Which balance transfer credit card is right for you? We ranked Canada’s top choices in 2025 with a focus on helping Canadians navigate through the clutter of credit card offers and choose a card that best suits their financial goals. Our comprehensive guide was developed independently, without influence from credit card companies or banks, ensuring that our readers receive unbiased and reliable information.
The Globe and Mail’s Big Guide to Canadian Credit Cards
Credit card companies are in constant competition for a spot in Canadian wallets. Their advertisements, promising the best value for cardholders, are ubiquitous, appearing on social media feeds, subway billboards, and airport lounges. Our guide cuts through this marketing noise, providing an independent analysis of how different cards perform, thus empowering our readers to make well-informed decisions.
Evaluating Balance Transfer Cards
In assessing balance transfer cards, we considered those with a promotional balance transfer interest rate between 0 per cent and 2.99 per cent, usually lasting between six to 12 months. Our rankings are based on the total cost of carrying an outstanding balance over a year, with the card incurring the lowest cost earning the highest ranking.
Current and Unbiased Information
All card and promotion information was collected as of Nov. 25, 2025. As credit card offers and terms are constantly changing, our calculations reflect the cards’ benefits at that time. Our guide is not sponsored by any credit card company or bank, and we do not receive any financial compensation if you choose to apply for one of the cards listed.
Rates After Promotional Period
While our focus is on helping individuals manage and quickly pay off their debt, it is important to note that after the promotional period ends, a higher rate – ranging from 13.99 per cent to 22.99 per cent – will apply to the outstanding balance. Any new purchases made on the card will be subject to the full purchase interest rate, which ranges from 12.99 per cent to 20.99 per cent.
Methodology of Ranking
The value of a credit card varies based on individual financial goals and needs. We have highlighted several cards worth considering, but our interactive tool allows you to customize rankings based on your preferences, such as card company, income requirements, and whether there is an annual fee.
Top Cards to Consider
Below are three cards that stood out in our evaluation.
Best Option with Low Transfer Fees
The CIBC Select Visa Card is our top-ranked Balance Transfer card. It offers a competitive introductory interest rate on balance transfers for 10 months, with a low transfer fee of just 1 per cent. After the promotional period, the interest rate on outstanding balances is 13.99 per cent, one of the lowest rates among balance transfer cards. The card has an annual fee of $29, which is waived for the first year.
A Good Second Choice
The MBNA True Line Mastercard is another excellent option for balance transfers. It boasts an impressive introductory rate of 0 per cent for the first 12 months. Afterward, the interest rate rises to 17.99 per cent. Despite a higher balance transfer fee of 3 per cent, its exceptional introductory offer makes it a preferred card for those focused on paying down existing debt.
Our rankings are designed to help you find the balance transfer card that best fits your needs. Feel free to personalize the ranking to suit your individual criteria.
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