Best Balance Transfer Credit Cards in Canada for 2024

Apply for a Tangerine Money-Back Credit Card by April 30, 2024 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*

1.95% interest on the transferred balance for the first 6 months

Regarded as one of the best credit card in Canada, Tangerine Money-Back Credit Card provides no annual fee, a lucrative 2% cash back in up to 3 merchant categories, and 0.5% on all other purchases with no caps, tiers or limits. It provides choice, value and convenience to beginner credit card users and even works great as a secondary credit card.

• No annual fee -The no annual fee for both primary and secondary holders means that you are not paying for your cash back.
• Unlimited rewards -Earn as much cash back rewards regardless of the category.
• Automatic monthly cash back redemption -Every month, Tangerine will either apply your cashback dollars against your credit card balance or deposit it directly into your Tangerine Savings Account.
• Flexibility - You can choose 2-3 categories for the 2% cash back and change categories once every 90 days to match your spending pattern.
• Get more cash back rewards -Maximize your credit card rewards by choosing another cash back credit card that has bonus categories and using your Tangerine card to expand and get more bonus categories.

For an annual fee of $139, card holders obtain an array of travel benefits including point travel redemption, travel insurance and airport lounge access. Scotiabank boasts about this credit card because it is the only major bank in Canada that offers a credit card with no foreign transaction fees and airport lounge access.

• Amazing Welcome Offer. When you spend $1,100 on the credit card within the first 12 months of ownership, you’ll earn 40,000 bonus points
• Bonus Earning Offers. If you spend $40,000 in a year with this credit card, you’ll earn an additional 10,000 points (worth about $100).
• Scotia Rewards Earnings. Earn 2 Scotia points for every dollar you spend on groceries, dining, entertainment and daily transit. Earn 1 Scotia point for every dollar spent on other purchases.
• No Foreign Transaction Fees. While the exchange rate of your foreign purchases will still apply, you’ll save money on foreign transaction fees which would typically be 2.5%.
• Airport Lounge Access. A complimentary Priority Pass membership is provided with this credit card along with six free lounge visits per year.

The Scotiabank Passport™ Visa Infinite*Card offers 2 points for every $1 spent on grocery store, dining, entertainment, and transit purchases, and 1 point per $1 on everything else. That’s hardly best-in-class, so why does the Scotiabank Passport™ Visa Infinite* Card tie for best Scotiabank travel credit card?

Two reasons: a very lucrative bonus point offer and no foreign transaction fees.

Let’s start with the bonus points. You earn 30,000 welcome points when you spend $1,000 in the first 3 months. That’s worth up to $300, is easy to obtain, and is a solid reason to try this card for a year.

But wait, there’s more. Every year you charge $40,000 to your Scotiabank Passport™ Visa Infinite* Card, you’ll get 10,000 bonus points. If you can hit the $40,000 minimum each year, the 10,000 bonus points will nearly cancel out the $139 annual fee.

If that wasn’t enough, the Scotiabank Passport® Visa*doesn’t charge any foreign transaction fees. It comes with a suite of travel insurance benefits, Visa Infinite benefits, and includes six free airport lounge passes.

For people who love to eat and drive, the Scotia Momentum VISA Infinite Card is the best rewards credit card with a fee. It provides an unrivaled 4% cash back on food and gas along with 2% on recurring payments and drugstore purchases, and 1% on the rest. On top of that, this card also comes with comprehensive insurance benefits and concierge benefits.

• Welcome bonus:Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on supplementary cards.
• No-nonsense rewards Rewards are clear, transparent, easy to earn and easy to redeem. Cash back rewards are paid out annually either as a deposit to eligible chequing or savings account or credited to your credit card statement.
• Enhanced insurance package The improved insurance package is comparable with other more premium cards. It provides comprehensive coverage on travel, including rental car collision loss or damage as well as purchase security and extended warranty protection.
• Additional Perks. Obtain exclusive offers from Scotiabank including concierge service, competitive hotel rates and upgrades, and access to dining and wine country programs.
• Annual Fee. Gain access to all of the above perks at the cost of $120 after the first year.

The Scotia Momentum Visa Infinite card was the winner of the MoneySense best cashback card with a fee in 2020 - and for good reasons! Card holders earn cash back on all purchases at varying rates. There are also other perks of card ownership including access to exclusive Scotiabank events and offers, plus ample insurance coverage.

