Low Balance Transfer Credit Cards

Who else wants to pay 0% for up to 16 months on your credit card?

ANZ Low Rate - Credit Card

Balance Transfer Credit Card Offer


The ANZ Low Rate offers a low interest rate on purchases.

  • 0% p.a. on balances transferred from non-ANZ cards to a new card for the first 16 months. The standard balance transfer interest rate (currently 13.49% p.a.) will apply to any unpaid promotional plan balance at the end of the 16 months.
  • $58 p.a. annual fee
  • Up to 55 interest free days on purchases
  • Up to 3 additional cardholders at no additional fee
  • MasterCard acceptance at over 29 million locations worldwide.


    Balance Transfer Credit Cards Comparison

    Rates last updated August 23rd, 2014.

    Interest rate (p.a.) Balance transfer rate (p.a.) Annual
    fee
    Interest
    saved
    ANZ Low Rate
    ANZ Low Rate
    Offering a low interest rate on balance transfers and purchase with a low annual fee. 13.49% p.a. 0% p.a. for 16 months $58 p.a. Go to siteMore info
    St.George Vertigo Visa
    St.George Vertigo Visa
    Benefit from a low interest rate on your everyday purchases combined with a low balance transfer deal. 13.24% p.a. 0% p.a. for 14 months $55 p.a. Go to siteMore info
    ANZ Platinum Credit Card
    ANZ Platinum Credit Card
    A low rate balance transfer offer with a $87 annual fee for the first year. 19.74% p.a. 0% p.a. for 16 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to siteMore info
    HSBC Platinum Credit Card
    HSBC Platinum Credit Card
    Earn rewards points plus a balance transfer offer. Access to prestige services including a personal concierge service and VISA Platinum reward program. 19.99% p.a. 0% p.a. for 8 months $0 p.a. Go to siteMore info
    ANZ Low Rate Platinum Credit Card
    ANZ Low Rate Platinum Credit Card
    A low interest rate on purchase with up to 55 days interest free. Plus enjoy a low rate balance transfer offer. 13.49% p.a. 0% p.a. for 16 months $99 p.a. Go to siteMore info
    HSBC Credit Card
    HSBC Credit Card
    A no annual fee for life card from HSBC with a low rate balance transfer offer. 17.99% p.a. 0% p.a. for 6 months $0 p.a. Go to siteMore info
    Bankwest Breeze MasterCard
    Bankwest Breeze MasterCard
    An extended balance transfer offer period and a low ongoing purchase rate. Good credit history needed. 12.24% p.a. 0% p.a. for 13 months $59 p.a. Go to siteMore info
    Citibank ReadyCredit - Balance Transfer Offer
    Citibank ReadyCredit - Balance Transfer Offer
    Exclusive Offer to Credit Card Finder Enjoy a low rate balance transfer offer with a low annual fee. 19.49% p.a. 0% p.a. for 6 months $0 p.a. Go to siteMore info
    Citibank Rewards Credit Card - Classic Card
    Citibank Rewards Credit Card - Classic Card

    The Citibank Rewards Classic Card gives you automatic benefits and a security guarantee.

    20.99% p.a. 0% p.a. for 18 months $89 p.a. Go to siteMore info

    6 to 8 month Balance Transfer Credit Card Offers

    Rates last updated August 23rd, 2014.

    Interest rate (p.a.) Balance transfer rate (p.a.) Annual
    fee
    Interest
    saved
    HSBC Credit Card
    HSBC Credit Card
    A very unique credit card offer that offers both a low balance transfer offer and a $0 p.a. annual fee for the life of the credit card. 17.99% p.a. 0% p.a. for 6 months $0 p.a. Go to siteMore info
    Coles No Annual Fee MasterCard
    Coles No Annual Fee MasterCard
    A no annual fee card from Coles that allows you to earn flybuys points. 17.99% p.a. 0% p.a. for 6 months $0 p.a. Go to siteMore info
    Citibank ReadyCredit - Balance Transfer Offer
    Citibank ReadyCredit - Balance Transfer Offer
    Take up a 0% balance transfer offer for 6 months. 19.49% p.a. 0% p.a. for 6 months $0 p.a. Go to siteMore info
    HSBC Platinum Credit Card
    HSBC Platinum Credit Card
    Earn 10,000 reward points with high credit limits, prestige services including a personal concierge service. 19.99% p.a. 0% p.a. for 8 months $0 p.a. Go to siteMore info
    American Express Low Rate Credit Card
    American Express Low Rate Credit Card
    A low rate credit card from American Express and an introductory balance transfer offer. 11.99% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $65 p.a. Go to siteMore info
    American Express Qantas Discovery Card
    American Express Qantas Discovery Card
    Earn Qantas Points with introductory offer of 7,500 Qantas Points and 0.99% p.a. interest for 6 months on balance transfers. 20.74% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $0 p.a. Go to siteMore info
    HSBC Platinum Qantas Credit Card
    HSBC Platinum Qantas Credit Card
    A low interest rate offer on balance transfers and a bonus 20,000 Qantas Points for new applications. 19.99% p.a. 0% p.a. for 6 months $199 p.a. Go to siteMore info
    American Express Platinum Rewards Credit Card
    American Express Platinum Rewards Credit Card
    A low interest rate of 0.99% p.a. for 6 months on balance transfers. Plus no annual fee for the first year. Earn 1.00 Qantas Point per $1 spend. 20.74% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $0 p.a. annual fee for the first year ($80 p.a. thereafter) Go to siteMore info
    American Express Platinum Edge Credit Card
    American Express Platinum Edge Credit Card
    A Platinum rewards card with 10,000 Membership Rewards Bonus Points plus a low interest rate of 0.99% p.a. for 6 months on balance transfers. 20.74% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $195 p.a. Go to siteMore info

    9 to 24 month Balance Transfer Credit Cards Comparison

    These credit cards allow you to transfer your balance for a longer period of time. This might give you some more time to repay your debt. Typically, the balance transfer rate will be higher than the shorter balance transfer term offers.

    Rates last updated August 23rd, 2014.

    Interest rate (p.a.) Balance transfer rate (p.a.) Annual
    fee
    Interest
    saved
    St.George Vertigo Visa
    St.George Vertigo Visa
    A great value credit card for consumers with a low interest rate on purchases, balance transfers and a low annual fee. 13.24% p.a. 0% p.a. for 14 months $55 p.a. Go to siteMore info
    ANZ Low Rate
    ANZ Low Rate
    Offering a low interest on balance transfers and purchases. 13.49% p.a. 0% p.a. for 16 months $58 p.a. Go to siteMore info
    ANZ Platinum Credit Card
    ANZ Platinum Credit Card
    ANZ offers a platinum credit card which includes medical and travel insurance. 19.74% p.a. 0% p.a. for 16 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to siteMore info
    Bank of Melbourne Vertigo Visa Credit Card
    Bank of Melbourne Vertigo Visa Credit Card
    A low rate card from Bank of Melbourne with a long introductory rate on balance transfers. 13.24% p.a. 0% p.a. for 14 months $55 p.a. Go to siteMore info
    ANZ Low Rate Platinum Credit Card
    ANZ Low Rate Platinum Credit Card
    A platinum card with a low interest rate with a long balance transfer and low ongoing purchase rate. 13.49% p.a. 0% p.a. for 16 months $99 p.a. Go to siteMore info
    Bankwest Breeze MasterCard
    Bankwest Breeze MasterCard
    Enjoy low purchase rate and balance transfer offer from Bankwest. 12.24% p.a. 0% p.a. for 13 months $59 p.a. Go to siteMore info
    St.George Vertigo Platinum
    St.George Vertigo Platinum
    A platinum card with a low interest rate on balance transfers and purchases with a low annual fee. 12.74% p.a. 0% p.a. for 14 months $99 p.a. Go to siteMore info
    NAB Premium Card
    NAB Premium Card
    Enjoy a low interest rate on balance transfers. Benefit from platinum credit card advantages. 19.74% p.a. 0% p.a. for 15 months $90 p.a. Go to siteMore info
    Citibank Rewards Credit Card - Classic Card
    Citibank Rewards Credit Card - Classic Card
    Low annual fee and a long balance transfer offer. Earn Citibank Rewards. 20.99% p.a. 0% p.a. for 18 months $89 p.a. Go to siteMore info
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer
    A low balance transfer offer, plus earn 1.00 Velocity Point per $1 spent up to $1500 per month and then 1 Velocity Point for every $1. 20.74% p.a. 0% p.a. for 14 months $129 p.a. Go to siteMore info
    Citibank ReadyCredit
    Citibank ReadyCredit
    A long term, low rate balance transfer offer with $0 annual fee. 19.49% p.a. 5.9% p.a. for 24 months $0 p.a. Go to siteMore info
    Westpac Low Rate Card
    Westpac Low Rate Card
    One of the longest balance transfer cards on the market. Also benefit from a low ongoing purchase rate and annual fee. 0% p.a. for 12 months (reverts to 13.49% p.a.) 1.99% p.a. for 12 months $45 p.a. Go to siteMore info

    Balance Transfer Credit Card Comparisons

    Credit Card Debt Sufferers: Reduce your interest payments and save $1,000′s by Switching credit cards to a New Balance Transfer card

    How to Choose the Best Balance Transfer Deal

    Following is a step by step guide to selecting a balance transfer deal. Just answer each of the questions and follow the tree to our recommended areas.

