Paying 19.99% interest on a credit card balance? A balance transfer to a 0% offer can save you hundreds while you pay it off. Here are Canada's best offers right now.
$480
Interest saved by transferring $5,000 at 19.99% to 0% for 12 months
Best Balance Transfer Offers in Canada (2026)
MBNA True Line Mastercard
0% for 12 months
0% promo rate3% transfer fee$0 annual feeThen 12.99% ongoing
Canada's best balance transfer offer: 0% for 12 months on transferred balances, 3% transfer fee (vs up to 19.99% interest avoided). $0 annual fee. After 12 months, the ongoing rate drops to 12.99% — still well below the standard 19.99%. Best for Canadians with $3,000–$15,000 in credit card debt wanting to aggressively pay it down interest-free.
Scotiabank Value Visa
0.99% for 6 months
Near-0% promo2% transfer fee$29 annual feeThen 12.99% ongoing
Scotiabank's Value Visa offers 0.99% on balance transfers for 6 months. Lower ongoing rate (12.99%) than most cards. Good for people who need ongoing low interest after the promo ends. $29/year fee. Decent option if you won't fully pay off within 6 months.
CIBC Select Visa
0% for 10 months
0% promo3% transfer fee$29 annual feeThen 13.99% ongoing
CIBC Select Visa offers 0% for 10 months on balance transfers with a 3% fee and $29 annual fee. Ongoing rate of 13.99% — lower than standard cards. Good for CIBC banking customers wanting to consolidate debt.
Balance Transfer Savings Calculator
How much will you save with a balance transfer?
$480
Interest saved over 12 months at 0% (minus 3% fee)
Frequently Asked Questions
How does a balance transfer work in Canada?
You apply for a new credit card with a balance transfer offer. When approved, you transfer your existing credit card balance to the new card. The new card pays off your old card. You now owe the new card, but at the promotional rate (0% or near-0%) instead of 19.99%. You pay the balance down during the promo period. A transfer fee (typically 1–3%) applies on the amount transferred.
Is a balance transfer worth it in Canada?
Yes, in most cases. If you have $5,000 at 19.99%, you're paying ~$1,000/year in interest. A 0% balance transfer with a 3% fee ($150) saves you ~$850 in the first year — and more if you take longer to pay. The key: make a plan to pay it off before the promo ends, or you'll be back at a high rate.
What happens when the balance transfer promo period ends?
After the promo period (6–12 months), any remaining balance reverts to the card's standard purchase rate — typically 12.99–19.99%. Always have a payoff plan before the promo ends. If you can't pay it all off, consider a low-interest credit card (like MBNA True Line at 12.99% ongoing) or a personal loan at 6.99–15% APR.