Best 0% Balance Transfer Credit Cards in Canada

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Last updated on July 28, 2022 Comments: 51

Best Credit Cards for Balance Transfer in Canada in 2022

  • Best Offer CIBC Select Visa* Card - Get 0% interest for up to 10 months with a 1% transfer fee and a first year annual fee rebate Apply Now Read Our Review >
  • MBNA True Line Mastercard* - Balance Transfer Promo: 0% for 12 months (conditions apply) Apply Now Read Our Review >
  • Tangerine Money-Back Credit Card - Balance Transfer Intro Rate: 1.95% for 6 months (1% transfer fee applies)* Apply Now Read Our Review >

A balance transfer promotion allows debtors to transfer and consolidate high-interest debts onto a new, low-interest credit card. Using these promotions responsibly can stop your compounding debt in its tracks, providing you with a low-interest or interest-free opportunity to pay off your debt and start your financial life anew.

Below is a curated list of the most advantageous balance transfer deals in Canada, and all the details you need to know in order to make an educated choice for your debt repayment goals.

Best Low Interest (0%) Balance Transfer Credit Cards in Canada

Credit CardBalance Transfer Intro RatePost-Promotional Balance Transfer Annual Interest RateAnnual FeeCard Review
CIBC Select Visa* CardTransfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee and a first year annual fee rebate13.99%

(13.99% Purchase Annual Interest Rate, and 13.99% Cash Advance Annual Interest Rate)
$29
(First Year Rebate)
Read More
MBNA True Line® Mastercard®0%
for 12 months (conditions apply)
12.99%$0Read More
Tangerine Money-Back Credit Card1.95% for 6 months (1% transfer fee applies)*19.95%$0Read More

Conditions apply

1. CIBC Select Visa* Card

Apply Now
Who’s Eligible?
– Minimum Credit Score: Good
– Minimum Income: $15,000 annual household
– Age: Age of majority in your province or territory
– Residency: Resident of Canada
– Other: No bankruptcy for the past 7 years

Offer Overview

The CIBC Select Visa* Card offers 0% interest on balance transfers for the first 10 months (1% transfer fee) and after that, you can count on its consistent 13.99% Balance Transfer Annual Interest Rate. Currently the only card on the market to offer such a balance transfer promotional rate, this card is perfect to help close the gaps created by your holiday spending for instance. The card comes with a $29 annual fee which is rebated your first year.

Aside from offering the best balance transfer promotional rate on the market, cardholders also receive common carrier insurance and opt to pay for other insurances.

Key Features

  • Welcome Bonus: First Year Annual Fee Rebate
  • Balance Transfer Promotion: Get 0% interest for up to 10 months with a 1% transfer fee
  • Interest Rates: 13.99% Purchase Annual Interest Rate, 13.99% Cash Advance Annual Interest Rate, and 13.99% Balance Transfer Annual Interest Rate
  • Additional Perks: Common carrier insurance
  • Annual Fee: $29 (first year rebated)

Click here to apply or learn more by reading our complete CIBC Select Visa* Card review.

† Conditions apply

Quebec Residents: Learn More about this CIBC product here

Résidents du Québec: Pour en savoir plus sur ce produit CIBC, suivez ce lien

2. MBNA True Line® Mastercard® 

Apply Now

Who’s Eligible?
– Recommended Credit Score: Fair-Good
– Minimum Income: N/A
– Age: You must be the age of majority in your home province.
– Residency: Available to all Canadian residents except for residents of Quebec.

The MBNA True Line® Mastercard® is aptly named, rescuing cardholders with an effective combination of a low balance transfer rate, low purchase rate, and no annual fee. The card’s rates on purchases and balance transfers are about half of what any standard card charges, and for cardholders that have a hefty outstanding balance—or many of them—the chance to dramatically reduce their interest payments is a true saving grace.

Notable Features

  • No annual fee
  • Special balance transfer promotion: 0% interest for 12 months (conditions apply)
  • 12.99%  regular interest rate on purchases and 12.99% on balance transfers
  • 24/7 customer support
  • Constant fraud defense

The most prominent feature of the MBNA True Line® Mastercard® is probably its special balance transfer promotion, which is one of the best balance transfer promotions in Canada. New cardholders who transfer a balance within the first 90 days of opening their account can get a balance transfer interest rate of 0% for 12 months. At the end of the 12 months period that interest rate increases to 12.99%, which is still relatively low. The only catch to the deal is that each balance transfer is subject to a 3% transfer fee (minimum $7.50), which can be a significant expense to pay up front, particularly for large balances transferred.

The absence of any annual fee is a perk that runs parallel with the low interest rate benefits, in that it works to actively reduce the money coming out of a cardholder’s pocket. To keep your money secure, MBNA links True Line® cards to its fraud protection service, which keeps an eye out for suspicious activity and actively works to halt fraud in its tracks.

Who’s the Card For?

The MBNA True Line® Mastercard® is ideal for those who need relief from older and ongoing debts. People with multiple credit cards, loans, or lines of credit can utilize the card’s balance transfer feature to escape compounding interest and then continue to use the card for their daily purchase needs without the same massive interest penalty as with other cards.