    Question 1: Have you got a good credit history?

    A good credit score will give you a much better chance to get a Balance Transfer If your credit history isn’t good, the likelihood is your application will be declined.

    You can check your credit history by ordering a Credit Report.

    Question 2: Are you able to payoff Your debt within 6 months?

    You have 2 options

    1. Get more time to payoff debt – Consider a longer term balance transfer offer to give yourself more time to payoff the debt.
    2. Switch more than once – If your credit rating is good enough you can consider retransferring your balance transfer after the 1st 6 month deal is finished. This way you can buy yourself enough time to payoff your debt. You need to be careful with this as it will require careful management of your cards and you will need a very strong credit rating.

    Top Deals

    Take advantage of the some of the 12 month balance transfer offers in market.If you feel that you’ll need 12 months to repay your debt, it would be wise to use a 12 month offer. These usually come with lower annual fees and allow you to revert to a lower purchase rate if you want to continue to use the card after the balance transfer is over.

    Balance Transfer – Questions & Answers

    What is a balance transfer?

    It’s when one credit card repays debts on other credit or store cards; so you now owe it the money instead, hopefully at a special cheap rate.

    Balance Transfer Process

    TIP It is best to make your balance transfer within a couple of months of opening the new card account otherwise the opportunity could expire. It’s important you don’t confuse cutting the interest with paying less each month, as that’s determined by the minimum repayments.

    How do Low Rate Balance Transfer Credit Cards work?

    Learn how low rate balance transfer credit cards works, and how to identify the best offers. Be aware of the main pitfall of making purchases on a balance transfer credit card. Check out the St.George Vertigo Visa as a great all-rounder for balance transfers and future purchases.

    A low rate balance transfer credit card is used when you have an outstanding balance on another credit card at a regular rate of interest. The process is that you apply for the new low rate balance transfer card and make the request to transfer the balance on the application form itself. This is used for balances that are likely to take more than a few months to pay off. Any less than that, and you will probably pay more on the new card’s annual fee than you save on interest charges.

    Making a balance transfer will allow for a quicker repayment of the balance because you can direct the money you save on interest towards paying it down, or alternatively you can take more time paying it off because you know that the interest charges are not so punitive. In the latter scenario, as balance transfer deals are for a limited time, you should still aim to clear the balance before the offer period ends and the interest rate reverts to the card’s regular one.

    Avoid the biggest mistakes with balance transfers

    The worst decision on how to use a balance transfer credit card is to treat it as just another credit card, meaning you use it for new purchases or cash advances. Once you have set your balance transfer in progress, you need to put your new credit card somewhere safe and not take it out again until after your offer period has expired. This is because of the way credit card companies apply your repayments. It is variously called the order of payments, the adverse order of payments, or the allocation of payments. It means that the way your debts are repaid is according to the rate of interest applied to them, and your cheaper debts are always repaid first. This keeps the more expensive debts earning interest for the credit card provider for the longest time. The message is therefore to avoid purchases and cash transactions on a credit card to which you have transferred a balance.

    UPDATE: For all new credit card contracts since 1st July 2012, credit card providers are required to direct repayments to the most expensive part of your credit card debt first – making it easier to reduce your debt faster. Read more about the credit card reforms here.

    The only time this will not apply is when there is a combined deal on balance transfers and purchases, but these must be at the same rate of interest and for the same time period. Even then, cash transactions will not be included, which means no ATM cash withdrawals, no foreign currency purchases or traveller cheque purchases, and no gambling transactions. If you do want to continue with your credit card spending, use the old credit card that now has a clear balance.

    Low rate balance transfer credit card options:

    There are different kinds of low rate balance transfer credit cards available. Your choice will depend on the amount you need to transfer, and crucially on how long you predict it will take to pay it off completely. The most common deal at the moment is the 0% balance transfer offer that is set for six months. You can also find slightly higher rates for a year or so, and higher rates again for offers that last until the transferred amount has been paid off in full, however long that takes.

    It is important that you judge this correctly and do not go for the 0% deal just because it is the lowest, especially if the card’s regular interest rate is one of the highest. If you fail to pay off the balance in full within the allotted period, you will then be subject to this regular rate. It is far better to take a slightly higher balance transfer rate for a longer period. An all-round option at the moment is the ANZ Low Rate which is offering 0% p.a. for 16 months on balance transfers, and a regular rate on purchases of just 13.49% p.a. p.a.

    Very few credit cards in Australia charge a balance transfer fee, so if you do see one that does charge you need to consider looking elsewhere, especially if an annual card fee is also being levied. However, bear in mind that you will very seldom find a great balance transfer deal and a zero annual fee combined. The credit card provider has to make some money somewhere.

    Here are a few examples of low rate balance transfer deals currently available:

    A Lower Interest Does Not Equal Lower Monthly Payments

    Unlike a loan, credit cards have minimum monthly payment requirements over which you can decide how much you wish to pay each month. Therefore, even if you have a lower interest rate, if the minimum monthly repayment rate is higher than with your previous cards you will have to pay more each month. Of course, this means that you are paying off the capital faster but you have to ensure you can afford to make the required minimum payment each month.

    However, if you can pay more than the minimum requirement you should certainly do that to ensure you pay off all your debt before your time runs out. Even if your interest rate is 0%, it’s still debt, even if it’s free and it won’t be free forever. This rate, though, will give you the chance to pay your debt off much faster which is why you should take advantage of it by paying as much as you can every month.

    Remember that the lower interest rate means that the total amount you will be paying back will be a lot less. So, you will also be saving money in the long run which is why you should focus on clearing your balance transfer as quickly as possible.

    Tips on what to look for in a low rate balance transfer credit card:

    Is there a balance transfer handling fee?

    As mentioned already, this is not normal, so the deal must be truly spectacular to justify one being in place.

    How soon do you have to transfer your balance?

    You may have up to three months to make the transfer before the option to do so expires. However, why would you want to waste that amount of time? Your best bet is to make the transfer request on the application form for the card itself. There is a special page for this.

    Does my credit limit apply to balance transfers?

    If you have been approved for the card but the limit you have been given doesn’t cover your needs, you still should use it. You might be annoyed but that isn’t a good enough reason not to use it. After all, lowering your debt by something is better than not lower it at all.

    Simply do balance transfers for however much you can, close any of the credit cards you have paid off in full and then apply for another card from another provider to clear the rest.

    One issue that will likely have an impact on the credit limit you are approved for is the credit crunch. This is because providers are not so lax anymore and offer much lower limits than before. The result is that you will probably need two cards to cover the debt of a single card. The more applications you fill out, the lower your score and so a vicious cycle is born.

    How are your payments allocated?

    This is very important. Your repayments will be directed towards paying off your cheapest debt first, so you should not be making any purchases on a credit card that you have transferred a balance to, because these purchases will accrue interest at the regular rate until your transferred amount has been fully paid off.

    Credit Card Balance Transfer – The Savings Demonstrated

    A healthy portion of our articles are dedicated to or involve a credit card balance transfer, as the benefits are simply indispensable. Using a hypothetical balance of $5000, on a credit card with a 18% interest rate (which is a fairly standard rate on any non-low interest cards), the savings across different balance transfer types you can take advantage of include:

    0% for 6 month Credit Card Balance Transfers:

    $5000 at 18% interest, paid off over 6 months: $450
    $5000 at 0% interest, paid off after 6 months: $0

    2.9% for 12 month Credit Card Balance Transfers:

    $5000 at 18% interest, paid off over 12 months: $900
    $5000 at 2.9% interest, paid off over 12 months: $145

    Is this all I’ll have to pay from a balance transfer? What’s the catch?

    You’ll still need to pay the upfront annual fee of the credit card your planning to carry out a balance transfer towards. This means an upfront fee of While there’s no simple ‘catch’ to balance transfers, there are a couple of easily avoidable pitfalls.

    How To Compare Low Rate Balance Transfer Offers

    Learn the key points that must be taken into account when you compare balance transfer credit cards. Understand how to make sure that a great balance transfer deal works in your favour by recognising the main trap to avoid. There are not too many issues to watch out for when you compare balance transfer credit cards, but you must get them right. This is especially the case if you are making a large balance transfer because so much more is as stake. A low rate balance transfer credit card is used when you have an outstanding balance on another credit card at a regular rate of interest. The process is that you apply for the new low rate balance transfer card and preferably make the request to transfer the balance on the application form itself. Balance transfers are for useful for amounts that will take more than a few months to pay off, because if you are looking at any less time, you will probably pay more on the new card’s annual fee than you save on interest charges.

