Low Balance Transfer Credit Cards

A balance transfer credit card allows you to transfer your existing credit card balances and repay them at a much lower rate, sometimes even 0% interest, over a set term. If you still have a leftover balance after the balance transfer offer expires, the remaining balance will generally revert to the standard purchase rate for the credit card. The following is a comprehensive guide to help you understand exactly what a balance transfer is, how it can benefit you by reducing your credit card interest repayments, and how to compare the available balance transfer credit cards to find the best offer for you.

Take note that all balance transfer offers require good credit for application approval.

Since all these credit cards offer 0% for 6 months, it basically comes down to annual fee, or which provider you’re currently with or have a personal preference towards.

Best Introductory Balance Transfer Credit Card*

The Suncorp Clear Options Standard offers a 1.9% for 12 months balance transfer deal, combined with a low interest rate on purchases and a low annual fee. If you are looking to transfer your existing credit card balance, the Suncorp Clear Options Standard is a great card to consider applying for.

• $39 annual fee
• 12.24% p.a. on purchases
• 1.9% p.a. for 12 months on balance transfers
• Cash Advance Rate of 17.99%
• Features FRAUDSHIELD Credit Card Security
• 5 Star Outstanding Value Canstar CANNEX Rating

Click here to read the Suncorp Clear Options Standard Visa Card terms and conditions

Featured Balance Transfer Offers

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
Suncorp Clear Options Standard Visa Card	Take advantage of the 12 month balance transfer, giving you more time to repay your balance within the introductory period. A low interest rate credit card for purchases combined with a low annual fee.	12.24%	17.99%	1.9% for 12 months	$39	0
ANZ Low Rate MasterCard	One of a few credit cards which offer the combination of a 0% balance transfer offer for the first 6 months plus a low ongoing purchase rate	13.24%	21.49%	0% for 6 months	$58	55
Citibank Platinum Card	All the benefits of a Platinum Visa credit card. Transfer your existing credit cards or personal loans at a low interest rate for life!	20.74%	21.24%	3.9% for life	$125 (First Year, Save $125)	55

0% p.a. for 6 months Balance Transfer Offers

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
ANZ Low Rate MasterCard	Combination of a low balance transfer rate for 12 months plus a low ongoing purchase rate	13.24%	21.49%	0% for 6 months	$58	55
Coles Group Source MasterCard	A great everyday value credit card providing regualr savings on petrol, special shopping offers and FlyBuys points earning	20.24%	21.99%	0% for 6 months	$0	62
HSBC Credit Card	A very unique credit card offer that offers both a 0% p.a. for 6 months balance transfer offer and a $0 annual fee for life.	16.99%	20.75%	0% for 6 months	$0	55
Citibank Clear Platinum Visa Card	A low interest credit card with Platinum rewards, and a low interest balance transfer offer. Includes complimentary international travel insurance. Minimum income to Apply: $50,000 per annum.	11.49%	21.24%	0% for 7 months	$99	55
ANZ Balance Visa	Combination of a low interest rate card and a rewards credit card from one of Australia's leading banks	14.24%	21.49%	0% for 6 months	$79	55
Woolworths Everyday Money	A unique shopping rewards credit card with $0 annual fee for the first year, and a balance transfer option.	19.49%	20.99%	0% for 6 months	$0 for the first year ($49 per year after that)	55
St George Vertigo	Awarded Australia’s ‘Cheapest Balance Transfer Credit Card by Money Magazine 2009.	12.49%	21.24%	2.99% for 6 months	$55	55
Citibank Clear Visa Card	New balance transfer offer, lower annual fee than Clear Platinum	11.99% for 12 months (reverts to 15.49%)	21.24%	0% for 6 months	$65	55
Westpac Earth Cards	Featuring 0.99% p.a for up to 6 months on balance transfers plus the ability to earn unlimited Qantas Frequent Flyer points.	19.64%	21.14%	0.99% for 6 months	$75	45

9 to 12 month Balance Transfer Offers

These credit cards allow you to transfer your other balances and take up to a year to repay your balance. Typically, the interest rate will be higher than a 6 month offer, but lower than a ‘life’ offer. However keep in mind you can’t claim reward points till you’ve completely paid off a balance transfer.

