole year. That said, you will need to make sure all your transfers are completed within the first 90 days of opening your account and you'll need to pay a 3% fee for each transfer. After those 12 months are up, your balance transfer interest rate will revert back to its standard state.
The MBNA True Line Mastercard also comes with no annual cost – talk about being budget-friendly in more ways than one!
Thus, this card has the longest and most impressive balance transfer welcome offer on the table – giving you plenty of time to get your finances in order so you can avoid future debt.
APPLY NOW
on CIBC's website
Welcome Bonus
Balance transfer 0% interest for up to 10 months with a 1% transfer fee
Rewards Rate
No Rewards
Annual Fee
$29 $0
Interest Rates
13.99% / 13.99%
A nice low rate card for everyday spending.
Pros
- Low interest rate
- Nice welcome offer for balance transfer
Cons
- No rewards
- Missing Purchase protection and Extended warranty as benefit almost covered by all other credit cards
Rewards
No rewards earned on this card
Insurance
Coverage
Travel Accident
$100,000
Eligibility
Credit Score
GoodAnnual Income
N/A
While the CIBC Select Visa Card doesn’t give you a full year of zero-interest balance transfers (like the MBNA True Line Mastercard), it still gives you 10 months of interest-free transfers, all for a substantially low transfer fee of 1%.
Similar to the MBNA True Line Mastercard, the CIBC Select Visa Card has no rewards program, but it does offer travel accident insurance.
There is a small annual fee for this card as well, but you won’t have to worry about it for the first year, since it’ll be waived while you get things situated.
Overall, the CIBC Select Visa Card is a good runner up to the MBNA True Line Mastercard in terms of balance-transfer welcome bonuses. It’s also ideal for those who want to save on some of their first-year balance-transfer fees.
APPLY NOW
on Scotiabank's website
Welcome Bonus
0.99% interest on balance transfers for 9 months + first year fee rebate
Rewards Rate
0%
Annual Fee
$29 $0
Interest Rates
13.99%* / 13.99%*
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
- A great low introductory interest rate on balance transfers
- Only 13.99% interest rate on purchases, balance transfers, and cash advances.
Cons
- No rewards on daily purchases
- Limited insurance
Rewards
This card does not earn rewards on purchases but instead offers much lower interest rates.
Insurance
Coverage
Balance Protection
optional
Benefits
Details
Car Rental Discount
Avis car rental discount up to 25% worldwide
Eligibility
Credit Score
GoodAnnual Income
N/A
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. Check here for full details and current product information.
It shouldn’t be a surprise that the Scotiabank Value Visa Card is resurfacing in this category.
Like the CIBC Select Visa Card, the Scotiabank Value Visa Card offers interest-free balance transfers in the first 10 months of membership. It also waives its minimal annual fee in the first year – but may offer a bit more value considering the cost accounts for balance protection insurance and a car rental discount.
The standout feature of the Scotiabank Value Visa Card is that it also has a low balance transfer interest rate even after the 10 month promotional period, plus a low balance transfer fee overall.
So, the Scotiabank Value Visa might be the better alternative to the CIBC Select Visa Card for cardholders who crave some more perks on top of their low balance-transfer welcome bonuses, plus lower interest rates even after the intro offer comes to a close.
Our choice for: Low interest
APPLY NOW
on BMO's website
Welcome Bonus
0.99% interest rate on balance transfers for 9 months*
Rewards Rate
No Rewards
Annual Fee
$29
Interest Rates
13.99%* / 15.99%*
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 rate
- Nice welcome offer for balance transfer
Cons
- Annual fee while there are similar cards that don't have that fee with them
- No benefits other than the most basic purchase protection and extended warranty
Rewards
No rewards earned on this card
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Doubled up to 1 year
Eligibility
Credit Score
GoodAnnual Income
N/A
**Terms and conditions apply.
Each balance transfer is subject to a fee of 2% which will be charged to your account on the date the balance transfer is posted to your Account.
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information. Check here for full details and current product information.
For a small annual fee (unfortunately one that isn’t waived in the first year like the Scotiabank Value Visa Card), you can opt for the BMO Preferred Rate Mastercard.
