Compare Balance Transfer Credit Cards in 2021

Balance transfer credit cards allow you to consolidate your credit card debt onto one card with lower payments so you can pay it off in a predetermined number of months. You can save hundreds – or sometimes thousands – of dollars in interest payments by paying a one-time balance transfer fee. Here’s what you need to know about how balance transfer credit cards work and how to compare them.

What are balance transfer credit cards?

A balance transfer credit card allows you to move debts, like loans and credit card balances, to a new card with a lower interest rate. This allows you to pay off your balances faster and save money on interest.

Balance transfer credit cards offer customers the opportunity to transfer most types of debt to a new credit card with a low intro APR (annual percentage rate) for a set period of time (usually up to 6-10 months). This provides some often much needed breathing room to help cardholders get their debt under control, and start paying down the principal balance much faster. Here’s a quick explainer:

Compare balance transfer credit cards

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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	Go to site More Info	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.	Compare	loading Fetching your data...
Tangerine Money-Back Credit Card		19.95%	1.95% for the first 6 months (then 19.95%)	3%	$0	$12,000	Go to site More Info	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).	Compare	loading Fetching your data...
Tangerine World Mastercard		19.95%	1.95% for the first 6 months (then 19.95%)	3%	$0	$60,000	Go to site More Info	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).	Compare	loading Fetching your data...
BMO Rewards Mastercard		19.99%	1.99% for the first 9 months (then 22.99%)	1%	$0	$15,000	Go to site More Info	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 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Apply by October 31, 2021 . Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.	Compare	loading Fetching your data...
BMO AIR MILES Mastercard		19.99%	1.99% for the first 9 months (then 22.99%)	1%	$0	$15,000	Go to site More Info	Get up to 5x the AIR MILES Reward Miles on groceries Valid until May 31, 2021.Plus, get 3x the AIR MILES for every $25 spent at eligible AIR MILES partners, and 1 AIR MILE for every $25 spent elsewhere.	Get 800 AIR MILES Bonus Miles (enough for $80 towards purchases with AIR MILES Cash). Get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.	Compare	loading Fetching your data...
BMO CashBack Mastercard		19.99%	1.99% for the first 9 months (then 22.99%)	1%	$0	$15,000	Go to site More Info	Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.	Get 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.	Compare	loading Fetching your data...
BMO AIR MILES Mastercard For Students		19.99%	1.99% for the first 9 months (then 22.99%)	1%	$0	$15,000	Go to site More Info	Get up to 5x the AIR MILES Reward Miles on groceries Valid until May 31, 2021. Plus, get 3x the AIR MILES for every $25 spent at eligible AIR MILES partners, and get 1 AIR MILE for every $25 spent elsewhere.	Get 800 AIR MILES Bonus Miles (enough for $80 towards purchases with AIR MILES Cash). Get a 1.99% introductory interest rate on balance transfers for 9 months. A 1% fee applies to balance amounts transferred.	Compare	loading Fetching your data...
BMO CashBack Mastercard For Students		19.99%	1.99% for the first 9 months (then 22.99%)	1%	$0	$15,000	Go to site More Info	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.	Compare	loading Fetching your data...
Scotiabank Value Visa Card		12.99%	0.99% for the first 6 months (then 12.99%)	N/A	$29	$12,000	Go to site More Info	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, 2021.	Compare	loading Fetching your data...
Scotia Momentum Visa Card		19.99%	2.99% for the first 6 months (then 22.99%)	N/A	$39	$12,000	Go to site More Info	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).	Earn 7.5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, get a 2.99% introductory rate on balance transfers and a 0% balance transfer fee for the first 6 months. Apply by May 2, 2021.	Compare	loading Fetching your data...
American Express Essential Credit Card		12.99%	1.99% for the first 6 months (then 12.99%)	N/A	$0	N/A	More Info	Enjoy an ongoing low fixed interest rate including a range of insurance related benefits and exclusive entertainment deals.	Offers a 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.	Compare	loading Fetching your data...

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How do I compare balance transfer credit cards?

In addition to the APR and balance transfer fee, here are a few more factors to weigh when choosing a balance transfer card:

Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

19.95 % APR

Purchase interest rate

Eligibility criteria, terms and conditions, fees and charges apply

Tangerine Money-Back Credit Card

Apply today and earn 2% cash back in up to three spending categories of your choice.

• Purchase interest rate: 19.95%
• Cash advance rate: 19.95%
• Balance transfer rate: 1.95% for the first 6 months, 19.95% thereafter
• Annual fee: $0
• Credit score: 680+

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More info

Let’s break down how balance transfers work

A balance transfer credit card allows you to move debts, like loans and credit card balances, to a new card with a lower interest rate. This allows you to pay off your balances faster and save money on interest.