    Examples to help you compare balance transfer credit cards:

    Here are a few examples of balance transfer deals currently available, to give you an idea of what to look for:

    Key points when you compare balance transfer credit cards:

    What interest rate applies to the balance transfer?

    This is the first question to ask when you compare balance transfer credit cards because this is the whole point of your making a balance transfer – to enjoy a lower rate of interest on your outstanding debt. Rates for balance transfers range from 0% to around 9%, depending on the length of time the offer is for. Generally speaking, at the lower rate you will be allowed less time to settle your debt before the regular rate kicks in. Offers come and go, so you may find that some of the higher balance transfer rates fall away somewhat if there are low regular rates available. Credit card providers know that an 8.99% balance transfer rate does not look so hot when there are credit cards that offer regular rates of just slightly more.

    How long does the balance transfer rate last for?

    Another crucial question to ask when you compare balance transfer credit cards. This is something you must judge correctly, or you may choose too short a period and end up with a portion of your debt still unpaid when the offer period expires and the higher rate takes over. Currently, there are a number of offers at 0% for six months, but you can also find six month offers at higher rates but they come with other features. For example, some rewards credit cards also offer a host of extra perks and benefits to offset it. For the most part, the longer the offer period for the balance transfer, the higher the interest rate. However, you should always check on current offers because some can buck the trend a little and be pleasantly surprising. Again, this is the case with the St.George Vertigo Visa that is now offering 0% p.a. for 14 months on balance transfers.

    Warning about long term balance transfers

    There’s sometimes a hidden sting with these cards; if you spend on them, it’s often at a high interest rate and can’t be repaid until all the cheap debt has been. They may try and tempt you with cashback or short term 0% deals on any spending; ignore it. The rule is simple; never, ever, ever, ever spend on these cards. If you do all the benefit will be lost.

    • Say you have transferred a balance of $10,000 to your new credit card. You then spend a $500 purchase on the card, at a 15% interest rate.
    • You will not be able to pay off that $500 purchase until the whole transferred balance itself has been paid off, thus accumulating a fair bit of interest.
    • It is simply one of the techniques used by banks to profit from balance transfers. As mentioned prior there’s a simple solution to avoid the hidden sting – use a different credit card for new purchases.
    • Banks often provide the incentive of an annual fee waiver if $X amount of money is spent on your card during a balance transfer.

    Is there an annual fee?

    It is quite normal for an annual fee to be charged for the account maintenance of the credit card, although an actual balance transfer fee would be very unusual. Annual fees are something to check when you compare balance transfer credit cards, to make certain you are not being penalised for a great balance transfer rate by a hefty annual fee. However, depending on the size of the transferred amount and the rate offered, paying a few dollars more for an annual fee is probably neither here nor there.
    At the moment, there are balance transfer credit card deals that do not charge an annual fee, including the HSBC Credit Card and the Virgin No Annual Fee Credit Card.

    Is there a balance transfer window?

    You will normally find in the fine print that you have a limited time from the date you receive your card in which to instigate a balance transfer. This could be up to three months, or could be as little as one month. This means that after this time you will not be able to make a balance transfer according to the original offer. You must also remember that the offer period on your balance transfer begins when you get your card, not when you decide to request the transfer. So, with a six month deal, if you delayed three months before making the transfer, you would only have three months left at the lower rate of interest.

    What does the balance transfer apply to?

    The clue to this is in the wording: balance transfer. Hoping to compare balance transfer credit cards and find one that covers everything you put on the card is not realistic. The special rate of interest applies to the transferred amount only. It will not apply to any new purchases, nor to any new cash transactions made on the card, including purchases of foreign currency and traveller’s cheques, nor any gambling transactions. The amount you are transferring from your old credit card can obviously contain transactions made in these ways, but making such transactions on your new card will cause them to be treated very differently to the transferred amount. The reason for this is down to the next point.

    What is the order of payments?

    This is also sometimes called the allocation of payments or the adverse order of payments. These all refer to one practice: namely, the way the credit card company uses your repayments to pay off the balance on your credit card. The order of payments rule states that the lowest rate debts are cleared first. This means that the amount of your 0% balance transfer is paid down before your purchases at 15%, which are cleared before your cash advances at 20%.

    Your repayments are not split in any way. Until your balance transfer is paid off in full, any new purchases or cash advances on the credit card will not be touched and will simply accrue interest. Clearly, if a large amount of purchases were allowed to accrue interest untouched for twelve months, this could easily negate a lot of the benefits of having made a balance transfer in the first place. This would be a key point on which to compare balance transfer credit cards if different providers payed things differently, but this is a rule that is applied everywhere in the Australian credit card industry. It is for this reason that it is very important that you do not make any purchases or cash advances on a credit card you have transferred a balance to at a much lower rate. The only time this is not the case is when your new card has a combined offer applying to balance transfers and new purchases that are at the same rate for the same length of time.

    Is a same-bank balance transfer possible?

    No, you must be transferring a balance from a different bank than the new card is issued by. For example, you could not transfer a balance from one ANZ credit card to a different ANZ credit card.

    Do I have to close my existing credit card after doing a balance transfer?

    Once you have been successful in your application for a card and your balance transfer has been approved, you have the choice of closing your old account or keeping it open. This is something that you are responsible for doing yourself and is something that shouldn’t be overlooked as you may still incur unnecessary fees and charges on your old account.

    It is also important to remember to change any direct debit agreements you may have had in place on your old card. Services like phone bills, utilities and internet arrangements to name a few, will still be charged to your old account if you don’t switch payments to your new credit card and you are responsible for contacting any service providers and informing them that your old account has closed or is no longer your primary card.

    Do I still have to make my minimum payments?

    Yes, you are not absolved from making your minimum payments just because you have a new low rate of interest on your balance transfer. You are still required contractually to pay at least your minimum payment each month, and a failure to do so could even cause your low rate offer to be cancelled. This is a point to check out in the fine print when you compare balance transfer credit cards, but don’t be too surprised if this is the case.

    How To Use Low Rate Balance Transfer Credit Cards

    Learn the simple rules on how to use balance transfer credit cards. Understand that balance transfer credit cards should only be used for balance transfers, and not for purchases or cash advances, otherwise much of the benefit will be negated by the order of payments rule.

    The best advice on how to use balance transfer credit cards is to make your balance transfer and then not to use your card again until it is fully paid off. The reason for this will become abundantly clear. The other main issue to remember is why you have had to make the balance transfer in the first place. If this is because of some poor financial planning in the past, now is the time to start putting things right.

    Use the balance transfer savings to repay your debt faster

    This is not just an important factor in how to use a balance transfer credit card, it is also an important life-skill to possess. Presumably you will have chosen your balance transfer credit card carefully, picking one with a low enough rate and a long enough offer period to allow for the transferred amount to be fully paid off. This, of course, can only happen if you plan ahead. Whatever you used to pay on interest charges should now be paid towards the debt. The extra finances should not be seen as spare cash to spend on further items. You need to write a detailed budget, taking into account your income and expenditure, and then set aside as much as you can spare to pay down your balance each month so that it is completely paid off before the offer expires and the higher regular rate of interest kicks in.

    This is key in how to use a balance transfer credit card; you must try not to be caught with an outstanding balance at the end of the offer period. It may be that another balance transfer could be made to another credit card, but this cannot be guaranteed. This will all depend on your credit rating, which may not be good enough to allow for another transfer to take place. This means it is imperative that you take full advantage of the opportunity afforded by your low rate balance transfer deal, and clear your debt in full within the allotted time. By understanding your credit card you will learn valuable financial skills.

    Complete your balance transfer request at the time of application

    The best time to make your balance transfer is when you are filling out the credit card application form. There will be a special page for this request to be made. This is important in how to use a balance transfer credit card most effectively because it presents you with the longest amount of time for your balance transfer to be in effect. Your balance transfer is time-limited in how long the offer is for – unless it is a balance-transfer-for-life – and also in how much time you have to set it in motion. It may be that you only have one to three months from the time you receive your card to actually request the balance transfer. If you are looking at a 0% deal for six months, then every day lost is going to cost you in the higher interest rate you are still being charged. If you move outside this transfer window, your chance to act will be lost.

    That’s about it on how to use a balance transfer credit card. The rules are few and simple, but you need to adhere to them for there to be any point in making the balance transfer in the first place. Stick to the rules and you can enjoy a zero or low rate of interest and clear your debt in the quickest possible time.

    Points to consider about credit card balance transfers

    1. Change of attitude required – Making a credit card balance transfer will only work if you have the intention of using the lower interest rate period on the new card to actually pay off the debt, rather than give you some wriggle-room to fund a new round of spending.
    2. Debt consolidation- Balance transfers ’til I die – This can’t happen. You cannot keep making credit card balance transfers in perpetuity. Credit card applications have an effect on your credit rating, and may lower your credit score. Credit card providers have access to your credit history and will not approve your application if they know you are being a credit card ‘tart’. You have to leave time between doing balance transfers.