This Mastercard has a 9-month promotional offer of a 0.99% interest rate on balance transfers with a 2% transfer fee, before shifting back to its standard cash advance rate of 15.99%.
To keep shoppers secure, the card also has purchase protection and extended warranty insurance.
Ultimately, you might prefer the BMO Preferred Rate Mastercard if you’d like a low-interest balance transfer credit card with some purchase coverage.
APPLY NOW
on BMO's website
Welcome Bonus
5% cash back for the first 3 months, up to $2,500 in spend*
Rewards Rate
0.5% - 3%
Cash Back
Annual Fee
$0
Interest Rates
21.99%* / 23.99%*□
This is a great basic cashback credit card for those that prefer no annual fees while getting one of the highest cashback rates on groceries. You also have the additional benefit of redeeming cashback at any point without needing to wait.
Pros
- No annual fee, making it a cost-effective option.
- Up to 3% cash back on groceries and 1% on recurring bill payments.
- Save up to 7 cents per litre at Shell stations when linked with Air Miles.
Cons
- Low base earn rate of 0.5% cash back on non-bonus purchases.
- Limited insurance coverage (extended warranty and purchase protection only).
Rewards
- 3% cash back on grocery purchases (maximum $15 per statement)
- 1% cash back on recurring payments like bills or subscriptions (maximum $5 per statement)
- 0.5% cash back on all other purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Car Rental Discount
Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool..svg)
Gas Discount
Save up to 7 cents per litre at Shell stations when linked with Air MilesDiscount
Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las Vegas.Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.
Eligibility
Credit Score
GoodAnnual Income
N/A
*BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information. Check here for full details and current product information.
If you were hoping for a credit card in this category with some cashback, the BMO Cashback Mastercard could be a great contender – especially since it has no annual fee!
With a balance transfer welcome bonus of 0.99% in the first 9 months of membership and a 2% transfer fee, this card also earns you cashback on grocery purchases and recurring payments.
Like the BMO Preferred Rate Mastercard, this card comes with purchase protection and extended warranty insurance, but it also adds benefits like car rental discounts at participating National Car Rental and Alamo Rent a Car, plus gas discounts at Shell stations.
So, if you want a card that earns you cashback on popular everyday categories, not to mention retail insurance and some road-related benefits, the BMO Cashback Mastercard is a good balance transfer credit card to consider.
APPLY NOW
on BMO's website
Welcome Bonus
Get up to 25,000 bonus points in your first anniversary!*
Rewards Rate
1x - 5x points
Points
Annual Fee
$0
Interest Rates
21.99%* / 23.99%*□
The BMO Eclipse Rise Visa is an excellent choice for those who want to earn rewards without paying an annual fee. It offers solid bonus categories like dining, groceries, and bills, and includes rare perks such as mobile device insurance. The card is ideal for newcomers or those looking to build their credit while enjoying the benefits of a no-fee rewards card with simple, everyday earnings. If you frequently spend in the bonus categories, this card provides good value without any added costs.
Pros
- No annual fee: This card comes with no annual fee, making it an affordable option for earning rewards.
- Bonus categories: Earn 5 points per $2 spent on dining, groceries, and recurring bills.
- Mobile device insurance: Includes $1,000 mobile device coverage, a rare perk for a no-fee card.
- Welcome bonus: Earn up to 20,000 points ($134 value) after spending $1,500 in the first 3 months.
- Annual bonus points: Earn up to 5,000 bonus points yearly when you complete certain actions, such as paying your bill on time.
- Fuel savings: Save up to 7 cents per litre at Shell when you link your BMO and Air Miles accounts.
Cons
- Low base earn rate: Only 1 point per $2 spent on non-bonus categories, providing a low return of 0.335%.
- Low point value: Points are valued at 0.67 cents each, reducing the overall reward potential.
