Getting out of debt is a difficult task that many people face. And yet, paying off your loans does not have to be as difficult as it may first appear.

One way that Canadian credit card users can find debt relief is to transfer outstanding credit card balances onto a single card with a lower interest rate. By consolidating their debts, some users may find it easier to keep track and pay back their loans.

If you’re looking to get free of debt, consider using one of these balance transfer credit cards as your way to become debt free:

1. Scotia Momentum® No-Fee Visa Card

Introductory interest rate: 1.99% (first 6 months)

The Scotia Momentum® No-Fee Visa Card is a balance transfer credit card with a generous welcome offer. New users can take advantage of a special limited-time 1.99% introductory interest rate on balance transfers for the first 6 months (22.99% afterwards).

As well, this credit card offers a limited-time offer in which users can earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).

Great regular features of this card include:

  • No annual fee
  • Cash back on everyday spending
  • Save up to 25% off base rates on car rentals

Users can earn cash back on this card at this rate:

  • 1% cash back on eligible gas station, grocery store and drugstore purchases and recurring bill payments
  • 5% cash back on all other eligible everyday purchases

2. Scotia Momentum® Visa Card

Introductory interest rate: 2.99% (first 6 months)

The Scotia Momentum® Visa Card warmly welcomes people looking for debt relief with a generous welcome offer. New users are offered a 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% afterwards).

The introductory offer also gives new users a chance to earn 7.5% cash back on all purchases for the first 3 months (up to $2000).

Strengthened by a low annual fee, this credit card rewards its users with a higher cash back rate than its no-fee counterpart:

  • 2% cash back on eligible gas station, grocery store and drugstore purchases and recurring bill payments
  • 1% cash back on all other eligible everyday purchases

3. CIBC Select Visa Card

Introductory interest rate: 0% (first 10 months)†

The CIBC Select Visa Card looks to be a strong contender for becoming your balance transfer credit card with this generous welcome offer:

  • 0% introductory interest rate on balance transfers during the first 10 months†
    • You’ll only have to pay a 1% transfer fee when you transfer your balance to this card, an offer only available at the time of your online application†
  • Transfer up to 50% of your assigned credit limit†
  • A first-year annual fee rebate for you and up to 3 Authorized Users†!

Other regular features  of this card include:

  • Send money for free: No transaction fees with CIBC Global Money Transfer™
  • $100,000 Common Carrier Accident Insurance
  • CIBC Emergency Travel Medical Insurance
  • CIBC Payment Protector™ Insurance for Credit Cards

With a low annual fee of $29, this low interest credit card is a great option to consider.

4. Tangerine Money-Back Credit Card

Introductory interest rate: 1.95% (first 6 months)

The Tangerine Money-Back Credit Card generously offers new users with a welcome offer that includes:

  • Enjoy a low promotional interest rate of 95% on balance transfers for 6 months
    • A Balance Transfer Fee of 1% on the amount transferred will apply
  • Earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months

This no-fee credit card provides users with these ongoing perks:

  • Money-Back Rewards on everyday purchases
  • Monthly Money-Back Rewards
  • Unlimited Money-Back Rewards
  • Personalized Categories

This credit card’s cash back reward system works like this:

  • Earn 2% Money-Back Rewards in two 2% Money-Back Categories of your choice
  • Earn 0.50% Money-Back Rewards on all your other everyday purchases

5. BMO Preferred Rate Mastercard

Introductory interest rate: 3.99% (first 9 months)

The BMO Preferred Rate Mastercard looks to welcome new users in style.

This card has a welcome offer that features:

  • 99% introductory interest rate on balance transfers for 9 months with a 1% transfer fee
  • $20 annual fee waived for the first year

This low interest rate credit card with a 12.99% purchase interest rate provides these ongoing rewards:

  • Worldwide acceptance at over 30 million locations
  • Zero Dollar Liability: protects you from unauthorized use of your credit card
  • Free extended warranty and purchase protection

6. BMO® CashBack® Mastercard®

Introductory interest rate: 1.99% (first 9 months)

The BMO® CashBack® Mastercard® is a no-fee, cash back credit card that can be very useful to someone looking for a balance transfer credit card.

It features a welcome offer that includes:

  • 99% introductory interest rate on balance transfers for 9 months with a 1% transfer fee
  • Get up to 5% cash back in your first 3 months

Regular rewards of this card include:

  • No annual fee
  • Receive a discount on car rentals
  • Extended Warranty
  • Purchase Protection

Users can earn cash back on this card at the following rates:

  • 3% cash back on grocery purchases and the essentials
  • 1% cash back on recurring bill, subscriptions or monthly utilities
  • 5% cash back on all other purchases

7. BMO Rewards® Mastercard®

Introductory interest rate: 1.99% (first 9 months)

The BMO Rewards ® Mastercard® is a no-fee, travel rewards program with a great welcome offer:

  • 99% introductory interest rate on balance transfers for 9 months with a 1% transfer fee
  • Get 10,000 points when you spend $1,000 in the first 3 months

Regular ongoing perks of this card include:

  • Earn faster with additional cardholders
  • Extended Warranty
  • Purchase Protection

Earn rewards points on this card at these rates:

  • Get 1 BMO Rewards point for every $1 spent and redeem them with our most flexible rewards program – merchandise, travel, pay with points and more
  • Get 2 x BMO Rewards points and up to 25% off rentals at participating National Car Rental and Alamo Rent a Car locations

8. BMO AIR MILES®† Mastercard®

Introductory interest rate: 1.99% (first 9 months)

The BMO AIR MILES® Mastercard® is a no-fee, travel rewards credit card that welcomes new users with a great welcome offer:

  • 99% introductory interest rate on balance transfers for 9 months with a 1% transfer fee
  • Get 800 AIR MILES® Bonus Miles (enough for $80 towards purchases with AIR MILES® Cash)

Regular rewards include:

  • Receive a discount on car rentals
  • Extended Warranty
  • Purchase Protection

Earn AIR MILES® on this card at these rates:

  • Get 1 Mile for every $25 you spend on your credit card
  • Get 3 Miles for every $25 spent at participating AIR MILES Partners
  • Get 2x Miles points when you show your AIR MILES Card at participating Partners

9. National Bank Syncro Mastercard

Balance transfers: 12.90%

The National Bank Syncro Mastercard impresses with its low interest rate and top rewards.

This credit card offers these low rates as part of its ongoing features:

  • 90%, or Prime rate + 8% on balance transfers and cash advances
  • 90% (min), or Prime rate + 4% on purchases

What’s more, for an annual fee of $35, users can also take advantage of this card’s extended warranty and purchase protection in case of theft or damage.

As we can see, this great list of balance transfer credit cards provides many options for consolidating your credit card debt. By picking a card, sticking to a budget, and making regular payments, you will be able to pay off your credit card debt sooner than you think!

Want to find out more about Canada’s best credit card offers? Read our blog to learn about the country’s best credit cards for travel insurance, and the best credit cards for students.

†Conditions Apply

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