24 month Balance Transfer Credit Cards

Information verified correct on October 27th, 2016
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Compare some of the longest balance transfer offers on the market today with 24-month Balance Transfer Credit Cards. Regain financial flexibility and repay your debt interest-free for 24 months.

If you are struggling with paying off your credit card debt because of high interest rates, applying for a 24-months balance transfer credit card may offer a solution. This type of card essentially works like a regular credit card. The only difference is that customers can transfer existing credit card debt from one account into this card and pay no interest on their balance for a period of up to two years.

What is a 24 month balance transfer credit card?

The main benefit of getting a 24 month balance transfer credit card is that you pay a lower interest rate on existing debts. The balance won’t increase for as long as you don’t use the card to buy additional items. For many cardholders, this type of card has allowed them to be free of debt. After all, it is far easier to hit a static target rather than a moving one.

Comparison on 24 Month Balance Transfer Credit Cards

Rates last updated October 27th, 2016
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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Citi Rewards Credit Card - Platinum Card
Enjoy a reduced annual fee on the first year, 0% p.a. for 24 months balance transfer offer, Citi Reward Points on eligible spend, plus a complimentary travel insurance.
0% p.a. for 24 months with 1.5% balance transfer fee 20.99% p.a. $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
Citi Ready Credit
A competitive interest rate on purchases and a long term balance transfer offer of 7.9% p.a. for 24 months for a $149 one-off establishment fee and $0 annual fee.
7.9% p.a. for 24 months 19.99% p.a. $0 p.a. More info

How does this type of card work?

There are various balance transfer cards that are available in the market right now. The no-interest period ranges from six months to twelve months. The 24 month balance transfer card offers one of the longest timeframe.
Take note that after the 24 month period, the interest rate reverts to either the purchase or cash advance rate of the credit card which will be significantly higher than what you are paying now. It is crucial to pay off all existing debt before the promotional timeframe elapses. If you pay off the debt in full within 24 months, you won’t incur additional costs. On the other hand, if you still have an outstanding balance at the end of this period, the banks will start to profit from you.

What should you look for in a credit card that offers a 24 month balance transfer?

Length of the promotional offer

This timeframe is the period that you’ll pay lower interest rates on existing debts.

Annual fee

Basically, the more features your card has (such as Platinum cards), the higher the annual fee. It’s important to take this into consideration to determine how much you can save with your balance transfer.

Balance transfer fee

You may have to pay a balance transfer fee when you move credit card balance from one account to another. This charge is normally a percentage of the balance. The higher the amount you want to transfer, the higher the fee.

Standard rate

While the interest offer may seem attractive, you should look at the standard rate as well. This rate will apply if you make new purchases using the credit card. Don’t be caught off-guard because banks do charge high interest rates. It is highly recommended that you avoid using the credit card during the balance transfer period.

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Pros and cons


  • Lower interest. Enjoy lower interest on the balance you transfer from other credit cards.
  • Long repayment period. 24 months is the longest repayment period for balance transfers. It is a very generous time frame to repay existing loans.


  • Standard rate applies to new purchases. Avoid buying new items using this credit card because the standard rate applies. You’ll need to pay the interest for new purchases first.
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Things to watch out for

The 24 month interest-free offer may seem like a great deal to many cardholders. However, there is a catch. The interest-free feature only applies to the balance you transferred from another credit card. If you wish to use your new credit card to buy items, you’ll be charged the full standard rate. Be mindful that the interest charges on new purchases accumulate until you have completely paid off the existing debt. Your interest free days are generally voided, and you may not earn points on the card (depending on the fine print).

This particular condition catches a lot of people by surprise. Remember to avoid using the balance transfer credit card unless it’s an emergency. The card should help you get rid of debt instead of accumulating more debt.

Frequently asked questions

Do balance transfer card offer rewards?

It depends on your credit card provider. However, this card is designed to help you pay off debt so it does not offer the same incentive as reward cards.

What if I can pay off the debt in less than 24 months?

The sooner you can pay off the balance, the better. There is no disadvantage to paying off your debts sooner.

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2 Responses to 24 month Balance Transfer Credit Cards

  1. Default Gravatar
    Ros | November 30, 2015

    my partner and I have 3 credit cards between us, we want to combine all 3 into 1 can this be done?

Credit Cards Comparison

Rates last updated October 27th, 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
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
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 (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 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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