Rewards
- 5x points per $2 spent on eligible dining, groceries and recurring bill payments (up to $5,000 spent per category)
- 1x point per $2 spent on all other eligible purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 yearMobile Device Insurance
$1,000
Benefits
Details
Extra points
2,500 bonus points per year for paying full credit card bill on time for 12 consecutive monthsExtra points
Another 2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with PointsGas Discount
Up to 7 cents off per litre on Shell® fuel if you are an AirMiles collector
Eligibility
Credit Score
GoodAnnual Income
N/A
*BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information. Check here for full details and current product information.
Another BMO balance transfer credit card, the BMO Eclipse Rise Visa Card is a points alternative to the BMO Cashback Mastercard, offering points per dollar spent on day-to-day high-spend categories like dining, groceries, and recurring payments.
Similar to the BMO Cashback Mastercard, the welcome bonus supplies cardholders with a 0.99% introductory interest rate on balance transfers for the first 9 months of membership, all at a low transfer fee of 2%.
On top of purchase protection and extended warranty insurance, the BMO Eclipse Rise Visa Card tacks on mobile device insurance, plus benefits like extra points for paying off your credit card bill in full, balance statement redemptions, and a discount on gas at Shell stations – all for no annual cost!
If you prefer points to cashback for your everyday expenses, plus you want slightly more benefits and coverage alongside your balance transfer welcome bonus, the BMO Eclipse Rise Visa Card could be the better choice over the BMO Cashback Mastercard.
Best Cashback Balance Transfer Credit Card
Let’s take a closer look at some cards that come with both balance transfer perks and cashback reward programs.
APPLY NOW
on BMO's website
Welcome Bonus
5% cash back for the first 3 months, up to $2,500 in spend*
Rewards Rate
0.5% - 3%
Cash Back
Annual Fee
$0
Interest Rates
21.99%* / 23.99%*□
This is a great basic cashback credit card for those that prefer no annual fees while getting one of the highest cashback rates on groceries. You also have the additional benefit of redeeming cashback at any point without needing to wait.
Pros
- No annual fee, making it a cost-effective option.
- Up to 3% cash back on groceries and 1% on recurring bill payments.
- Save up to 7 cents per litre at Shell stations when linked with Air Miles.
Cons
- Low base earn rate of 0.5% cash back on non-bonus purchases.
- Limited insurance coverage (extended warranty and purchase protection only).
Rewards
- 3% cash back on grocery purchases (maximum $15 per statement)
- 1% cash back on recurring payments like bills or subscriptions (maximum $5 per statement)
- 0.5% cash back on all other purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
1 year
Benefits
Details
Car Rental Discount
Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool.Gas Discount
Save up to 7 cents per litre at Shell stations when linked with Air MilesDiscount
Get 20% off admission to Cirque du Soleil shows touring Canada, and 15% off resident shows in Las Vegas.Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.
Eligibility
Credit Score
GoodAnnual Income
N/A
*BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information. Check here for full details and current product information.
Mentioned in the last section, the BMO Cashback Mastercard earns you cashback on everyday spend categories like groceries and recurring payments (capped per statement).
This pairs nicely with its low introductory interest rate on balance transfers for the first 9 months, complete with a low balance transfer fee.
With standard purchase insurance and a couple of benefits (car rental discounts and gas discounts), this is a solid no-fee cashback balance transfer option.
APPLY NOW
on Scotiabank's website
Welcome Bonus
5% Cash back (up to $2,000 in purchases)
Rewards Rate
0.5% - 1%
Cash Back
Annual Fee
$0
Interest Rates
19.99% / 22.99%
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: Enjoy cash back rewards without any annual cost.
- Welcome Offer: Get 5% cash back on purchases for the first three months (up to $100).
- Cash Back Rewards: Earn up to 1% cash back in select categories.
Cons
- Lower Earn Rate: Offers a below-average cash back rate compared to other cards.
- Annual Redemption: Cash back can only be redeemed once per year.
- Lacks Insurance Coverage: No travel or consumer insurance, including purchase protection and extended warranty.
Rewards
- 1% cash back on gas, groceries, drug store 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 Car
Eligibility
Credit Score
GoodAnnual Income
$12,000 personal
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. Check here for full details and current product information.
Newcomers will benefit greatly with the Scotia Momentum No-Fee Visa Card.
