Are you overwhelmed by debt and high interest payments? You're not alone. In this article, I’ll share a smart and simple way to pay off your debt using three credit cards strategically—with minimal interest. If used wisely, this method can save you thousands in interest payments and improve your credit score.
The Three Cards You’ll Need:
3. Scotiabank Value Visa
Let’s break down how each of these works and how to use them in a specific sequence to eliminate your debt efficiently.
1. MBNA True Line Mastercard – Your Starting Point
This is the most powerful card of the three. MBNA regularly offers 0% interest on balance transfers for up to 9 months (sometimes even 12), with only a 2% transfer fee. What sets it apart is that you can transfer funds directly to your chequing account, allowing you to pay off any type of debt—not just credit cards.
Even better? MBNA often repeats these offers every few months, making it a reliable tool in your debt-repayment strategy. And if your credit is strong, you might be approved for a higher limit than what most other banks offer.
Consider this: Would you rather take out a personal loan at 8–12% interest—or use a credit card with 0% for up to a year?
Tip: Transfer your highest-interest debt to MBNA, use the 0% window to pay it down aggressively, and keep an eye out for renewal offers.
Learn More About MBNA True Line Mastercard →
2. CIBC Select Visa – Your Backup Plan
If you need more time to pay off the remaining balance after MBNA’s promotional period ends, the CIBC Select Visa is a great second step. It offers 0% interest for 10 months on balance transfers with just a 1% transfer fee.
However, unlike MBNA, you can only transfer balances from other credit cards, not to your bank account. So, this works best for credit card debt or to pay off your MBNA card once its promo period expires.
You must be a Canadian citizen or permanent resident and verify your identity using a government-issued ID.
Tip: Time this transfer right. Before MBNA's interest-free period ends, apply for the CIBC Select Visa and transfer the remaining balance.
Learn More About CIBC Select Visa →
3. Scotiabank Value Visa – The Final Option
This card offers 0.99% interest for 9 months, which is still far better than a typical loan or standard credit card. Like the CIBC card, you can only transfer balances from other credit cards, not into your chequing account.
It’s a great third option if you need just a little more time to pay off the last bit of debt. Approval is relatively easy, and the application is fully online.
Tip: Use this card only if needed, after exhausting MBNA and CIBC options.
Learn More About Scotiabank Value Visa →
Bonus Strategy: The 3-Step Plan to Pay Off Your Debt
Here’s how to put these cards to work:
1. Start with MBNA – Use the 0% promo to transfer money to your bank account and pay off your highest-interest debts. Focus on repaying as much as possible during the promo period.
2. Move to CIBC Select Visa – If you can’t pay off MBNA in time, transfer the remaining balance to CIBC before interest kicks in. You now get 10 more months at 0%.
3. Use Scotiabank Value Visa if Needed – Still need time? Transfer your CIBC balance to Scotia and enjoy another 9 months at 0.99%.
In total, this gives you almost two full years to pay off your debt—mostly interest-free.
Final Thoughts
With discipline and planning, this strategy can not only help you eliminate debt faster but also boost your credit score by lowering your utilization and making timely payments.
This isn’t about gaming the system—it’s about being smart with the tools available to you.
Stay focused, stay consistent, and you’ll be debt-free before you know it.