• Special Welcome Offer. Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on supplementary cards.
• Tiered Cash Back Rates. Earn 4% cash back for every dollar spent on groceries and recurring bill payments. Earn 2% cash back for every dollar spent on gas and daily transit. Finally, earn 1% cash back for every dollar spent elsewhere.
• Additional Perks. Obtain exclusive offers from Scotiabank including concierge service, competitive hotel rates and upgrades, and access to dining and wine country programs.
• Insurance Coverage. Ample coverage comes with this credit card, such as new mobile device, trip cancellation, trip interruption, purchase protection insurance and much more.
• Annual Fee. Gain access to all of the above perks at the cost of $120 after the first year.

0% introductory interest rate on balance transfers for the first 10 months 

The Scotia Value Visa is aimed at individuals looking for a good balance transfer credit that offers decent privileges and a lower interest rate beyond the introductory promo period. Although it comes with a minimal fee, customers who cannot pay their balance in full can take advantage of the low post-promotional rate of 12.99%. Plus, if you regularly rent cars from Avis, then you might get the best value out of this card.

Why We Like It:

• Save on car rentals -Save up to 25% when you use the Scotia Value Visa to book your rental cars with AVIS and other budget rental car locations in Canada.
• Optional insurance coverage - For a small fee, depending on the remaining balance on your credit card, you can receive financial protection from a range of life events such as job loss, disability, critical illness, and loss of life.
• Faster checkout -The payWave feature helps you save time by allowing you to simply wave the card or use the app on your mobile phone to pay for small purchases.
• Free supplement card - Get an additional supplementary cardholder at no extra charge.

Coming with an annual fee of $29 and a very good interest rate of 12.99% for both purchases and cash advances, the Scotiabank Value® Visa* Card is one of the best credit cards you can find on the market if you're keen on paying a low interest.

This card from Scotiabank comes with an amazing introductory offer of 0% for cash advances. Basically, during the first 10 months, you can consolidate your debt and save hundreds of dollars on interest.

The only requirement to access this card is a minimum income of $12,000 a year, which is quite low. Most Canadians can get this card with ease. Once you get it, you'll be able to capitalize on certain perks.

First, you can pay an interest rate on cash advances of just 0% for the first 6 months. This means the rest of the year. This is one of the most attractive offers you can get this year. Second, you can get a free supplementary card for one of your family members or close friends.

Lastly, this card allows you to save 25% on car rentals, get optional protection and pay quickly at the checkout using the Visa app.

American Express Green^® Card

• Welcome bonus: Earn 10,000 Bonus Membership Rewards® points when you charge $1,000 in purchases to your Card in your first three months of Cardmembership
• Cardholders earn one Membership Reward point for every $1 spent with the card
• Points can be redeemed toward eligible card purchases, such as groceries, dining out, and streaming services
• Front of the Line ticket access for concerts, dining, film, and other experiences with American Express Invites

The American Express Green® Card is a points card that comes with a variety of benefits. Members receive points on every purchase and can redeem them for bill credits, gift cards, travel purchases, and eligible purchases on Amazon.ca. The card also includes special access to concerts, dining, and other experiences. As with all American Express cards, the Green® Card comes with 24/7 access to customer care, fraud protection, and emergency card replacements when needed.

Features and Benefits of the American Express Green® Card

• Welcome bonus: Earn 10,000 Bonus Membership Rewards® points when you charge $1,000 in purchases to your Card in your first three months of Cardmembership
• Cardholders earn one Membership Reward point for every $1 spent with the card
• Points can be redeemed toward eligible card purchases, such as groceries, dining out, and streaming services
• Front of the Line ticket access for concerts, dining, film, and other experiences with American Express Invites

Pros and Cons of the American Express Green® Card

The Takeaway

The American Express Green® Card is a simple, day-to-day credit card that's ideal for consumers who are after a card without annual fees. Its Membership Rewards program is a great benefit that shows appreciation for cardholders by providing access to the rewards they want most in return for using their card. While the 10,000 point bonus is a major selling point for this card, it's important for new cardholders to keep in mind that they need to spend $1,000 in the first three months to qualify for this benefit.