Best Balance Transfer Credit Cards in Canada for 2026

Managing high-interest credit card debt can feel like an uphill battle. Luckily, balance transfer credit cards can help you take back control of your finances and get out of debt. With low introductory interest rates, these cards let you transfer over your existing credit card balances and pay down your debt more quickly. 

In 2026, Canadians have access to a wide range of balance transfer credit cards designed to promote flexibility and savings. Whether you’re simply looking to consolidate your debt or to find a card with more benefits and rewards, choosing the right card can make a world of difference. 

In this article, we’ve rounded up the best balance transfer credit cards in Canada for 2026. From low fees to extended introductory offers, these options can help you reduce your monthly interest costs and get closer to financial freedom. Read on to find the card that might be right for you!

And remember, if you browse for cards in the Borrowell app, we'll tell you your chances of getting approved for each credit card before you apply, based on your unique credit profile.

Benefits of Balance Transfer Credit Cards in Canada

A balance transfer credit card allows you to save money by consolidating high-interest debt onto a card with a low or 0% introductory rate. This gives you the chance to pay down your debt faster (without accruing as much interest) and reset your finances. Further, many balance transfer credit cards offer flexible repayment terms and relatively low fees, making them ideal for reducing debt and improving your financial health.

How to Choose the Best Balance Transfer Credit Card

Selecting the right balance transfer credit card is critical for paying off your credit card debt more quickly. Here are a few things to consider when choosing a balance transfer credit card: 

• Look for the lowest promotional interest rate and longest promotional period: Choose a card that offers the longest possible 0% or low-interest rate on balance transfers. The longer this period is, the more time you’ll have to pay off your debt without accruing high interest.

• Be mindful of the balance transfer fee: Most cards charge a fee (typically 1-3%) on the amount you transfer. Be sure to factor this fee into your calculations to ensure the card’s value justifies its cost.

• Check the ongoing interest rate after the promotional period: Be sure you know what the interest rate will be once the promotional period ends, and make sure it’s not noticeably higher than other options. 

Calculate potential savings: Use a credit card calculator such as this one from MBNA to estimate how much you could save on interest with a balance transfer card compared to your current credit card(s). This can help you determine if the card’s benefits outweigh any balance transfer or annual fees.

Key Features to Consider for Balance Transfer Credit Cards

When choosing a balance transfer credit card, here are some features to look for: 

• Introductory Annual Percentage Rate (APR) period: You’ll want to look for the card with the longest 0% APR duration on balance transfers.

• Balance transfer fees: Be aware of the balance transfer fees (usually a percentage of the transferred amount). 

• Post-Intro APR: Make sure you know what the APR on your card is after the introductory 0% period is over. 

• Credit limit: Be certain that the card’s limit is sufficient to accommodate the amount you wish to transfer. 

Additional perks: Although balance transfer credit cards are not the ideal card type for benefits, rewards, etc., some of them do offer such perks.

Key Takeaways

Best Balance Transfer Credit Cards in Canada

Based on our research, here are the best balance transfer credit cards in Canada in 2026. We ranked the cards using the following criteria: 

• Introductory APR period: How long is 0% or low APR available on balance transfers

• Balance transfer fees: Lower fees are scored higher

• Ongoing APR: Lower post-introductory APRs indicate long-term affordability

• Annual fees: Cards with low or no annual fees scored better

• Minimum income requirements: If balance transfer fees and other APRs were comparable, we took into account whether a card had a minimum income requirement, and, if so, how much

Rewards and perks: If balance transfer fees and other APRs were comparable, we took into account any additional benefits offered

Scotiabank Value® Visa Card

Overview

• Introductory balance transfer interest rate: 0.99%

• Introductory period length: 9 months

• Balance transfer fee: 2% (minimum $5)

• Purchase interest rate: 13.99%

• Cash advance interest rate: 13.99%

• Balance transfer interest rate: 13.99%

• Annual fee: $29.00

Rewards and Perks

• No fee for additional cardholders

Pros

• Low APR rate of 13.99% across the board

• Annual fee waived in first year

• Available across Canada, including Quebec

Cons

• No rewards

• No insurance coverage included

• Minimum income requirement of $12,000

Borrowell’s Take

With some of the lowest APRs across the board for any balance transfer credit card, the Scotiabank Value® Visa Card also has a competitive introductory balance transfer rate of 0.99% for the first nine months and a low transfer fee of 2%. Moreover, the $29.00 annual fee is waived in the first year. The relatively low APR makes it particularly suited for those who do not pay their monthly balance down in full each month. However, it does not include any rewards or insurance coverage, and after the first year, you’ll be paying $29.00 annually. There’s also a minimum income requirement of $12,000.

