Canadian No-Fee Balance Transfer Credit Cards

One of the reasons that people get new credit cards is so that they can reduce the interest rate on their total credit balance. A new card frequently offers a lower credit rate, especially for new subscribers, so transferring your balance to the new card automatically reduces your interest rate on other balances you carry on older cards.

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This is an especially appealing option when the card you want to transfer your balance to has 0% interest, at least for an introductory period. Not only are you saving money by transferring to a lower interest rate, but you are stopping any further interest from accruing at all. Add to that many cards that do not charge a fee to transfer balances or open an account, and transferring your balances to these cards can be a smart financial move.

It can be very difficult to find credit cards in Canada that truly have no fee for transferring balances; in many cases, you have to read the fine print very carefully and make sure that you are not agreeing to any hidden or disguised charges. In some cases, cards that have 0% interest have a fee for transferring balances, and cards that have no balance fees have higher interest rates. It still may be worth transferring your balances in these cases, however; even if there is interest on your transferred balance, it may be much lower than your previous interest rate.

Because the balance transfer segment of the Canadian credit card industry is so competitive and lucrative, many cards try to sweeten the deal in order to attract your business. Some have deals with retailers to offer their customers 5% to 20% cash back if they shop at their stores, with lower cash back rates no matter what stores they use, or a high percentage cash back as an incentive to shop online. They offer a significant increase in rewards for any rewards program the retailers or the cards themselves offer. You can also access your account and pay your bills online. Other cards offer free enrollment in credit card security programs and very low interest after the 0% introductory period has expired.

Another use for these no fee balance transfer credit cards is that they help you access cash for very low rates. Most Canadian credit cards increase their interest rates for cash advances, but if your rate is already 0%, you can access your cash without the severe penalty that another card would impose. Some cards also come with sign-up bonuses, which means that in some cases you are not only saving yourself money but actually gaining money by transferring your balances. Some of these bonuses are up to $100 in cash or credit against your card’s balance. Many of these cards carry their 0% interest for 12 or even as long as 15 months.

This is truly an attractive credit card for Canadians who have good credit and want to save money on their credit card transactions.

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See our other Canadian Capital One credit cards