Consumers are bombarded – in their inboxes, on billboards, at the mall – with invitations to apply for new credit cards. Determining whether a new credit card is better than the one already in your wallet can be a confusing process. That’s why The Globe and Mail has launched the Big Guide to Credit Cards to help readers find the card that best matches their financial goals. We want to make the decision-making process clearer and more informed, by providing valuable guidance as consumers navigate options like rewards programs, interest rates, and fees.

For Balance Transfer cards, we evaluated those with a promotional balance transfer interest rate ranging from 0% to 2.99%, typically lasting six to 12 months, based on the total cost of carrying an outstanding balance over the course of a year. Cards were ranked based on their total costs, with the card incurring the lowest cost receiving the highest ranking.

All card and promotion information was collected as of Sept. 20, 2024. Sign-up offers and terms are constantly changing and our calculations reflect the cards’ benefits at that time. Unlike many guides, ours wasn’t sponsored by a credit card company or bank and we don’t receive any financial compensation if you decide to apply for one of the cards on our list.

To align with our purpose of helping individuals manage and quickly pay off their debt, we did not include any new purchases in our calculations for Balance Transfer cards. It’s important to note that after the promotional period ends, a higher rate – ranging from 13.99% to 22.99% – will be applied to the outstanding balance. Any new purchases made on the card will be subject to the full purchase interest rate, which ranges from 12.99% to 20.99%.

Methodology: How we ranked our Big Guide to Canadian Credit Cards

The merits of a credit card vary based on your personal goals and financial needs. Below, we’ve highlighted a number of options worth considering. But you can also tailor the rankings to your preferences using our interactive tool, which allows you to filter based on card company, individual or household income requirements, and whether there is an annual fee.

Here are three cards to consider.

Best options with low transfer fees

The CIBC Select Visa Card and the Scotiabank Value Visa Card are tied as our top Balance Transfer cards, both offering a competitive introductory interest rate on balance transfers for 10 months, along with a low 1% fee charged on the transferred amounts. After the promotional period, both cards have an interest rate of 13.99% for the unpaid balance, one of the lowest among balance transfer cards. Each card has an annual fee of $29, which is waived for the first year as of the time the information is collected.

A good second choice

The MBNA True Line Mastercard stands out as a top choice for balance transfers, boasting an impressive introductory rate of 0% for the first 12 months. After that, the interest rate is 17.99%. While it does have a higher balance transfer fee of 3%, the exceptional introductory offer makes it a preferred card for those focused on paying down existing debt.

More from The Big Guide to Canadian Credit Cards

Introducing The Globe’s first ever Big Guide to Canadian Credit Cards

How to choose the right Canadian credit card for your financial needs