• Best Balance Transfer Credit Cards Canada

    A credit card balance transfer basically is moving the debt from one particular card to another credit card. It is regularly an excellent technique to set aside money for savings. Various credit card companies offer an interest free period on balance transfers to new clients. This is the common promotions that card issuer gives to be able to attract more new customers. Clients can merge their payables by transferring the balance from more than one card or be able to get a new credit card having lower interest rate. Switching to a credit card that does have 0% balance transfer can provide a huge savings for the card holder for a period of 16 months.

    Most clients have specific goals and objectives when they are using balance transfer credit cards. Usually, card holders are searching ways to lessen their high interest debt; however, clients are maximizing their full financial prospective by leveraging all their assets, as well as maintaining a good credit score. Commonly, card applicants pick best balance transfer credit cards Canada offering no interest charging for introductory balance transfers. In addition, client have learned that transferring credit balances and deposit them into high interest bank savings accounts would allow them to earn free money. Several card issuers guarantee the new clients that balance transfer process would be very quick by allowing the card user to demand a balance transfer check payable to the full credit limit set with the credit card.

    On the other hand, card issuers appear to be slowly phasing out profitable no balance transfer fee offers. 0% balance transfer fee opportunities provided by the card issuer will not be available most of the time as banks and card companies do change their credit card promo and benefits. As a tip to the card applicants, always remember to read credit card terms carefully and compare it with other credit card from the different card issuers.

    Good Credit - Excellent Credit

    This will talk about actual best balance transfer credit cards Canada from different issuers that give low interest rate. What is common about these credit cards is that they are giving 0% balance transfer fee for a certain period. The time spans before the special interest rate goes back to its permanent rate usually are up to 18 months. Try to check each card feature and benefits and compare one another. In this way, you can choose or pick the best balance transfer credit card that would help you save much cash over your credit spending.


    These cards are for those individual who are using credits. These individual want to carry a balance on their credit card and have the lowest interest rate possible for balance transfer as well as other card transactions. Credit cards with low balance transfer rates are for those card applicants that have established an excellent credit history after using credit cards in the past.

    Carry a Balance - Lowest Interest Rate

    MBNA Platinum Plus® MasterCard® Credit Card – 1.99% for 10 months

    Having a good credit brings immense benefits. In addition to a low initial Annual Interest Rate on best balance transfer credit card Canada and doesn’t charge any annual fee, this MasterCard offers a high credit line to clients qualifying for this card. But this would be available for those card applicants who have good credit history as well as with its credit rating with their other credit cards. This Platinum Plus® MasterCard® credit card has a low 1.99% introductory interest rate for 10 months on Balance Transfers and Cheque Cash Advances.

    Other features of the card are listed below:
    • No Annual Fee that gives less burden on payment obligations.
    • Credit limit up to $100,000 and could be stretched further if you are a good creditor.
    • Emergency replacement within 48 hours for lost and stolen cards are free of charge.
    • Online access to your credit card account is available by just login in the internet with secured login password.
    • International acceptance at millions of locations around the world even in diverse areas
    • Around-the-clock fraud protection that gives assurance of safety and risk-free for the clients.
    • Immediate cash access at 430,000 ABMs internationally
    • 24-hour customer service team that is always ready to help.
    • Emergency services like lost document and ticket replacement, lost luggage assistance, travel accident insurance, auto rental insurance are also catered on the services of the company.
    Best Balance Transfer Credit Cards Canada

    MBNA Gold MasterCard® Credit Card – Fixed 9.99% AIR

    Clients who are not eligible to have the Platinum Plus® MasterCard® credit card could avail for this good credit card. This has a common feature with the Platinum Plus® card but a difference in their interest rate exists. This card has a fixed 9.99% annual interest rate. This card is still considered as a good and preferable card for clients. Using this card for a certain period of time until making an excellent credit history won’t get you into trouble in paying your balances along with the interests but instead, it makes you a candidate to apply for the best MasterCard credit card that is available.

