What are the Best Canadian Credit Card Balance Transfer Options?

As a credit card expert, I am often asked about the best options for Canadian credit card balance transfers. In this article, I will provide a detailed explanation of what balance transfers are, the benefits of using them, and some of the best Canadian credit card balance transfer options available.

What is a Balance Transfer?

A balance transfer is the process of moving the outstanding balance from one credit card to another. The primary reason for doing this is to take advantage of a lower interest rate on the new credit card. The lower interest rate can help you save money on interest charges, which can help you pay off your credit card debt faster.

Benefits of Balance Transfers

One of the primary benefits of a balance transfer is the ability to save money on interest charges. If you have a high-interest rate on your current credit card, moving to a lower interest rate can help you save money on interest charges. Additionally, a balance transfer can help you consolidate your credit card debt into one payment, making it easier to manage your finances.

Best Canadian Credit Card Balance Transfer Options

1. MBNA Platinum Plus Mastercard

The MBNA Platinum Plus Mastercard is a popular choice for Canadians looking for a balance transfer credit card. This card offers a 0% introductory interest rate for the first 10 months on balance transfers, with a 1% balance transfer fee. After the introductory period, the interest rate increases to 19.99%.

2. Scotiabank Value Visa

The Scotiabank Value Visa is another popular choice for Canadians looking for a balance transfer credit card. This card offers a 0.99% introductory interest rate for the first 6 months on balance transfers, with a 1% balance transfer fee. After the introductory period, the interest rate increases to 12.99%.

3. BMO CashBack Mastercard

The BMO CashBack Mastercard is a good option for Canadians who want to earn cashback on their balance transfers. This card offers a 1.99% introductory interest rate for the first 9 months on balance transfers, with a 1% balance transfer fee. After the introductory period, the interest rate increases to 19.99%. Additionally, this card offers 5% cashback on all purchases made in the first 3 months, up to $4,000.

Tips for Applying for Balance Transfer Credit Cards

When applying for a balance transfer credit card, there are a few things to keep in mind. First, make sure you have a good credit score. Credit card companies are more likely to approve your application if you have a good credit score. Second, read the fine print carefully. Make sure you understand the terms and conditions, including the interest rate, balance transfer fee, and any other fees associated with the credit card.

Conclusion

In conclusion, a balance transfer can be a great way to save money on interest charges and consolidate your credit card debt. The MBNA Platinum Plus Mastercard, Scotiabank Value Visa, and BMO CashBack Mastercard are all good options for Canadians looking for a balance transfer credit card. When applying for a balance transfer credit card, make sure you have a good credit score and read the fine print carefully. Finally, always remember to use credit responsibly and pay your balance off in full every month to avoid interest charges and fees.