Click here to apply or learn more by reading our complete MBNA True Line® Mastercard® review.

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.


3. Tangerine Money-Back Credit Card

Apply Now
Eligibility Criteria:
Credit score required: Fair-Good
– Balance Transfer Intro Rate: 1.95% for 6 months (1% transfer fee applies)
– Annual fee: $0

Tangerine’s Money-Back Credit Card offers an advantageous balance transfer option to new cardholders, who pay just 1.95% for 6 months (1% transfer fee applies)*. This perk complements the card’s flexible savings power, with the ability to choose any 2 of 10 purchase categories to earn 2% cash back in.

People with large families who spend a bundle on groceries can pick the grocery category and start earning cash back, with other categories including common buys like restaurants, gas, home improvement, drug store purchases and recurring bills. Categories can be swapped at any time you like.

It’s also possible to get a third cash back category by signing up for a Tangerine Savings Account and having your cash back deposited there. When you consider that you’ll also earn 0.5% cash back on everything else, the savings will quickly add up. Peripheral perks on the card are the absence of an annual fee, as well as standard 90-day purchase insurance and extended warranties by up to an additional year.

Click here to apply or learn more by reading our complete Tangerine Money-Back Credit Card review.

Note that if you have an annual personal income of at least $60K, or household income of at least $100K, you should check out the Tangerine World Mastercard® instead. It has no annual fee and offers the same balance transfer deal and flexible rewards as the Tangerine Money-Back Credit Card, but provides extra features including mobile device insurance, airport lounge access, and car rental insurance.

*Terms and Conditions apply

Choosing the Right Balance Transfer Card for You

There are a handful of key factors you should look at to determine which balance transfer promotion is the best fit for your debt repayment scenario:

Promotional Balance Transfer Rate

The lower the interest rate the better.

Promotion Length

Does the promotion give you enough time to pay back your debt in its entirety? Among all the balance transfer-related questions we get at GreedyRates, about 40% of them are cardholders asking how they should go about either extending the promotional period on their card or re-transferring their balance to another card with another promotion. 6 months might sound like plenty of time to pay off a balance, but it can fly by faster than you expect.

Post-Promotional Balance Transfer Interest Rate

Once the promotion ends, the interest rate on your transferred balance might suddenly rocket up, depending on the card you’ve transferred to. Some cards still have relatively low interest rates even after the promotion ends. Other cards immediately bump the interest rate up to 20% or so, which can be financially detrimental if you still haven’t paid off the balance at that time.

Balance Transfer Fee

Most balance transfer cards charge a one-time balance transfer fee, typically in the range of 1% to 3% per transferred balance. In most cases, the cost of the transfer fee will be added to your balance. So if you transfer $4,000 of credit card debt, you will be charged a $40 transfer fee, increasing your transferred balance to $4,040.

Eligibility Criteria and Card Issuer

The balance transfer card you have an eye on might require a minimum annual income, credit score, and a credit standing free of current bankruptcies or consumer proposals. And the card issuer will not allow you to transfer a balance from one of its own credit cards, or the credit cards of its subsidiaries. For instance, MBNA is owned by TD, and will therefore not allow the transfer of a debt owed to TD. Check with the bank before applying if you’re concerned that you might not qualify for a card, or that the debts you have may not be eligible to transfer.

Impartial Reviews

Before making a final decision about which balance transfer card you’ll go for, read through an in-depth review of the card to make sure there are no potential snags or fine-print details that might surprise you later on.

How to Complete a Balance Transfer

The process of executing a balance transfer will generally be similar from one card issuer to the next, and should more or less follow the sequence below:

  1. Apply for a balance transfer credit card using one of the links listed earlier in this article.
  2. When filling out your card application you will indicate which creditors you want to pay, how much you want to pay to them, and the account numbers for the debts you’d like transferred.
  3. Once you’re approved for the balance transfer credit card, the credit card company will contact your creditors on your behalf and pay them the amount you indicated. It can take from two to four weeks for this process to be completed.
  4. To avoid late fees, continue to make any required minimum payments on your debts during the transition process.
  5. Make all balance transfers within the card’s allotted window for the promotion. This window varies from one card to the next, but it’s typically within 3 months of opening the account. The amount eligible for transfer also varies from one card to the next. For some cards the maximum transfer amount will match the card’s credit limit; for other cards the maximum transfer amount might be 50% of the balance transfer card’s credit limit. If you have multiple sources of debt and their combined total exceeds the amount you’re allowed to transfer onto the new card, prioritize transferring the debts that have the highest interest rate.
  6. Be meticulous about making the minimum payment each month for the new card, well in advance of its due date. Missing a payment during the promotional period can result in the bank increasing your low promotional interest rate to a far higher rate in the neighbourhood of 20% or more. Consider automating your minimum payments, so you’ll never, ever be late.
  7. Create a personal budget that will allow you to not only make the minimum payment on your new credit card, but to really capitalize on the low-interest balance transfer period and pay as much of your transferred balance off as possible before the interest rates go back up.
  8. Beware new purchases. Balance transfer credit cards only give you a low interest rate on your transferred balances, whereas new purchases made with the card will likely be subject to a much higher purchase interest rate. If you intend to make new purchases with your credit card, and carry a balance, make sure that the balance transfer card you select also has a relatively low purchase interest rate, or close the balance transfer card once the balance is paid off and open a different low interest rate credit card.