      Making several credit card balance transfers to bring all your debts together under the umbrella of one credit card can simplify your finances considerably. If you have four or five cards, all requiring minimum payments, it is easy to put one of the bills to one side and forget about it. If you receive your bills online, this is even more of a danger because you will not even notice anything lying around when you tidy up.

    3. Other loans may be transferred – Find out if your new card will accommodate other types of loan, such as one you may have on a vehicle, or any another large purchase. If you can shift all these to 0% for a few months, so much the better.
    4. Fees – Beware the ‘hidden’ costs of making a credit card balance transfer. Most card providers charge a fee, which is worked out as a percentage of the amount being transferred, so you will have to calculate all the costs involved – including any annual fee for the new card – and decide if it is worth making the transfer.
    5. Length of low-rate period – Keep a close eye on the time you have left on your introductory interest rate. Time passes very quickly. When the higher interest rate kicks in, you will be back at square one if you have made no effort to lower the debt significantly. Add in the balance transfer fee, and you may actually be down on the deal.
    6. Your new low rate does not cover future purchases - In nearly all cases, the introductory offer on your new card only applies to the credit card balance transfer from your other card, and not to any purchases you make on your new card. Those will be subject to the normal APR.
    7. Repayments hierarchy - This means that any repayments you make on your debt will first go towards reducing the credit card balance transfer amount. This is linked to the point above. Other purchases made on your new card will be at the normal rate of APR and will not be touched until the transferred amount is paid off.

      Understand negative payment hierarchy and if it applies to you. Negative payment hierarchy is a credit card standard in which they apply all of your payments to the portion of your bill with the lowest interest rates. One of the best balance transfer tips is to only use the card for balance transfers and not for purchases. The only exception is if both purchases and balance transfers have the same interest rate.

    8. Your credit rating must be good – Similar to the above point, you cannot even start this credit card balance transfer process if you do not have a pretty sound credit rating in the first place. If it looks like you’re on the verge of bankruptcy and this is your last-ditch attempt to stop it happening, you won’t be approved because your new provider will not want to be the one who has to write off the debt due to insolvency on your part.
    9. Make all your payments on time. If you miss or make a late payment the credit card company may change the interest rates of their credit card. Rates are subject to you keeping up your end of the deal by paying on time. In addition to any fees that you may be charged there is a good chance you will lose the zero percent you are being charged for your balance transfer.
    10. Find a credit card company that has good customer service. Anyone who has ever dealt with poor customer service understands how important it is. Trusting any credit card company is difficult in these financial times. Find one that you believe will not increase your monthly payments or change due dates without notice.
    11. Find a card that is flexible. Some cards will allow you to transfer money from your card into your account. Unlike a cash advance, this money goes straight to a personal loan or an overdraft charge. These balance transfer tips can help you to pay off those other debts at the introductory rate of zero percent.
    12. Know the brand of your card and the card to which you are applying. Most credit card companies will not allow a balance transfer between their own cards. It may not be immediately clear whether or not cards are connected so be sure to double check before you apply to a card on the parent company.
    13. Time your balance transfer. If you are planning to transfer balance from one financial institution to another, then you should not transfer large balances if the introductory offer is about to end in a few short months. You don’t want to be stuck paying off your debts with a high interest (which usually starts to take effect once the intro period is over) as the balance transfer would just be useless.
      The smartest thing for you to do is to apply for a credit card and at the same time apply for the balance transfer. This way, you will be able to make the most out of the zero percent interest free introductory period when you pay for your large balances. On the other hand, if you are not so sure that you will be able to have your balance transfer as soon as possible, then it would be best to apply for a balance transfer card that has a long introductory period so that it will provide you with plenty of time for your balance transfer to be approved.

    This means the expensive debts from spending are effectively trapped, speedily accruing interest, and you can’t repay them until you’ve cleared all the cheap debt. Thus you can be racking up debt which you will eventually have to repay later. Clearly credit card providers make their money this way because they want you to spend whilst you are paying off your balance you transferred to them. To avoid this situation it would be better to get a second card with a low purchase rate.

    Balance transfer tips are important to evaluate if you are considering this option to reduce debt. It can be a good way to reduce the amount of money you spend on interest. It can help you pay off the outstanding amount or at the very least free up your monthly cash for other expenses.

    Following simple tips for balance transfers can make them a worthwhile way to save money and pay off debt. All you have to do is pay close attention to your finances and you will be able to take full advantage of the benefits.

    Frequently Asked questions

    Can I make a balance transfer to an existing account?

    Yes – but this is only possible through some financial institutions, you will need to contact your credit card provider and enquire if they offer this service. Sometimes your credit card provider could let you know via online banking or promotional material sent through
    the mail.

    How do I make a balance transfer to an existing account?

    The steps will differ according to the financial institution, but here is a rough guide about what you can expect.

    • Contact your existing financial institution and you will need to notify them of your card type, account number, BPAY code and amount to be transferred.
    • Your credit card provider will process the funds transfer, this could take between 3 to 15 business days.
    • There could also be the option of requesting a balance transfer if you’re registered for online banking with that financial institution.
    • Your bank will give you statement notifying you of the rate and when the balance transfer will expire.

    Who lets you balance transfer with your existing account?

    • Westpac
    • NAB
    • HSBC
    • Commonwealth
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    139 Responses to Low Balance Transfer Credit Cards

    1. Default Gravatar
      BillW | July 23, 2014

      Not a question, but a comment. I was lucky to be able to pay off my credit cards a few years ago and obtained a Westpac Ignite Mastercard and a HSBC Visa card. I alternate usage according to the six-week repayment cycle and pay the balance off each month. There is no annual fee on either of them and I never pay interest any more. In my view that is the best course of action – pay them off and only have cards with no fees. I also have a no-fee Peoples Choice Credit Union Visa card which I only use as a debit card. It can be used fee free through RediTeller and NAB ATMs.

    2. Default Gravatar
      Sam | July 22, 2014

      Can I do a balance transfer from a personal / flexi loan? to a interest free credit card?

      • Staff
        Shirley | July 23, 2014

        Hi Sam,

        Thanks for your question.

        To our knowledge, Citibank and Virgin allow balance transfers from personal loans.

        Cheers,
        Shirley

    3. Default Gravatar
      Penny | July 21, 2014

      Does one have to be an ANZ customer to get the balance transfer 16 months interest free Credit Card?

      Penny

      • Staff
        Shirley | July 22, 2014

        Hi Penny,

        The balance transfer offer is for new customers, so non-ANZ customers.

        Cheers,
        Shirley

    4. Default Gravatar
      Farhad | July 14, 2014

      can I do balance transfer as an existing customer?

      • Staff
        Shirley | July 15, 2014

        Hi Farhad,

        Thanks for your question.

        Generally you can’t balance transfer as an existing customer, as balance transfers are offered to new and non-existing accounts.

        Cheers,
        Shirley

    5. Default Gravatar
      Ian | July 7, 2014

      Transfering between credit card of Bank of Melbourne to a Westpac – though the same bank just different names is that allowable or are the banks brand names competing?

      • Staff
        Shirley | July 7, 2014

        Hi Ian,

        Thanks for your question.

        BoM is a subsidiary of Westpac, but you can still BT from BoM to Westpac.

        Cheers,
        Shirley

    6. Default Gravatar
      | July 2, 2014

      What rate does the balance transfer go to at the end of the 24 months?

      • Staff
        Shirley | July 3, 2014

        Hi Michael,

        Thanks for your question.

        If you’re referring to the Citibank ReadyCredit product, the revert rate is the interest rate on purchases.

        Cheers,
        Shirley

    7. Default Gravatar
      Amit | June 20, 2014

      Hi
      I have a credit card debt of around $ 5000 with 2 credit cards . I am not sure If I want to balance transfer into one credit card with 0 % Balance transfer fee and save on interest charges over say may be 12 months till I am debt free . I have a concern what If I make a purchase with new credit card ? Is there any 0% purchase rate credit card available ?

      • Staff
        Shirley | June 20, 2014

        Hi Amit,

        Thanks for your question.

        You can compare 0% purchase cards on this page.

        Cheers,
        Shirley

    8. Default Gravatar
      raj | May 10, 2014

      i have a commonwealth bank credit card .. but my wife wants to apply for Citibank credit card . can i do balance transfer from new Citibank credit card into my cba one

      • Staff
        Shirley | May 14, 2014

        Hi Raj,

        Thanks for your question.

        To properly explain the process, if you applied for a new Citibank credit card which had a balance transfer feature, it is possible to transfer the existing balance of your Commonwealth Bank credit card to your new Citibank credit card if you are the primary cardholder or joint cardholder on both accounts.

        If the new credit card is not in your name, and is in your wife’s name, it is not possible to do a balance transfer from your existing Commonwealth Bank credit card to your new Citibank credit card.

        Cheers,
        Shirley

    9. Default Gravatar
      Mish | May 8, 2014

      Can I transfer the balance from 2 separate credit cards – say $5,000 from mine and $5,000 from my husband’s?

