Embarking on a journey to financial freedom? You’re in the right place! Today, we’re diving into the realm of balance transfer credit cards, those magical tools that can help you bid farewell to high-interest debt and set you on the path to economic bliss. If you’ve ever felt the weight of interest rates dragging you down, these cards could be your financial superheroes. So, buckle up as we explore the top 5 balance transfer credit cards in Canada, each with its own set of perks and potential to turn your debt management game into a winning strategy.
Let’s face it—we’ve all been there, staring down at a mountain of credit card debt with interest rates that seem insurmountable. But fear not! Our guide is here to shed light on the power players in the world of balance transfer credit cards. From slashing interest rates to providing a clear roadmap for paying off your debts, these cards are designed to be your partners in financial resilience. Join us as we unpack the benefits, features, and unique offerings of the top 5 balance transfer credit cards in Canada, because saying goodbye to debt should be a journey worth celebrating!
Welcome to our article where we will explore the top 5 balance transfer credit cards available in Canada. If you’re looking to save money and manage your debt effectively, these cards offer low interest rates for balance transfers. Whether you’re in need of cash back rewards, customizable categories, or a long promotional balance transfer period, there is a card that fits your needs. Read on to discover the best options for balance transfer credit cards in Canada.
MBNA True Line Mastercard
The MBNA True Line Mastercard is a top choice when it comes to balance transfer credit cards in Canada. With a low minimum APR of 12.99% after the promotional balance transfer period ends, this card offers you the opportunity to save money on interest charges. However, it’s important to note that there is a 3% fee for balance transfers, even during the promotional period. Despite the balance transfer fee, the MBNA True Line Mastercard is still a competitive option for those looking to manage their debt effectively.
Promotional Period and APR
The promotional balance transfer period for the MBNA True Line Mastercard allows you to save on interest charges for a specified period of time. After the promotional period ends, the minimum APR of 12.99% comes into effect. This low interest rate can be beneficial for individuals looking to pay down their debt over time.
Balance Transfer Fee
One important factor to consider when choosing the MBNA True Line Mastercard is the balance transfer fee. With a 3% fee for balance transfers, it’s essential to evaluate whether the potential interest savings outweigh the cost of the fee. This fee applies even during the promotional period, so it’s important to factor it into your decision-making process.
| MBNA True Line Mastercard | Details |
|---|---|
| Promotional Period | Varies |
| Minimum APR | 12.99% |
| Balance Transfer Fee | 3% |
BMO CashBack Mastercard
When it comes to cash back rewards, the BMO CashBack Mastercard is a top choice for Canadian consumers. This credit card not only offers competitive cash back rates, but it also provides an attractive feature – 3% cash back on groceries. So whether you’re stocking up on household essentials or filling up your pantry, this card can help you earn rewards on your everyday purchases.
In addition to the 3% cash back on groceries, the BMO CashBack Mastercard offers 1% cash back on recurring bills. This means that you can earn rewards on your utility bills, internet bills, and other recurring expenses. It’s a great way to maximize your cash back potential and get more value from your credit card.
While the BMO CashBack Mastercard is a fantastic option for earning cash back rewards, there are a few important details to keep in mind. The card does come with a 2% fee on balance transfers, so if you’re looking to transfer a balance from another credit card, you’ll need to consider this cost. Additionally, there is a $500 purchase cap on the 3% cash back rate for groceries. If you exceed this limit, your cash back rate will revert to the standard 1% rate.
BMO CashBack Mastercard Key Features:
- 3% cash back on groceries
- 1% cash back on recurring bills
- 2% fee on balance transfers
- $500 purchase cap on 3% cash back on groceries
| Category | Cash Back Rate |
|---|---|
| Groceries | 3% |
| Recurring Bills | 1% |
If you’re looking for a credit card that offers cash back rewards and prioritizes your everyday spending, the BMO CashBack Mastercard is worth considering. With its generous cash back rates on groceries and recurring bills, you can earn rewards while managing your expenses. Just remember to factor in the balance transfer fee and the purchase cap on groceries to make the most of this card’s benefits.
The BMO Rewards Mastercard: Earn Points and Save on Balance Transfers
The BMO Rewards Mastercard is a versatile credit card that allows you to earn BMO Rewards points for every dollar you spend. With a wide range of redemption options, this card offers great flexibility in how you choose to use your rewards. Additionally, if you’re looking to transfer balances from existing credit cards, the BMO Rewards Mastercard has you covered with a competitive balance transfer fee.
