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Best Balance Transfer Credit Cards Canada

If you're dealing with high-interest credit card debt, a balance transfer credit card can be a valuable tool to help you save money and pay off your debt faster. Balance transfer credit cards typically offer low or zero percent introductory interest rates for a specific period, making it easier to manage and reduce your debt. Here’s a look at some of the best balance transfer credit cards available in Canada.

What to Look for in a Balance Transfer Credit Card

Before diving into the top options, it’s essential to know what to look for in a balance transfer credit card:

  1. Introductory APR: Look for cards offering 0% or low-interest rates for an extended period.
  2. Balance Transfer Fees: Be aware of any fees for transferring a balance, typically around 1-3% of the transferred amount.
  3. Standard APR: Know what the interest rate will be after the introductory period ends.
  4. Credit Limit: Ensure the card offers a sufficient credit limit to accommodate your balance transfer needs.
  5. Additional Benefits: Consider any additional perks, such as rewards programs, cash back, or insurance coverage.

Top Balance Transfer Credit Cards in Canada

1. Scotiabank Value® Visa Card

The Scotiabank Value® Visa Card is an excellent choice for those seeking a long-term solution to managing debt.

  • Introductory Offer: 0.99% interest rate on balance transfers for the first 6 months.
  • Balance Transfer Fee: 1% of the amount transferred.
  • Standard APR: 12.99% after the introductory period.
  • Annual Fee: $29.
  • Additional Benefits: Purchase security and extended warranty protection.

2. MBNA True Line® Mastercard

The MBNA True Line® Mastercard is known for its low ongoing interest rates and competitive balance transfer offer.

  • Introductory Offer: 0% interest rate on balance transfers for the first 10 months.
  • Balance Transfer Fee: 3% of the amount transferred.
  • Standard APR: 12.99% after the introductory period.
  • Annual Fee: None.
  • Additional Benefits: 24/7 customer service and access to various Mastercard benefits.

3. CIBC Select Visa Card

The CIBC Select Visa Card offers a great balance transfer rate and added benefits that make it a solid option for those looking to consolidate debt.

  • Introductory Offer: 0% interest rate on balance transfers for the first 10 months.
  • Balance Transfer Fee: 1% of the amount transferred.
  • Standard APR: 13.99% after the introductory period.
  • Annual Fee: $29.
  • Additional Benefits: Car rental insurance, purchase security, and extended warranty protection.

4. BMO® Preferred Rate Mastercard®

The BMO® Preferred Rate Mastercard® is ideal for those who want a balance transfer card with a low ongoing interest rate.

  • Introductory Offer: 3.99% interest rate on balance transfers for the first 9 months.
  • Balance Transfer Fee: 1% of the amount transferred.
  • Standard APR: 12.99% after the introductory period.
  • Annual Fee: $20 (waived in the first year).
  • Additional Benefits: Extended warranty, purchase protection, and access to Mastercard® Zero Liability.

5. Tangerine Money-Back Credit Card

While primarily a cash back card, the Tangerine Money-Back Credit Card also offers a competitive balance transfer promotion.

  • Introductory Offer: 1.95% interest rate on balance transfers for the first 6 months.
  • Balance Transfer Fee: 1% of the amount transferred.
  • Standard APR: 19.95% after the introductory period.
  • Annual Fee: None.
  • Additional Benefits: Earn 2% cash back in selected categories and 0.5% on all other purchases.

Tips for Using a Balance Transfer Credit Card Effectively

  1. Pay Attention to Deadlines: Be mindful of the introductory period's expiration date to avoid high-interest charges.
  2. Make Regular Payments: Ensure you make at least the minimum payments on time to avoid penalties and interest rate increases.
  3. Plan to Pay Off Debt: Aim to pay off the transferred balance before the introductory period ends to maximize your savings.
  4. Avoid New Purchases: Limit new purchases on the balance transfer card to keep your debt manageable and avoid additional interest.

Conclusion

Choosing the right balance transfer credit card can significantly help in managing and reducing high-interest debt. Each of the cards mentioned above offers unique benefits, so consider your financial situation and goals to select the best option for you. By making informed decisions and using the card responsibly, you can take control of your finances and work towards a debt-free future.

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