Beat the Banks at the Balance Transfer Game

A number of established banks and financial organizations rely on brand awareness rather than developing innovative, competitive services, and they assume that you’ll take either the first or most familiar offer you see. Don’t. Compare what’s out there, do a little math, and choose the best card that’s right for you.

If math isn’t your forte or if you’re struggling to make a choice, you can always shoot us an email or leave a comment for us below this article. Send us some info about the debt circumstance you’re in and we’ll be happy to give you free, unbiased advice.

*This post was not sponsored. The views and opinions expressed in this review are purely my own.

FAQs

Yes and no. Most credit card applications, including applications for balance transfer cards, will result in a hard credit check. Hard credit checks can bump your credit score down a bit, so it’s not recommended to apply for a lot of different credit cards in a short period of time. That said, getting a balance transfer card can also boost your credit score, because it increases your available credit and improves your credit utilization ratio. And steady repayment of a transferred balance will reflect well on your credit report over time.
A balance transfer promotion is typically used for the transfer and consolidation of credit card debt, but your card issuer might also allow you to transfer balances from loans or lines of credit. If you’re not sure whether the debt you owe is eligible for a balance transfer promotion, you can email us at [email protected] and we’ll advise you as best we can.
Card issuers typically do not allow balance transfers to earn rewards points or cash back. There are, however, some cards that offer both a low-interest balance transfer promotion and the chance to earn cash back or rewards points on regular purchases.
If your balance transfer promotion is ending soon and you haven’t paid off all your transferred debt, you can try to ‘surf’ your balance to another balance transfer card. But remember, there are a limited number of balance transfer deals in Canada, and it’s never guaranteed that another card issuer will accept your application. It’s best to maximize the first balance transfer promotion you get and pay off as much of your debt as you can during that period.

 

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Author Bio

Nate Siegel
Nathan Siegel has a professional and educational passion for finance, and is a long-time writer for GreedyRates. He follows trends in the Canadian banking sector, compares competing products, and pores over fine print to make personal finance choices easier for Canadian consumers. In his spare time he loves running, swimming, and dogs of all kinds.

Article comments

51 comments
Michelle says:

MBNA True Line® Gold Mastercard® credit card has an annual fee of $39.00 and your table says it has a $0.00 annual fee.

Daniel from GreedyRates says:

Hi Michelle,
Appreciate the heads up. Thanks!

Tea says:

I have the same experience with the CIBC as Leslie. It is a total scam, CIBC is just trying to hook you up on that card without a meaningful benefit for yourself. I have much better experience with the MBNA. Do not waste your time applying for that one.

Daniel from GreedyRates says:

Hi Tea,
Thanks for sharing your experience with CIBC and for the practical recommendation.

Leslie says:

I just got approved for the CIBC 0% card but the problem is that they are only giving credit limits of up to $1000 so you can only do a balance transfer on $500 which is ridiculous. As others have stated I have a great credit score, payments made on time, etc. Have had a CIBC credit card before with a way higher credit limit and had no issues paying. Kinda feels like a scam on CIBC’s part as only new customers can apply for this special interest card but new customers can only get $1000. The CIBC customer service rep who I just spoke to (called to cancel card as it won’t work for me) tried numerous times to keep the card cause I could use it for online purchases, etc. So bottom line not sure I would bother taking a hit on your Credit score by applying for the CIBC 0% interest card cause it won’t do you any good.

LB says:

Hi I have an MBNA Mastercard with a higher balance than I feel comfortable with. I called MBNA to ask for a rate reduction and was advised to apply for a True Line card and then transfer the balance. I’m not sure this is correct; can existing MBNA cardholders transfer balances to the low interest True Line? LB

Aaron Broverman says:

Hi LB,
According to the fine print it appears you are correct: “A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group).” I would go back to who you were talking to and tell them this is available on the website by clicking the cross next to the balance transfer promotion.

Lawrence D says:

You can transfer the money from MBNA credit card into your checking or savings account and then use the money to pay off your high interest rate card

Ella Dembeck says:

I am a TD customer and have a TD credit card. An unforeseen expense of $9,000 occurred that was not my fault and I am in the process to get my money back. In the meantime, I need to transfer the money to another card to avoid the high-interest rate. I applied to MBNA and was refused, despite my good credit rate standing. I know now why. This credit card is an affiliate of TD and they don’t want to miss my interest payment. I am very disappointed, as I always pay my debt in time. I am thinking of quitting all my services with TD, including car insurance and business account. I have been a customer of TD for over 15 years.

