Best balance transfer credit cards in Canada (2026)

How a balance transfer works

A balance transfer moves debt from one credit card to another. The new card pays your old card, and you then owe the new card instead. The old account stays open, with a zero balance, unless you close it.

The point is a low promotional interest rate for a set time. Every dollar you pay in that window goes at the low rate, so a transfer only helps if you use the time to pay the balance down. Transfers earn no rewards, so don’t pick a card for its earn rate.

The promotional rate usually covers the transferred balance only. New purchases are charged the purchase rate from day one. Our balance transfer guide covers the steps in more detail.

The same-issuer rule

You usually can’t transfer a balance between two cards from the same bank. A transfer from one TD card to another TD card will be refused. The rule often reaches affiliates as well as the brand name, so check the issuer’s transfer terms.

Banks can be linked in ways the card name does not show. MBNA, for example, is part of TD Bank Group. A reader carrying a TD balance who applies for the MBNA True Line has taken a hard credit check for a transfer that may not go through.

So start by eliminating cards. Find out which bank holds each balance you want to move, remove every card from that bank and its affiliates, and only then compare what is left.

What it really costs

Take a $5,000 balance and a plan to clear it in 10 equal monthly payments. Carried at 20.99%, a common purchase rate on rewards cards, it costs about $494 in interest. Moved to the CIBC Select Visa at 0%, the 1% fee is $50, and the payment is $505 a month.

Over 12 months the gap is wider. At 20.99% the interest is about $587. On a 12-month 0% card with a 2% fee, like the BMO Blue Rewards World Elite Mastercard, the fee is $100 and the payment is about $425 a month. The interest figures assume equal payments and monthly compounding.

The fee is added to the balance you move, so it is paid off along with the rest. The saving is real only if you clear the balance before the promotion ends. Whatever remains is charged the card’s regular rate, which is 23.99% on that BMO card.

What to check before you apply

First, confirm which bank holds your balance, and skip any card from that bank or its affiliates. Second, check how much the new card will move. Many issuers cap transfers at a share of your credit limit, such as the CIBC Select Visa at up to 50%.

Third, ask whether you can pay the balance off inside the promotion. If not, the rate after matters more than the 0%. Fourth, remember that applying is a hard credit check, so avoid applying for several cards at once, especially before a mortgage application.

If you can pay the balance off in a year or so, a card from this list can save real money. If you can’t, look at the cheaper routes first: ask your current issuer for a lower rate, or use a line of credit or a lower-rate loan.

How we picked

We looked at the credit cards in our data that offer a balance transfer promotion. We ranked them on the length of the 0% period first, then on the lowest annual fee, then on the lowest transfer fee. Cards with only a 0.99% rate come after the 0% cards, longest first.

Every rate, fee and date comes from our verified product data, as of our last check. Offers change and some have end dates, so confirm the terms with the issuer before you apply. The regular rate after the promotion is shown where our data lists it. We did not rank on brand or reward value, since transfers earn no rewards. For the rules on balance transfers, see the Financial Consumer Agency of Canada at canada.ca.

Frequently Asked Questions