Are you tired of Credit Card debts and searching for an easy way to get rid of it? You reached the right place and this is a must-read article for you. Here, I talk about the Best Balance Transfer Credit Cards offers in Canada.
Balance Transfer Credit Cards
Is “Balance Transfer” something new to you?
Balance Transfer simply means, transferring your Balance from one Credit Card to another.
“Okay, how is that going to help me in paying off my debt?” Is that you wondering?
Even if you balance transfer to another Credit Card, you still owe that money.
There is no other way to get rid of debt than paying it off. What a Balance Transfer do is, making your ways easy for you.
Why do you need to Balance Transfer?
Most Balance Transfer Credit Cards offers low interest on your balance transfer for a certain period of time.
Some Credit Cards offer even 0% Balance Transfer Rates, that’s what I’m going to discuss in this article.
That means you pay no interest for the money that you owe and save a lot of money while paying your balances. That is a great news, right?
If you don’t do it, you are just throwing some money on the table.
I have an article at CAD Economy which talks about the best ways to get rid of your debt using balance transfer. Read it if you haven’t already.
Let’s dive into;
Summary of 0% Balance Transfer Credit Cards Ranking
#1 MBNA Platinum Plus MasterCard.
#2 SimplyCash Card from American Express.
#3 Scotiabank Value® Visa Card
Let’s look at them individually.
#1 MBNA Platinum Plus Credit Card
You might be wondering why MBNA Platinum Plus MasterCard got the first place in this category.
MBNA Platinum Plus is a specially designed credit Card for Balance Transfer. Comparatively, there is no other Credit Cards come even close to what MBNA offers in the Balance Transfer category.
It offers 0% Balance Transfer Rates for the first 12 months of your subscription. That means, you can transfer your balance from another credit card to it and you pay absolutely 0% interest for the first 12 months.
I can undoubtedly say that it is a great deal for you.
Key things about MBNA Platinum Plus
Annual Fee: $0.
Balance Transfer Interest Rate: 0% for the first 12 months.
Rewards: Unfortunately, they don’t offer any rewards or cash backs for this Card.
Numbers speak more effectively
Let’s say you have $5000 balance on your Credit Card and transferred balances to MBNA Platinum Plus.
Do you know how much money you will save in 12 months? You can save up to $12,00 on interest.
On the positive side – Great Savings and an easy way to get rid of your Debt.
On the negative side – Not a great credit card in the long run. Once the Balance Transfer offer ends, then it works the same way as a normal Credit Card and no rewards offered.
Frankly speaking, no competitors offer anything close to what MBNA offers at the present time.
But considering the Balance Transfer Rates, SimplyCash Card from AMEX® offers the same rate. Also, AMEX® has pretty good deals on cash back too which is a bonus to them and I will talk more about it next.
#2 SimplyCash Card from American Express
First of all, SimplyCash Card from AMEX® is not specially designed for Balance Transfers but it does for cash backs which I already mentioned in another article at CAD Economy.
When it comes to Balance transfer, they are nowhere close to MBNA Platinum Plus. Nonetheless, they have a pretty good deal on Balance Transfer, compared to other Credit Cards in this category.
Even though it is specially designed for Cashback, it is important to realize that the combination of cashback and balance transfer offers will definitely help you in the long run.
Key things about SimplyCash Card from AMEX®
Balance Transfer Rates: 0% interest in the first 6 months.
Annual Fee – $0
AMEX® offers 2 different cards, one is SimplyCash and other is SimplyCash Preferred.
As they are not specially designed for Balance Transfer, both of them offer the same rates for the same duration. But, the preferred one cost you $79 in the annual fee.
So, it is better to consider the normal one which you don’t have to pay any annual fee.
Cash Back Rates: 5% cashback in the first 6 months.
1.5% cash back when the welcome offer ends (up to $100,000 annually) and 1.25% after.
On the Positive Side – Combined with Balance Transfer and Cash Back offers which will help you in the long run.
On the Negative Side – 0% interest rate for only 6 months. Compared to MBNA Platinum Plus, that is less.
Scotiabank Value® Visa Card offers the same rates but nothing in cash back. But, when it comes to the low-interest category, they score pretty well. Let’s see how.
#3 Scotiabank Value® Visa Card
The good thing about Scotiabank Value® Card is that they offer low-interest rate even after your welcome rate end which is good if you are looking for a long term option.
Key things about Scotiabank Value® Visa Card
Annual Fee: $29.
Balance Transfer Rates: 0% interest rate on Balance Transfers for the first 6 months.
Normal Interest Rates: 11.99% which is less in comparison with others.
No other offers such as cashback.
From the list, I can undoubtedly say that MBNA Platinum Plus is the best among. So, Platinum Plus is CAD Economy’s favorite in that category.
But, choosing the best for you is your call. As the Platinum Plus might not be good for you once the welcome offer ends. And AMEX® could be long term option to you because they offer great cash backs.
I know it is a bit confusing. But, if you are really looking into getting rid of your debt with a Balance Transfer and not worried about cashback, MBNA is the best one for you.