Linda says:

I have multiple credit cards but only carry a balance on one. It is 12.99% interest plus an annual fee. The limit and balance are very high so I am just paying the interest and a bit more each month trying to pay it down. There is no loyalty from the bank. I’ve been a customer for about 10 + years and also have investments with them. I am interested in applying for one of the 0% cards but my credit is very high compared to my income. What are the chances I’d get a high enough credit limit on a new card to be able to transfer at all? In my previous experience they always start the limits very low. I would like to replace the card I have the balance on not add to it.

Aaron Broverman says:

Hi Linda,
Because you only have a balance on one card, but you have multiple cards with no balance on them, your total credit utilization is low, so you may be able to get one of those 0% balance cards. It never hurts to apply, right?

Dana says:

I used one of the MBNA cards to save me some interest on a higher interest rate card. I knew that I would not be able to pay the balance. I am now faced with paying a high interest rate in the balance that I have on my MBNA card. Is there another card I can do a balance transfer and ultimately be paying lower interest rates so I can get it paid off?

LP says:

you can switch to a trueline, 8.99 interest, just call MBNA and they can do it over the phone

Nate Siegel says:

Hey LP,

This could be true, but it depends on whether or not she’s missed minimum payments. The generous post-promotional rates from MBNA (12.99% and 8.99% on the regular and Gold True Line cards, respectively) depend on the cardholder’s ability to make a small monthly payment. So does the main promotion for 0%, and MBNA will likely be less willing to help a cardholder reduce their interest rate if they’ve demonstrated that the minimum payments will be a challenge. If not, then you’re right that MBNA’s customer service department is great, and capable of letting customers exercise the ability to choose from and switch between their products.

GreedyRates

Nate Siegel says:

Hi Dana,

If you’re in a situation where you have an MBNA True Line card and the 0% balance transfer rate promotion is over, then you’ll pay 12.99% each month on your remaining balance, assuming you make minimum monthly payments. Failing to make these payments will see you rate rise to be more than 20%, and that’s tough to handle. In either case we’d see about trying to call MBNA and checking if they can switch you to the True Line Gold card at 8.99%, and if not, you could consider doing another balance transfer to one of the other great Canadian cards out there.

Primarily, we’d consider the Scotiabank Value Visa, as it’s a separate issuer from MBNA that has an interest in your (MBNA’s) balance. That means you could get the 3.99% for 6 months promotion, and then follow it up with a post-promotional rate of 16.99% (also on purchases and cash advances). That’s a great deal for a $0 annual fee and 0% balance transfer fee credit card. Look at our Balance Transfer cards page and let us know if you have any further questions. Thanks again.

GreedyRates

Heather says:

I was looking at applying for the MBNA True Line to take advantage of 0 percent transfer fee for 10 months but this is not true. When you click on the details to apply for this card they do charge over 3 percent so in actual fact. Is there any Credit card that will actually charge 0 for transfers.

The GreedyRates Team says:

Hey Heather,

Your comment touches on a common misconception that potential balance transferrers run into when researching these kinds of cards. First, you’ll be hard-pressed to find any balance transfer that doesn’t charge at least 1.00% for your transfer, and second, it’s crucial to remember that the fee isn’t the same as APR. It’s a one-time fee added to the baseline transfer to your new card, and is vastly outstripped by the amount of savings you’ll see on interest payments—totally worthwhile even for a 3.00% fee.

This goes double for cards like the True Line Mastercard, because if you’re transferring $10,000 and have a 20.00% interest rate, you’re paying a $300 fee (totalling a transfer of $10,300), which in just a single month accrues $166 in interest when carried month-to-month. In just two months at 0.00% interest you’ve already covered the fee, and then you have 8 more months at 0.00% to save on interest and put what you’ve saved toward the principal balance. Even afterwards, the post-promotional rate on the transfer is just 12.99%–not 20.00%. Point is, you’re winning in the long-term, which is how you need to begin thinking about finance if you want to eliminate debts. Best of luck with your application!

GreedyRates

Gayle Thomson says:

l have a Triangle Credit Card. I have been with for five years. I have an excellent Credit Score. However l do not like Canadian Tire Customer Service and in angry closed the card yesterday. I should have waited until l found another Credit Card and transferred my my balance. It was not the rate that bothered me, it was the service. Any suggestions? By closing the account l know l will take a hit.

The GreedyRates Team says:

Hey Gayle,

Thanks for coming to GreedyRates. We understand your frustration and can’t blame you for closing a credit card that you don’t like! It’s your right as a consumer to do so, but you’re correct that a bit more patience was warranted. Closing a card may make a small dent in your credit temporarily, but likely not enough to significantly impact your chances of successfully applying for a new card. Still, your balance with Canadian Tire can be transferred, as we’re sure you are aware debt doesn’t disappear when the card does!