Earning BMO Rewards Points
With the BMO Rewards Mastercard, you can earn BMO Rewards points with every purchase you make. Whether it’s shopping for groceries, dining out, or booking a flight, you’ll accumulate points that can be redeemed for travel, merchandise, gift cards, and more. The more you use your card, the more points you’ll earn, bringing you closer to exciting rewards.
Competitive Balance Transfer Fee
If you’re looking to consolidate your credit card debt and save on interest, the BMO Rewards Mastercard offers a competitive balance transfer fee. By transferring your balances from other credit cards to the BMO Rewards Mastercard, you can take advantage of lower interest rates and simplify your repayment strategy. This can help you save money and manage your debt more effectively.
| Card Feature | Details |
|---|---|
| Earning BMO Rewards Points | Earn 1 BMO Rewards point for every $1 spent |
| Balance Transfer Fee | Competitive fee for transferring balances from other credit cards |
BMO Air Miles Mastercard
The BMO Air Miles Mastercard is a great option for Canadian consumers who participate in the Air Miles rewards program. With this credit card, you can earn Air Miles rewards for every dollar you spend at participating Air Miles partners. Additionally, you can earn double the Air Miles at select grocery stores, making it even easier to accumulate rewards.
Key Features:
- Earn 3 Air Miles rewards for every dollar spent at participating Air Miles partners
- Double the Air Miles rewards at participating grocery stores
However, it’s important to note that bonus Air Miles can only be earned at select retail partners, so be sure to check the list of eligible stores. Additionally, unlike some other cards on this list, the BMO Air Miles Mastercard does not provide medical or travel insurance. Nevertheless, if you’re an Air Miles enthusiast looking to maximize your rewards, this card is definitely worth considering.
| Card Name | Air Miles Rewards | Grocery Store Multiplier | Medical/Travel Insurance |
|---|---|---|---|
| BMO Air Miles Mastercard | 3 Air Miles for every dollar spent at participating Air Miles partners | Double Air Miles at select grocery stores | No medical or travel insurance provided |
Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is a popular choice for those looking to earn cash back on their purchases. With this card, you have the freedom to choose up to three customizable categories where you can earn 2% cash back. Whether it’s groceries, gas, or recurring bills, you can maximize your rewards by selecting the categories that align with your spending habits.
In addition to the customizable categories, the Tangerine Money-Back Credit Card also offers 0.50% cash back on all other purchases. This means that no matter where you shop or what you buy, you’ll still earn cash back on every dollar spent.
One of the standout features of this card is its balance transfer offer. You can take advantage of a promotional annual interest rate (APR) of 1.95% on balance transfers for up to six months. This can be a great way to consolidate your debt and save on interest charges. However, it’s important to note that there is a balance transfer fee of 3% of the amount being transferred.
Customizable Categories
When it comes to the customizable categories, the Tangerine Money-Back Credit Card gives you a range of options to choose from. You can select categories such as groceries, dining, gas, recurring bills, drugstore purchases, home improvement, entertainment, hotel/motel stays, public transportation, and parking. This flexibility allows you to tailor your rewards to your specific needs and preferences.
| Category | Cash Back Percentage |
|---|---|
| Groceries | 2% |
| Dining | 2% |
| Gas | 2% |
| Recurring Bills | 2% |
| Drugstore Purchases | 2% |
| Home Improvement | 2% |
| Entertainment | 2% |
| Hotel/Motel Stays | 2% |
| Public Transportation | 2% |
| Parking | 2% |
Overall, the Tangerine Money-Back Credit Card offers a strong rewards program with customizable categories and competitive cash back percentages. The balance transfer offer can be a useful tool for those looking to consolidate their debt and save on interest charges. Whether you’re a frequent grocery shopper, a commuter, or a home improvement enthusiast, this card allows you to earn rewards in the areas that matter most to you.
Scotiabank Momentum No-Fee Visa Card
The Scotiabank Momentum No-Fee Visa Card is an excellent choice for those seeking cash back rewards and a balance transfer option. With this card, you can earn 1% cash back on every dollar spent in everyday purchase categories. This includes purchases made at grocery stores, gas stations, pharmacies, and recurring bill payments. Enjoy the convenience of earning cash back on your everyday expenses without any annual fees.
In addition to the cash back rewards, the Scotiabank Momentum No-Fee Visa Card offers a 0.99% APR on balance transfers for up to 6 months. This allows you to consolidate your debts and save on interest charges. However, it’s important to note that the balance transfer period is limited to just six months, so it’s crucial to have a repayment strategy in place.