      • Staff
        Shirley | May 9, 2014

        Hi Mish,

        Thanks for your question.

        This depends on how you structure the new credit card account, both of you will need to be the primary cardholders. Please see this page for more information.

        Cheers,
        Shirley

    10. Default Gravatar
      Jerry | May 6, 2014

      Is the fee for cash advance ever lower than 3 percent?

      • Staff
        Shirley | May 7, 2014

        Hi Jerry,

        Thanks for your question.

        There are a few credit cards out there, its just a matter of researching. For example, the Commonwealth Bank Low Fee Credit card charges 1.75% of the cash amount as of (7 May).

        This page may be able to give you more information.

        Cheers,
        Shirley

    11. Default Gravatar
      adrian | May 1, 2014

      Hi I have a question can I transfer our US Bank credit card . I wanted to get a new credit card that has your percent

    12. Default Gravatar
      chantelle | April 5, 2014

      Hi, I currently have a credit card with Commonwealth Bank. I am looking for an interest free credit card for a minimum of 12 months to transfer all of my balance partly cash in advance. Is there a interest free credit card that will include all of my balance?

      • Staff
        Jacob | April 7, 2014

        Hi, Chantelle.

        Thanks for your question.

        You can compare balance transfer credit card offers on the page you’re on. Use the table headings to arrange the cards by their balance transfer promotional offers.

        When you elect to transfer a balance between credit cards, there is no distinction made between cash advance and purchase balances in the transfer amount. You elect to transfer a balance from within the application, you select the name of your current card provide, enter the card number and then you enter the amount you wish to transfer. If you’re approved for the card, the balance transfer will be processed after you active the card.

        A lender will allow you to use a percentage of your credit limit towards a balance transfer. So, the amount you can transfer will depend on your credit limit on your new credit card. You can find out about some of the key considerations you should be aware of when transferring a balance on this page.

        I hope this helps.

    13. Default Gravatar
      | March 15, 2014

      since i receive my card i didn’t get anything but they says my card was loaded then i want to know how much was loaded and when was loaded?

      • Staff
        Jacob | March 17, 2014

        Hi, Thandi.

        Please contact the lender directly for information about your question.

        Thanks for your question.

    14. Default Gravatar
      Dan | March 9, 2014

      I can’t get another credit card to transfer the balance to a lower rate card because of bad credit. Can my wife apply for a card in her name and have my balance transferred to that card?

    15. Default Gravatar
      | March 7, 2014

      I am a self funded retiree and also receive part pension. I can draw down as much as I require from my Retirement Fund and also receive part pension.
      My wife receives a State Superannuation pension and part pension also.

      We have found it unnecessary to draw more than the minimum from my Retirement Fund and thus are fall short under the required annual salary section of the card application. I can draw down enough each year if required but as we are quiet comfortable without drawing more than the minimum from my Retirement Fund. I want to apply for a credit card with Citibank (no fees) but the income section is a problem due to not enough income for reasons as stated.

      Could you please advise how this issue might be resolved?

      Thank you.

    16. Default Gravatar
      Eleise | March 1, 2014

      I am going overseas in May and would like a credit card that doesn’t charge any overseas transaction fees

    17. Default Gravatar
      lina | February 10, 2014

      how to get Go MasterCard

      • Staff
        Marc | February 11, 2014

        Hi Lina,
        thanks for the question. You can apply for the GO MasterCard by logging onto the Go MasterCard website. You can also read more about the card on our page here.

        I hope this helps,
        Marc.

    18. Default Gravatar
      ollie | February 4, 2014

      I am a full time student who’s only income is through Austudy, Are there any options for me to Balance transfer without having a part-time job on top of my Austudy?

      • Staff
        Shirley | February 5, 2014

        Hi Ollie,

        Thanks for your comment.

        You may want to have a look at our student credit cards, some of them offer balance transfers.

        You’ll need to check the eligibility requirements of each credit card – please keep in mind ANZ, CommBank and Westpac accept some types of Government benefits as genuine income. It’s probably best to contact them without making any formal applications and enquire about where you stand in terms of eligibility.

        Cheers,
        Shirley

    19. Default Gravatar
      James | January 29, 2014

      Can I elect to transfer only part of the total credit/store card balance to the new card … eg $4,000 of a $10,000 balance … or is it a requirement to transfer the full balance?
      Thanks

      • Staff
        Shirley | January 30, 2014

        Hi James,

        Thanks for your comment.

        Yes you can, as long as it’s in between the maximum and minimum of the amount you’re eligible to balance transfer.

        Please check this page for numbers specific to each bank.

        Cheers,
        Shirley

    20. Default Gravatar
      mark | January 24, 2014

      I’ve read that up to and only 95% of the total amount I wish to transfer will be accepted.

      Does this mean that I can only transfer up to a maximum of $9,500 of my total $10,000 owing and that it could be less, depending on the bank’s discretion?

      • Staff
        Shirley | January 24, 2014

        Hi Mark,

        Thanks for your comment.

        With a balance transfer you can typically transfer up to 95% of the available credit limit.

        Cheers,
        Shirley

    21. Default Gravatar
      mark | January 24, 2014

      What is the best way to apply [online through your website or through the bank or at a branch]?

      How long does it take for an application to be successful, up and running?

      Are there any tips that you can suggest to make sure there are no issues with the whole process?

      • Staff
        Shirley | January 24, 2014

        Hi Mark,

        Thanks for your comment.

        This depends on your preferences, if you prefer doing it face to face than a branch would be ideal, if you’re comfortable with online applications then applying through creditcardfinder.com.au may be suitable.

        The amount of time it takes varies according to the credit card, generally it takes up to 2 weeks and some banks will give you a response within 60 seconds.

        Please make sure you meet eligibility requirements before making any formal applications and have all the relevant documents ready, you can find them at the bottom of our reviews.

        Cheers,
        Shirley

    22. Default Gravatar
      manish | January 21, 2014

      Hi. My name is manish and I’m looking for balance transfer credit card. I need $9000 to transfer in anz. Can you tel me which credit card is easy to approve?

      • Staff
        Shirley | January 21, 2014

        Hi Manish,

        Thanks for your comment.

        If you have a good credit history then you generally meet most of the eligibility requirements. Please check the ‘eligibility’ tab at the bottom of our reviews.

        Cheers,
        Shirley

    23. Default Gravatar
      mark | January 16, 2014

      Once I’ve transferred my current balance and I see out the interest free period for any particular card, can I then transfer to another card to get another interest free period and so on?

      I’d imagine the banks wouldn’t make it that easy for anybody, but doesn’t hurt to ask.

      • Staff
        Jacob | January 16, 2014

        H, Mark.

        Thanks for your question.

        Once the balance transfer promotional period has finished, you’re able to transfer a balance to another card. You can’t transfer under the promotional rate to a card offered by the same institution you wish to transfer the balance from.

        You can find out more about balance transfers by having a look at this video.

        I hope this helps.

        Jacob.

    24. Default Gravatar
      mark | January 15, 2014

      Do I have to be currently employed to be approved any credit card transfer from my existing credit card?

      Do I have to destroy/close down my existing credit card account once I transfer my balance to any other credit card?

      • Staff
        Jacob | January 15, 2014

        Hi, Mark.

        Thanks for your question.

        You do not have to close your old card after you’ve transferred a balance to a new card. You do not have to employed to apply for a credit card, the important thing is that you meet the minimum eligibility requirements, particularly the minimum income requirement.

        I hope this helps.

      • Default Gravatar
        mark | January 15, 2014

        I viewed the bankwest Credit Card transfer conditions and it stated that once I transfer my current c.c. it will/must be closed down. So I question this regarding every banks different conditions [fine print]

        If I don’t need to be employed to transfer c.c. then how do you get around the questions required on an application form regarding current employment??

      • Staff
        Jacob | January 15, 2014

        Hi, Mark.

        Thanks for your question.

        Please have a look at the at the application form.

        In the second section where it asks for ‘other details’, please select ‘unemployed’ from the drop down menu. If you meet the minimum eligibility requirements, your employment status is second to your income.

        You do not need to close your existing credit card after you transfer a balance to a new card. Can you please provide a link to the information you’ve referenced in your question.

        Regards.

        Jacob.

      • Default Gravatar
        mark | January 16, 2014

        To Jacob or whom it may concern

        In reference to my last question as to where I got my information
        Please refer to Bank West’s terms and conditions, page 7, section 4 – balance transfers and card contract variations [last sentence],
        This is regarding the breeze master card with what appears to be the lowest available ongoing interest and 13 months interest free period once transferred.

        It states “Once a new card has been received and activated, the user must immediately destroy the old card”.

        If I have misread this then it shows how the “fine print” catches us out, simply because it is not always or ever in layman’s terms, let alone anybody having the time to go over all of these conditions and put them forth in layman’s terms

        Thank-you

      • Staff
        Jacob | January 16, 2014

        Hi Mark.

        You have a keen eye to notice that point in the terms and conditions.