    Here are some features of the credit card:
    • No Annual Fee for the card holder.
    • 9.99% Annual Interest Rate on Purchases and Cash Advances are offered and is considered a fair rate for the client.
    • Around-the-clock fraud protection that gives assurance of safety and risk-free for the clients.
    • Online access to your credit card account is available by just login in the internet with secured login password.
    • 24-hour Customer service that is always ready to help.
    • Immediate cash access at 430,000 ATMs internationally
    • Emergency services like lost document and ticket replacement, lost luggage assistance, travel accident insurance, auto rental insurance are also catered on the services of the company.

    Capital One® Platinum Prestige Card

    This card requires an excellent credit history which means that card applicants who are eligible are only those who have build up an excellent credit history. This card has a 0% annual interest rate only for purchases and balance transfer until May 2011. Clients would get more savings for this card due to the 0% APR. However, once the date has passed, everything will be back to normal. So, for clients who are planning to have this credit card, maximize the features of this card by using the card as often or most of the time before the due date will be reached. Best Capital One Credit Card Canada

    Here are extra benefits of the credit card:
    • No annual fee is charged for this card.
    • 3% interest of the amount for cash advances but not less than $10.
    •Travel benefits offered: Master RoadAssistTM, MasterCard Global ServiceTM, MasterAssistTM Travel Assistance Service for client safety all the time.
    • Travel accident insurance is also given aside from the safety assistance.
    • MasterCard PayPass™ give convenience in paying bill for the card holder.
    • Tap-to-Go system when using the card to have less hassle from card swiping.
    • 27/7 standby customer service to phone or online.
    • $0 fraud liability is assured for unauthorized card holder using the credit card for any transactions.
    • 3% interest on balance transfer after May 2011.
    • After May 2011, the APR returns back to 24.90% on cash advances and 11.90% on purchases.

    Capital One SmartLine™ Platinum MasterCard

    This is one of the best credit cards that Capital One offers. But this credit card requires an excellent credit history. This means that with your past credit card usage, you must not have any single penalties acquired and your credit rating must be high. The interest that comprises this card is at 5.99% which is best for individuals that save money on interest. This card is composed of great benefits that would give the card holder maximum convenience it can offer.

    More features of the card are listed below:
    • No Annual Fee which means less responsibility on payments.
    • 19.8% interest on Cash Advances is not good rate for this kind of card service.
    • 5.99% on Purchases and Balance transfers guaranteed for 3 years. This must require the card holder to sustain agreement status. The interest rate switches to a variable rate of Prime +3.75% on purchases and balance transfers after 3 years of being a card user for the company.
    • Balance transfers don’t entail any fee or charges.

    Citi® Platinum Select® MasterCard®

    This is an attractive credit card only for clients who do have good or excellent credit history. The introductory interest rate offers start with the best balance transfer credit cards Canada which is 0% as well as on purchases for 18 months time. This card doesn’t have any annual fee charges. This card allows a lot of savings for the client for a specific period of time. However, after the 18 months grace period given, the card users still can save but not as much as having the introductory rates. List of additional benefits are given below.

    Here are the features of the credit card:
    • Having the card you may become eligible for an unsecured card after 18 months of card usage.
    • $0 liability on unauthorized charges made into the client account.
    • Citi® Identity Theft Solutions protects the account and personal information of the card holder.
    • No required income or co-signer to start building a record of account performance.
    • With retail purchase protection, the items purchased with your card are safe against accidental damage or theft for up to 90 days from the day the product is bought.
    • Tap-and-go system of Citi MasterCard® Payment Tag with PayPassTM is a new innovation where you just tap your card rather than the old system of swiping it.
    • Citi® Credit Card Benefits & Services offers cash or rewards such as American Airlines® awards and travel benefits to cash back and college saving.
    • APR on purchases is as low as 9.99%.
    • 3% interest rate for cash advance and balance transfer with a minimum amount of $5.

    Chase Freedom Visa $100 Bonus Cash Back

    This credit card gives many rewards to the client starting from the cash back of $100 during the first purchase of the card. It has 0% introductory annual percentage rate and no annual fee being charged for this Chase Freedom Visa to its user. Check out the additional benefits offered for this card.

