Balance transfer credit card offers 2020

Save money on interest charges, pay off your debt faster and earn rewards on your new purchases.

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If your debt is accruing a high rate of interest, a balance transfer credit card could help you lower your interest charges and allow you to pay off your debt faster. Depending on the balance transfer card, you could even earn rewards, cash back or miles that can be redeemed for statement credit, travel, merchandise, gift cards and more.

*How we chose the best balance transfer credit card offers

We’ve chosen the cards on this page based on the providers available through Finder. These cards are not representative of the entire market. Our top balance transfer credit cards offer a low or 0% introductory rate, a competitive length of time with the introductory rate in place, high balance transfer limits, a high value of rewards or cash back, exclusive perks such as complimentary insurance coverage, and a signup bonus. We’ve also considered annual fees and balance transfer fees.

No single balance transfer card will be the best choice for everyone, so compare your options before picking your new card.

Best for long intro period: BMO CashBack Mastercard

BMO CashBack Mastercard

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The BMO CashBack Mastercard makes switching credit cards convenient with a low interest rate on balance transfers as well as a promotional cash back rate. 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 1% cash back thereafter). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.Get 1% cash back on all eligible purchases.

Best for low intro and ongoing APR: Scotiabank Value Visa Card

Scotiabank Value Visa Card

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With no cash back or rewards points, the Scotiabank Value Visa Card doesn’t come with a lot of extra perks. But it can be a great tool for saving money. 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.

How to choose the right balance transfer credit card for you

To choose the best balance transfer credit card, ask yourself:

What is the interest rate on offer for the transferred balance?

Some cards will offer 0.00% for 6-10 months, while others may offer rates between 0.99% and 1.99% for the same time period. You may have to settle for a low APR instead of 0.00% if you’re looking to earn better rewards.

How long is the introductory rate offered?

Balance transfer promotions typically last between 6-10 months, however sometimes offers will last longer. The idea is to pay off your debt in full during the low or 0.00% APR period so that you can completely avoid paying interest.

Once the intro period ends, any unpaid balance will accrue the standard purchase rate – which could be as high as 19.99%.

Will you have to pay a balance transfer fee?

With some cards, you won’t have to pay balance transfer fees if you apply for the balance transfer at the time of application. Other cards may charge a transfer fee of 1.00-3.00%.

While you might automatically think that paying no balance transfer fee will save you money, it’s important to compare the promotional balance transfer rate and the annual fee of the card to determine if it’s worth moving your balance over.

How much can you transfer?

Different providers will cap the maximum amount that you can balance transfer at different limits. With some cards, you may be able to transfer up to 100% of your credit limit.

With other cards, you may be able to transfer only up to 50% of your credit limit, or up to a dollar amount such as $7,500.00.

Will you have to pay an annual fee for the card?

Paying an annual fee for the card can offset any value you get from your balance transfer offer.

This is why it’s essential to consider all costs, including the balance transfer fee, the annual fee of the card and the promotional APR to determine the value of the offer.

Can you earn cash back, rewards points or miles?

Not all cards offer cash back, points or miles. For example, the Scotiabank Value Visa Card has a competitive balance transfer offer, but you won’t earn any rewards.

On the other hand, the Tangerine Money-Back Credit Card offers cash back rewards on all purchases.

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Compare more balance transfer credit cards

Name Product Purchase Interest Rate Balance Transfer Rate Annual Fee Minimum Income Reward Description
BMO Preferred Rate Mastercard
12.99%
3.99% for the first 9 months (then 12.99%)
$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.
Scotiabank Value Visa Card
12.99%
0.99% for the first 6 months (then 12.99%)
$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 July 1, 2020.
No-Fee Scotiabank Value Visa Card
16.99%
3.99% for the first 6 months (then 16.99%)
$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 July 1, 2020.
Tangerine World Mastercard
19.95%
1.95% for the first 6 months (then 19.95%)
$0
$60,000
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.
Earn a $250 Bonus when you spend at least $5,000 on eligible everyday purchases in your first three months as a new cardholder. Apply online by March 31, 2020. Plus, get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
Tangerine Money-Back Credit Card
19.95%
1.95% for the first 6 months (then 19.95%)
$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.
Earn a $250 Bonus when you spend at least $5,000 on eligible everyday purchases in your first three months as a new cardholder. Apply online by March 31, 2020. Plus, get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
BMO AIR MILES Mastercard For Students
19.99%
1.99% for the first 9 months (then 22.99%)
$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.
Receive up to 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%)
$0
$15,000
Get 1% cash back on all eligible purchases.
Get up to 5% cash back in the first three months (up to a maximum spend of $2,000). Plus, get a rate of 1.99% on balance transfers for 9 months, with a 1% fee for every transferred balance.
BMO AIR MILES Mastercard
19.99%
1.99% for the first 9 months (then 22.99%)
$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 up to 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%)
$0
$15,000
Get 1% cash back on all 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 1% cash back thereafter). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
Scotia Momentum Visa Card
19.99%
2.99% for the first 6 months (then 22.99%)
$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 July 1, 2020.

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.

Doing a balance transfer to a new credit card can be a great option if you’re currently paying a high interest rate on one or more credit cards.

  • But before applying for a new card, calculate how much it’s going to cost you in transfer and annual fees to determine if you can actually save money by moving your debt to the new card.
  • It’s also important to remember that you can’t balance transfer if you’re an existing customer with the provider.

If you want to explore your options further, check out other balance transfer credit cards here.

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