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★ MULTI-DEBT PAYOFF PLANNER ★ List your debts. See the plan. Add up to 6 cards. Set the monthly payment you can afford. The planner shows what each strategy costs to the dollar.
★ YOUR DEBTS
+ Add another card Monthly payment $450/mo
Total debt $8,500
Weighted APR 22.74%
★ TOTAL SAVED WITH BT $ 1,800
in interest + 4 months faster to debt-free
STATUS QUO 24 mo to debt-free
$2,300 interest paid
$10,800 total paid
→
WITH MBNA TRUE LINE BT 20 mo to debt-free
$500 interest paid
$9,000 total paid
BT CARD PARAMETERS Intro APR 0.00% · 12 months
Transfer fee 3.0% · $255
Standard APR after intro 12.99%
★ 6 BEST BT CARDS · CANADA ★ Intro APR · transfer fee · post-intro rate The three numbers that determine your savings.
MBN MBNA True Line Gold MBNA · $39/yr
LONGEST 0% PROMO 0% APR · 12 mo INTRO OFFER
Transfer fee 3%
Post-intro APR 12.99%
0% intro for 12 months 3% balance transfer fee 12.99% post-intro $39 annual fee Best-in-class 0% intro APR for 12 months · 3% transfer fee · 12.99% after intro.
Apply → SCV Scotiabank Value Visa Scotiabank · $29/yr
LOWEST TRANSFER FEE 0.99% APR · 10 mo INTRO OFFER
Transfer fee 1%
Post-intro APR 12.99%
0.99% intro for 10 months 1% transfer fee (cheap) 12.99% post-intro $29 annual fee 1% transfer fee is cheapest from a Big-6 bank. 0.99% intro for 10 months. $29 annual fee.
Apply → BMP BMO Performance Mastercard BMO · $59/yr
BIG-6 RELIABILITY 0.99% APR · 9 mo INTRO OFFER
Transfer fee 2%
Post-intro APR 12.99%
0.99% intro for 9 months 2% transfer fee 12.99% post-intro $59 annual fee 0.99% for 9 months on transfers + new purchases · 2% fee · 12.99% standard rate.
Apply → RBC RBC Visa Classic Low Rate RBC · $20/yr
CHEAPEST ANNUAL FEE 1.9% APR · 10 mo INTRO OFFER
Transfer fee 1%
Post-intro APR 12.99%
1.9% intro for 10 months 1% transfer fee 12.99% post-intro $20 fee · cheapest Big-6 $20/yr is the cheapest Big-6 annual fee. 1.9% intro for 10 months on transfers. 12.99% standard.
Apply → CIB CIBC Select Visa CIBC · $29/yr
0% + LOW TRANSFER FEE 0% APR · 10 mo INTRO OFFER
Transfer fee 1%
Post-intro APR 13.99%
0% intro for 10 months 1% transfer fee 13.99% post-intro $29 annual fee Rare combo: 0% intro APR AND 1% transfer fee. Best math for transferring small balances.
Apply → MBM MBNA True Line Mastercard MBNA · $0/yr
NO ANNUAL FEE 0% APR · 12 mo INTRO OFFER
Transfer fee 3%
Post-intro APR 12.99%
0% intro for 12 months 3% transfer fee 12.99% post-intro $0 annual fee Same 12-month 0% promo as the Gold version but with NO ANNUAL FEE. Slightly higher transfer fee.
Apply → YOUR QUESTIONS
Balance transfer · straight answers How does a balance transfer actually work? − You apply for a new card with a balance transfer promo (typically 0-2% APR for 9-12 months). After approval, you fill out a "balance transfer request" naming your old card and amount. The new issuer pays off the old card directly. You owe the new card the same balance, plus a 1-3% transfer fee paid upfront. From there, you pay down at the promo rate until it expires (then the standard rate kicks in). Is the transfer fee really worth it? + How much can I transfer? + What happens after the intro APR expires? + Can I balance transfer between cards from the same bank? + Does balance transferring hurt my credit? + Should I close my old credit card after transferring? + Can I balance transfer a personal loan or LOC to a card? +