- No rewards breakdown available
You could get a 0% promotional annual interest rate (“AIR”) for 12 months on balance transfers completed within 90 days of account opening.
N/A
12.99%
24.99%
The MBNA True Line® Mastercard stands out as the top choice because it offers a $0 annual fee combined with a low interest rate, making it ideal for those looking to manage existing debt without incurring additional costs.
Pros:
- No annual fee
- Low interest rate
Cons:
- No rewards program
- Limited promotional offers
- No rewards breakdown available
This low rate card has a 10.99% standard interest rate on eligible purchases.
N/A
10.99%
20.99%
What sets the MBNA True Line® Gold Mastercard apart is its exceptionally low interest rate of 10.99%, making it the best option for those who prioritize minimizing interest payments on their balances.
Pros:
- Lowest interest rate among MBNA cards
- 0% balance transfer offer
Cons:
- Annual fee applies
- No rewards program
3.CIBC Select Visa Card
CIBC
- No rewards breakdown available
Transfer your credit card balance of $100 or more — get 0% interest for up to 10 months with a 1% transfer fee.
N/A
13.99%
13.99%
The standout feature here is the 0% interest for up to 10 months on balance transfers, which provides a significant opportunity for cardholders to manage their debt effectively.
Pros:
- Low annual fee
- 0% balance transfer offer
Cons:
- No standard rewards
- Higher interest rates after promotional period
- No rewards breakdown available
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 2% transfer fee and we'll waive the $29 annual fee for the first year.
N/A
13.99%
15.99%
This card shines for its 0% introductory rate on balance transfers for 18 months, making it an excellent choice for those looking to consolidate debt without incurring high interest.
Pros:
- Low ongoing interest rate
- Waived annual fee for the first year
Cons:
- No rewards program
- Higher cash advance interest rate
Final Words
As you explore the best balance transfer credit cards this August, remember that your choice can significantly impact your financial health. Take time to compare the options available, focusing on interest rates, fees, and promotional offers, to make an informed decision that best suits your needs.
Frequently Asked Questions
You could get a 0% promotional annual interest rate (“AIR”) for 12 months on balance transfers completed within 90 days of account opening.
This low rate card has a 10.99% standard interest rate on eligible purchases.
Transfer your credit card balance of $100 or more — get 0% interest for up to 10 months with a 1% transfer fee.
Yes, some balance transfer credit cards come with annual fees. For instance, the MBNA True Line® Gold Mastercard® has a CA$39 annual fee, while the CIBC Select Visa Card has a CA$29 annual fee.
Consider factors like the length of the promotional period, balance transfer fees, and any annual fees. Additionally, evaluate the interest rates and any welcome bonuses that may apply to your specific situation.
Typically, applicants need to be at least 18 years old, a resident of Canada, and have a good credit score. Lenders may also look at your income and existing debt levels when assessing your application.
Balance transfer fees are often a percentage of the amount being transferred. For example, the CIBC Select Visa Card charges a 1% transfer fee on the balance you transfer, which is an important cost to factor in.