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
Suncorp Clear Options Standard Visa Card	There has never been a clearer choice than to do a 12 month balance transfer using a Suncorp Clear Options Standard Card. This card also features a low annual fee and will help you consolidate your debts.	12.24%	17.99%	1.9% for 12 months	$39	0
Citibank Silver Card	Lots of automatic Citibank benefits and services. The lowest annual fee of all Australian 2.9% p.a. balance transfer offers, hence the cheapest.	20.74%	21.24%	2.9% for 12 months	$89	55
Citibank Gold Card	Lots of automatic Citibank benefits and services. What the silver card provides, with more insurance, travel bonuses and luxury benefits .	20.74%	21.24%	1.9% for 12 months	$149	55
Citibank BP Card	Another competitive annual balance transfer rate offer. 0.5% cash-back on all purchases.	20.89%	20.89%	1.9% for 12 months	$79	55
Citibank Emirates Platinum Card	If you are a frequent flyer then this is the perfect rewards credit card for you. Earn 3 Skywards Miles for every $1 you spend. Also enjoy a range of complimentary benefits	20.74%	20.74%	1.9% for 12 months	$229	55
ANZ Frequent Flyer Classic - Balance Transfer	Featuring a 2.9% p.a balance transfer offer for the first 12 months plus high Qantas Frequent Flyer point earning potential	19.49%	20.74%	2.9% for 12 months	$95	44
Westpac Low Rate Card	A simple low interest rate credit card featuring a low interest balance transfer offer and a low annual fee.	13.24%	21.24%	1.99% for 9 months	$45	55
Bankwest Lite MasterCard	Enjoy a low balance transfer rate for the first 9 months plus one of Australia's lowest MasterCard purchase rates	10.75%	21.74%	1.99% for 9 months	$59	55
Westpac 55 Day Card	No annual fee for the first year and a low balance transfer offer for the first 9 months	0% for 5 months (reverts to 19.24%)	21.24%	1.99% for 9 months	$0 for the first year ($30 on-going)	55
Westpac Altitude Card	Limited low balance transfer offer for the first 9 months plus receive 5000 bonus Altitude points when you make your first purchase	19.64%	21.24%	1.99% for 9 months	$100	45

Balance Transfer ‘For Life’ Offers

These credit cards allow you to transfer your other balances and take as long a you like to repay the balance. The term ‘for life’ means for the life of the credit card (as long as you own it).

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
Citibank Platinum Card	Exclusive Offer! Enjoy a discounted annual fee for the first year, and a low interest rate on balance transfers for life	20.74%	21.24%	3.9% for life	$125 (First Year, Save $125)	55
Suncorp Clear Options Platinum	Large range of rewards program. Complimentary travel insurance.	19.99%	19.99%	3.9% for life	$205	55

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

Credit Card Finder has compiled this step-by-step guide to help you compare the best* 0% and long term (Transfer balances for life) offers, takes you through choosing a deal and what to look out for.

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.

Example of a Balance Transfer

• Old Card: American Express Platinum MoneyBack $3,000 at 20.49% and a Commonwealth Bank Platinum $2,500 at 20.49%.
• New Card: the HSBC Credit Card 0% p.a. for 6 months on balance transfers with a 16.99% p.a. interest rate.
• The Process: You apply for the ANZ card and in the application ask them to balance transfer you American Express ($3,000) and Commonwealth bank card ($2,500). (You can also just transfer a single card if you only own one.)
• Results: The American Express and Commonwealth Bank cards are now zeroed out, the debt on these cards has been transferred to the ANZ card. You now owe $5,500, although will not have to pay interest on this for 6 months i.e. you are now being charged 0% interest on this debt.

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 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 score isn’t good, the likelihood is you’ll either be offered a much worse rate than advertised, or be rejected. If you’re commonly rejected for new credit, a balance transfer won’t work for you. There are some tips you can use when you have bad credit, take a look at our bad credit balance transfer guide. You can check your credit score with Veda.

