Balance Transfer Credit Cards in Canada — 2025 Guide

Transfer high-interest debt to a 0%–1.99% promotional rate and pay it off faster. Canada's best balance transfer offers compared.

How Balance Transfers Work in Canada

A balance transfer moves your existing credit card debt from a high-interest card (typically 19.99%) to a new card offering a low promotional rate — often 0%–3.99% for a set period (usually 6–12 months). During the promotional period, your monthly payment goes almost entirely toward principal rather than interest, dramatically accelerating debt payoff.

Best Balance Transfer Cards Canada 2025

Card	Promo Rate	Promo Period	Transfer Fee	Regular Rate
MBNA True Line Mastercard	0%	Up to 12 months	3%	12.99%
Scotiabank Value Visa	0.99%	6 months	None	12.99%
CIBC Select Visa	0%	10 months	1%	13.99%
TD Emerald Flex Rate Visa	Prime + 4.5%	Ongoing	None	Prime + 4.5%–12.75%
National Bank MC Synergie	1.99%	6 months	None	12.99%

MBNA True Line — Best 0% Balance Transfer Offer

The MBNA True Line Mastercard frequently offers 0% on balance transfers for up to 12 months, with a 3% transfer fee. On a $5,000 balance: the $150 transfer fee saves approximately $850 in interest compared to leaving it on a 19.99% card. The regular rate after the promo period is 12.99% — lower than most Canadian cards even without the promo.

Scotiabank Value Visa — Low Transfer Rate, No Fee

The Scotiabank Value Visa often offers 0.99% for 6 months with no transfer fee. After the promo, the regular rate is 12.99%. For someone who can pay off their balance within 6 months, this is an exceptional deal with no upfront cost.

How to Execute a Balance Transfer Successfully

• Step 1: Calculate if the transfer fee is worth it — compare fee cost vs interest saved.
• Step 2: Apply for the new card and request the balance transfer during the application.
• Step 3: Keep making minimum payments on the old card until the transfer is confirmed (2–3 weeks).
• Step 4: Divide the transferred balance by the promo period months — that's your monthly payment target.
• Step 5: Set up autopay for at least the minimum payment to protect the promo rate.
• Step 6: Stop using the old card and don't use the new card for purchases during payoff.

Balance Transfer Pitfalls to Avoid

• Missing a payment — One late payment often cancels the promo rate immediately.
• Not clearing the balance before promo ends — Remaining balance jumps to 22.99%+.
• Making new purchases on the transfer card — New purchases typically accrue interest immediately.
• Reopening the old card for spending — Creates new debt while you're trying to pay off old debt.

Is a Balance Transfer Right for You?

A balance transfer makes sense if: you have $1,500+ in credit card debt, you have a plan to pay it off within the promo period, and you qualify for the new card (typically requires 650+ credit score). If you've struggled with debt before or tend to continue spending on freed-up credit, consider a debt consolidation loan or credit counselling instead.