Accordingly, all you need to do after getting a new card is to call up Canadian Tire and ask them to transfer your balance to the new card. Depending on how large the balance is, you may want to consider a replacement like the True Line Mastercard, which offers a low promotional rate of 0.00% on transferred balances for 10 months. If you’re trying to avoid interest and quickly repay debt this is a great option. If your balance isn’t large and simply needs to be accounted for in your new financial ecosystem, then making a regular transfer is just as easy. Which do you prefer? Get back to us and we’ll make some pointed suggestions!

GreedyRates

Jennifer says:

Hi, I am hoping you can help. I have just been approved for the Scotiabank Value Visa card. I had applied fir it order to do a balance tranafer from my CIBC visa. After I have been approved I was checking out the MBNA True Line Gold Mastercard and realized that card would be a better option for me with having a 0% balance transfer rate for 6 months and low post-promotional rate. Does it impact my credit score if I apply for that card even though I haven’t yet activated my Scotia Visa?

The GreedyRates Team says:

Hey Jennifer,

Great comment, thanks for posting. It’s no surprise that you came across the True Line cards after getting your Scotia Value Visa and felt a little “applicant’s remorse” at your decision. The True Line cards are both quite powerful for those who need a balance transfer, and it shouldn’t be too difficult for you to switch over. If you’re looking to simply apply for the True Line card and hold it alongside your new Value Visa, then the only hit you’ll take to your credit will come from the hard inquiry made in the application process.

You’ll take a harder credit hit if you decide to cancel the Value Visa—even if you don’t intend to use it. This is because a card cancellation dents your credit temporarily, and also increases the ratio of your balance to your total available credit (both negatively affect credit). It doesn’t matter if you haven’t activated the card: the account is open regardless. No harm done, just activate it and keep it open without using it, and then cancel at a later date.

GreedyRates

Hugh says:

Two questions:

1. If I have a TD bank account, but no credit through them, would I be eligible for balance transfer? I have a pc MasterCard.

2. Someone told me at the end of the 0% promotional tine, the 6 months, of I don’t have the full balance paid off, I also owe all the interest that would have accumulated in the last 6 months. Is this true?

The GreedyRates Team says:

Hi Hugh,

Appreciate the pair of questions—we’ll do our best to provide a thorough answer. Regarding question number one, if you have a TD bank account or even a TD credit card, you’ll still be able to take advantage of the bank’s generous balance transfer deal (the MBNA True Line cards). Essentially the only real restriction regarding the MBNA True Line balance transfer for 0.00% interest for 10 months, is that balances which are held with TD or MBNA aren’t able to avail of the promotional rate. They can be transferred to the card, however, and existing TD customers are able to get accepted for the card, so it’s important to be aware of all these details before applying.

It’s therefore obvious that a transfer from your PC Mastercard is eligible for the 0.00% rate for 10 months (or 6 months if you opt for the True Line Gold card, which instead offers a lower post-promotional rate). You’ll need to do your transfers within 90 days of receiving the card and pay a sum 3.00% fee for them. To address your second question about the post-promotional interest rate, the only caveat about the conclusion of your promotion is that the rate suddenly rises. There’s no obligation to pay all the interest up front.

Instead, be aware that if you have the True Line card, your rate suddenly pops up after 10 months, from 0.00% to 12.99%. Though this is a lot lower than you might find elsewhere, it’s crucial because if your balance is still significant, then your next bill won’t be pleasant. This is why we mentioned the MBNA True Line Gold card, which trades four months at 0.00% for 4.00% off the post-promotional rate. That way, you can pay your balance during the promotion or not, and then be hit with a lower 8.99% rate afterwards.

GreedyRates

Iola says:

Is the True Line® Mastercard® Credit Card promotion of 0% for 10 months and 12.99% after still valid at this time? Looking into this to credit surf a balance on a Westjet Mastercard. Thanks!

The GreedyRates Team says:

Greetings Lola!

Thanks for the great question. Not only is the True Line Mastercard’s 0.00% for 10 months promotion still active, it’s been made a permanent feature of the card thanks to MBNA. Now you can apply for the card at any time and expect to get the balance transfer deal as long as you qualify, meaning you’re not transferring a balance from within MBNA or TD itself. Since your balance is on a WestJet Mastercard and MBNA and TD don’t offer a WestJet card, we imagine that your transfer will be problem-free. If you need help or want some information on how to make the most of your 0.00% interest, just let us know!

GreedyRates

Cory worth says:

I have the mbna platinum plus card that came with a 12 month introductory 0% rate comming due and am looking for another card to surf the balance on, I like long term stuff and am thinking about the bmo air miles card, but how do make it so I can get that kind of limit from them?

The GreedyRates Team says:

Hi Cory,

Great comments! Thanks for coming back to GreedyRates after all this time with your MBNA Platinum Plus card, which was at one point the best balance transfer deal on the market. The deal and the card itself were discontinued last year and replaced with two 0.00% deals via new cards introduced by MBNA including the True Line and True Line Gold, for 10 and 6 months respectively. As you know these are the best options for Canadians currently, but you won’t be eligible for either as your balance would be coming from within the same bank.

