What a balance transfer really costs once the transfer fee, the rate after the promotion ends and the annual fee are counted, ranked against the cost of staying where you are.
9 Canadian cards are running a balance transfer offer
Longest promotion first. Which one is cheapest depends on your balance and what you can pay each month, which is what the calculator works out.
- BMO Preferred Rate Mastercard 0% for 18 months, then 15.99%, 2% transfer fee
- BMO Ascend World Elite Mastercard 0% for 12 months, then 23.99%, 2% transfer fee
- MBNA True Line Mastercard 0% for 12 months, then 17.99%, 3% transfer fee
- Scotiabank Momentum Visa Infinite Card 0% for 12 months, then 22.99%, 2% transfer fee
- CIBC Select Visa Card 0% for 10 months, then 13.99%, 1% transfer fee
- Scotiabank Value Visa Card 0% for 9 months, then 13.99%, 1% transfer fee
- BMO CashBack Mastercard 0.99% for 9 months, then 23.99%, 2% transfer fee
- Scotia Momentum Visa Card 0.99% for 9 months, then 22.99%, 2% transfer fee
- Tangerine Money-Back Credit Card 1.95% for 6 months, then 22.95%, 1% transfer fee
A balance transfer offer is advertised on one number, the promotional rate, and paid for with three others. The transfer fee is charged up front and is usually 1% to 3% of the balance. Whatever has not been repaid when the promotion ends goes to the card's regular balance transfer rate, which is often higher than the rate you left. And some of these cards charge an annual fee for the privilege.
This page costs all four against the cost of doing nothing, using the offers recorded in our own card data rather than a generic assumption. Where an issuer does not publish one of the numbers, the card is listed outside the ranking rather than costed as though the missing number were zero, because a card with no published transfer fee is not a card with a free transfer.
Common questions
- Is a balance transfer worth it?
- It depends on whether you clear the balance inside the promotional window. If you do, the cost is the transfer fee and nothing else, and it is almost always far cheaper than carrying the balance at 20%. If you do not, the leftover reverts to the regular rate and a large part of the saving goes with it. Divide the balance plus the fee by the number of promotional months to see what finishing inside the window would take.
- How much is a balance transfer fee in Canada?
- Commonly 1% to 3% of the amount transferred, charged when the transfer is made and added to the balance so it earns interest along with everything else. On $10,000 that is $100 to $300 before any interest.
- Does a balance transfer hurt your credit score?
- Applying opens a new account and puts a hard inquiry on your file, which usually costs a few points temporarily. A large transfer that leaves the new card near its limit raises your utilisation, which can cost more. Paying the balance down faster than you otherwise would generally helps more than the application hurts.
- Can I transfer a balance between two cards from the same bank?
- No. Issuers do not allow a transfer between their own cards, so a balance on one BMO card cannot move to another BMO card. The offers on this page are only useful for a balance sitting with a different issuer.