Credit card companies compete fiercely for a place in Canadians’ wallets. Ads promising the best value for cardholders appear everywhere from social media feeds to subway billboards to airport lounges. The Globe and Mail’s Big Guide to Canadian Credit Cards cuts through the hype with an independent look at how different cards perform, empowering readers to choose the one that best fits their financial goals.
For balance transfer cards, we evaluated those with a promotional balance transfer interest rate ranging from 0 per cent to 2.99 per cent, typically lasting six to 12 months, based on the total cost of carrying an outstanding balance over the course of a year. Cards were ranked based on their total costs, with the card incurring the lowest cost receiving the highest ranking.
All card and promotion information was collected as of Nov. 25, 2025. Sign-up offers and terms are constantly changing and our calculations reflect the cards’ benefits at that time. Unlike many guides, ours wasn’t sponsored by a credit card company or bank and we don’t receive any financial compensation if you decide to apply for one of the cards on our list.
To align with our purpose of helping individuals manage and quickly pay off their debt, we did not include any new purchases in our calculations for Balance Transfer cards. It’s important to note that after the promotional period ends, a higher rate – ranging from 13.99 per cent to 22.99 per cent – will be applied 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: How we ranked our Big Guide to Canadian Credit Cards
The merits of a credit card vary based on your personal goals and financial needs. Below, we’ve highlighted a number of options worth considering. But you can also tailor the rankings to your preferences using our interactive tool, which allows you to filter based on card company, individual or household income requirements, and whether there is an annual fee.
Here are three cards to consider.
Best option with low transfer fees
The CIBC Select Visa Card is ranked as our top Balance Transfer card, offering a competitive introductory interest rate on balance transfers for 10 months with just a 1 per cent transfer fee. After the promotional period, unpaid balances accrue interest at 13.99 per cent – one of the lowest rates among balance transfer cards. The card has a $29 annual fee, waived for the first year at the time of publication.
A good second choice
The MBNA True Line Mastercard stands out as a top choice for balance transfers, boasting an impressive introductory rate of 0 per cent for the first 12 months. After that, the interest rate is 17.99 per cent. While it does have a higher balance transfer fee of 3 per cent, the exceptional introductory offer makes it a preferred card for those focused on paying down existing debt.
