What are balance transfers credit cards?
Balance transfer credit cards in Canada are credit cards that allow you to transfer existing balances from one or more credit cards onto the new card, typically at a lower interest rate or even 0% introductory interest rate for a specified period.
Here are the key features and benefits of balance transfer credit cards:
- 0% introductory rate (usually 6-12 months) or low introductory rate
- Balance Transfer Fees
- Fee Percentage for transferring balances, usually (1-3%)
- Some cards may have a maximum fee cap
- Regular Interest Rates after the bonus period
- Credit Score Requirements (often 670 or higher)
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 8.00% | 867 |
| 20,000 | 11.00% | 1,192 |
| 20,000 | 14.00% | 1,517 |
| 50,000 | 8.52% | 2,308 |
| 50,000 | 11.20% | 3,033 |
| 50,000 | 14.20% | 3,846 |
| 100,000 | 8.40% | 4,550 |
| 100,000 | 11.40% | 6,175 |
| 100,000 | 14.40% | 7,800 |
| 200,000 | 8.60% | 9,317 |
| 200,000 | 11.60% | 12,567 |
| 200,000 | 14.60% | 15,817 |
Are there credit cards with no fee for foreign transactions?
Yes, such cards are beneficial for travelers and online shoppers who frequently make purchases in foreign currencies. By comparing features, rewards, annual fees, and other benefits, you can choose a card that best suits your financial needs and travel habits while saving on additional transaction fees abroad.
What are the best balance transfer credit cards ?
Here are some of the best balance transfer credit cards currently available:
- MBNA True Line Mastercard
- Scotiabank Value Visa Card
- Tangerine Money-Back Credit Card
- American Express SimplyCash Card
- BMO Preferred Rate Mastercard
You can see the similar FAQ at the link:
- How do I apply for a Citibank credit card?
- How do I cancel my CIBC credit card?
- How do I check my CIBC credit card application status?
- How do I check my CIBC credit card balance?
- How do I defer my mortgage payment in CIBC
Details of companies offering the financial services:
118118Money
Contact center: 02920 548 118
Web-site: https://www.118118money.com/
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002