Balance Transfer Credit Cards

Pay off your debt faster: balance transfer credit cards offer interest rates of 0% for up to 24 months. Here’s how you can choose the right one.

A balance transfer credit card lets you move your existing credit card balance onto a new card with a lower rate. That lower rate runs for a fixed number of months (between 6 and 24), after which the interest reverts to a higher rate. Sometimes you’ll pay a one-time balance transfer fee when you move to the new card and you’ll generally pay an annual card fee. Despite that, 0% interest means you can save significantly.

This guide explains how balance transfers work and how they can dramatically lower your credit card interest payments; the different types of balance transfer cards available; how to compare balance transfer cards to pick the best one for you; common concerns about these cards; mistakes to avoid with balance transfers; and how to make sure your application is successful. You can calculate your potential savings with a wide range of cards in Australia using the table below.

St.George Vertigo Platinum - PE-18059 (BT offer)

Balance Transfer Credit Card Offer

For a limited time, the St.George Vertigo Platinum card offers 0% p.a. for 20 months on balance transfers, when requested at card application as well as 0% p.a. for up to 3 months on purchases from card approval.

  • 0% p.a. for 20 months on balance transfers requested at card application. Rate then switches to the variable cash advance rate (currently 21.49%).
  • 0% p.a. for up to 3 months on purchases, from card approval.
  • $99 annual fee
  • Enjoy up to 55 days interest free on purchases when the closing balance (including any balance transfer amount) is paid by the statement due date.
  • For new and approved applications submitted by 30 March 2016.

    Rates last updated February 5th, 2016
    $
    % p.a.

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    Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
    St.George Vertigo Platinum
    Manage your credit card debt with 0% for 20 months on balance transfers and make any purchases interest free 0% for 3 months.
    0% p.a. for 20 months 0% p.a. for 3 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
    American Express Essential Credit Card
    Receive a $50 credit when you apply online by and repay your credit card balances over 12 months with 0% p.a. interest. Plus enjoy $0 annual fee for life.
    0% p.a. for 12 months 14.99% p.a. $0 p.a. Go to site More info
    BoQ Platinum Visa Card - Exclusive Offer
    Exclusive Offer to finder.com.au

    Enjoy a 0% interest rate for 16 months on balance transfers.

