Best Balance Transfer Credit Cards in Canada for 2025

Managing high-interest credit card debt can feel like an uphill battle at best, and impossible at worst. Luckily, balance transfer credit cards can provide you with a smart way to take back control of your finances and get out of debt. With low introductory rates, these cards let you transfer your existing credit card balance and focus on paying down your debt faster. 

As we head into 2025, Canadians have access to a 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 2025. 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!

Benefits of Choosing a Balance Transfer Credit Card

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 your debt down faster (without accruing as much interest) and can serve as a financial reset for those who are managing multiple high-interest credit card balances. Further, many balance transfer credit cards come with flexible repayment terms and relatively low fees, which makes them the ideal option for reducing debt and improving your financial health.

Tips for Choosing the Right Balance Transfer Credit Card

Selecting the right balance transfer credit card is essential to make sure that you are able to actually pay off your credit card debt more quickly. Here are a few key considerations when selecting a balance transfer credit card: 

1. 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. 

2. 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 make sure that the card’s value justifies its cost. 

3. Check for ongoing interest rates after the promotional period: Be sure that you know what the interest rate will be once the promotional period ends, and make sure that 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 critical considerations to think about: 

• 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 between 3 - 5% 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 2025. We ranked the cards using the following criteria: 

• Introductory APR period: How long 0% or low APR is 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

• 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 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.

CIBC Select Visa Card

Overview

• 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 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 free secondary cards for no additional fee. However, you do need to have a minimal annual income of $15,000, and it doesn’t include rewards or insurance coverage.

Borrowell Exclusive MBNA True Line® Mastercard®

Overview

• Purchase interest rate: 12.99%

• Cash advance interest rate: 24.99%

• Balance transfer interest rate: 15.99%

• Annual fee: None

Rewards and Perks

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

• 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 due to an extremely generous welcome offer, which allows you to get 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 little in the way of perks or rewards, and it’s not available to residents of Quebec.

MBNA True Line® Mastercard®

Overview

• Purchase interest rate: 12.99%

• Cash advance interest rate: 24.99%

• Balance transfer interest rate: 15.99%

• Annual fee: None

Rewards and Perks

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

• 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 MBNA True Line® Mastercard® offers a generous welcome offer, which allows you to get a 0.99% promotional annual interest rate (“AIR”) for 12 months on balance transfers completed within 90 days of account opening, with a 3% transfer fee. This card also has a relatively low Purchase Interest Rate of 12.99%. As well, Borrowell members are eligible for a $50 gift card.. However, it’s important to note that the MBNA True Line® Mastercard® offers little in the way of perks or rewards, and it’s not available to residents of Quebec.

BMO Preferred Rate Mastercard

Overview

• Purchase interest rate: 13.99%

• Cash advance interest rate: 15.99%

• Balance transfer interest rate: 15.99%

• Annual fee: $29.00

Rewards and Perks

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

Pros

• Attractive welcome offer

• Annual fee waived for the first year

• Available across Canada, including Quebec

Cons

• No rewards

• Annual fee of $29 after first year

Borrowell’s Take

The BMO Preferred Rate Mastercard boasts an attractive welcome offer of 0.99% introductory interest rate on balance transfers for the first 9 months and a 2% balance transfer fee. Moreover, the annual fee of $29 is waived for the first year. You’ll also receive purchase protection through BMO’s Zero Dollar Liability. Once the welcome offer expires, though, the balance transfer rate goes up to 15.99%, and you will have to pay the annual fee. There are also no rewards programs associated with this card.  

Scotia Momentum No-Fee Visa Card

Overview

• 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

• No annual fee

• Available across Canada, including Quebec

Cons

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

Borrowell’s Take

The Scotiabank Momentum No-Fee Visa Card has an attractive introductory interest rate of 0% on balance transfers in the first 6 months and charges you no annual fee. Coupled with a cash back program for everyday purchases (3% on eligible purchases in the first 3 months, 1% for most other eligible purchase categories after that), this is a good no-frills card to 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 off at the end of each month.

BMO Air Miles Mastercard

Overview

• Purchase interest rate: 20.99%

• Cash advance interest rate: 22.99%

• Balance transfer interest rate: 22.99%

• Annual fee: None

Rewards and Perks

• Introductory perk of 800 bonus Air Miles

Pros

• Attractive welcome offer

• No annual fee

• Ability to earn unlimited rewards

• Available across Canada, including Quebec

Cons

• Relatively short introductory offer of 9 months, after which APRs are relatively high

Borrowell’s Take

The BMO Air Miles Mastercard has an enticing welcome offer of 0.99% introductory interest rate on balance transfers for the first 9 months and a 2% balance transfer fee, which is highly unusual for a dedicated travel rewards card. As well, when you sign up, you’ll receive 800 bonus Air Miles, which is the equivalent of $80 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.

BMO Cashback Mastercard

Overview

• Purchase interest rate: 20.99%

• Cash advance interest rate: 22.99%

• Balance transfer interest rate: 22.99%

• 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

• Relatively short introductory offer of 9 months, after which APRs are relatively high

Borrowell’s Take

The BMO Cashback Mastercard has an attractive welcome offer of 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.

The Bottom Line

Balance transfer credit cards can be a very powerful and effective means of paying off your existing debt more quickly and efficiently, helping you to attain financial freedom. 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, it’s crucial to consider factors such as the length of the promotional / introductory period as well as what the APRs are after this period is over. While some cards come with perks like rewards or Air Miles, bear in mind that the primary purpose of a balance transfer card is to help you pay down your high-interest debt. As such, you’ll need to be disciplined and realistic about how much you can pay down during the introductory period. By shopping around and carefully considering the best balance transfer cards on the market, you’ll be able to make an informed decision that can help propel you to a debt-free future.