Visit the Scotiabank website to apply.

CIBC Select Visa Card

Overview

• Introductory balance transfer interest rate: 0%

• Introductory period length: 10 months

• Balance transfer fee: 1%

• Purchase interest rate: 13.99%

• Cash advance interest rate: 13.99%

• Balance transfer interest rate: 13.99%

• Annual fee: $29.00

Rewards and Perks

• No fee for additional cardholders

Pros

• Across the board low APR rate of 13.99%

• Annual fee waived in the first two years

• Available across Canada, including Quebec

Cons

• No rewards

• No insurance coverage included

• Minimum annual income requirement of $15,000

Borrowell’s Take

With low APRs across categories, the CIBC Select Visa’s low annual fee and attractive welcome bonus make this one of the best balance transfer credit cards available in Canada. You can also get up to three secondary cards at no additional cost. However, you do need a minimum annual income of $15,000, and it doesn’t include rewards or insurance coverage.

Visit the CIBC website to apply.

Borrowell Exclusive MBNA True Line® Mastercard®

Overview

• Introductory balance transfer interest rate: 0.99%

• Introductory period length: 15 months

• Balance transfer fee: 3%

• Purchase interest rate: 12.99%

• Cash advance interest rate: 24.99%

• Balance transfer interest rate: 17.99%

• Annual fee: None

Rewards and Perks

• Use available credit on your credit card to transfer funds right to your chequing account

• MBNA Payment plan enables you to make fixed payments

• Add up to 9 authorized users for no additional annual fee

Pros

• Low purchase interest rate 

• Attractive welcome offer

Cons

• No rewards

• No insurance coverage included

• Not available to residents of Quebec

Borrowell’s Take

The Borrowell Exclusive MBNA True Line® Mastercard® stands out for its extremely generous welcome offer: a 0.99% promotional annual interest rate (“AIR”) for 15 months on balance transfers completed within 90 days of account opening, with a 3% transfer fee. As the name suggests, this special welcome offer is only available to Borrowell members. This card also has a relatively low Purchase Interest Rate of 12.99%. However, it’s important to note that the MBNA True Line® Mastercard® offers few perks or rewards, and it’s not available to residents of Quebec.

Log in to Borrowell to get this exclusive offer.

BMO Preferred Rate Mastercard

Overview

• Introductory balance transfer interest rate: 0.99%

• Introductory period length: 9 months

• Balance transfer fee: 2%

• Purchase interest rate: 13.99%

• Cash advance interest rate: 15.99%

• Balance transfer interest rate: 15.99%

• Annual fee: $29.00

Rewards and Perks

• Up to seven cents off per litre on Shell®± fuel, only for BMO cardholders

• Free extended warranty and purchase protection

• Zero Dollar Liability keeps you protected from fraudulent use of your credit card

Pros

• Attractive introductory balance transfer offer

• Annual fee waived for the first year

• Available across Canada, including Quebec

Cons

• No rewards

• Annual fee of $29 after the first year

Borrowell’s Take

The BMO Preferred Rate Mastercard offers a generous 0.99% introductory interest rate on balance transfers for the first 9 months, plus a 2% balance transfer fee. Moreover, the $29 annual fee is waived for the first year. You’ll also receive extended warranty, purchase protection and BMO’s Zero Dollar Liability. Once the welcome offer expires, the balance transfer rate goes to 15.99%. There are also no rewards programs associated with this card.  

Visit the BMO website to apply.

Scotia Momentum No-Fee Visa Card

Overview

• Introductory balance transfer interest rate: 0%

• Introductory period length: 6 months

• Balance transfer fee: 2%

• Purchase interest rate: 19.99%

• Cash advance interest rate: 22.99%

• Balance transfer interest rate: 22.99%

• Annual fee: None

Rewards and Perks

• Earn cash back on everyday purchases

Pros

• Attractive welcome offer

• Earn cash back rewards

• No annual fee

• Available across Canada, including Quebec

Cons

• Higher standard interest rates than other cards on our list

• You can’t transfer a balance from another Scotiabank account during the promotional period

Borrowell’s Take

The Scotiabank Momentum No-Fee Visa Card offers an attractive introductory 0% balance transfer rate for the first 6 months, a 2% transfer fee, and no annual fee. Coupled with a cash back program for everyday purchases (5% on eligible purchases in the first 3 months, then 0.5% - 1% after that), this is a great no-frills card that can help you pay down your debt and accrue cash back. The main downside of this card is the relatively high APRs across the board, which can add up if you don’t pay your balance in full each month.