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

You have 2 options Get more time to payoff debt – Consider a longer term life time balance transfer or perhaps a 12 months balance transfer to give yourself more time to payoff the debt 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. Recommended Deals 12 months balance transfer offers Lifetime balance transfer offers 6 months balance transfer offers

Top 0% p.a. Credit Card Balance Transfers*

BEST Deal: 6 months Balance Transfers*

In Australia 6 month 0% balance transfer deals are normal. There are not many 0% for 12 months deals although there are some 12 month deals where you will pay between 3 – 7% p.a. In Australia there are no fees for transferring a balance from one card to another.

• Competitive 6 months deals: * The following providers have offers that last for 6 months at 0%
  • HSBC Credit Card - Reverts to an interest rate of 16.99% p.a. after the 6 months expires. $0 annual fee.
  • Citibank Clear Platinum - A strong low interest rate of 11.49% on purchases. Reverts to the cash advance rate at the end of the balance transfer period.

The longest balance transfer deals There are deals in Australia where you can transfer the balance of your credit card for life. This means that for however long you have that balance the card provider will only charge you the rate you balance transferred at. E.g. if the balance transfer rate is 7.9% for life like with the citibank personal account you will only be charged 7.9% on that balance until you pay it off. This is good if you want to lock in your rate and give yourself plenty of time to pay it off.

Warning about long term balance transfers

There’s a hidden sting with these cards; if you spend on them, it’s 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. All these deals require you to pay a one-off fee when you do the transfer, the trade-off is you get it interest free for a long time.

• Say you have transferred a balance of $10,000 to your ‘for life’ offer 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.
• These offers should typically be ignored as the cost of the interest repayments will almost certainly not compensate for the cost of the annual fee in the first place.

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 MasterCard 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.

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. Probably the best choice all-round at the moment is the St.George Vertigo MasterCard which is offering 2.99% p.a. for 6 months on balance transfers, and the lowest regular rate on purchases of just 12.49% 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.

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

What is the interest rate on balance transfers?
The obvious question, and the answer is to look for a zero or very low rate.

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.

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.

Is there an annual fee?

As mentioned, this is usual on a credit card offering a good balance transfer deal.

The key to securing the best low rate balance transfer credit card is to do your homework: research and compare.

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.

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. At the moment, the St.George Vertigo MasterCard is offering the lowest regular purchase rate at 12.49% p.a..


How long does the balance transfer rate run 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 7.99%. This latter example is with the ANZ Gold Visa Credit Card and can be set at a less attractive level because this card - being Gold - has 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 MasterCard that is now offering 2.99% p.a. for 6 months on balance transfers. Balance transfers that last for the life of the debt can also be found, but these tend to be more common on platinum level cards.


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, the Woolworths Everyday Money Card (for the first year anyway), and the Commonwealth Low Fee 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 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 rescinded. 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.

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:

• ANZ Low Rate MasterCard - 0% p.a. for 6 months on balance transfers
• Aussie MasterCard - 2.99% p.a. for 6 months on balance transfers
• Citibank Clear Platinum - 0% p.a. for 6 months on balance transfers
• Coles Group Source MasterCard - 0% p.a. for 6 monthson balance transfers
• Woolworths Everyday Money Credit Card - 0% p.a. for 6 months on balance transfers
• Commonwealth Low Fee Card - 5.99% p.a. for 5 months on balance transfers
• St George Vertigo MasterCard - 0% p.a. for 6 months on balance transfers
• Citibank Silver - 2.9% p.a. for 12 months on balance transfers
• Citibank Platinum Credit Card - 3.9% p.a. for life on balance transfers
• Suncorp Platinum Credit Card - 3.9% p.a. for life on balance transfers

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.

Budget!

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.

Don't spend!

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.

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.

Don't delay!

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.

How to avoid the biggest mistake with a balance Transfer

There is no single more important thing to remember about balance transfers than the following.