    Chase Freedom Visa offers you more benefits:
    • 5% cash back offers is returned to the card holder when purchasing gas, home improvement and department stores.
    • Get additional 20% cash back when buying with the specific merchant online using the Chase credit card.
    • 1% cash back for all the credit spent – no spending tiers or caps on how much you can earn.
    • $50 bonus cash back during the card first purchase.
    • No annual fee as well as introductory APR.

    Chase Slate Card

    Slate from Chase credit card gives you the capacity to propose your own payment arrangement. There are four ways to pay off your balance and these are the following: Full Pay, Split Pay, Finish It and Track It. Full Pay allows you to keep away from paying interest on everyday items, such as gas and groceries, when you pay settle your balance each month. These are routinely divided on your billing statement. Split Pay allows you to pay off larger purchases on your own provisions, you create a date or do monthly payment and these items will be made into half reflected on your statement. Finish It allows you to pay down your whole balance sooner by making a date or paying at the end of the month. Track It allows you to take note of your transactions and check your payment development in real time.

    The introductory period is based on the application and level of credit history. If you qualify for Elite and Premium Pricing, you will be granted a 0% APR on purchases and balance transfers for the first 6 billing cycles following the opening of the account. If you qualify for Standard Pricing plan, you will enjoy a 0% APR on balance transfers for the first 6 billing cycles of the account opening.

    Chase credit card offers the following as additional features:
    • 0% APR up to 12 months is offered by the card issuer.
    • The APR on purchases is at 11.24%.
    • When having cash advances, the APR is at 19.24%
    • No annual fee is charged to the card holder.
    • Balance transfers have an interest of 3% with a minimum of $5 while cash advances have a minimum of $10.
    • Dedicated service advisors are on standby 24/7.
    • No annual fee charge even if the card company is giving all the card benefits it can offer.

    Discover® More® Card

    This credit card gives the card holder 0% APR for 12 months and 6 months for purchases. The company only charge regular APR for only 11.99% which is low compared to other credit card issuer’s rates. The card doesn’t have any annual fee which is an extra saving for the client. This card has mentioned some of its feature and benefits. Check out more of it below.

    Other benefits of Discover® More® Card:
    • No uncertain intro terms are assured for this kind of credit card.
    • 0% APR on Balance Transfers for a full 12 months and once exhausted, regular APR is just 11.99% low compared to other cards.
    • 0% APR on Purchases for a full 6 months is guaranteed by the company.
    • 5% Cash back Bonus in categories like travel, gas, groceries, restaurants, home improvement stores and more are returned to the card user.
    • Up to 1% unlimited Cash back Bonus on all other purchases using the credit card.
    • No Annual Fee charged to the card holder.

    Permanent Rate

    Permanent rate is what is charged by the credit card issuer throughout the life of the agreement that a client have agreed on. It doesn't fluctuate like the promotional interest rate in which it is offered for a certain span of time and after which, the rate will return to its regular interest rate. Permanent rate as you can check with the various credit card issuer differ in value. This is because of the type of card and the features that comprise such card. Usually, credit cards that offer high credit limit or balance have a higher rate because the risk that the bank or card company is facing is greater compare to secured cards which are safe and less risky.

    Promotional Interest Rate

    A promotional interest rate is a low interest rate which the credit card issuer will charge for a given period to an existing card holder, usually 6 months, to give incentive for the existing customer to transfer over balances to their card.. Example: The interest rate could be as low as 1.99%

    Transaction Fee

    This is what is charged with some cards when the individual does a balance transfer.
    Example: MBNA charges 1-2% of the balance transferred at the time of the transfer.
    $10,000 x 1% = $100 which is billed to that month's statement

    Introductory Interest Rate

    This is the same as a promotional interest rate, but will be used by the credit card issuer to give incentive to new customers to apply for one of their credit cards. New applicants only. The period is usually 6 months, and the interest rate could be as low as 1.99% depending on that individuals credit history.

