- No rewards breakdown available
You could get a 0% promotional annual interest rate (“AIR”) for 12 months on balance transfers completed within 90 days of account opening.
N/A
12.99%
24.99%
The MBNA True Line® Mastercard stands out as the top choice because it offers a combination of no annual fee and a low purchase interest rate, making it ideal for those who need to carry a balance without incurring high costs.
Pros:
- No annual fee
- Low interest rate
Cons:
- Limited rewards
- Higher rates for cash advances
- No rewards breakdown available
N/A
N/A
10.99%
24.99%
What sets the MBNA True Line® Gold Mastercard apart is its exceptionally low purchase interest rate, making it a great option for those who prioritize saving on interest while managing their credit.
Pros:
- Lowest interest rate among MBNA cards
- Good for balance transfers
Cons:
- Annual fee applies
- Limited rewards
3.CIBC Select Visa Card
CIBC
- No rewards breakdown available
0% interest for up to 10 months on balance transfers.
N/A
13.99%
13.99%
The standout feature here is the first-year annual fee rebate combined with a 0% introductory interest rate on balance transfers, making the CIBC Select Visa Card a smart choice for those looking to manage existing debt.
Pros:
- First-year annual fee rebate
- 0% introductory interest rate on balance transfers
Cons:
- Higher interest rates after promotional period
- Limited rewards structure
4.Scotiabank Momentum No-Fee Visa Card
Scotiabank
- 1%Cash back on gas, groceries, drug stores, and recurring payments
- 0.5%Cash back on other purchases
Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).
Earn 1% cash back on gas, groceries, drug stores, and recurring payments, plus 0.5% on other purchases.
19.99%
22.99%
This card shines for its straightforward cash back rewards structure, offering 5% cash back on all purchases for the first three months, making it an excellent choice for those looking to maximize their rewards without an annual fee.
Pros:
- No annual fee
- Strong cash back on essential categories
Cons:
- Lower cash back on non-essential purchases
- Limited to specific categories
Final Words
As you consider your options for balance transfer credit cards this January, remember that the best choice can significantly impact your financial health. Take time to compare the features, fees, and promotional rates of each card to make an informed decision that aligns with your needs.
Frequently Asked Questions
You could get a 0% promotional annual interest rate (“AIR”) for 12 months on balance transfers completed within 90 days of account opening.
The MBNA True Line® Gold Mastercard does not offer any rewards. It primarily focuses on providing a low interest rate and a manageable annual fee.
The CIBC Select Visa Card offers 0% interest for up to 10 months on balance transfers, making it a good option for consolidating debt.
When selecting a balance transfer credit card, consider the promotional interest rate, duration of the promotional period, any associated fees, and the card's regular interest rate after the promotional period ends. These factors will help you determine the best option for your financial situation.
Yes, some balance transfer credit cards do have annual fees, while others, like the MBNA True Line® Mastercard, have no annual fee. It's important to evaluate the cost against the benefits of the card, especially if you plan to carry a balance.
To apply for a balance transfer credit card, you typically need to provide personal information, such as your income and credit score. You can apply online through the credit card issuer's website, and approval may take just a few minutes.
Yes, you can transfer balances from multiple credit cards to a single balance transfer credit card, as long as you stay within the card's credit limit. This can help simplify your payments and may lower your overall interest costs.