    0% p.a. for 16 months 20.74% p.a. $0 p.a. annual fee for the first year ($199 p.a. thereafter) Go to site More info
    St.George Vertigo Visa
    Benefit from a low interest rate on your everyday purchases combined with a long term 0% p.a. balance transfer offer for 18 months.
    0% p.a. for 18 months 0% p.a. for 3 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
    HSBC Platinum Credit Card
    Receive $0 annual fee every year if you meet the spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
    0% p.a. for 15 months 19.99% p.a. $0 p.a. Go to site More info
    NAB Low Rate Credit Card
    The NAB Low Interest Visa Card offers a balance transfer offer of 0% for 24 months. Apply by 30 April 2016.
    0% p.a. for 24 months with 2.5% balance transfer fee 13.99% p.a. $59 p.a. Go to site More info
    Coles Low Rate MasterCard
    A low rate MasterCard with a competitive rate on purchases and a low annual fee. Also receive $100 off a single Coles Supermarket shop if you apply and are approved by 9 February 2016.
    0% p.a. for 6 months 12.99% p.a. $49 p.a. Go to site More info
    ANZ First Visa Credit Card - Exclusive Offer
    Take advantage of this exclusive offer and enjoy 0% p.a. for the first 9 months on balance transfers and purchases when you apply by 29 February 2016
    0% p.a. for 9 months 0% p.a. for 9 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
    Woolworths Money Everyday Platinum Credit Card
    Receive a $100 Gift Card with a $0 annual fee for the first year if you apply before 31 March 2016. Also get 0% p.a. for 14 months on balance transfers and earn up to 3 rewards points per $1 spent.
    0% p.a. for 14 months 19.99% p.a. $0 p.a. annual fee for the first year ($49 p.a. thereafter) Go to site More info
    NAB Premium Card
    Enjoy purchasing with 0% for 15 months during your long term balance transfer offer with Platinum credit card advantages.
    0% p.a. for 15 months 0% p.a. for 15 months (reverts to 19.74% p.a.) $90 p.a. Go to site More info
    American Express Velocity Escape Card -  Exclusive Offer
    Enjoy 15,000 bonus Velocity Points and earn 2 points for every $1 you spend, together with a $0 annual fee. Also receive 0% for 12 months on balance transfers.
    0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $0 p.a. Go to site More info
    NAB Low Fee Card
    Get 0% p.a. on balance transfers and purchases for 9 months if you apply by 30 April 2016.
    0% p.a. for 9 months 0% p.a. for 9 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
    Bank of Melbourne Vertigo Platinum
    A platinum card with promotional rates on purchases and 0% p.a. for 20 months on balance transfers, complimentary insurances and 24/7 concierge.
    0% p.a. for 20 months 0% p.a. for 3 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
    HSBC Platinum Qantas Credit Card
    Receive 40,000 bonus Qantas Points on eligible spend within 3 months. A balance transfer offer of 0% p.a. for 6 months with access to premium benefits and complimentary insurance.
    0% p.a. for 6 months 19.99% p.a. $199 p.a. Go to site More info
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer
    Offers 0% p.a. interest rate on balance transfers for 14 months to help you manage your existing credit card balance. Earn 10,000 bonus Velocity Points in the first 3 months.
    0% p.a. for 14 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
    HSBC Credit Card
    No annual fee for life of the credit card with a balance transfer offer. Also comes with a low interest rate and up to 55 days interest-free on purchases.
    0% p.a. for 6 months 17.99% p.a. $0 p.a. Go to site More info
    Bank of Melbourne Vertigo Visa Credit Card
    Enjoy a low rate on your everyday purchases with a balance transfer offer of 0% p.a. for 18 months.
    0% p.a. for 18 months 0% p.a. for 3 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
    Westpac 55 Day Platinum Credit Card
    Get a balance transfer offer of 0% p.a. for 16 months, platinum card benefits including complimentary insurances and 24/7 concierge with $0 p.a. annual fee for the first year.
    0% p.a. for 16 months 19.84% p.a. $0 p.a. annual fee for the first year ($90 p.a. thereafter) Go to site More info
    Coles No Annual Fee MasterCard
    Get a balance transfer offer of 0% p.a. for 6 months, enjoy paying no annual fee ever, and earn flybuys points on everyday purchases.
    0% p.a. for 6 months 19.99% p.a. $0 p.a. Go to site More info
    Virgin No Annual Fee Credit Card
    Enjoy a long term balance transfer plus a $100 cashback offer (spend criteria applies) and never pay an annual fee for this card.
    0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
    Rates last updated February 5th, 2016
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    Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
    NAB Premium Card
    Enjoy purchasing with 0% for 15 months during your long term balance transfer offer with Platinum credit card advantages.
    0% p.a. for 15 months 0% p.a. for 15 months (reverts to 19.74% p.a.) $90 p.a. Go to site More info
    American Express Essential Credit Card
    Receive a $50 credit when you spend $500 within two months, plus enjoy 0% p.a. for 12 months on balance transfers and no annual fee for life.
    0% p.a. for 12 months 14.99% p.a. $0 p.a. Go to site More info
    St.George Vertigo Platinum
    Manage your credit card debt with 0% for 20 months on balance transfers and make any purchases interest free 0% for 3 months.
    0% p.a. for 20 months 0% p.a. for 3 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
    BoQ Platinum Visa Card - Exclusive Offer
    Exclusive Offer to finder.com.au

    Enjoy a 0% interest rate for 16 months on balance transfers.