While the cash back rewards and balance transfer option are appealing features of this card, it’s worth mentioning that the cash back rate on most purchases is 0.5%. This means that for purchases that do not qualify for the higher cash back rate, you will earn a lower percentage of cash back. Take this into consideration when deciding if the Scotiabank Momentum No-Fee Visa Card is the right fit for your spending habits.
| Rewards | APR on Balance Transfers | Annual Fee |
|---|---|---|
| Cash back rewards on everyday purchases | 0.99% for 6 months | No annual fee |
In summary, the Scotiabank Momentum No-Fee Visa Card provides an opportunity to earn cash back on your everyday expenses, along with a balance transfer option to help you manage your debts. Consider your spending habits and repayment strategy to determine if this card aligns with your financial goals.
ManulifeMONEY + Visa Platinum
The ManulifeMONEY + Visa Platinum is a popular balance transfer card in Canada that offers a range of benefits and features. With no annual fee and complimentary travel accident insurance, this card provides peace of mind and savings for cardholders.
Balance Transfer Card with Competitive Rewards
As a balance transfer card, the ManulifeMONEY + Visa Platinum allows you to transfer your existing balances from other credit cards to consolidate your debt and save on interest. The card also offers a generous cash back program, allowing you to earn rewards on your everyday purchases.
With 2% cash back on groceries, 1% cash back on gas, and 0.5% cash back on all other purchases, this card provides a rewarding experience for cardholders. Whether you’re stocking up on groceries or filling up your tank, you can earn cash back on your spending.
Additional Benefits and Considerations
In addition to the cash back rewards, the ManulifeMONEY + Visa Platinum comes with a range of other benefits. The complimentary travel accident insurance provides coverage for unexpected events while you’re traveling. This can provide you with peace of mind knowing that you’re protected during your trips.
It’s important to note that while the ManulifeMONEY + Visa Platinum offers many benefits, the balance transfer period is shorter compared to some other cards on this list. As such, it’s important to consider your individual needs and financial goals when choosing a balance transfer card.
| Card Benefits | ManulifeMONEY + Visa Platinum |
|---|---|
| Annual Fee | No annual fee |
| Rewards Program | 2% cash back on groceries, 1% cash back on gas, 0.5% cash back on all other purchases |
| Complimentary Insurance | Travel accident insurance |
| Balance Transfer Period | Shorter duration compared to some other cards |
Alterna Savings Cash Back Visa Travel Rewards Visa Gold Card
The Alterna Savings Cash Back Visa Travel Rewards Visa Gold Card is an excellent choice for individuals looking for a balance transfer rewards card with no annual fee. This card offers a range of benefits, including the ability to earn travel rewards and cash back on qualifying purchases.
Earn Rewards on Everyday Purchases
With the Alterna Savings Cash Back Visa Travel Rewards Visa Gold Card, you can earn 2 points for every dollar spent on gas purchases, 1 point per dollar spent on entertainment purchases, and 0.5 points per dollar on all other purchases. This means that every time you use your card, you’ll be one step closer to redeeming exciting travel rewards.
Balance Transfer Benefits
In addition to the rewards program, this card also offers a balance transfer option, allowing you to transfer balances from other higher-interest credit cards. The card comes with a 3.90% APR for six months on balance transfers, giving you the opportunity to save on interest and pay down your debt more quickly.
| Card Benefits | Details |
|---|---|
| Rewards Program | Earn 2 points for every dollar spent on gas purchases, 1 point per dollar spent on entertainment purchases, and 0.5 points per dollar on all other purchases. |
| Balance Transfer Offer | Enjoy a 3.90% APR for six months on balance transfers from other credit cards. |
| No Annual Fee | There is no annual fee associated with the Alterna Savings Cash Back Visa Travel Rewards Visa Gold Card. |
Overall, the Alterna Savings Cash Back Visa Travel Rewards Visa Gold Card provides an attractive combination of rewards, balance transfer benefits, and no annual fee. It’s a great option for those looking to maximize their savings and enjoy travel rewards while managing their credit card expenses effectively.
CIBC Select Visa Card
The CIBC Select Visa Card is a highly recommended balance transfer credit card option in Canada. It stands out with its long promotional balance transfer period of 0% APR for 10 months, giving you ample time to pay off your transferred balance without incurring any interest charges. This feature can be especially beneficial if you want to consolidate your debt or reduce high-interest payments.
Lenient Approval Requirements
Another advantage of the CIBC Select Visa Card is its lenient approval requirements. This means that even if you don’t have a perfect credit score, you still have a good chance of being approved for this card. It offers accessibility to individuals who may have experienced financial setbacks or are working towards building their credit.
