Q: How do I make a BMO credit card balance transfer?

To make a credit card balance transfer with the Bank of Montreal (BMO), follow these steps:- Log in to your BMO credit card account online or by phone.; - Find out if your credit card account is eligible for a balance transfer and what the applicable interest rate is.; - Choose the amount you wish to transfer and the credit card to which you wish to transfer the balance.; - Provide the recipient's credit card information, including account number and cardholder name.; - Confirm the details of the balance transfer and agree to the terms and conditions of the transaction.; - Wait for BMO to process your balance transfer request and transfer the balance to the new credit card.; It is important to note that credit card balance transfers may incur transaction fees and interest charges, so it is important to check the terms and conditions of your credit card account before making a balance transfer.

Question 1

What is a credit card balance transfer?

Accepted Answer

Credit card balance transfers are an option for credit card holders who have high balances on their cards and are looking to reduce their interest charges. They allow you to transfer your balance from a high-rate credit card to a lower-rate card, which can represent significant savings on interest costs. However, it's essential to understand the fees associated with balance transfers, including transfer fees and higher interest rates on balance transfers than on purchases made with the card. It is, therefore, important to compare the various offers and ensure that the cost of balance transfers is lower than the savings on interest charges.

Question 2

What is a credit card balance transfer promotion?

Accepted Answer

Credit card balance transfer promotions are temporary offers from credit card issuers to encourage cardholders to transfer their balance from a high-rate card to a lower-rate card. These promotions may include reduced interest rates on balance transfers or free fees. They are usually offered for a limited period. They are subject to strict conditions, such as not having an outstanding balance on the new card or making any new purchases with the card during the promotional period. It's essential to read the terms and conditions of the offer carefully before signing up for a balance transfer promotion and to make sure you pay off the balance before the end of the preferential rate period.

Question 3

What is a promotional credit card balance transfer rate?

Accepted Answer

A promotional credit card balance transfer rate is a reduced interest rate offered by credit card issuers to encourage cardholders to transfer their balance from a high-rate card to a lower-rate card. This rate is generally lower than the usual interest rates applied to balance transfers and can represent significant user savings. However, it is essential to read the terms and conditions of the offer carefully before signing up for a promotional balance transfer rate, as there may be transfer fees or strict conditions to be met to benefit from the reduced rate. The promotional balance transfer rate is usually offered for a limited period and may be subject to early termination conditions.

Question 4

What is a credit card balance transfer fee?

Accepted Answer

Credit card balance transfer fees are fees credit card issuers charge when a cardholder transfers his balance from a high-rate card to a lower-rate card. These fees are generally expressed as a percentage of the amount transferred balance and may vary by the card issuer and offer. It's important to understand balance transfer fees before taking out a balance transfer, and to ensure that the savings on interest charges will be more significant than the transfer fee cost. It's also essential to check whether transfer fees are included in the interest rate or charged separately.  Balance transfer fees can be avoided by choosing a credit card with no balance transfer fee.

Question 5

Are there any fees associated with a credit card balance transfer?

Accepted Answer

Yes, a fee is frequently charged to complete a credit card balance transfer: between 1% and 3% of the total amount transferred.

Question 6

What is a credit card cash advance rate?

Accepted Answer

A credit card cash advance rate is the interest rate applied to cash advances made with a credit card in Canada. Cash advances are withdrawals of money using your credit card at an ATM or by creating a request to your card issuer. The cash advance rate is generally higher than the interest rate charged on purchases made with your credit card and may vary depending on the card issuer and the offer. It's essential to understand the fees associated with cash advances and to compare them with the interest rates offered by other credit options before committing to a cash advance.    It is also essential to ensure that the cash advance balance is repaid as soon as possible to avoid costly interest charges.

Question 7

Which is the best balance transfer credit card in Canada?

Accepted Answer

Credit card balance transfer offers are constantly evolving. Currently, the two best balance transfer credit cards are:- CIBC Select Visa* Card; - BMO® Preferred Rate Mastercard®*;

Question 8

How can I improve my credit score with a credit card balance transfer in Canada?