Here are the steps to complete a balance transfer:

How to apply for a balance transfer card

Most balance transfer card providers offer cards to applicants who are at least 18 years old and reside in Canada. While the exact information you’ll need to complete your application can vary by provider, you’ll likely submit:

• Your personal contact information.
• Your Social Insurance Number (SIN) and date of birth.
• Your residential status.
• Financial details, such as your annual salary and other income.

Some balance transfer credit cards allow you to request your balance transfers on the application itself with:

• Account details for the debt you want to transfer.
• The amount to transfer to your new card.

What will a balance transfer credit card cost me?

There are 3 main fees to keep in mind when it comes to considering a balance transfer credit card: APR, balance transfer fees and annual fees.

Pros and cons of balance transfer credit cards

• Saves you money. A low-interest rate keeps more cash in your pocket and slashes unnecessary interest on purchases made long ago.
• Gets you out of debt faster. Low interest allows you to pay down your debt more quickly by applying more of your monthly payment toward your principal balance.
• Simplifies your finances. Transferring the balances of multiple debts can consolidate many monthly payments into just one bill.

While a balance transfer credit card comes with many benefits, be on the lookout for potential pitfalls when paying down your debt.

• Applying too often. Each card application requires a hard pull of your credit report, which can shave several points off your score.
• Paying less than the minimum. To pay down as much of your balance before your promo APR ends, divide the amount you’re transferring by the number of months you have to pay it down.
• Forgetting the offer end date. After your intro period ends, you’ll pay your approved revert rate on any remaining balances. Consider setting a reminder for a few months before your promo expires.
• Racking up additional debt. A low intro APR balance transfer card is most effective if you use it to concentrate on paying down your existing debt. Because repayments are applied to new purchases first, you threaten your ability to pay off your transferred debt in time.

Top 5 questions about balance transfer credit cards

There can be a lot of fine print when it comes to balance transfers. Here are 5 common questions answered:

1. How much can you transfer? The minimum and maximum amount you can transfer during a balance transfer is typically determined by your card’s credit limit. Some providers will allow you to transfer up to 100% of your credit limit, while others will allow up to 70% or a specified dollar amount (such as $7,500).
2. What credit score do you need? Generally, you need a good credit score of 650 or higher to qualify for balance transfer credit cards, however some providers may accept customers with fair credit ratings.
3. What kinds of debt can you transfer? Aside from credit card debt, you can transfer nearly any type of monthly payment owed, such as personal loans and lines of credit.
4. What mistakes should you avoid in your application? Applying for a balance transfer credit card with your existing card provider is one of the biggest mistakes you can make. This is because providers (or their affiliates) don’t typically allow existing customers to qualify for a balance transfer promotion, after all, they’re not going to compete for their own business.
5. What happens if you can’t pay off your balance in time? If you can’t pay your full balance before the promotion ends, the revert APR will kick in and you’ll need to start paying that interest on future payments.

Bottom line

Balance transfers can be a good way to make a dent in your debt when high interest charges are eating away at your payments. Before you apply, make sure the switch will save you time and money by taking a look at the APR, balance transfer fee and annual fee.

Find the right balance transfer credit card for your financial situation by thoroughly comparing your options.

Other frequently asked questions

• Do you still need to make payments on a low rate balance transfer card?

  Yes. To avoid losing your intro rate, you’ll need to repay the minimum amount due on your card monthly.

• How do I apply for a balance transfer credit card?

  Applying for a balance transfer credit card is much the same as applying for any other credit card. The only difference is that you’ll complete a separate section of your application dedicated to the balance transfer. Here, you’ll provide your creditors’ information, account details and how much of your old debt you’re looking to move to the new card. If your application is approved, your debt is automatically transferred to your new card. But you’ll need to contact your old bank to close your existing accounts once your transfers are complete.

• When do I apply for the balance transfer?

  You can apply at the time of application. Some lenders also allow balance transfers within 30 days of applying for a card. Check with the lender in question.

• How long will it take for my lenders to receive my payments?

  While a few providers offer transfers completed in just a few days, it can take anywhere from one to three weeks. To avoid late fees and other penalties, make sure your old debt is fully paid before you stop payments to that card.

• Can I make a balance transfer with my current credit card provider?

  No, you can’t usually do a balance transfer from one account to another under the same bank or credit card provider – or any of their affiliate partners for that matter. If you’re unsure, contact your provider.

• Will I earn rewards on my balance transfer?

  Most providers won’t offer you rewards points, miles or cash back on your transferred balance. You might, however, be able to earn rewards on any new purchases you make.

• Are there any hidden fees or catches with balance transfer credit cards?

  All of your potential fees and rates should be available in the disclosure documents for your card. Keep an eye out for balance transfer fees, the revert APR you’re charged at the end of your promo period and any annual fees you’ll pay to use the card. Make sure these fees aren’t more than your potential savings before applying. You’ll also want to watch out for penalties such as late fees.