        To explain. The point you’ve highlighted applies to existing customers who wish to swap / upgrade their existing Bankwest credit card for another Bankwest credit card. If you enter into a contract variation to change over your existing Bankwest credit card, your old Bankwest credit card must be destroyed.

        This is not to be confused with a balance transfer for a new customer. In this case, after the balance transfer, you have the option or closing your old account or keeping it open.

        I hope this makes sense.

        Jacob.

    25. Default Gravatar
      binny | January 15, 2014

      My credit card has Been approved on 10 Jan 2014. But I asked HSBC TO do balance transfer ..to my CBA account ..
      How long it takes ?
      I really really need money asap
      What should I do .. cancel balance transfer or receive credit card and Thn take out money from card.? Please help me

    26. Default Gravatar
      Sarah | January 12, 2014

      Hi There,

      I have applied for a low rate balance transfer card and have been approved for a conditional credit limit of $3000.. my balance on my existing credit card is $6500.. I can transfer 95% of the $3000 onto the new card, should I do that as it is 0% interest over 13 months.. and still have the remaining $3500 on the other card and continue to make payments on that as well?

      Thanks

      • Staff
        Jacob | January 13, 2014

        Hi, Sarah.

        Thanks for your question.

        If you’re looking to reduce the interest repayments on your credit card’s outstanding balance, a balance transfer is a good option then. If you transfer a balance, your old account will remain open and you will need to continue to make the minimum repayment if you continue to carry a balance on the card.

        I hope this helps.

    27. Default Gravatar
      Lisa | January 12, 2014

      I have a credit card debt with Commonwealth Bank of $6,000 that I want to pay off as quickly as possible within my limits of other commitments because I do not want it to effect my credit history. Which card would you suggest to be the most appropriate for me to use. I was looking at the ANZ Low Rate but wanted to check if another may be appropriate. Thank you.

      • Staff
        Jacob | January 12, 2014

        Hi, Lisa.

        Thanks for your question.

        Your credit history will not be affected as long as you continue to make the minimum repayment in your current credit card. If you want to transfer a balance to another credit card, you’ll need to open a new account. When you do this, a credit enquiry will be recorded on your credit file.

        You can compare balance transfer credit cards here.

    28. Default Gravatar
      Jay | December 17, 2013

      Hi, Just wondering if I can have a cash advance on a 0% credit card without incurring charges, or does the 0% rate only apply to purchases?
      Thank you.

    29. Default Gravatar
      Fai | November 19, 2013

      Hi.

      I am looking for a 0% Balance Transfer card that will let me take the approved amount as a cheque instead of transferring from another credit card as all my credit cards are paid off in full.

      Can you advise which cards allow me to do this?

    30. Default Gravatar
      David | November 11, 2013

      Good Afternoon,
      Quick question, above your website states an exclusive offer with Bankwest breeze MasterCard – 0% on balance transfers for 12 months only available through your website, can you confirm for me that this offer is still available as i spoke with the bank directly and they said third party websites, such as yourselves, maybe ‘out of date’ or still be displaying old offers etc. Your link for applying for it still works, i just don’t want to apply for it through your website link, thence Bankwest, should i not be getting the 0% on balance transfers, as it currently stands as 2.99% on balance transfers, and 0% on new purchases on their website!

      • Staff
        Jacob | November 11, 2013

        Hi David.

        Thanks for getting in touch with us.

        I can confirm that the offer you’re referring to is still current. We take great measures to make sure that all the information on our site is always up to date.

        I hope this helps.

        Jacob.

    31. Default Gravatar
      Wendy | November 3, 2013

      Hi
      Can I reapply for a Westpac transfer credit card which I have currently been on?

      • Staff
        Jacob | November 4, 2013

        Hi Wendy.

        Thanks for your question.

        You can close and reopen an account to receive the promotional offer for new customers. Before you close the account you will need to make sure that the account has been paid in full.

        I hope this helps.

    32. Default Gravatar
      Andy | October 28, 2013

      Hello,

      I have 2 credit cards, one at it’s limit at $10,000 and one at $8,500 – both almost at the limit.

      I would like to do a balance transfer at 0% for a given period, however I know that you need the cards to be less than the limit – can you tell me what percentage needs to be available on the balance before a bank will process the application?

      Thanks,

      Andy.

      • Staff
        Jacob | October 28, 2013

        Hi Andy.

        Thanks for your question.

        This will depend on the card provider. Some allow you to use all of your credit limit on your new card towards a balance transfer while other will only let you use up to a certain percentage. You can find out more about this on this page.

        I hope this helps.

    33. Default Gravatar
      adrian | October 17, 2013

      Hi. Can I apply for a Balance Transfer to payout a GE Credit store card, CBA credit card and Westpac credit card? ($10K in total). As part of the process, will the new credit provided pay out the other credit providers and close the accounts on my behalf? Thanks.

      • Staff
        Jacob | October 18, 2013

        Hi Adrian.

        Thanks for your question.

        You can transfer the balances of your three existing credit and store cards to a new credit card. The card can not be related to any of your existing cards, if you’re looking to transfer the entire balance from your existing cards, you will need to be approved for a credit limit that is greater than your combined credit limit from your three old cards. You can read more about the key considerations of completing a balance transfer on this page.

        When you carry out a balance transfer, your old accounts will stay open, it’s up to you if you wish to close your accounts.

    34. Default Gravatar
      Belinda | October 7, 2013

      Hi there, just a question. I have one credit card at the moment, and its maxed out at 2,500 . now Im wondering if I do a transfer can I ask for more money? The only thing I think I have a real bad credit rating. What do you suggest?

      • Staff
        Jacob | October 8, 2013

        Hi Belinda.

        Thanks for your question.

        If you transfer a balance to another credit card and when you apply for a credit limit increase, you will be adding another credit enquiry to your credit file. If you can see defaults on your credit file, this will impair your ability to access more credit and a balance transfer facility. It’s advised that you make sure your credit file is in good order before applying for more credit. You can find information on your credit file and how to order a copy on this page.

        If there’s no problems with your credit file, you can apply fora new credit card with a higher limit than what you already have on your existing credit card, $4,000 for example, and then transfer the whole balance from your new card to your new card and still have available funds to use on your new card.

        I hope this helps.

    35. Default Gravatar
      Vic | October 5, 2013

      How long does it take to be approved and transfer C/C balance?

      • Staff
        Jacob | October 7, 2013

        Hi Vic.

        Once you complete the application, and you’re approved, it will take about a week and a half before you get your card in the mail / pick it up from a branch. You will then need to activate the card. Once the card is activated, the balance transfer will be processed. It should take about two business days for the funds to transfer between accounts. These times can vary depending on weekends, public holidays and delays between the banks though.

        Thanks for your question.

    36. Default Gravatar
      Kerrie | September 24, 2013

      Can I transfer the balance of Citibank credit card to new card?

      • Staff
        Jacob | September 24, 2013

        Hi Kerrie.

        Thanks for your question.

        Yes, you can transfer from a Citibank credit card to a credit card offered by a different institution.

    37. Default Gravatar
      Faye | September 21, 2013

      Can I transfer the balance of my Wells Frago credit card to a zero balance transfer card for six months here in Australia.

      • Staff
        Jacob | September 21, 2013

        Hi Faye.

        Thanks for your question. The promotional balance transfer offers on this site are only available between Australian credit cards.

        I hope this helps.

        Jacob.

    38. Default Gravatar
      Anthony | August 29, 2013

      Hi,

      For balance transfers, does your following advice relate to the date the credit card was originally issued or the date the balance transfer was effected?

      UPDATE: For all new credit card contracts since 1st July 2012, credit card providers are required to direct repayments to the most expensive part of your credit card debt first – making it easier to reduce your debt faster.

      • Staff
        Jacob | August 29, 2013

        Hi Anthony.

        Thanks for getting in touch with us about this. It refers to when the card was issued.

        I hope this helps.

        Jacob.

    39. Default Gravatar
      richard | August 13, 2013

      Hi. I am being paid a carers pension – my only source of income. What institutions allow a balance transfer in my situation without paying an annual fee?
      Balance to transfer is $1200.
      Thanks.

      • Staff
        Jacob | August 13, 2013

        Hi Richard.

        Please have a look at each card’s review and application page for information about the minimum income requirement. If you’re on a pension or a unemployed but do have a source of income, you can still apply for a credit card.

        If you’re looking to transfer a balance of $1,200 to another credit card, you should have a look at this page. It has information on the maximum percentage of your credit limit you can transfer to each providers card.

        Please bear in mind that you can’t transfer to a card that is related to your current credit card.

        Thanks for your question.

    40. Default Gravatar
      Chris | August 9, 2013

      Which card has the highest allowable balance transfer limit?
      I rang Citibank who had the 0% for 15 months option, allowable credit limit of $100,000.
      However when you ring – the maximum balance transfer is 80% of $30,000 ie that is $24,000 in real terms, they had another which was 80% of $50,000.
      Without ringing every single bank, which has the highest, I was hoping for one which would allow around $65,000-$70,000 (I know their is a credit rating equation, however that is not what I am asking).

