Today, will you discover the best credit card with balance transfer options to reorganize your finances?
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Now, the market offers great credit card with balance transfer options, which feature extremely low rates, making them great for those looking to save money.
Managing liabilities has become a matter of survival, and that is exactly why a credit card with balance transfer options is important.
Throughout this article, you will understand how each credit card with balance transfer options works in practice, analyzing not only the superficial rate but also institutional soundness and hidden costs. Keep reading.
Review of Credit Card with Balance Transfer Options
1. MBNA True Line® Mastercard®
The MBNA True Line® Mastercard® is a credit card with balance transfer options that is different from hybrid cards that try to balance rewards with moderate rates. This is because this card is designed for debt eradication.
Its value proposition lies in the superior mathematical offering of a long grace period. Allowing every dollar paid to be allocated to principal amortization.
As a rule, the promotional balance transfer rate is 0% for 12 months, one of the longest terms on the market. This offers a “free money” window for amortization.
Although there is a transfer fee of 3% (minimum $7.50), the value is quickly recouped by the interest savings.
After the promotional period, the standard interest rate is 12.99%. This prevents the cost from jumping to levels of 20% or more. Furthermore, the annual fee is $0, increasing the Net Present Value of the offer.
2. Scotiabank Value® Visa Card
The Scotiabank Value Visa is the response from one of Canada’s most traditional banks.
Firstly, the Bank of Nova Scotia has one of the oldest lineages in the sector and a vast international footprint.
This card is a Low Rate option, ideal for those who occasionally carry a revolving balance.
You should know that it combines an aggressive promotional rate for a credit card with balance transfer options with a standard rate much lower than the average.
Financially, the card offers a promotional rate of 0.99% for 9 months. Furthermore, the transfer fee ranges between 0% and 2%. This makes it mathematically cheaper than the MBNA depending on the amount.
Finally, you should know that the standard interest rate is 13.99%, applying to both purchases and cash advances, a rare simplification. The annual fee is $29, generally waived in the first year.
Among the benefits, the mobility partnership with Avis and Budget stands out, offering discounts of up to 25%. Furthermore, the Scotia SelectPay™ feature allows eligible purchases over $100 to be converted into installment payment plans with fixed rates.
The card also allows free supplementary cards and applies the same reduced rate of 13.99% for cash withdrawals. Protecting the customer in emergencies.
3. CIBC Select Visa* Card (Credit card with balance transfer options)
The CIBC Select Visa is a good option for those who need an extended term, positioning itself as a long-term specialist. In addition to being considered one of the main apply for a low interest credit card.
Furthermore, this credit card with balance transfer options offers 10 months at 0%. Exceeding most 9-month offers. This can be decisive for tight budgets.
The cost structure is competitive. In addition to the promotional rate of 0% for 10 months, the transfer fee is only 1%, one of the lowest on the market.
Furthermore, transferring $5,000 costs just $50. The standard post-promotion interest rate is 13.99%, and the $29 annual fee is often reimbursed in the first year.
A unique differentiator is the CIBC Global Money Transfer™, which allows you to send money to over 120 countries with a zero transfer fee.
Another interesting advantage is the fact that the card also offers integration with the Journie network for fuel discounts and common transportation accident insurance of up to $100,000.
4. BMO Preferred Rate Mastercard®
The BMO Preferred Rate focuses on protection and guarantee. We emphasize that this card is not just a debt card. In fact, this is a product that combines low rates with extended warranties.
Firstly, you should know that the promotional rate for [credit card with balance transfer options] is 0.99% for 9 months, with a transfer fee of 2%.
The standard interest rate is 13.99% and the $29 annual fee is waived in the first year. Another highlight of this card is its protection benefits.
It is emphasized that the Extended Warranty doubles the original manufacturer’s period for up to one additional year for items purchased entirely with the card.
On the other hand, Purchase Protection secures items against theft or damage for 90 days.
In addition, it offers car rental discounts at National Car Rental and Alamo, and access to the BMO Extra Awards platform.
5. Tangerine Money-Back Credit Card (Credit card with balance transfer options)
The Tangerine Money-Back is an innovative option.
Although primarily a rewards card, its credit card with balance transfer options offer is aggressive.
Firstly, you should know that this card is ideal for those who are technologically proficient. The promotional rate is 1.95% for 6 months, with a transfer fee of 1%.
Attention should be paid to the standard interest rate, which is 19.95%.
Unlike the previous cards, this is not a permanent low-interest card; after 6 months, the cost increases. The annual fee is $0 for life.
Know that the attractive feature is the customizable Cash Back: the user chooses 2 categories to earn an unlimited 2% back.
6. RBC Visa Classic Low Rate Option
Firstly, the Royal Bank of Canada, the country’s largest financial institution, offers simple cards with no surprise costs, at first.
The promotional rate for credit card with balance transfer options is 0.99% for 10 months, with a transfer fee of up to 3% and an annual fee of $20.
Benefits include instant fuel savings at Petro-Canada (3 cents per litre) and Be Well points at the Rexall network.
Furthermore, the card also offers a free DashPass subscription for up to 12 months.
Purchase protection covers 90 days against loss and damage, and the extended warranty doubles the manufacturer’s warranty.
7. ManulifeMONEY+™ Visa* Platinum (Credit card with balance transfer options)
Firstly, this card is a lifestyle specialist.
Furthermore, this card offers a promotional rate of 1.99% for 6 months and a transfer fee of 1%.
For this reason, it is crucial to note that the balance transfer interest rate rises to 22.99% after the promotion, which is punitive. There is no annual fee.
You need to keep in mind that its differential is the 2% Cash Back at supermarkets and 0.5% on other purchases, excellent for a card with no annual fee.
Furthermore, it includes travel accident insurance and seamless integration with the Manulife One account. It supports various digital wallets such as Apple Pay and Google Pay.
Tabel Comparison of Balance Transfer Cards
| Card | Promo BT Rate | Term (Months) | Transfer Fee | Standard Rate (Post-Promo) | Annual Fee |
| MBNA True Line | 0% | 12 | 3% | 12.99% | $0 |
| Scotiabank Value | 0.99% | 9 | 0% – 2% | 13.99% | $29 |
| CIBC Select | 0% | 10 | 1% | 13.99% | $29 |
| BMO Preferred | 0.99% | 9 | 2% | 13.99% | $29 |
| Tangerine Money-Back | 1.95% | 6 | 1% | 19.95% | $0 |
| RBC Visa Classic | 0.99% | 10 | Up to 3% | 12.99% | $20 |
| Manulife MONEY+ | 1.99% | 6 | 1% | 22.99% (BT) | $0 |
Conclusion
In summary, there are now interesting tools for those looking for a credit card with balance transfer options.
The MBNA True Line stands out for its pure mathematical efficiency with its 12 months at 0%. While options like Scotiabank Value and CIBC Select offer a robust balance between low rates and additional benefits.
Digital and retail cards, such as Tangerine and PC Financial, serve specific profiles that value integrated rewards.
The choice of the ideal card should not be based solely on the initial rate, but on your payment strategy and lifestyle.
Furthermore, the balance transfer is a temporary relief mechanism that, if well utilized, reduces the effects of compound interest.