As such, it’s good you recognized the BMO Air Miles card as the second-best deal, at 1.99% for 9 months. How much of your balance did you manage to pay off during the 12-month promotion? You can reasonably expect that if your finances are in good shape, or better than they were 12 months ago, that your approved credit limit from BMO will be similar to what you previously received from MBNA. If you’ve had a rough time financially, raised your utilization or didn’t make more than minimum payments on your balance transfer, then you might not be able to get approved for a big enough limit. There’s no guarantee, and no way for us to know for sure.

Regardless, you should avoid Amex card balance transfers, as you’ll only be able to transfer 50% of your limit. If you’re worried about splitting up your balance between multiple cards due to an insufficient credit limit on your new transfer card, this is something to keep in mind. Good luck!

GreedyRates

Ken says:

I have a TD aeroplan card, PC Mastercard and CIBC Visa select card. I am looking to combine into a new card which offers and introductory bonus as well as a transfer special. Not worried about interest rate because I will be paying monthly. Any recommendations?

The GreedyRates Team says:

Hey Ken,

Thanks for the comment, we appreciate your specificity. However, it’s difficult to find a card that offers both a low-interest balance transfer promotion as well as an introductory bonus of some kind. Also, balance transfer cards aren’t usually the best suited for daily use, so perhaps your ideal alternative solution is to get two credit cards. One to consolidate the balances on your previous three (the TD, PC Mastercard, and CIBC Visa) and the other to act as an everyday payment tool for rewards and other perks.

Which balance transfer card you want depends on your priority between two ideas: do you want to consolidate all your balances on a single card at a low rate, or two-of-three balances at a zero rate? This also depends on how much the balances are on your three cards. The MBNA True Line Mastercard is the best on the market for balance consolidation presently, but you won’t be able to lump your TD Aeroplan card’s balance along with the others, because TD and MBNA are the same bank (no interbank balance promotions). However, on your PC and CIBC balances you can get 0.00% interest for 10 months. You can also try to move all three balances to the BMO Air Miles Mastercard, which is currently offering 1.99% for 10 months—it’s up to you to determine which is preferable.

As far as an everyday card goes, if you pick the True Line card as your consolidation tool, you might be able to simply use the existing TD Aeroplan card. If you’d rather choose a different card, let us know what’s most important to you; cash back, travel, rewards, something else? What’s your credit and income look like? We’d be happy to give you a few prime suggestions if you give us some criteria to work with and a bit of context! Currently, we know you like big introductory bonuses, so check out the BMO World Elite card first, which offers 35,000 points, a $150 annual fee waiver, $100 travel credit, and 4 free VIP lounge passes to new customers (a ton of frontloaded value).

GreedyRates

Kayla says:

Hi,
Can you please clarify some you for me.
I have a TD Bank account, but no credit cards with them. My credit card is with capital one. I would like to do a balance transfer from my capital one card. Am I eligible even though I hold a TD bank account for the MBNA card/balance transfer since the balance is coming from capital one and not a TD products ?

The GreedyRates Team says:

Hi Kayla!

Nice to hear from you. It sounds like you’re interested in one of the awesome balance transfer deals from MBNA–but are a bit perplexed by the restrictions against same-bank balances which relates to this opportunity. If you have a TD bank account and even if you have a TD credit card, or multiple cards, you can still do a balance transfer to TD or MBNA (as you know they’re considered the same bank) and expect to get the 0.00% deal from a card like the MBNA True Line or True Line Gold. The biggest rule to be aware of is that neither TD nor MBNA will allow you to transfer a balance from within its own organization (from TD or MBNA) and to also take advantage of any promotions that reduce your interest rate on this balance.

For you, this means that you’ll definitely be able to avail of MBNA’s 0.00% for 10 months deal through the True Line Mastercard, because your balance is coming from a different bank: Capital One. Though your account with the bank has no impact on your eligibility, your existing balance with them (the one not being transferred) may alter the credit limit you’ll be approved for—so keep that in mind. Good luck and let us know if you need any further information.

GreedyRates

Robin says:

Late last week, I looked at this site and there was a card that was offering a 30 months pay back on balance transfer at a 5.9%. It is no longer there??

The GreedyRates Team says:

Hey Robin!

You’re referring to a card promotion that was offered by RBC, which is no more. The card’s 30-month promotion was unmatched in the marketplace, but 5.90% isn’t much less than the 8.99% offered by the True Line Gold card! As long as you can make your minimum monthly payments, the True Line Gold card offers a 0.00% interest rate on your transferred balance for 6 months, and then 8.99% after the promotion ends. Alternatively, you could trade the lower post-promotional rate for a longer zero-interest promotion of 10 months instead of 6, with the regular True Line Mastercard. It also has no annual fee, while the Gold card’s fee is $39. These are now the best balance transfer deals on the market after RBC’s exit, yet they provide just as much value to those who use them responsibly.