    0% p.a. for 16 months 20.74% p.a. $0 p.a. annual fee for the first year ($199 p.a. thereafter) Go to site More info
    HSBC Platinum Credit Card
    Receive $0 annual fee every year if you meet the spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
    0% p.a. for 15 months 19.99% p.a. $0 p.a. Go to site More info
    St.George Vertigo Visa
    A great value credit card for consumers with an interest rate offer on balance transfers and a low ongoing purchase rate.
    0% p.a. for 18 months 0% p.a. for 3 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
    ANZ First Visa Credit Card - Exclusive Offer
    Take advantage of this exclusive offer and enjoy 0% p.a. for the first 9 months on balance transfers and purchases when you apply by 29 February 2016
    0% p.a. for 9 months 0% p.a. for 9 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer
    Offers 0% p.a. interest rate on balance transfers for 14 months to help you manage your existing credit card balance. Earn 10,000 bonus Velocity Points in the first 3 months, offer ends 14 February 2016.
    0% p.a. for 14 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
    NAB Low Fee Card
    Get 0% p.a. on balance transfers and purchases for 9 months if you apply by 30 April 2016.
    0% p.a. for 9 months 0% p.a. for 9 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
    Bank of Melbourne Vertigo Platinum
    A platinum card with promotional rates on purchases and 0% p.a. for 20 months on balance transfers, complimentary insurances and 24/7 concierge.
    0% p.a. for 20 months 0% p.a. for 3 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
    NAB Low Rate Credit Card
    Low ongoing interest rate on purchases and a balance transfer offer of 0% p.a. for 24 months with 2.5% balance transfer fee.
    0% p.a. for 24 months with 2.5% balance transfer fee 13.99% p.a. $59 p.a. Go to site More info
    Bank of Melbourne Vertigo Visa Credit Card
    A low rate card from Bank of Melbourne with a long term balance transfer offer 0% for 18 months and a short term introductory rate on purchases.
    0% p.a. for 18 months 0% p.a. for 3 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
    ANZ Low Rate
    Offering a long term balance transfer offer of 0% for 18 months and low rate on purchases.
    0% p.a. for 18 months with 3% balance transfer fee 13.49% p.a. $58 p.a. Go to site More info
    Citi Rewards Credit Card - Platinum Card
    Take advantage of a great introductory long term balance transfer offer.
    0% p.a. for 18 months 20.99% p.a. $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
    Virgin No Annual Fee Credit Card
    No annual fee credit card with $100 cashback and a long term balance transfer offer of 0% p.a. for 18 months with 2% balance transfer fee.
    0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
    Westpac 55 Day Platinum Credit Card
    Get a balance transfer offer of 0% p.a. for 16 months, platinum card benefits including complimentary insurances and 24/7 concierge with $0 p.a. annual fee for the first year.
    0% p.a. for 16 months 19.84% p.a. $0 p.a. annual fee for the first year ($90 p.a. thereafter) Go to site More info
    American Express Velocity Escape Card -  Exclusive Offer
    Enjoy 15,000 bonus Velocity Points and earn 2 points for every $1 you spend, together with a $0 annual fee. Also receive 0% for 12 months on balance transfers.
    0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $0 p.a. Go to site More info
    BoQ Blue Visa Credit Card
    Receive a balance transfer offer with a low annual fee.
    0% p.a. for 9 months 20.74% p.a. $0 p.a. annual fee for the first year ($60 p.a. thereafter) Go to site More info
    BankSA Vertigo Platinum
    Take advantage of the annual fee on the first year offer by applying on or before 30 March 2016. Also enjoy its low interest rate on balance transfers and purchases.
    0% p.a. for 20 months 0% p.a. for 3 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
    BankSA Vertigo Visa
    A low interest rate card with a low annual fee and long term balance transfer offer.
    0% p.a. for 18 months 0% p.a. for 3 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
    Rates last updated February 5th, 2016
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    Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
    HSBC Credit Card
    A very unique credit card that offers a low balance transfer offer and a $0 annual fee for the life of the credit card.
    0% p.a. for 6 months 17.99% p.a. $0 p.a. Go to site More info
    Coles Low Rate MasterCard
    A low rate MasterCard with a competitive rate on purchases and a low annual fee. Also receive $100 off a single Coles Supermarket shop if you apply and are approved by 9 February 2016.
    0% p.a. for 6 months 12.99% p.a. $49 p.a. Go to site More info
    HSBC Platinum Qantas Credit Card
    Receive 40,000 Qantas Points for new applicants and on eligible spend within 3 months, a low interest rate offer on balance transfers and complimentary travel insurance.
    0% p.a. for 6 months 19.99% p.a. $199 p.a. Go to site More info
    Coles No Annual Fee MasterCard
    Get a balance transfer offer of 0% p.a. for 6 months and pay no annual fee for the life of the card.
    0% p.a. for 6 months 19.99% p.a. $0 p.a. Go to site More info
    Virgin Australia Velocity Flyer Card - 0% Interest Offer
    Receive 0% p.a. for 12 months on purchases, 0% p.a. for 6 months balance transfers and a reduced flight offer up to four times a year.
    0% p.a. for 6 months 0% p.a. for 12 months (reverts to 20.74% p.a.) $129 p.a. Go to site More info
    Citi Rewards Credit Card - Signature
    Receive 75,000 bonus rewards points on eligible spend, plus a range of complimentary insurances and 1.5 rewards points per $1 spent.
    0% p.a. for 6 months 20.99% p.a. $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
    Coles Rewards Mastercard
    A rewards card with purchasing for months, low annual fee and a balance transfer offer.
    0% p.a. for 6 months 19.99% p.a. $89 p.a. Go to site More info
    Citi Qantas Signature Credit Card
    Earn up to 50,000 bonus Qantas Points when you meet the spend requirement, 0% p.a. for 6 months on balance transfers and annual fee for the first year.
    0% p.a. for 6 months 20.99% p.a. $299 p.a. Go to site More info
    Commonwealth Bank Low Rate Credit Card
    $150 cash back offer if you apply online by 14 April 2016 and spend $500 on eligible purchases by 31 May 2016. This is also a low rate card of 13.49% p.a. combined with low annual fee of $59.
    5.99% p.a. for 5 months 13.49% p.a. $59 p.a. Go to site More info