Accepted Answer

Here are some tips for improving your credit score with a credit card balance transfer in Canada:

Transfer your balance to a credit card with a lower interest rate: by transferring your balance to a card with a lower interest rate, you can reduce your interest charges and pay off your debt faster.
Pay off your balance before the end of the prime rate period: to take full advantage of the benefits of balance transfer, it’s important to pay off your balance before the end of the prime rate period.
Don’t make new purchases with the credit card: limit your use of the credit card to the sole purpose of paying off your balance, and avoid making new purchases that could put you in further debt.
Pay your bills on time: Pay your credit card bills on time to avoid late payment fees and show your creditors that you can manage your credit responsibly.

By following these tips, you should be able to improve your credit score with a credit card balance transfer.

Question 9

How do I transfer my Scotiabank credit card balance?

Accepted Answer

To make a credit card balance transfer with Scotiabank, you can follow these steps:

Log in to your Scotiabank credit card account online or by phone.
Find out if your credit card account is eligible for a balance transfer and what the applicable interest rate is.
Choose the amount you wish to transfer and the credit card to which you wish to transfer the balance.
Provide the recipient’s credit card information, including account number and cardholder name.
Confirm the details of the balance transfer and agree to the terms and conditions of the transaction.
Wait for Scotiabank to process your balance transfer request and transfer the balance to the new credit card.

It is important to note that credit card balance transfers may incur transaction fees and interest charges, so it is important to check the terms and conditions of your credit card account before making a balance transfer.

Question 10

How do I make a BMO credit card balance transfer?

Accepted Answer

To make a credit card balance transfer with Scotiabank, you can follow these steps:

Log in to your Scotiabank credit card account online or by phone.
Find out if your credit card account is eligible for a balance transfer and what the applicable interest rate is.
Choose the amount you wish to transfer and the credit card to which you wish to transfer the balance.
Provide the recipient’s credit card information, including account number and cardholder name.
Confirm the details of the balance transfer and agree to the terms and conditions of the transaction.
Wait for Scotiabank to process your balance transfer request and transfer the balance to the new credit card.

It is important to note that credit card balance transfers may incur transaction fees and interest charges, so it is important to check the terms and conditions of your credit card account before making a balance transfer.

Question 11

Are there balance transfer credit cards with low interest rates?

Accepted Answer

Yes, there are balance transfer credit cards with low interest rates. See the list of the best low-interest credit cards in Canada.

Question 12

Is it possible to transfer a balance to a credit card from the same financial institution?

Accepted Answer

No, institutions like Desjardins or CIBC generally don't allow balance transfers between their own low-interest credit cards.

Question 13

Does a balance transfer on a credit card have a negative impact on my credit score?

Accepted Answer

No, making a balance transfer, even with a 0-interest balance transfer credit card, is not considered a red flag by the credit bureaus.

Question 14

Do all card issuers offer balance transfer options?

Accepted Answer

Most issuers, including National Bank and BMO, offer balance transfer options, but it's best to check each credit card's balance transfer terms and conditions.

Question 15

Which banks offer balance transfers at 0% interest?

Accepted Answer

MBNA with the MBNA True Line® Mastercard® and CIBC with the CIBC Select Visa* Card are among the few banks offering 0% interest credit card promotions for balance transfers.

Question 16

Can opening a balance transfer credit card hurt my credit rating?

Accepted Answer

No, but keep in mind that every new card application requires a credit check, which could slightly affect your credit rating in the short term.

Question 17

Is it worthwhile to make a balance transfer?

Accepted Answer

If you have an outstanding balance with a high interest rate, transferring it to a card with a low promotional rate can result in significant savings.

Question 18

What are the disadvantages of credit cards specializing in balance transfers?

Accepted Answer

These cards often offer few additional benefits and may include a transfer fee, which is usually a percentage of the transferred balance.

Question 19

What is a balance transfer on a credit card?