Why it’s such an expensive nightmare

Credit cards allow us to do a number of different things such as spend on them, shift balances to them or withdraw cash. These are all different transaction types and it’s the interactions between them that cause the problem.

• Each type of transaction has a different interest rate. While it might be 0% for balance transfers, any new purchases will get a much higher interest rate and cash withdrawals even higher.
• Your repayments will go towards clearing the debt you transferred first. You don’t choose what your repayments go to, the credit card company does. And lenders will make your repayments go towards paying off your balance which is at a lower interest rate first.

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.

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A handy note to keep in mind about American Express cards commented on by one of our users:

Sandra wrote: “In the traps section you should add that with amex, if you miss a monthly payment they revert the interest rate from the changeover rate to their standard rate.

This is not disclosed until you sign up and get the final paperwork !!!”

Frequently Asked questions

• How do I do a balance transfer?
• Which cards provide the lowest interest rates?
• How do I compare balance transfer rates?
• Can I Balance Transfer from a single primary cardholder to a joint primary cardholder? - This is especially important when it comes to marriage and the joining of assets and debts.
• Are 2nd Balance Transfers Possible?
• Long Term Balance Transfer Approval Requirements

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  If you’re thinking about transferring a balance from one of your current credit cards to a new one with a lower interest rate, there are some things you should find out first. Find out what they are and why you need to know them in this article.



• The Dangers Of Paying Off Just The Minimum Balance
  

  It can seem easy and cheaper to just pay off your minimum credit card payment each month. However this is a strategy that is likely to increase the amount you have to pay overall, as well as increasing your monthly minimum balance.



• Defining Credit Card Transfers
  

  Credit card transfers can get extremely confusing if you are trying to move a balance from one card to another. You have to pay attention to the interest rate. Look to see whether there is a higher interest rate for balance transfers, and to see if the company’s interest rate will stay low permanently.



• Can You Transfer Multiple Credit Cards with a Balance Transfer?
  

  If you have a lot of debt on multiple credit cards you may have been considering moving all of the balances to one card. Is this possible? Find out in this article.



• When A Short Term Balance Transfer May Not Be The Best Decision
  

  A short term balance transfer can seem very appealing. Many lenders now offer attractive low interest rates for a period of a few months that can sometimes look like a good deal, but there are times when they may not be as good as you think.



• How You Could Lower Interest Rates on Your Credit Card Balance
  

  Consumers are noticing that credit card interest rates are increasing. This can put pressure on your household budget, especially if you carry a balance on your card that’s being charged high interest.



• Best Way to Transfer your Credit Card Balance
  

  With most Australians carrying a credit card balance of over $3,000, it is no wonder that many are seeking relief from interest charges. There are many cards to choose from and you must make the choice that will give you maximum benefit. Balance transfer cards are a solid and secure option to lower your interest fees.



• Mistakes to avoid when doing a Balance Transfer
  

  A balance transfer can be the perfect solution to your credit card debt problems. But there are plenty of ways of muddling up a balance transfer. This article will discuss some of the common balance transfer mistakes committed by cardholders, and how to avoid them.



• Long Term Balance Transfer Credit Card
  

  There are times when a long term balance transfer credit card could be a better option for you than a shorter term deal. However, it’s still wise to look into the offer before you jump in at the deep end.



• Relieve The Stress and Pain of Credit Card Interest Repayments with a Balance Transfer
  

  Mounting credit card balance and interest repayments can be a huge stress. If you are looking for a brief six months of rest period to get your finances in shape, consider a balance transfer card. You will be paying a very low interest rate during this period and relieve your credit card stress.



• Balance Transfer Rate
  

  A balance transfer rate is only as good as the length of time it lasts. These low rates are promotional offers, which means to get the most from them you must be able to completely clear your debt before the low rate expires. By looking at your debt honestly you can choose the rate and the term to maximise your money.



• Save Cash with lower monthly credit card repayments using a Balance Transfer Credit Card
  

  Did you know you can save cash with a balance transfer credit card? If you’re struggling to get your finances back under your control, you might benefit from reducing the amount of interest you’re charged.





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Editor's Choice: Our Top Credit Cards




Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0