      • Staff
        Shirley | August 9, 2013

        Hi Chris,

        Thanks for your comment.

        Please see this page – it lists all of our credit card providers and the maximum amount they allow you to balance transfer.

        Cheers,
        Shirley

    41. Default Gravatar
      Debbie | July 30, 2013

      Hi there, I’m not sure I understand what constitutes a cash advance. I thought it was if you actually drew cash from a card- is it bill paying also? Thanks.

    42. Staff
      Jacob | July 29, 2013

      Hi Nick. There is no hard and fast rule around the number of times you can apply for credit before you’re branded as a credit hungry customer and denied further credit. In my opinion, performing a balance transfer once a year is fine. If you have kept a good history of repayments, there’s no reason why you should be denied your request for credit when you apply for a card to carry out a balance transfer. People run in to problems when they apply for cards multiple times in the space of days or weeks. Try to think about it from the bank’s perspective – common sense is the best approach. Thanks for your question. Jacob.

    43. Default Gravatar
      | July 26, 2013

      Which is better 2.5% for 15 months or 0% for 9 months? Thanks

    44. Default Gravatar
      No | July 7, 2013

      Need money sir.

      • Staff
        Jacob | July 8, 2013

        Hi No. If you would like to apply for credit, you can do so through one of the card’s application links on the review page. Please compare credit cards to find the card that’s right for you. Jacob.

      • Default Gravatar
        monday | January 19, 2014

        notice i want to earn up money fill my credit card from online to lagos with section of transfer to card

    45. Default Gravatar
      Peter | July 6, 2013

      I have credit card debts that total $10,000. I also have car finance with Esanda of $17,000 over 60 months. What would you recommend as being the best solution to minimize the interest being paid for at least 9 months before reverting to the conventional form of debt reconciliation, which will focus on the credit card debt only? Thank you

      • Staff
        Jacob | July 8, 2013

        Hi Peter. Short of taking a new debt consolidation loan to merge the two balances into one payment, you can transfer the balance of the credit cards to another credit card under a promotional rate of interest. A balance transfer is a great way of reducing your interest repayments. You can transfer the balance from a store card, a credit card or a charge card to a credit card that is not related to your current institution. You can compare balance transfer offers on this page. Let us know if you have any more questions about balance transfers. Thanks for your question. Jacob.

    46. Default Gravatar
      | July 4, 2013

      Hi, We need to apply for a balance transfer credit card in order to manage a 20,000 credit card debt. Can you tell me the banks that consider an application for this based on mine and my husband’s income, not just one of us. We want to transfer the whole amount of $20,000 if we can. Jacquie.

    47. Default Gravatar
      Darnie | July 3, 2013

      Hi,

      I earn 70k per year. I have two personal loans with westpac that equal $24000 and a $6000 credit card. I applied over the phone for the maximum balance transfer on a 1.5% offer from Citibank.($24000 on a $30000 card). I was only approved for a card limit of $10500 ($8400 balance transfer). As far as I am aware there are no issues with my credit rating. What do you suggest I do with the remaining balance of loans from Westpac? I don’t want to affect my credit history by applying for too many cards but I’m sure i could get a better deal than I have. (Also, I will be getting a mortgage in 12-14 months and whatever personal debt i still have will be transferred to that)

      • Staff
        Jacob | July 3, 2013

        Hi Darnie. Thanks for the question. Yes, Citibank will allow you to use up to 80% of your approved credit limit towards a balance transfer, which is $24,000 of $30,000. Since you have existing expenses in the form of loan repayments and credit card debt, it’s unlikely that you would have been approved for the full amount. Your reduced ability to service debt is taken into account.

        When you apply for credit, a credit enquiry will be recorded on your credit file. If you have too many credit enquiries in a short space of time it will raise warning flags to the lender and they will identify you as a credit hungry applicant. Having said this though, there is no hard and fast rule about how many applications for credit you’re allowed in a certain period before you’re ‘credit hungry’ – common sense is the best approach. One option for you is to pay the balance down of your other loans and request a credit limit increase on your Citibank card (credit limit increases are also considered another application for credit). Another option is to open a new credit card and transfer the remaining balance from Westpac. In addition to Citibank, Virgin also allow you to transfer the balance from a personal loan to a credit card.

        I hope this has helped.

        Cheers. Jacob.

    48. Default Gravatar
      Michael | June 25, 2013

      Hi there
      Can I transfer more than the balance and close the old credit card account to have additional spending money freed up now? This obviously needs careful management but I am expecting a Christmas bonus and have cause to spend it early.
      Cheers
      Michael

      • Staff
        Jacob | June 25, 2013

        Hi Michael. Balance transfers are not supposed to be used this way and you may encounter a few issues if you use this feature to put your old account into a positive balance. Jacob.

    49. Default Gravatar
      Ofelia | June 24, 2013

      Dear Sir/Madam.
      I am planning for a holiday and need funds to cover things like an emergency when travelling. What credit cards or personal loan I can apply? I need $10,000.
      Thank you and regards.
      Ofelia.

      • Staff
        Jacob | June 24, 2013

        Hi Ofelia. Thanks for your question. If you’re looking to get funds for when you’re travelling overseas, the decision to get either a credit card or a personal loan will depend on your personal circumstances. A personal loan will provide an amount of funds, which you will pay interest on the entire amount; while a credit card will allow you to draw on funds as you need them and only pay interest on the amount you’ve borrowed. The amount you can borrow will depend on the information you provide to the lender when you apply – they’ll either approve your request credit limit or provide you with a limit they think you can service. We hope this helps. Let us know if you have any more questions. Jacob.

    50. Default Gravatar
      Paula | June 16, 2013

      Can you apply for a card in two names? If not, can I transfer a balance that is under both my husband and my name to a new card that’s in just one of our names?

      • Staff
        Jacob | June 17, 2013

        Hi Paul. We answered this question on this page. Thanks. Jacob.

    51. Default Gravatar
      Jemma | June 4, 2013

      ANZ is a good offer however they only allow 2 cards to be balance transferred. Can you look into it and let me know?
      (BTW Citibank’s customer service is awful.)

      • Staff
        Jacob | June 4, 2013

        Hi Jemma. Thanks for your question. Yes, ANZ allow you to transfer from up to two credit cards. Generally, other institutions will allow you to transfer from up to three cards, some more and some less. For maximum balance transfer amounts, please have a look at this page. Jacob.

    52. Default Gravatar
      catherine | May 9, 2013

      Which of the two ANZ cards advertised is the best option

      • Staff
        Jacob | May 9, 2013

        HI Catherine. This really depends on your circumstances, so I’m unable to give you an answer here. The two balance transfer offers differ in their promotional period – it really comes down to how long you think it will take you to pay off your balance. Run the numbers with our balance transfer calculator and find out how much each offer is going to cost, also factoring in the annual fee. Jacob.

    53. Default Gravatar
      Bianca | April 26, 2013

      Why is it better, or are you more likely to get approved if you speak to a banking representative in person rather than apply on-line?

      • Staff
        Jacob | April 26, 2013

        Hi Bianca. Great question. We know very little about the internal processes banks use to score an applicants application; however, for people who have bad credit, it’s more worth while speaking to a bank representative in person, as computer applications will show little leniency when assessing a person’s situation – including taking into account external factors that can not be considered in an online application. Hope this has helped. Jacob.

    54. Default Gravatar
      Charles | April 23, 2013

      I am looking at pursuing a course which will cost $6000. I have avenues of paying for with my current AMEX credit card. Do I pay for my course with my current card than apply for a Balance Transfer Credit Card or just apply for new card and pay course when i receive card??

      Secondly once I have new card can I pay off over a period of time with my existing AMEX card via Bpay to take full advantage of their rewards program earning points or not??

      If i select a card with no annual fee and pay the required amount per month, am i going to be out of pocket in any way, shape or form. Is there a transfer fee or any other fee that i’m not reading into??

      Thank you in advance……

      • Staff
        Jacob | April 24, 2013

        Hi Charles. Thanks for your question. There’s a few questions here.
        - So, if you pay for the course on your existing American Express card, you can transfer over to a new credit card with a non-related institution, provided that you’re approved for the new credit card and you elect to carry out a balance transfer. Generally speaking, to get the promotional rate of interest, you will need to elect to carry out a balance transfer at the time of application.
        - Points are earned on the purchase of goods or services, BPAY transactions will not earn points.
        - If you have a card with no annual fee, and you don’t use this card for purchases or cash advances, there are no fees other than the applicable balance transfer rate of interest. Currently, there are no transfer fees for balance transfers or anything of the sort.
        Hope this has helped. Jacob.

    55. Default Gravatar
      jack | April 23, 2013

      how do i check my credit card balance

      • Staff
        Jacob | April 23, 2013

        Hi Jack. You can do this via an ATM or at a branch, but setting up your credit card with internet banking is by far the easiest way to keep tabs on your account. You can set up internet banking by phoning your bank. Thanks for the question. Jacob.