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    Which type of balance transfer card is right for me?

    I want the lowest interest rate
    Check out 0% balance transfers.
    I want time to get my debt sorted
    Look at long-term balance transfer offers.
    I want low interest on new purchases too
    Examine 0% balance transfers and purchase offers.
    I don’t want to pay an annual fee
    Consider no annual fee balance transfer credit cards.
    I want to earn rewards points too
    Look at balance transfer credit cards with rewards programs.
    I want to calculate my repayments first
    Use our Balance Transfer Calculator.
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    What is a balance transfer?

    A credit card balance transfer is the process where you transfer the balance (any money you owe on your current credit card) to a new credit card with another credit card provider.

    Money expert Michelle Hutchison answers the question, ‘What is a Balance Transfer?’

    Click for transcript

    Hi, I’m Michelle Hutchison, money expert at one of Australia’s biggest financial comparison websites, finder.com.au. Today I’m going to talk about balance transfer credit cards.

    So what is a balance transfer? It’s essentially when you have a debt from one card, say it’s at seventeen per cent, and you move that debt over to a new card offering a balance transfer rate of say, zero per cent.

    Unfortunately these low rates won’t last forever and they generally expire and revert to a much higher rate. One consideration is that you can’t generally transfer that balance to a balance transfer credit card in the same institution. For example, say you have an ANZ credit card with a debt on it, you can’t transfer that debt to another ANZ credit card but you may be able to transfer it to another bank or institution.

    You can transfer a debt from credit card, store card, charge card, it’s a really good way of consolidating all your debts into one line of credit.

    Balance transfers can be a great way to save loads in interest and pay off your credit card debts, and while you can apply for as many as you like, keep in mind that applying for too many in a short space of time can impact your credit file.