GreedyRates

Herminia says:

In this greedyrates how much they offer if I want to apply. Thanks

The GreedyRates Team says:

Hi Herminia,

If you’re looking to apply for the True Line Mastercard, then if you’re approved, you’ll get the 0.00% interest rate promotion guaranteed. The only factor that is still up in the air is your credit limit. Unfortunately, asking us about your potential credit limit is an exercise in futility, as we don’t have a relationship with the bank that allows us to see internal processes or even your own application. However, you’re able to make an educated guess as to what your credit limit will be by examining the most recent loan, credit limit, or line of credit that you’ve received and then extrapolating from there based on whether or not your finances have improved. If we’ve misunderstood your question and you need a bit more help, just get back to us here or shoot an email to [email protected]. Thanks!

GreedyRates

Ron says:

Why are you not stating that MBNA charges 3% fee for balance transfers? They are not the cheapest…..

The GreedyRates Team says:

Hey Ron,

Oh no! You must have missed our handy table in the article above, where we clearly state that the balance transfer fees for both True Line cards are 3.00%. We always make sure to update the new figures when credit card issuers and banks change them, regardless of whether or not the change was an upgrade or a downgrade. Even with 3.00% transfer fees, the 0.00% for 10 months promotion is still by far the best available from the market, and if you want to know how to take advantage of it in the best way possible, stay in touch.

GreedyRates

J. Gaw says:

I notice that TD account holders are not eligible for this card. Can you confirm?

The GreedyRates Team says:

Hi J!

Thanks for the comment. If you’re referring to the MBNA True Line Mastercard or the True Line Gold card, then you’re correct. The deal is so good that the bank can really only afford to give it to new customers, and since TD and MBNA are the “same” bank now (after the purchase of MBNA by TD Asset Group) they won’t let existing customers of MBNA nor TD transfer balances to the card to obtain the 0.00% deal. Be careful, because they will allow you to get the card, but you’ll quickly find out that the promotion is off-limits for you, so applying for it anyway would be a waste. Instead, check out other balance transfer deals like those from BMO.

BMO’s Air Miles Mastercard offers a reasonably similar balance transfer deal of 1.99% for 9 months, plus the ability to collect Air Miles while you use the card. It’s a decent deal, though it can’t compare with MBNA’s, but be warned that using the card for everyday purchases to earn Air Miles (as tempting as it may be) is probably not a great idea. It complicates an idea which should be simple: shelter existing debt from high interest and faster reduction of the outstanding balance. Thanks again.

GreedyRates

MHD says:

I have a student credit line with TD, do you think i’m eligible for the MBNA True Line card ?

The GreedyRates Team says:

Hi MHD,

Thanks for the comment. You’re a TD account holder via your student credit line, and it seems you understand that MBNA and TD are essentially the same organization and want to know if you can get the True Line card. Absolutely you can—the relationship between these two banks won’t affect your probability of getting approved for credit cards between them. The bigger issue is whether you want to transfer your TD credit line balance to the MBNA card to receive its lucrative 0.00% interest promotion. Unfortunately, you’ll find out that this won’t work because no bank will voluntarily discount its own debt, if boosting their balance sheet isn’t part of the equation. This is why they only offer the 0.00% promotion to balances that come from other financial institutions, like RBC or BMO, for instance.

If you’re trying to do a balance transfer, you’re better off exploring the other deals available on the Canadian market. The BMO Air Miles Mastercard is currently running a deal where you can get 1.99% interest on transferred balances for 9 months, which is quite good. You’ll be relevant for it as well, given that your debt is with TD, and the card’s annual fee and lower-tier rewards make it easier in terms of eligibility. We also like the BMO Preferred Rate Mastercard, which increases the initial promotional rate to 3.99% for 9 months, in exchange for a lower purchase and cash advance rate of 12.90%.

GreedyRates

Chantal says:

Hey, That sounds great 0% for a few months. However, isn’t the bank going to compensate that great offer by charging a greater interest rate after those few months are passed (more than a classic card)? This is what I think I have seen in other countries.

The GreedyRates Team says:

Hey Chantal!

We’re glad you asked. It’s always good to temper your optimism with a bit of doubt, especially when it comes to financial products like credit cards, but the MBNA True Line Mastercard is as good as it sounds (with a few minor caveats). First, know that it’s more than a ‘few’ months that you’ll enjoy 0.00% interest: it’s a 10-month promotion, which is on the longer end of the scale. Even if your interest rate is a reasonable 8.00% and your balance is $5,000, that’s already over $300 saved!

Onto the caveats. Like most balance transfer cards, you need to be sure not to miss a single monthly minimum payment, or else the card will suddenly cancel your promotion and you’ll be stuck with the standard balance transfer interest rate of 12.99%. This is also relevant. You will not be hit with some exorbitant interest rate if you miss a payment or when the promotion ends—just 12.99% is one of the card’s most valuable features. What that means is that when the promotion is over, it’s not so urgent to move your remaining balance to another bank because 12.99% is (in some cases) half of what you’d be charged elsewhere.

How can MBNA offer such a great deal? Simply put, they want your business. This is what leads to the card’s other major caveat: if you’re already an MBNA customer you won’t be eligible for the promotion. Its flaws are minor and seriously outweighed by its advantages, as long as you use it responsibly! If you need any more info, just let us know. Thanks again.

