Using balance transfer credit cards wisely can eliminate years of high-interest debt repayment.

By transferring your balance to a card with a lower rate -- or to one with a promotional 0 percent APR -- you can get rid of your debt more quickly, or you can stretch out your payments at a more comfortable pace.

The Financial Consumer Agency of Canada provides an interactive credit card payment calculator tool that you can use to determine your exact savings using this type of card.

How to judge a balance transfer card
The four most important questions for judging the best balance transfer cards are cost-related, specifically:

• What is the card's APR before and after any introductory rate period?
• How long does the promotional period last?
• How much is the upfront transfer transaction fee?
• Does the card charge annual fees?

Applying these criteria, CreditCards.ca presents two categories of winning balance transfer cards. One is for consumers who want to pay off their balances as soon as possible. The other category of best cards is for people planning to carry balances over relatively longer periods.

Category No. 1: Short-term balance transfers
Short-term transfers involve promotional periods of 10 months or less. To take advantage of multiple promotional offers, you have to sign up for a new account from a credit card issuer with which you don't already hold a card.

Another challenge with short-term promotions is that they're often time-sensitive. But there's also good news. Many short-term balance transfer cards, including our three winners, charge no annual fees.

1st place: MBNA Platinum Plus MasterCard
This card features a 0 per cent balance transfer for 10 months, provided the transfer is posted within 180 days of the account opening. The transfer transaction fee under the MBNA Platinum Plus MasterCard is 1 per cent, so paying off a $10,000 balance within the 10-month introductory period costs just $100.

Con: After 10 months, the APR spikes to 19.99 per cent for any unpaid transfer amount.

2nd place: Scotiabank Value VISA
The Value VISA card has a 1.99 per cent introductory rate, but is effective only during the first six months after account setup -- regardless of when any balance transfer transaction is posted. The promotional rate is available for balance transfers and cash advances, with no transaction fee. Using the Value VISA card, total out-of-pocket expenses equal $57.95 when the balance is repaid with six equal payments of $1,683.25.

Con: This special offer is available for a limited time.

3rd place: Alterna Platinum Plus MasterCard
The Alterna Platinum Plus product charges 1.99 per cent on balance transfers. Like the MBNA Platinum Plus MasterCard, the special rate is available for transfers posted within 180 days from a new account's effective date. However, Alterna's introductory APR is limited to the first six billing cycles. Factoring in the 1 per cent transaction fee, a $10,000 balance transfer costs $158.53 if paid off with six monthly installments of $1,699.92.

Con: Only Alterna credit union members are eligible for this deal.

Category No. 2: Long-term balance transfers
Cardholders sometimes prefer to stretch out balance repayments over a year or more. The most attractive transfer cards for these situations come with low APRs that stay in effect for extended durations.

The best long-term deals financially benefit consumers who prudently manage their credit card accounts.

1st place: TD Emerald Visa
The Emerald Visa card charges the bank's prime rate plus an ongoing percentage ranging from 1.75 to 9.75 per cent. Currently, prime rate-based APRs for balance transfers vary from 4.75 to 12.75 per cent. No transfer fee applies, but there is an annual $25 card fee. By paying $531.35 monthly over two years, qualifying cardholders are charged a total $533.45 in annual fees plus interest to retire a $10,000 balance transfer. It's highly unlikely that the prime rate will stay at 3 per cent, however, and the overall bill can easily double when rates go up.

Con: Excellent credit is required to qualify for the card's most competitive APRs.

2nd place: Capital One Smartline Platinum MasterCard
The SmartLine Platinum MasterCard levies a fixed 5.99 per cent APR on balance transfers until January 2015. Outstanding balances will then be subject to Canada's monthly prime rate plus 4.99 per cent. This card requires no transfer transaction or annual card fees. Repay a transferred $10,000 balance over two years by January 2015, via monthly payments of $470, and the resulting expense amounts to $598.55.

Con: The card requires excellent credit, plus a minimum $40,000 in annual household income.

3rd place: Desjardins Visa Modulo Gold
The Visa Modulo Gold card charges 9.9 per cent throughout the normal lifecycle of a balance transfer. A 1 per cent balance transaction fee applies, plus a yearly $50 card fee. Although credit requirements are more relaxed, the card charges $1,094.41 for retiring a $10,000 balance when you pay monthly installments of $500 over two years.

Con: One late payment results in a penalty interest rate of 19.4 per cent.

Best advice for winning balance transfer cards
Superior balance transfer deals are often burdened by some of the harshest late payment penalties, so carefully read the cardholder agreement for terms and conditions.

However, if you consistently meet all requirements and pay your bills on time, your balance transfer card can be truly financially rewarding.

See related: How to overcome the payday blues; 6 tips for profiting from a balance transfer offer