Example$5,000 balance · 19.99% current APR · 0% promo for 12 months · 3% transfer fee
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Canadian credit cards charge 19.99–24.99% on carried balances, but most issuers run 0–3.99% promotional balance transfers for 6–12 months with a 1–3% transfer fee. This calculator compares paying down your current card vs transferring the balance and shows exactly how much interest you save after the fee - so you don't take a promo that ends up costing more than it saves.
The tool models a constant monthly payment on both options: your current card at its current APR, and the new card at the promo rate (adding the one-time transfer fee to the balance). Interest savings = interest paid on current card − (interest paid on new card + transfer fee) over the payoff period. If the balance isn't cleared before the promo expires, the calculator warns you about the revert-rate impact.
Common Canadian balance-transfer promos in 2026 include MBNA (0% for 12 months, 3% fee), Scotiabank Value Visa (0.99% for 10 months, 1% fee), and BMO CashBack Mastercard (0.99% for 9 months, 2% fee). Missing even one minimum payment usually cancels the promo - set up autopay.
A balance transfer moves credit card debt from one card to another that offers a lower promotional interest rate (often 0–3.99%) for a set period of 6–12 months. You typically pay a one-time transfer fee of 1–3% of the moved balance. The goal is to pay down principal aggressively while interest is paused or heavily reduced.
It depends on your balance, current rate, and how much of the balance you can clear before the promo ends. A 3% fee on a $10,000 balance ($300) is usually worth it to save $2,000 in interest at 19.99% over a year - but only if you clear the balance before the promo rate reverts. The calculator compares both options side-by-side.
The transferred balance reverts to the card's standard rate - typically 19.99–22.99% in Canada. Any remaining balance accrues interest at that regular rate, so you should plan monthly payments that clear the full balance before the promo expires. Some cards also cancel the promo if you miss a single minimum payment.
A hard inquiry from the new card application will cause a small temporary dip of 5–10 points. Opening a new card can also lower your average account age slightly. However, moving a high balance to a new card with a larger limit often improves your credit utilization ratio - which is the biggest credit score factor - so the net effect over 2–3 months is usually positive.
Long-form explainers that pair with this calculator.