Best 0% Balance Transfer Credit Card Offers For Canadians

3,000 each and every year. And that’s just the interest, not the principle. Paying interest rates that high on debt is something you should work hard to avoid by staying out of credit card debt. But, when you’re stuck with it…what then, …and find ways to cut that interest rate to the bone while paying down your balance ASAP. One of the best ways to do that is to transfer your high interest credit card balance to a new credit card with a 0% interest rate (yes they exist!) for up to a full year.

Pay off that balance in full BEFORE the promotion is up. Otherwise high interest rates will kick in again and you’ll be right back where you started. MBNA offers the only true 0% interest balance credit card in Canada with the low rate term of 6 months. Better, there’s no annual fee to pay to qualify for this amazing rate. You aren’t forced to only transfer a balance from an existing credit card either, you can actually transfer money directly to your bank account at the same 0% rate and use it to pay off any debt you may have.

And you can use the money for ANY purpose, just make sure you don’t blow it and get stuck with that big interest rate after your 6 months is up. Also, there is a 1% fee that applies to any transfer you make at the promotional 0% rate. You’ll still be saving at least 19% over six months.

With this card you’ll also get 1.99% interest for 10 months on balance transfers with no annual fee. Again you will be charged a 1% fee on transfers because this is another MBNA card (told you they had the best promotions). If you like to travel, this card is nice to have for earning Best Western Rewards after your balance transfer promotion is over. You’ll earn 1 point for every dollar you spend on the card, and 5 points on eligible purchases at Best Western.

Better, on your very first purchase you get 20,000 points all at once. That’s worth up to 2 free nights at their lowest category hotels (which are a bit rare), but you should be able to get at least 1 free at some of their better hotels. Just make sure you only buy a pack of gum to qualify for the 20K bonus, and nothing else, until your promo interest rate expires. Ok, we’re finally out of the MBNA cards (actually there’s even more in our full list of balance transfer credit cards).

The American Express Essential is a true low interest card that also comes with 1.99% interest on balance transfers for 6 months. They’ll only let you use up to half your total credit limit as a balance transfer, which is good for keeping a healthy credit score actually. The good news though, is that if you can’t pay off your full balance in 6 months, then the regular interest rate is only 8.99% on transfers, purchases, and cash advances.

There’s a lot less pressure and panic there for sure. More good news, the usual 3% balance transfer fee is completely waived for the introductory 1.99% offer so there won’t be any surprises with this card. It’s a really strong low interest package that is hard to ignore because you’ll get all of that with no annual fee. For a limited time BMO has sweetened the deal for their no fee AIR MILES Mastercard by offering new cardholders an intro balance transfer rate of 1.99% for 9 months - pretty impressive, right,

The nice thing about this card, is that it will also give you valuable AIR MILES with every purchase you make. However, we do suggest you wait until your balance transfer is paid off in full before you start using it for purchases. But if you’re looking for a solid no fee rewards card, that also will give you an low intro rate on balance transfers, this could be the card to consider. It’s nice to see a big bank in the top 5!

The Scotiabank Value Visa Card gives you the same 1.99% rate for 6 months that the Essential card above does, and it also has a low 11.99% ongoing interest rate after the initial promo expires. But if you really want a Visa or something from a bigger bank, then this is your ticket.

There’s no short or long term loan in Canada that offers a better interest rate than a 0% interest credit card balance transfer offer. Try if you want, you won’t find it. You won’t be able to beat a 1.99% rate with another loan either if you’ve already used the MBNA 0% offer. Just keep an eye on your credit score, because running high balance and applying for credit cards too often can start to drag it down.

1 or 2 cards per year if you have healthy score is not a problem, but I’d avoid doing any more than that. Final Tip: You often can get the 0% card from MBNA multiple times, even if you’ve had it and cancelled it before. Sometimes they’ll even let you have 2 of the same card at once.

Be aware of what the interest rate reverts to after the intro period. It's a good idea to put a plan in place to pay the debt down during the 0% period. Many people could be credit card debt free in 24 months with strong discipline. Best of luck with your application and paying down your credit card debt.

Please refer to our credit guide for more information. The calculation is for illustrative purposes only. You only pay the minimum monthly payment of the overall balance each month. The annual fee for most credit cards is charged in the first month. You are not spending or drawing cash advances on the card until the balance transfer period ends or is paid in full. Excludes other fees and charges that may apply such as late payment fees.

However, the very best 0% balance transfer offers on the market only last 15 months. For many, this is not enough time to completely eliminate their credit card debt and they are faced with a decision: pay the new regular interest rate or transfer their balance again. For most, a fixed APR balance transfer credit card never enters their mind. However, this balance transfer offer is often the best option for many credit card users. First, let me explain a 0% balance transfer worst case scenario.