    56. Default Gravatar
      FredG | April 23, 2013

      Want to transfer current credit card balance ($16k)to the St George Vertigo, but not sure about chances of approval as my credit history is not flash. Is it better to speak to them in person rather than applying online. I don’t want a new credit card, just someone to take the debt on and let me pay it off min $700 per mth. Salary $75k pa. Thanks

      • Staff
        Jacob | April 23, 2013

        Hi Fred. Good question. Yes, if your credit history is a little shady, you’re better off speaking to someone in person. When you want to transfer a balance to another card, you have to open a new account – so you’re going to have to get a new card. Jacob.

    57. Default Gravatar
      Steph | April 22, 2013

      Hi there
      If I apply for a credit card and transfer my balance, am I required to close my old credit card?

      • Staff
        Jacob | April 23, 2013

        Hi Steph. Thanks for your question. You do not have to close your old account once you carry out a balance transfer. Jacob.

    58. Default Gravatar
      Lisa | April 9, 2013

      Can I do a balance transfer from a personal loan?

      • Staff
        Jacob | April 10, 2013

        Hi Lisa. Thanks for your question. Citibank and Virgin allow you to transfer the balance from a personal loan to a credit card or credit account. Jacob.

    59. Default Gravatar
      Rachel | April 8, 2013

      I currently have a balance of $15000 on my credit card due to unforeseen circumstances etc. and am looking to transfer the balance as the interest rate is now extremely high. I have already applied for another card however I was approved for a maximum of $5000 from this particular bank. Whilst I understand that juggling several cards to your benefit can be difficult, is it legal to apply again with another bank to try and make up the difference? i.e. ultimately have 3 or 4 cards to payoff the current card?…..

    60. Default Gravatar
      B | April 8, 2013

      Hi
      Im looking for a 0% balance transfer credit card .
      preferably linked to frequent flyers
      (if points are given for tranfer)
      $0 annual fee (first year)
      minium time period 8months preferably more.
      55 day interest free period
      maximum/95% tranfer amount of transferred approved credit card limit at least 16k.
      What do you recommend?
      B

      • Staff
        Jacob | April 8, 2013

        Hi B. No points are earnt on balance transfers. For transfer limits – see this page. Up to 55 days interest free is pretty standard across most credit cards. To check balance transfer offers linked to frequent fly cards, please check our frequent flyer comparison table and have a look at the balance transfer offers in the table. Thanks for the question – let me know if you would like more information. Jacob.

    61. Default Gravatar
      sherie | April 2, 2013

      can i transfer the balance of more than 1 credit card

      • Staff
        Jacob | April 2, 2013

        Hi Sherie. Yes you can do this; however, the number of cards you can transfer from depends on the card you’re transferring to. For instance, some providers like ANZ, allow you to transfer from two cards only, while other providers, like HSBC, allow you to transfer from up to three cards. Please check the terms and conditions or ask us directly prior to applying. Thanks. Jacob.

    62. Default Gravatar
      Tony | March 31, 2013

      what are your thoughts on woolworths and jetstar credit cards for balance transfer and rewards

      • Staff
        Jacob | April 2, 2013

        Hi Tony. The balance transfer rate that is going to suit your circumstances will depend on a number of factors including how quickly you can pay the balance off, whether or not you want to accrue any interest on the balance, and the rate the balance reverts to at the end of the promotional period. Generally speaking, the balance transfer rate that has the lowest rate for the longest period is going to cost you less. In terms of rewards, we compared the Jetstar and Virgin credit cards (this provides some information on the value of Jetstar rewards) and the Woolworths and Coles Credit Cards. Thanks for your question.

    63. Default Gravatar
      Mick | March 26, 2013

      Is there a 0% transfer account available that doesn’t require a minimum earning amount.?
      It is for my Mum who is on a pension and needs to pay off $5000,she keeps getting told you need a minimum income of $15k

      • Staff
        Jacob | March 27, 2013

        Hi Mick. Consider a low rate card with a balance transfer offer. You will need to speak to a bank representative directly, because your grandmother is retired, the online application is unlikely to factor in retirement income. A face to face credit card application is a better way to do this. Commonwealth Bank and Aussie are two institutions that allow low income earners to apply; however, with an annual income of less than $15,000, your grandmother is unlikely to be approved for anything greater than a $500 credit card limit — which will dictate the amount she can consolidate at a cheaper rate of interest.

        Consider a debt consolidation loan too.

    64. Default Gravatar
      Kara | March 24, 2013

      If I don’t pay off the full amount on a credit card balance transfer within the time frame, can I then transfer the remainder to a new provider to pay off? Is there a catch that you have to have the credit card for at least 12 months before you exit?

      • Staff
        Jacob | March 24, 2013

        Hi Kara. Thanks for your question. You can transfer the balance of a credit card as many times as you’re approved for a new card. So, if you’re eligible for card and you’re approved, you can continue to roll the balance from card to card as many times as you like. Hope this clears things up, please contact us if you any more questions about balance transfers. Cheers.

    65. Default Gravatar
      Tony | March 23, 2013

      I am looking at jet star or Woolworths credit cards for a reward programme and a balance transfer what do you think regards

      • Staff
        Jacob | March 25, 2013

        Hi Tony. The offer that’s right for you will depend on how quickly you can pay the card off. Balance transfer offers with a slightly higher rate, but longer promotional period will end up costing less in the long run. You will need to factor in other considerations when choosing the card that’s right for you including annual fee, balance transfer revert rates and whether or not you want to earn rewards when you spend on your card. Thanks for your question.

    66. Default Gravatar
      Traci | March 21, 2013

      I have had a balance transfer processed, and due to the time between approval and processing, the old credit card is now several hundred dollars in credit. I have closed this account and been informed that the credit will be held for 2 further billing cycles (despite the card being closed). Is this normal or legal?

      • Staff
        Jacob | March 21, 2013

        Hi Traci. Do you mean you have additional funds on the card that are being held on the account?

      • Default Gravatar
        Traci | April 22, 2013

        Yes, the Balance transfer when I applied for it was around $3,400 and by the time it had been approved, the original credit card balance was at around $2,700 so once the balance transfer had been paid off the original card, then it put it around $700 in the black. The original c/card provider has then put a hold on the funds for 2 full months / billing cycles.

    67. Default Gravatar
      Betty | March 21, 2013

      Can I get a balance transfer to your card with 0% interest for at least 6 months or longer for $23,000 with a guaranteed income of $37000p.a from Govt and Employment plus a unknown amount from commission sales potentially up to another $50ooo plus but not guaranteed

      • Staff
        Jacob | March 21, 2013

        Hi Betty. It’s difficult to say. The amount you can balance transfer will depend on your approved credit limit on your new card. Card providers allow you to transfer a percentage of your approved credit limit, so ultimately,. this decision is up to the bank. As a note, your credit limit is based on the financial details you provide to the lender at the time of application.

    68. Default Gravatar
      Kellie | March 15, 2013

      Is it possible for my husband to apply for a credit card to transfer the balance of my card as he is the only employed person in our household.

    Credit Cards Comparison

    Rates last updated August 23rd, 2014.
    Interest rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
    ANZ Low Rate
    ANZ Low Rate
    A low rate on purchases, balance transfer and a low annual fee. 13.49% p.a. 0% p.a. for 16 months $58 p.a. 21.74% p.a. Go to siteMore info
    Westpac 55 Day Platinum Card
    Westpac 55 Day Platinum Card
    Exclusive Offer to Credit Card Finder. 0% p.a. for 12 months on Purchases
    $0 annual fee with platinum benefits including a platinum concierge service, overseas travel insurance, extended warranty cover and purchase security cover.
    0% p.a. for 12 months (reverts to 19.84% p.a.) 3.99% p.a. for 6 months with 1% balance transfer fee $0 p.a. 21.29% p.a. Go to siteMore info
    HSBC Platinum Credit Card
    HSBC Platinum Credit Card
    Earn rewards points plus a balance transfer offer. Access to prestige services including a personal concierge service and VISA Platinum reward program. 19.99% p.a. 0% p.a. for 8 months $0 p.a. 21.99% p.a. Go to siteMore info
    ANZ Frequent Flyer
    ANZ Frequent Flyer
    Get 50,000 bonus Qantas Points once you spend $1500 on eligible purchases within 3 months. Earn 1.00 point per $1 spent on your AMEX and 0.50 points per $1 spent on your Visa. 19.99% p.a. $0 p.a. annual fee for the first year ($95 p.a. thereafter) (which includes a $40 annual account fee and a $55 Rewards Program services fee) 21.49% p.a. Go to siteMore info
    Coles No Annual Fee MasterCard
    Coles No Annual Fee MasterCard
    Enjoy a low interest rate plus a $0 annual fee. 17.99% p.a. 0% p.a. for 6 months $0 p.a. 17.99% p.a. Go to siteMore 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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