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Balance transfer credit cards that come with rewards

Discover how you can save money on interest while repaying your debt – and earn rewards with new purchases.

Updated

Fact checked

Balance transfer and rewards credit cards offer attractive features to those who can benefit from them, and now you can take advantage of both on one card. A low or 0% introductory interest rate helps you consolidate your debts, and once you’ve paid it off, you can earn points on purchases to reward your spending. While these balance transfer rewards cards sound like a win-win, you should take some factors into consideration before applying for one.

Scotiabank Value Visa Card

Scotiabank Value Visa Card

12.99 % APR

Purchase interest rate

Eligibility criteria, terms and conditions, fees and charges apply

Scotiabank Value Visa Card

Apply today and enjoy a 0.99% introductory interest rate on balance transfers for the first 6 months.

  • Purchase interest rate: 12.99%
  • Cash advance rate: 12.99%
  • Intro balance transfer rate: 0.99% for the first 6 months
  • Standard balance transfer rate: 12.99%
  • Annual fee: $29
  • Minimum income: $12,000
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Compare balance transfer credit cards

Name Product Purchase Interest Rate Balance Transfer Rate Balance Transfer Fee Annual Fee Minimum Income Reward Description
BMO Preferred Rate Mastercard
12.99%
3.99% for the first 9 months (then 12.99%)
1%
$20
$15,000
Take advantage of an introductory balance transfer offer, annual fee waiver in the first year, and low purchase and cash advance interest rates.
Get a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
Tangerine Money-Back Credit Card
19.95%
1.95% for the first 6 months (then 19.95%)
3%
$0
$12,000
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
No-Fee Scotiabank Value Visa Card
16.99%
3.99% for the first 6 months (then 16.99%)
N/A
$0
$12,000
Save with a low interest rate, no annual fee and a balance transfer offer.
Get a 3.99% introductory interest rate on balance transfers with a 0% balance transfer fee for the first 6 months. Apply by October 31, 2020.
BMO Rewards Mastercard
19.99%
1.99% for the first 9 months (then 22.99%)
1%
$0
$15,000
Get 1 BMO Reward point for every $1 spent on eligible purchases, and get 2 BMO Rewards points for every $1 spent at participating National Car Rental and Alamo Rent A Car locations.
Get a bonus of 15,000 BMO Rewards points. Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
BMO AIR MILES Mastercard
19.99%
1.99% for the first 9 months (then 22.99%)
1%
$0
$15,000
Get 2 AIR MILES for every $20 spent at eligible AIR MILES partners, and get 1 AIR MILE for every $20 spent elsewhere.
Earn 800 AIR MILES Bonus Miles. Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
BMO CashBack Mastercard
19.99%
1.99% for the first 9 months (then 22.99%)
1%
$0
$15,000
Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
Get up to 5% cash back on all eligible purchases in the first three months of card membership (up to a maximum spend of $2,000, and earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases thereafter). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
BMO AIR MILES Mastercard For Students
19.99%
1.99% for the first 9 months (then 22.99%)
1%
$0
$15,000
Earn 2 AIR MILES for every $20 spent at eligible AIR MILES partners, and earn 1 AIR MILE for every $20 spent elsewhere.
Earn 800 AIR MILES Bonus Miles. Plus, get a 1.99% introductory interest rate on balance transfers for 9 months. A 1% fee applies to balance amounts transferred.
BMO CashBack Mastercard For Students
19.99%
1.99% for the first 9 months (then 22.99%)
1%
$0
$15,000
Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
Get up to 5% cash back in the first three months (up to a maximum spend of $2,000, and earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases thereafter). Plus, get a rate of 1.99% on balance transfers for 9 months, with a 1% fee for every transferred balance.
Scotiabank Value Visa Card
12.99%
0.99% for the first 6 months (then 12.99%)
N/A
$29
$12,000
Save on interest for 6 months by consolidating your higher-rate balances with the balance transfer offer, and get an on-going 12.99% interest rate on purchases, cash advances and balance transfers.
Get a 0.99% introductory interest rate on balance transfers with a 0% transfer fee for the first 6 months. Apply by October 31, 2020.
Scotia Momentum Visa Card
19.99%
2.99% for the first 6 months (then 22.99%)
N/A
$39
$12,000
Earn 2% cash back on all eligible gas station, grocery store and drug store purchases and on recurring bill payments (up to a $25,000 annual spend), and earn 1% cash back on all other eligible purchases (and on all eligible purchases once the $25,000 annual spend is reached).
Get a 2.99% introductory rate on balance transfers and a 0% balance transfer fee for the first 6 months. Apply by October 31, 2020.
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Compare up to 4 providers

*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

What features should I look for?