While the CIBC Select Visa Card does not come with a rewards program, its focus on balance transfers and favorable promotional period makes it an excellent choice for those looking to save on interest and manage their debts effectively.
| Pros | Cons |
|---|---|
| Long promotional balance transfer period | No rewards program |
| Lenient approval requirements |
Alterna Savings Cash Back Visa
The Alterna Savings Cash Back Visa is a highly regarded balance transfer rewards card offered by a direct bank. This card provides cardholders with the opportunity to earn valuable rewards while benefiting from a competitive balance transfer offer. With its attractive features and incentives, the Alterna Savings Cash Back Visa is an excellent choice for individuals looking to manage their debt and earn rewards simultaneously.
As a balance transfer rewards card, the Alterna Savings Cash Back Visa allows you to transfer your existing credit card balances to enjoy a lower interest rate. With a promotional balance transfer offer that comes with a 3.90% APR for six months, you can consolidate your debts and save money on interest charges. This feature is particularly beneficial for those who are looking to pay off their balances efficiently and reduce their overall debt burden.
In addition to its balance transfer benefits, the Alterna Savings Cash Back Visa offers an appealing rewards program. With this card, you can earn 2 points for every dollar spent on gas purchases, 1 point per dollar spent on entertainment purchases, and 0.5 points per dollar on all other purchases. These points can then be redeemed for various rewards, providing you with the opportunity to enjoy additional benefits and savings.
| Card Features: | Details: |
|---|---|
| Balance Transfer Offer | 3.90% APR for six months |
| Rewards Program | Earn 2 points on gas purchases, 1 point on entertainment purchases, and 0.5 points on all other purchases |
| Annual Fee | No annual fee |
| Additional Benefits | Access to exclusive offers and discounts |
With its balance transfer offer, rewards program, and no annual fee, the Alterna Savings Cash Back Visa is a well-rounded balance transfer rewards card that caters to the needs of Canadian consumers. Whether you’re looking to consolidate your debt or maximize your spending power, this card provides you with the tools to achieve your financial goals. Consider applying for the Alterna Savings Cash Back Visa and take advantage of its benefits today.
BMO Preferred Rate Mastercard
The BMO Preferred Rate Mastercard is a top choice for individuals looking for a credit card with a standard APR. With this card, you can enjoy a fixed interest rate of 12.99% after the promotional balance transfer period ends. This makes it a reliable option for managing your finances in the long term.
While the BMO Preferred Rate Mastercard doesn’t offer extended insurance options, it does come with the advantage of a fixed 12.99% rate on purchases for as long as you own the card. This can provide peace of mind knowing that your interest rate won’t fluctuate unexpectedly.
When it comes to balance transfers, the BMO Preferred Rate Mastercard offers a competitive option. It features a 0.99% APR on balance transfers for a generous nine-month period. This can give you the opportunity to consolidate your debt and save on interest charges. However, it’s important to note that there is a balance transfer fee associated with this card, which should be taken into consideration when evaluating its overall value.
| Card Feature | Details |
|---|---|
| Standard APR | 12.99% |
| Balance Transfer APR | 0.99% |
| Balance Transfer Fee | Varies |
| Extended Insurance Options | No |
| Fixed Purchase Rate | 12.99% |
Overall, the BMO Preferred Rate Mastercard is a solid choice for individuals who prioritize a standard APR and the convenience of a fixed interest rate. With competitive balance transfer offers and the peace of mind that comes with a consistent purchase rate, this card can help you effectively manage your finances.
Conclusion
In conclusion, when it comes to balance transfer credit cards in Canada, there are several excellent options to consider. Whether you’re looking to save on interest rates, earn cash back rewards, or have the flexibility to choose your own spending categories, these top 5 cards have you covered.
For those seeking a low minimum APR after the promotional period, the MBNA True Line Mastercard is a smart choice. If cash back rewards are your priority, the BMO CashBack Mastercard and the Tangerine Money-Back Credit Card offer enticing benefits.
Alternatively, if you’re part of the Air Miles rewards program, the BMO Air Miles Mastercard allows you to earn bonus miles at select partners. And for those looking for a balance transfer rewards card, the Alterna Savings Cash Back Visa Travel Rewards Visa Gold Card and the Alterna Savings Cash Back Visa are worth considering.
Ultimately, the best balance transfer credit card for you will depend on your individual financial goals and preferences. Take the time to evaluate your needs and choose the card that aligns with your priorities. Whichever card you decide on, it can help you save money and manage your debt more effectively.