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Best Balance Transfer Credit Cards

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Balance Transfer

The Tangerine World MasterCard is one of the best cashback cards packed...
  • $0
    Annual fee
  • $100
    Welcome Bonus
  • 2%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The National Bank ECHO Cashback Mastercard offers generous rewards on...
  • $30
    Annual fee
  • $0
    Welcome Bonus
  • 1.5%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The National Bank mycredit Mastercard is a good choice for anyone looking...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The National Bank World Elite Mastercard is one of the best reward credit...
  • $150
    Annual fee
  • 20,000 pts
    Welcome Bonus
  • 1.5 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
Giving back meets excellent cashback rewards with the National Bank Allure...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 1 pt
    Every $2 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The National Bank MC1 Mastercard is the best low–risk card to manage...
  • $0
    Annual fee
  • $0
    Welcome Bonus
  • 0%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The National Bank Syncro Mastercard offers one of the lowest interest...
  • $35
    Annual fee
  • $0
    Welcome Bonus
  • 0%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The Capital One Guaranteed Secured Mastercard gives you an effortless way...
  • $59
    Annual fee
  • $0
    Welcome Bonus
  • 0%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The Capital One Low Rate Guaranteed Mastercard is one of the best Capital...
  • $79
    Annual Fee
  • $0
    Welcome Bonus
  • 0%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The CIBC Dividend Visa Infinite card rewards everyday purchases. You can...
  • $120
    Annual fee
  • $30
    Welcome Bonus
  • 4%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The MBNA True Line Gold Mastercard offers cardholders some of the best...
  • $39
    Annual fee
  • $0
    Welcome Bonus
  • 0%
    Rewards Rate
  • Min.Credit:
                        
  • Rating: no reviews
The MBNA Rewards World Elite Mastercard has much to offer, from...
  • $120
    Annual fee
  • 30,000 pts
    Welcome Bonus
  • 5 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
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Balance Transfer Credit Cards

High-interest charges often make it challenging to pay off credit card debt in Canada. Balance transfer credit cards are one of a few solutions available to you.

What Is a Balance Transfer Credit Card?

A balance transfer credit card allows you to combine your existing credit card debt onto one card. Therefore, it’ll be easier to manage what you owe.

Balance transfer credit cards have low promotional interest rates compared with other credit cards. You may come across some balance transfer credit cards offering a rate as low as 0%. This is one significant advantage of balance transfer credit cards. Credit card providers offer these rates for a limited time, such as 180 days or 12 months.

If you're unable to manage your credit card debt, a low-interest rate makes it easier to pay it off. The reason is, your balance will be charged with little to no interest. Paying down your balance will no longer be an unwinnable race against interest charges with a balance transfer credit card.

How Balance Transfer Credit Cards Work

A balance transfer card allows you to merge existing debt onto one card, ideally at a lower rate. After transferring your debt, you’ll only have to make card bill payments for the new card.

Instead of using this card for everyday purchases, it’s best to focus on paying down the balance. Otherwise, you’ll accumulate more debt and gain the risk of not paying off your debts before the promotional interest rate expires.

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Pros and Cons of Balance Transfer Credit Cards

Before getting a balance transfer credit card, weigh the advantages and disadvantages.

The Pros of Balance Transfer Credit Cards

  • Easy debt consolidation. If you’d rather not consolidate your debt with a loan, a balance transfer credit card can come in handy. You can transfer multiple debts onto one card, making it easier to track payments and settle what you owe.
  • Low-interest rates. The main point of a balance transfer credit card is to lessen the load of interest. Some cards offer a 0% APR for transferring your debt to a new card. This is a great way to save on interest charges for the introductory period.
  • Additional benefits as a cardholder. Some balance transfer credit cards have more than a low promotional interest rate. You may get benefits, such as no annual fee and reward points. This means you can have the best of both worlds: low interest and great perks.

The Cons of Balance Transfer Credit Cards

  • A strong credit score is often required. Great balance transfer offers often cater to those with good to excellent credit. So, if you’re still improving your credit profile, you may not be eligible for a balance transfer credit card.
  • Balance transfer fees. While you will receive a low-interest rate for a limited period, you may incur extra fees and surcharges on transfers. Therefore, avoid cards with fees above 2% and 3%.
  • Interest rate hikes. If you miss a payment on your card, your interest rate will rise. This can make paying off your debt much harder.
  • Balance transfer limits. Not all balance transfer credit cards allow you to transfer all of your existing debt. You may only be able to transfer $2,000 to your new card because of your credit limit.

Choosing the Right Balance Transfer Credit Card for You

As enticing as the welcome offer on a balance transfer credit card may be, it’s best not to rush into the decision. Consider these pointers to choose a card that won’t leave you in a pickle down the line.

  1. Look for a balance transfer interest rate that’s low and manageable for you.
  2. Watch out for the promotional time frame and weigh it against the time you need to pay down your debt. A long promotion period is much better than a short one.
  3. Consider the interest rate after the promotional period ends. While you start with a low rate, you may face excessively high-interest charges once the promotion is over.
  4. Look at the annual fee and balance transfer charges.

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Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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March 17, 2022
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FAQs about
Balance Transfer Credit Cards

Should I Apply for a Balance Transfer Credit Card?

Moving your balance to a low-rate card can relieve the pressure if you need a break from high-interest charges. Your payments will reduce the balance rather than only paying off interest.

Will Applying For a Balance Transfer Credit Card Affect My Credit Score?

Yes. Applying for a new credit card requires a hard credit check. While you temporarily lose a few points, you can gain them back as you repay your debt through your balance transfer credit card.

What Debts Can I Transfer Onto A Balance Transfer Credit Card?

Most credit card providers only allow you to transfer credit card debt. However, some may accommodate your loans and lines of credit.

Bear in mind that you may not be able to transfer debt amongst the same lender’s products. For instance, you can’t transfer a BMO loan to a BMO balance transfer credit card.

Will a Balance Transfer Credit Card Really Help Me Manage My Debt?

Absolutely. You can lessen your debt as long as you pay off your debts before the promotional period expires. You must make a payment plan to ensure you take full advantage of the promotional period.

For instance, if you transfer $2,000 to a card with a promotional period of 6 months, divide $2,000 by six. Plan to pay off at least $333 every month before the interest rate resets. Your estimation should also include any extra fees.

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