What is different about Canadian offers
- Low rather than zero. Offers of 0.99% to 3.99% for 6 to 12 months are common alongside true 0% deals of 10 to 18 months. A 0.99% rate on $5,000 is about $4 a month, small but not nothing, and the calculator charges it.
- Lower fees. Typically 1% to 3%, sometimes waived for Québec residents. There is often no fee minimum.
- Regular rates are lower on low-rate cards. Several balance transfer cards revert to 12.99% to 15.99% rather than the 19.99% to 22.99% of a standard card, which shrinks the cost of a balance that is not cleared in time.
- Payment allocation is the bank's choice. Amounts above the minimum go either highest-rate-first or proportionally across balances. The default here is proportional.
- Annual fees exist on some offers. A $29 to $120 annual fee is a real cost of the transfer; add it mentally to the fee when judging a marginal verdict.
A worked example
A $5,000 balance at 20.99%, paid at $300 a month, takes about 20 months and costs roughly $960 in interest. Moved to a 10-month 0.99% offer with a 1% fee ($50) and a 22.99% regular rate, the same $300 a month clears the balance in about 18 months: the promotional months cost around $30 in interest, the remaining balance of roughly $2,400 then accrues at the regular rate for the last months, and the total interest and fee comes to about $335. The saving is real but smaller than a US-style 18-month 0% deal would produce, because the promotion is short. Paying about $565 a month would clear it inside the promotional months; the calculator shows that figure for your numbers.
Québec
Québec's Consumer Protection Act requires a minimum payment of at least 5% of the balance, phased in from 2019. That makes the minimum-only path far less damaging than elsewhere, but it also means a 5% minimum on a large transferred balance can be higher than the payment you planned. Choose the Québec preset under "Minimum payment rule" in the advanced options to see it.
Timing
Transfers typically post within 5 to 15 business days. The promotional clock usually starts at account opening, and interest keeps accruing on the old card until the transfer posts; the calculator's posting-lag setting covers both effects. Keep making at least the minimum payment on the old card until the transfer appears.
Formulas, defaults and known limitations are on the methodology page. The US version of the calculator is on the home page; a French version for Québec is planned.
Common questions
Why is the intro rate 0.99% and not 0%?
Many Canadian balance transfer offers carry a low but non-zero promotional rate such as 0.99%, 1.95% or 2.99%, often with a 1% to 3% fee. Some cards do offer 0% for 10 to 18 months. Enter the rate on your offer; the calculator charges it monthly on the transferred balance.
How are payments split between the promo balance and purchases?
The Bank Act (s. 627.35) lets the issuer choose one of two methods for any amount above the minimum: highest-rate-first, or proportionally across balances. The calculator defaults to proportional, the more cautious assumption; switch to highest-first in the advanced options if your card agreement says so.
What is different for Québec residents?
Québec's Consumer Protection Act (art. 126.1) sets the minimum payment at no less than 5% of the balance, higher than the 2% to 3% typical elsewhere in Canada. Some issuers also waive the transfer fee for Québec residents, and some cards are not offered in Québec at all. The calculator has a Québec minimum-payment preset.
Do new purchases get a grace period while I carry a transferred balance?
Usually not. Purchases made while a promotional balance is outstanding typically accrue interest from the transaction date. Use a different card for spending until the transferred balance is cleared.
Are there minimum or maximum transfer amounts?
Issuers set them. Examples seen in September 2026 include a $250 minimum per transfer at one bank and a $20,000 daily limit at another; transfers are also capped by the available credit limit after the fee. Check the offer terms.
Sources
- Bank Act (Canada) s. 627.35, allocation of payments, retrieved 2026-09-02.
- Credit Business Practices Regulations, SOR/2009-257, s. 4, retrieved 2026-09-02.
- Québec Consumer Protection Act, CQLR c. P-40.1, art. 126.1 (minimum payment), retrieved 2026-09-02.
- NerdWallet Canada and Ratehub, balance transfer credit card summaries (promo rates, fees, terms), retrieved 2026-09-02.