Best Balance Transfer Cards
A balance transfer card allows you to take an existingbalance from one card with a high interest rate and transfer it. A balancetransfer card has a promotional period (anywhere between a couple months to ayear) where the interest rate can be as low as 0%. This allows you to repaymore money towards the principal instead of interest, letting you pay off yourdebt sooner and save money on interest.
American Express SimplyCash Card
Scotiabank Momentum No-fee Visa Card
Scotiabank Momentum Mastercard Credit Card
At the end of the promotional period, the interest rate will increase. Some balance transfer cards are also great low interest cards, but some have interest rates as high as rewards cards. That’s why it’s important to know when you should use a balance transfer card – it may not be a good idea if you think you will be unable to pay back your debt. Don’t think of a balance transfer card as a payment vacation, think of it as a tool to get out of debt faster.