Visit the Scotiabank website to apply.

BMO Air Miles® Mastercard®

Overview

• Introductory balance transfer interest rate: 0.99%

• Introductory period length: 9 months

• Balance transfer fee: 2%

• Purchase interest rate: 21.99%

• Cash advance interest rate: 23.99%

• Balance transfer interest rate: 23.99%

• Annual fee: None

Rewards and Perks

• Introductory perk of 1,200 bonus Air Miles (Up to $120 value)

Pros

• Attractive welcome offer

• No annual fee

• Ability to earn unlimited rewards

• Available across Canada, including Quebec

Cons

• After introductory offer expires, APRs are relatively high

Borrowell’s Take

The BMO Air Miles Mastercard offers a 0.99% introductory interest rate on balance transfers for the first 9 months, along with a 2% balance transfer fee, which is highly unusual for a travel rewards card. As well, when you sign up, you’ll receive 1,200 bonus Air Miles, which is the equivalent of $120 towards purchases made with Air Miles Cash. 

You can accrue miles by making purchases from a range of Air Miles partners, eligible grocery stores, wholesale clubs and more. However, once the welcome offer expires, this card has relatively high APRs across the board, so you want to make sure that you can pay off your balance transfer during this introductory period.

Visit the BMO website to apply.

BMO Cashback Mastercard

Overview

• Introductory balance transfer interest rate: 0.99%

• Introductory period length: 9 months

• Balance transfer fee: 2%

• Purchase interest rate: 21.99%

• Cash advance interest rate: 23.99%

• Balance transfer interest rate: 23.99%

• Annual fee: None

Rewards and Perks

• 3% cash back on grocery purchases; 1% cash back on recurring bill payments; 0.5% cash back on all other purchases 

Pros

• Attractive welcome offer

• No minimum threshold to redeem cash-back rewards

• No annual fee

• Available across Canada, including Quebec

Cons

• After the introductory offer expires, APRs are relatively high

Borrowell’s Take

The BMO Cashback Mastercard offers a 0.99% introductory interest rate on balance transfers for the first 9 months and a 2% balance transfer fee, as well as 5% cash back during your first 3 months. As with the other BMO cards referenced in this article, though, once the introductory period has expired, APRs are relatively high across the board, so you’ll want to be sure you can pay your balance off in the first 9 months. Also, the higher cash back earn rates for groceries and recurring bill payments are capped at $500 per billing cycle.

Visit the BMO website to apply.

The Bottom Line

Balance transfer credit cards can be an effective way to pay off your existing debt, helping you attain financial freedom more quickly. By being disciplined and taking full advantage of low or no introductory interest rates, you’ll be able to focus on paying down your principal balance without high interest costs. 

When choosing the balance transfer card that’s right for you, consider factors such as the length of the promotional/introductory period and the APRs after it ends. While some cards come with perks like cash-back rewards or Air Miles, remember that the primary purpose of a balance transfer card is to help you pay down your high-interest debt.

How Does a Balance Transfer Work in Canada?

A balance transfer lets you move debt from a high-interest credit card to a new card with a low or 0% promotional interest rate for a set period of time. Once you are approved for the new card, you request the transfer and your new issuer pays off the old balance and moves it to the new account.

Most cards charge a balance transfer fee (typically 1%–3% of the transferred amount), but even with this cost, the interest savings can be significant — especially if you’re carrying a large balance and can pay it down during the promo period.

Does a Balance Transfer Hurt Your Credit Score?

A balance transfer can impact your credit score negatively in the short term, but it can help in the long run if managed well.

In the short term:

Applying for a new card results in a hard inquiry, which can cause a small, temporary drop in your score. That's why if you browse for credit cards in the Borrowell app, we'll show you your approval chances for each credit card, based on your unique credit profile, so you can make an informed decision before you apply.

Your credit utilization may also change depending on your limits and how much you transfer, leading to slight fluctuations in your credit score.

In the long term:

If you use the lower interest period to pay down your debt, your score can improve thanks to lower balances and on-time payments. However, if you don’t pay off the balance before the promo ends, higher interest charges can make debt more complicated to manage and negatively impact your credit.

Can I Transfer Balances from Multiple Cards?

Yes, most issuers allow you to transfer balances from multiple cards, as long as the total amount stays within your new card’s credit limit.

Keep in mind that some issuers may place limits on how many transfers you can make, and each transfer may incur its own fee, so be sure to check the terms before proceeding.