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    Common concerns about balance transfers explained

    Balance Transfer Process

    How do I apply for a balance transfer credit card?

    When you apply for a balance transfer credit card, you’ll include the details of your existing credit card debt on the application and ask to have it transferred to the new card. If you’re successful, your debt is automatically moved over (that process typically takes a few days). You may have to pay a balance transfer fee and an annual fee for your new card.

    What’s a balance transfer fee?

    Some balance transfer cards, particularly those with longer promotional periods, charge a balance transfer fee. This is a one-time fee that’s a percentage of the debt you transfer to the new card. Typically this is between 1% and 2.5%. On a $20,000 debt, a 2.5% transfer fee would be $500.

    Do I have to contact my old bank and new bank to make the switch?

    Your new card provider can automatically handle transferring your balance. You just need to provide details of your existing card when you apply. If you want to close your old card, you’ll need to do that yourself. If you fail to do so, you’ll be stuck with annual fees on that card.

    What’s in it for my new provider?

    Credit card providers make money when you pay interest, so why would they charge 0% when they could charge 20% or more?
    Here’s why:

    • You’ll eventually revert to a higher rate. If you don’t pay off your entire debt at the 0% rate, you’ll end up back on the regular rate for your card. Once that happens, your new provider can potentially make hundreds or even thousands of dollars from you in interest charges.
    • Persuading you to switch is tough. Australians are reluctant to switch banks, and the cost of acquiring a new customer is hundreds of dollars. Offering a discounted interest rate is one of the cheapest ways for banks to woo potential customers. It’s essentially a cheap form of marketing.

    Can I do a balance transfer with my existing provider?

    No, you can’t perform a balance transfer while staying with the same institution. You also can’t perform a balance transfer to other banks within the same group. For instance, you can’t transfer from Westpac to St.George, or from Commonwealth Bank to Bankwest. Check our complete list of which providers won’t allow transfers between each other.

    Are there any hidden catches involved in a balance transfer?

    The promotional rate for your balance transfer is locked in, so you won’t have to pay high interest rates during the offer. However, you will still have to make the minimum payment each month.

    Hundreds of thousands of Australians arrange balance transfers each year, and the process is safe. Our guide to avoiding common mistakes with balance transfers will help you use your new card effectively.

    Can I get a balance transfer for a personal loan or store card?

    While most balance transfer deals are for credit card debt, some providers will let you transfer debt from a personal loan or store card as well. We’ve rounded up the banks that offer personal loan balance transfers.

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    How balance transfers work

    How The Balance Transfer Process Works

    This is how the balance transfer process operates and how to make it work effectively for you:

    1. Find a balance transfer offer that meets your needs. Use our comparison tables to easily compare a range of cards and see how much you could save.
    2. Check how much you’re eligible to transfer. The amount of your existing balance you’re eligible to transfer can vary between 80% and 100%, depending on the offer. Make sure you haven’t picked a new card that won’t accept transfers from your current card. Contact your existing bank to get an accurate payout figure for the account. Your current balance from online banking isn’t the number you need, since interest payments, annual fees and direct debits could change it before your new card is approved.
    3. Submit your application. Check out our guidelines for successfully applying to maximise your chances of approval.
    4. Wait for your application to be approved. This typically takes between 5-7 days. If you haven’t heard after this time, contact the bank to find out if there’s an issue.
    5. Confirm transfer and close your old account Once your new card is set up, contact your old bank and make sure the old card is completely closed to avoid any further fee or interest payments. Use our tips for paying off your credit card tips faster.

