Canadian Balance Transfer Credit Cards |
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A balance transfer is an option offered by many credit card issuers which enables the card holder to use their available credit from one card to pay off the balances due on other cards. Usually the interest rate on the amount borrowed is lower than the rate of the cards that are being paid off. Balance transfers are really nothing more than a consumer loan made to a customer who is already pre-qualified by the lender because of the credit card relationship that exists. Since the card issuer is already open to exposure for the maximum amount of the card holder’s credit line anyway, it makes financial sense for the card issuer to entice the cardholder to run their balance up as high as possible. A balance transfer offer is the perfect way to entice the card holder. Most balance transfer offers will come with an artificially low introductory interest rate, such as 1% or 0%, for a fixed period of time. After that time period the interest rate will rise to whatever was permitted by the terms of the offer.
| Card Name | Issuer | Balance transfer Rate | Interest Rate | Annual Fee | |
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MBNA Platinum Plus MasterCard | MBNA | Introductory Rate - 0% | 17.99% | $0 |
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MBNA Shoppers Optimum MasterCard® Credit Card | MBNA | Introductory Rate - 1.99% | 19.99% | $0 |
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Capital One Gold MasterCard | Capital One | Introductory Rate - 9.99% | 9.99% | $49 |
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Capital One SmartLine Platinum MasterCard | Capital One | Introductory Rate - 5.99% | 5.99%, 19.80% on cash advances | $0 |
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President’s Choice Financial® MasterCard | Presidents Choice Financial | Introductory Rate - 0.97% | 19.97% | $0 |