Balance transfer credit cards with rewards offer a number of features, and while these can vary from card to card, the following factors should give you an idea of what to expect:

  • Balance transfer offer. Some cards will offer 0% annual percentage rate of interest (APR) on balance transfers during a promotional period, which is typically between 3 to 12 months, while others will charge a low APR, usually between 1.99% to 5%.
  • Earning reward points. Depending on the provider and the rewards program, the points you’ll earn per dollar will vary. These types of cards sometimes come with terms and conditions like bonus points with partnered retailers or restrictions on transactions like cash advances. Find out if your points expire and if there’s a cap on the maximum number of points you can earn in one month.
  • Redeeming rewards. Understand exactly how you can redeem your points, since there may be certain restrictions. Some rewards programs give you the option to choose between merchandise, store vouchers and travel vouchers, while others will allow you to use your points to pay off your credit card or will allow you to transfer your points to your frequent flyer program account. Make sure these rewards suit your lifestyle so that you can benefit from your card.

Do I get points on the balance that I’m transferring?

Unfortunately, no. The debt that you transfer onto your new balance transfer credit card will not be eligible to earn rewards points. While this may change in the future, at the time of writing in May 2018, we are not aware of any card providers that offer this feature.

How do I apply for a balance transfer card?

Applying for a balance transfer credit card is just like applying for any other credit card, only you’ll list your creditors and the amounts you wish to pay off in order to consolidate your debt to the new card. Eligibility varies between providers, but is typically open to Canadians who are at least 18 years old.

After you’ve confirmed your eligibility and compared the important factors between different cards including APRs, intro periods and fees, complete your balance transfer credit card application with your personal information and financial details. Carefully read the terms and conditions before submitting an application, since it will slightly affect your credit score.

Applying takes as little as 10 minutes and can be done online or over the phone. If you decide to apply online, you’ll need to:

  • Provide your personal information including your contact information, date of birth and financial information. This could be as simple as providing your annual salary or as detailed as your monthly budget.
  • List any authorized users you would like to include.
  • List the account numbers and amounts for any credit card debt or loans you would like to transfer. You can also do this after approval. Pay attention to the maximum transfer amount and make sure it can cover your entire transfer.
  • If you decide to wait to make a transfer, you will usually have until the introductory period is over to transfer your balance.
  • Carefully review and agree to the terms and conditions.
  • Submit your application.

You may be given an instant response as to whether or not your application has been approved, or the provider may request more information, or you may be notified that they need more time to review your application.

Stack the odds in your favour with our guide to a successful application

What are the pros and cons of using a balance transfer credit card with rewards?

Pros

  • Save money. By paying little to no interest on your balance transfer for a specified period of time, you can save money in interest, especially if you manage to pay off your entire balance before the promotional period comes to an end.
  • Earn rewards. If you use your credit card frequently, you can benefit from the rewards as you spend money.
  • Make use of extras. Many credit cards come with complimentary purchase and travel insurance coverage. Some cards also offer round-the-clock access to a concierge service.

Cons

  • High-interest rate. You can expect a balance transfer card with rewards to charge a high interest rate on new purchases, and if you don’t keep paying your account’s closing balance in full each month, the money you pay as interest could outweigh the rewards you earn.
  • Annual fee. Most credit cards charge ongoing annual fees that can be costly if you don’t take advantage of the rewards offered.

What else will I need to consider when comparing this type of card?

When you’re comparing different balance transfer cards with rewards, consider the following factors:

  • Balance transfers don’t earn rewards. At the time of writing, no credit cards offer rewards points on your balance transfers. Rewards will be earned on purchases made after your debt has been moved to your new card.
  • The earn rate. The points per dollar earn rate can vary from one rewards card to the next. Normally, premium credit cards like platinum, gold and black cards offer better earn rates, while American Express usually offers higher earn rates than Visa and Mastercard.
  • The revert rate. At the end of the promotional period, any outstanding balance from your original debt will start attracting the purchase rate or cash advance rate. It’s usually the cash advance rate, which can be noticeably higher than the purchase rate.

Getting a balance transfer credit card with rewards can be a good idea if you have a plan to pay off your entire transferred balance within the promotional period. Once you do, you can look forward to earning rewards, which you can use toward purchases and experiences.

Bottom line

Both balance transfer credit cards and rewards credit cards can save you money if you use them properly. If you can find a card that offers both, you will not only be able to manage your debt, but you will also be rewarded with travel, shopping and cashback points. With so many options and perks, always compare your options before deciding on the card that’s right for you.

Frequently asked questions

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