It’s time to find the *best balance transfer credit card

Information verified correct on September 28th, 2016

A balance transfer could save you hundreds of dollars in wasted payments on interest. Compare these offers on the market and save!

When thinking about your credit card debt it is not a subject that many talk about. It is still considered quite a taboo topic in Australia. The reality is though, that the majority of us stress way too much about it. Luckily there is something we can do about it – transfer the balance of one credit card, onto another and utilise the low introductory rates to pay off that balance sooner!

The premise behind a balance transfer is really quite simple – you take your outstanding balance from one card – and and receive a special interest rate for a set period of time on the balance you transferred.

Below is a comparison of some of the balance transfer credit cards available.

Balance Transfer Credit Card Comparison

Rates last updated September 28th, 2016
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Westpac 55 Day credit card
Enjoy a balance transfer offer of 0% p.a. for 16 months, an introductory purchase rate of 1% p.a. for up to 12 months, plus a waived annual fee for the first year if applied by 11 October 2016.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 19.84% p.a.) $0 p.a. annual fee for the first year ($30 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 20 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
ANZ First Visa Credit Card - Exclusive Offer
Exclusive Offer to finder.com.au

Enjoy 0% p.a. for the first 12 months on balance transfers and 0% p.a. for the first 3 on purchases.

0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
Virgin No Annual Fee Credit Card
No annual fee for the life of the card with $100 cashback and a 0% p.a. offer on balance transfers for 18 months. Spend criteria applies for cashback offer.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer and an introductory offer of 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info

See our balance transfer guide for a detailed comparison of the latest balance transfer offers

How does a balance transfer work?

Balance transfer process
A balance transfer credit card allows you to transfer your existing credit card balances and repay them at a much lower rate, sometimes even 0% p.a. interest, over a set term. If you have kept a good credit history then you could be eligible for a balance transfer. If you think you can pay the debt of within 6 months then you should consider a 6 month balance transfer offer. If you think you will need more time to pay down your debt,
read more about a 12 month balance transfer.

How do balance transfers work?

Fred Schebesta of finder.com.au

Short Term Balance Offers

When choosing and comparing balance transfer offers it is crucial to take into account all elements of the card. You should be comparing such factors as:

  • Balance transfer period
  • Balance transfer interest rate
  • Annual Fee
  • Interest Free Days
  • Cash advance rate
  • Standard interest rate

You will need to decide whether or not each factor is important in your finances. For example, a card with a $0 annual fee has a higher interest rate after the introductory period, but a card with $49 annual fee has a lower rate in the same period. It is also worth as

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4 Responses to It’s time to find the *best balance transfer credit card

  1. Default Gravatar
    Nick | January 26, 2014

    If I am approved for a Breeze Master Card, at what point do I apply to transfer a balance from a non bankwest card? And how do I go about doing it?

    • Staff
      Shirley | January 28, 2014

      Hi Nick,

      Thanks for your comment.

      If you have a new Bankwest card it must be activated for the balance transfer to be processed. I’ve emailed you the Balance Transfer Request form.

      Cheers,
      Shirley

  2. Default Gravatar
    sharon | March 25, 2013

    I have a credit balance of $17,500.00 with a limit of $18,00.00. Although I keep getting offers to increase this limit I have chosen not to.

    I am looking at the NAB low interest card for 12 months. If I only pay a third or half of that amount back over the 12 months is that a problem? Would I just then have to revert to apying the balance back at the 13.99% rate?

    Alternatively could I switch again to another low/no interest card to pay off the remainder?

    Many thanks for your help.

    • Staff
      Jacob | March 26, 2013

      Hi Sharon. Thanks for your question. There is no problem with not paying back the entire balance transfer balance other than you will be charged a higher interest rate when the promotional period ends. You can transfer a balance between credit cards with different institutions as many times as you’re approved for a credit card with a promotional balance transfer offer. Hope this helps.

Credit Cards Comparison

Rates last updated September 28th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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