Best balance-transfer credit cards in Canada

For the longest runway, the BMO Preferred Rate Mastercard offers 0% on balance transfers for 18 months (2% fee, new customers). The MBNA True Line gives 0% for 12 months with no annual fee (3% fee), and the CIBC Select Visa has the lowest transfer fee at 1% (0% for 10 months). The best one depends on how big your balance is and how long you need to clear it.

Yes — every balance-transfer card charges a one-time fee of 1% to 3% of the amount you move. The CIBC Select is lowest at 1% (waived in Quebec), MBNA True Line is highest at 3%. Factor the fee into the math: a longer 0% window with a slightly higher fee can still save more than a short window.

Any remaining transferred balance starts accruing interest at the card’s standard rate — typically 13.99% to 17.99% on these low-rate cards. The goal is to pay the balance off before the promo ends. If you can’t, you’ll at least be on a lower ongoing rate than a typical rewards card’s ~20%+.

You can, but purchases usually don’t get the promo rate — they’re charged at the standard purchase APR, and your payments may go to the lowest-rate balance first, leaving purchases to accrue interest. The cleanest approach is to use the card only for the transfer and pay off the balance before the promo expires.