The Lowest Balance Transfer Rate Credit Card as of July 25 2010

Currently the absolute lowest balance transfer rate you can get on a Canadian credit card is 0% for 15 months. As it turns out it’s actually 1% for the 15 months because you have to pay 1% on transferred amount at the time you transfer it. You can transfer money out via convenience check or just call them up and have them transfer it to your checking account – or you can do the usual and call them to have them transfer the cash to another one of your credit cards (so long as the other card isn’t an MBNA one)

This is one of the best rates we have ever seen for balance transfers and one of the longest grace periods available. Additionally, the rate applies not only to balance transfers, but also to the Credit Card Convenience Cheques. Realistically there is no reason not to take the cash from the card and invest it in a savings account. Realistically most of us have high interest debt that we should shift to a card like this and pay off within the 15 month grace period.

The Card is the MBNA Platinum Plus card - check it out here: http://www.mbna.ca/popular_cardList.html