    After the introductory period is finished the interest rate will go back to the Permanent Rate

    See Also

    Best Credit Cards Canada
    Best Cash Back Credit Cards Canada
    Best Capital One Credit Cards Canada
    Best MasterCard Credit Cards Canada
    Best MBNA Credit Cards Canada
    Best Visa Credit Cards Canada
    Best Secured Credit Cards Canada
    Travel Credit Cards Canada
    Balance Transfer Credit Cards Canada


    Carry A Balance Cards
    What is an APR?
    Finest MBNA Credit Cards
    Carry A Balance - Credit History

    External Links

    List of Top Visa Credit Cards
    Canadian Credit Cards
    FCAC - Best Credit Cards in Canada


    Article Created: 2010-04-03
    Article Updated: 2013-06-20

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On Jun 16, 2011, Peterpan05 Said:
Agreed with everything in the post except with canceling the other cards. I'm in the same mind that Averett is in. Last time I consolidated my CC's, I was owed a few hundred for one reason or another so keep an eye on the balance for at least a few months as you might find a negative balance.
On Jun 16, 2011, Emma Sophia Said:
hi guys.. You really don't need to cancel the cards. Sometimes that will work against you with your credit score. But cutting in half is always a nice trick.
On Jun 16, 2011, Ava1956 Said:
Mikayla Grace.. Not really, make sure your card doesn't have a balance transfer fee- that's about all I can think of. Also be doubly sure you cancel the other cards!
On Jun 16, 2011, Mikayla Grace Said:
I just got signed up on a new credit card that has no interest on balance transfers for the next 9 months.

I currently have two other cards with higher interest rates. I would like to get the most out of this balance transfer opportunity. When I transfer the balances I would like to close the other two cards and just have one card, one payment, and no interest on the balance transfer for the stated amount of time.

Are there any tricks to balance transfers? Any advice?
On Jun 10, 2011, Jean Karla Said:
Hi Gulentech.. Do you know what is the reason/s that you are not being accepted by any credit card company?
On Jun 10, 2011, kevinBT24 Said:

Closing an account, while it may harm your score in the short term, is not a bad thing. Especially if you are having problems controlling its use, have hideous terms and can get better elsewhere, or have multiple accounts. Remember that having an account and not using it can be just as bad.
On Jun 7, 2011, StickyAccount Said:
I have a HSBC mastercard that has annual fee of $59. i want to get capital one no annual fee with higher limit. will my credit score be affected if i close the former one?
On Jun 7, 2011, Gulentech Said:
i would like to transfer my current credit card debt to a 0% transfer to another card, but i cannot get accepted by any other credit card companies. does anyone know how to get around this?
On Jun 7, 2011, MaaMeemOO Said:
hey moheganian.. They don't know or care how much is on your other credit card for balance transfer purposes. The $4K limit they gave you is based on their assessment of your ability to pay. The $7K on the other credit card probably made them give you a lower limit since they know that after the balance transfer you'll have $7K to burn on the other credit card... which will lower your ability to pay your Capital One card.
On Jun 7, 2011, moheganian Said:
Can someone explain how these work? I've currently got a 7k balance with CitiBank and I applied for a Capital One card and received a credit limit of 4k. Does that mean I can only transfer 4k from CitiBank to Capital One? Also if I can only transfer 4k does that mean I have reached my limit with Capital One and I can't make any purchases with the card until I start paying off the transfer balance considering my credit limit it 4k?

Hope this makes sense.
On Jun 5, 2011, Jilly987 Said:
i am 25 years old and have 5 credit cards... each of these have between $500 and $1500 outstanding... at the moment all of these cards are maxxed out badly and I would like to do a balance transfer to a low interest credit card... i really need to minimize my payments as best as possible.. i think i've learned my lesson... i hate credit cards at the moment!!
On Jun 4, 2011, Azcapantzin Said:
This is probably the best rewards card without an annual fee that you can get currently. The best thing is that students are eligible, they waive any income requirements if you apply as a student. You get a cheque in the mail once you reach a $50 cashback threshold, so you don't have to wait a year to get your money.
On Jun 3, 2011, Shadwell Said:
If i will make use of a MBNA Platinum Plus® MasterCard® Credit Card which has a rate of 1.99% for 10 months and after using it for the said months i will cut off the card usage, it is a good idea? I know for sure that after the 10 months period it will no longer be 1.99%.