GreedyRates

Justin Barracosa says:

Hey guys, I’m just a little bit confused. Yes, it does, and has shown a higher rate on the mbna site, but here on this site it does still say 0%, AND it notes that it’s for greedyrates applicants. And I can confirm that this is correct as I’ve tried filling them out both way and the offer varies based on where you apply from.

The GreedyRates Team says:

Hi Justin,

We’re assuming that your inquiry is about the MBNA True Line Mastercard, which offers 0.00% interest on balance transfer for 10 months. If so, then don’t worry about the difference between MBNA’s page and ours. We have a special relationship with the bank and are able to offer great deals on credit cards to those who apply via our links, as you noticed when clicking on the Apply Now button next to the True Line card. As long as you apply this way, and not through MBNA itself, you’ll be able to get ahold of this lucrative balance transfer promotion, but beware that the offer ends on January 31, 2019—so act quickly. Good luck!

GreedyRates Staff

Robert says:

The MBNA True Line® Gold Mastercard® now has a 1% transfer fee, as per their website.

The GreedyRates Team says:

Hi Robert,

Thanks for the tip! We checked ourselves and can confirm that the MBNA True Line (and True Line Gold) cards carry a standard balance transfer fee of 1.00% of the amount transferred. This is parallel with or much less than the 2-3.00% charged by some other issuers for balance transfers and is also made less impactful by the recent boosting of the True Line card’s promotion from 6 to 10 months in length.

Also keep in mind that the 1.00% is outweighed by the interest charges you’ll avoid during the 0.00% promotion, so the card’s value proposition remains strong. These two cards are the best that most Canadians can hope for when it comes to escaping high interest, and we’ll be sure to let them know all about the fee—so thanks again for being a vigilant reader.

GreedyRates

Patrick says:

You should really mention the hidden fee; the balance transfer fee which in many cases has creeped up to 3% nowadays. MBNA has massively increased this fee from 1 to 3% so it’s really not 0% like they claim. This should be illegal, there must be truth in advertising. Claiming it’s 0% when you must pay a 3% fee is false and misleading and when you consider that they’re only offering this rate for 6 months not the 12 months like they used to it’s more like 6% annual interest when you factor in that hidden balance transfer fee.

The GreedyRates Team says:

Hey Patrick,

Great comment. One should always be aware that they’ll be charged a small fee for their balance transfer. A couple things to note, however. First, the balance transfer fee isn’t charged upfront in cash, it’s added to your total balance that is then sheltered under whatever promotional rate you receive on the application. Second, the balance transfer fee for the popular True Line Gold Mastercard is only 1.00%, not the 3.00% you quoted in your comment. We think we know where you got confused.

On the application for the card, it reveals all the circumstances under which you’ll pay an extra fee, and there are three boxes that describe fees for transferring a balance. Standard rates are 1.00% for balance transfers, and you’ll also be charged 1.00% “For the balance transfer promotion rate offer disclosed on the application.” However, there’s also another box next to this one that indicates you’ll be charged 3.00% for “promotional rates we may otherwise offer on your account.” This is completely separate from the promotional rate advertised on our site, and you should never be charged this 3.00% unless the bank decides to offer you another balance transfer at a promotional rate after your first.

Hope that clear it up a bit! If you have any other questions, feel free to ask.

GreedyRates

Stanimir Drandev says:

I have TD AEROPLAN VISA INFINITE and MBNA Platinum Plus® Mastercard® and bot of them offer balance transfers at promotional rate on regular basis. Could you recommend me another credit card that offers it not only at the activation.

Stan

The GreedyRates Team says:

Hey Stanimir,

First of all, we should note that at the time we answered the above comment, the balance transfer fee charged by the MBNA True Line cards was indeed just 1.00%, but it has since changed to 3.00%. Despite this, it is the best card for you if you’re looking for a 0.00% balance transfer deal. Remember that most credit cards offer balance transfer deals because they’re looking for new customers and new debt to put on the balance sheet, so it’ll be tough to find a card that offers a permanent balance transfer feature.

A better bet is to look for a card with a low interest rate outright, in order to reduce the amount that you’re paying on purchases, cash withdrawals and other things ahead of time. Then, if you still need a balance transfer for your existing debt that’s already been accrued, then get a balance transfer card with a “new customer promotion” as needed—then work the debt off. Unfortunately, if you’re going this route then the MBNA True Line cards won’t work for you, because your debt on the TD Aeroplan card and the MBNA Platinum Plus card isn’t eligible for the 0.00% rate.

MBNA won’t allow balances from within TD or MBNA to get that sweet 0.00% rate, for the reasons stated above: they’re not getting a new customer nor any new debts by signing you up specifically. In this case, you’ll need to opt for a balance transfer deal from a bank outside of MBNA, like BMO. We recommend the BMO Air Miles Mastercard for those in your situation, because it’ll get you close to 0.00%, with a low 1.99% rate that is applied for 9 months to your transferred balance.

GreedyRates