Alongside some cashback on gas, groceries, drugstore purchases, and recurring payments – this card rewards members with a 0% introductory interest rate on balance transfers within the first 6 months of membership, with a 2% transfer fee.
Even with no annual fee, you’ll still get a car rental discount at Avis Rent A Car and Budget Rent A Car.
Therefore, if you're applying for your first Canadian credit card, this could be a solid balance transfer option without all of the complexities of competing cards.
APPLY NOW
on Tangerine's website
Welcome Bonus
10% Cash Back (up to $100 value) + 1.95% balance transfer promo rate for 6 months
Rewards Rate
0.5% - 2%
Cash Back
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
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.
Pros
- Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
- 2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
- Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
- Easy credit score requirements needed for this card.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
Cons
- Insurance coverage is the most basic.
- Very low cashback rate on the other categories not selected.
Rewards
- 2% on the choice of two categories chosen from the 10 offered by Tangerine (Grocery, Restaurants, Gas, Entertainment, Furniture, Hotel-Motel, Drug Store, Reoccurring Bill Payments, Home Improvement, Public Transportation and Parking).
- Have your cash back Reward deposited in 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
GoodAnnual Income
N/A
*11 Balance Transfer Promotional Offer at 1.95% for 6 months (1% Balance Transfer Fee)
A Promotional Rate of 1.95% will apply to any and all Balance Transfers made within 30 days of the Account opening, and will remain in effect for 6 Statement Periods from the date the last such Balance Transfer was posted to the Account (the “Promotional Rate Period”). To take advantage of this Promotional Offer, you must complete the Balance Transfer request within 30 days of Account approval. You must also activate your Card within 45 days of Account approval for the requested Balance Transfer to be processed, or the Balance Transfer will be automatically cancelled. Balance Transfers are treated as Cash Advances on your Card and do not have an interest-free grace period. Balance Transfers may not exceed the available credit on the Account. If the Balance Transfer exceeds the available credit, the Balance Transfer transaction will not be processed. A 1% Balance Transfer Fee will be charged on each Balance Transfer amount and will be immediately charged to your Credit Card. This Balance Transfer Fee is waived by Tangerine if you are a resident of the province of Quebec at the time you accept this offer. Interest does not accrue on the Balance Transfer Fee, however it is included in the Minimum Payment amount on your monthly statement. You must continue to make all of your monthly Minimum Payments by the Payment Due Dates shown on your monthly statements. If you still have an amount owing from your Balance Transfer when the Promotional Rate Period ends, the Cash Advance interest rate of 22.95% will apply to that amount. You must continue to make the Minimum Payments on your Account, regardless of whether the Balance Transfer has been processed to your Account. We don’t charge interest on new Purchases that appear on your statement for the first time if we receive full payment of the Balance on your statement (including payment of any Balance Transfers included in that Balance), by the Payment Due Date on your statement. This means you will pay interest on new purchases that appear on your statement for the first time unless we receive payment of your entire balance each month by the payment due date. For example, if you do a promotional (or non-promotional) balance transfer for $7,000 and spend $500 in new purchases during the same statement cycle, we must receive payment of the entire balance of $7,500 on or before your payment due date to avoid paying interest on your new purchases that month of $500. Balance Transfers may not be used to transfer money to or from another Tangerine Account. See the Tangerine Credit Card Cardholder Agreement for more information about how we apply payments to your Account. Check here for full details and current product information.
For slightly more cashback on two categories of your choice, the Tangerine Money-Back Credit Card is a flexible, no-fee, balance-transfer-friendly credit card option.
For the first 6 months, enjoy a low interest rate on balance transfers for one of the lowest transfer fees (1%) available, before the standard rate comes back into play.
To keep you protected with every tap, the Tangerine Money-Back Credit Card is equipped with purchase protection and extended warranty insurance.
All in all, this might be the balance transfer credit card for you if you’re just getting started and prefer to pick your cashback categories, plus you want a small promotional period on balance transfers.
Frequently Asked Questions
Do balance transfers affect your credit card score?
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.
Are there any drawbacks to 0% balance transfer introductory offers?
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.
Are balance transfer credit cards worth it?
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 your best friend. 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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