Accepted Answer

This is the process of moving the balance from one card to another, often to benefit from a promotional interest rate. Some cards also allow cash advances directly to your card account.

Question 20

Are there any fees associated with balance transfers?

Accepted Answer

Yes, credit card balance transfer fees generally vary between 1% and 3% of the total amount transferred.

Question 21

What is the best balance transfer offer currently available?

Accepted Answer

The CIBC Select Visa* Card is offering 0% interest with this balance transfer credit card for 10 months, with a 1% transfer fee.

Question 22

Can I transfer balances between cards issued by the same bank?

Accepted Answer

No, financial institutions like TD and Scotia do not generally allow this type of credit card balance transfer.

Question 23

Do balance transfers affect my credit rating?

Accepted Answer

No, balance transfers in themselves have no negative impact on your credit score.

Question 24

Do all issuers offer credit cards with balance transfer options?

Accepted Answer

No, it is important to check each welcome offer and the terms and conditions of each card before applying for one.

Question 25

Should I opt for a balance transfer or a personal loan?

Accepted Answer

This depends on the rates offered and the length of the promotional period. If the interest rate is lower and you can pay off the balance during this period, a balance transfer may be the best option.

Question 26

Can I earn cash back or rewards on balance transfers?

Accepted Answer

No, credit card rewards generally apply only to new purchases and not to balance transfers or payments.

Question 27

What is a balance transfer?

Accepted Answer

A balance transfer is a financial transaction in which you move debt from one credit card to another. This is often done to take advantage of a lower interest rate or promotional period offered by the new card. The aim is to reduce the costs associated with debt repayment and make it easier to manage.

In general, credit cards offering this option offer a reduced interest rate for a defined period, enabling you to pay off your debt more quickly and at a lower cost. However, it’s important to read the conditions carefully, as transfer fees may apply, and the promotional rate is often only valid for a limited time.

Balance transfer is a particularly useful strategy if you have accumulated a large debt on a card with a high interest rate. By transferring this debt to a card with a lower interest rate, you can make significant savings on interest payments.

Question 28

How do I transfer a capital one credit card balance?

Accepted Answer

To carry out a balance transfer with a Capital One credit card, start by checking whether your card is eligible for this operation. Then log in to your online account and follow the instructions to initiate a balance transfer. You will need to provide details of the account from which you wish to transfer the balance. Once submitted, Capital One will review your request and, if approved, process the transfer. Please note that transfer fees and specific conditions may apply.

Credit Card	Institution	Offer	Transfer Fee	Annual Fee
BMO CashBack^® World Elite^®* Mastercard^®*	BMO	0% for 12 months on balance transfers	2%	$150 ($0 for the first year)
BMO Ascend World Elite Mastercard	BMO	0% for 12 months on balance transfers	2%	$150 ($0 for the first year)
CIBC Select Visa* Card	CIBC	0% for 10 months on balance transfers	1%	$29 ($0 for the first two years)
MBNA True Line^MD Mastercard^MD Credit Card (Outside Quebec)	MBNA	0% for 12 months on balance transfers	3%	$0
BMO Preferred Rate Mastercard	BMO	0.99% for 9 months on balance transfers	2%	$29 ($0 for the first year)
Scotia Value Visa Card	Scotia	0% for 10 months on cash advances	1%	$29 ($0 for the first year)

The best balance transfer credit cards – May 2026

Best Balance Transfer Credit Card Offers

Best BMO balance transfer credit cards

Best CIBC Balance Transfer Credit Card

Best MBNA Balance Transfer Credit Card

Best Scotia Balance Transfer Credit Card

Credit card balance transfer: how to save on your interest rates

Choose the best balance transfer credit card

Evaluate the amount to be transferred

Start the balance transfer process

Draw up a repayment plan

Advantages and disadvantages of credit card balance transfers

Advantages of credit card balance transfers

Disadvantages of credit card balance transfers

Balance transfer summary

Frequently Asked Questions about Credit Card Balance Transfers