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    What you need to know to compare balance transfer offers

    There are lots of balance transfer card deals available in Australia, so how can you pick the right one? These are the crucial features you must compare when looking for maximum savings. We include all these features when calculating your total interest saved:

    • Balance transfer interest rate: This is the interest rate that will be charged on the balance transferred to your new card. Most 2016 balance transfer offers set this at 0%. This is often referred to as the “promotional rate”.
    • Promotional period: This is how long the promotional rate applies. Once the promotional period expires, you’ll pay a much higher rate (the “revert rate”). The longer the promotional period, the more time you have to clear your debt.
    • Revert rate: After the promotional period ends, the remaining debt will be charged interest at the higher “revert rate”. Typically, this ranges from 12% to 20% — the lower the better.
    • Balance transfer fee: This is a one-time fee, charged as a fixed percentage of the debt you transfer to your new card. Typically, this ranges from 1% to 2.5%. Balance transfer fees are often charged for balance transfer deals with longer promotional periods. Try and avoid them if possible.
    • Annual fee: Most balance transfer offers charge an annual fee in advance, typically around $100. Some providers waive this for the first year. The annual fee is treated as a purchase and incurs the same interest rate as other purchases you make with the card. If there’s a promotional 0% purchase offer in place, your annual fee won’t accrue any interest. Similarly, if you have interest-free days on the card and repay your balance in full then you won’t accrue any interest.

    These card features are less important, but potentially worth factoring into your comparison:

    • Purchase rate: This interest applies to any new purchases made on the card. While this is usually 12% or more, some providers offer a promotional 0% rate on purchases as well. You can check out a full list of cards with that feature here.
    • Other benefits: Cards may offer additional benefits such as the ability to earn reward points or free insurance for travel booked on the card. These could be tie breakers when comparing two similar cards, but shouldn’t form the basis for your decision.

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    Why might my application be refused?

    Reasons your credit card application will get refused

    Financial institutions assess balance transfer applications carefully. These are some of the reasons why your application might not be successful. To maximise your chances, follow our step-by-step guide to successfully applying for a balance transfer.

    1. Poor credit history. You’ll need a good credit history to obtain a balance transfer deal. You can check your credit history by ordering a Credit Report. Common issues that might cause your application to fail include missed payments or significant levels of debt.
    2. Applying too rapidly. Each application you make for a balance transfer deal is recorded in your credit history. If your application is refused, don’t just apply to a different provider. Follow the steps in our guide to what to do if your application has been refused to increase your chances of approval with the next application.
    3. Transferring to the wrong bank. If you try and get a balance transfer deal from a bank with the same owner as your current card, you’ll be immediately refused. You can’t transfer your debt from a Westpac card to a St.George card, for instance. Check out our full list of who you can transfer between.
    4. Cards in a different name. Your new balance transfer card must be in the same name as your current card. If you apply with a different name you’ll be turned down. If you need a card with multiple account holders, follow the steps in our guide to getting joint accounts.
    Can’t get a balance transfer?
    If you don’t qualify for a 0% balance transfer, look at debt consolidation loans to see if they can help you pay off your debt.

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    Mistakes to avoid with balance transfers

    Used intelligently, a balance transfer card will reduce your interest payments and get you out of credit card debt faster. Used the wrong way, your debts can actually become bigger. Ensure you don’t get trapped in balance transfer debt by avoiding these mistakes.

    MISTAKE: Forgetting you still have to make payments

    Despite the promotional period with interest at 0%, you still have a debt, and you still have to pay at least 3% of the total each month. You can’t simply balance transfer and then stop making payments.

    MISTAKE: Not checking the revert rate

    Once your balance transfer promotion finishes, you’ll be paying the revert rate on any remaining balance. Choose a card with a revert rate that’s lower than your current credit card rate if possible.

    MISTAKE: Not making more than the minimum repayment

    If you’re only paying the minimum 3% each month, it will take you 34 months to fully repay your debt. No current balance transfer card offers 0% for more than 24 months, which means you’ll be charged interest again before the card is paid off.

    So how much should you pay each month? The table below shows what percentage you should pay off each month to fully clear your debt during the 0% balance transfer period. We’ve also shown how much this would be for a $10,000 debt. (We’re assuming no new purchases are being made with the card.)

    Duration% to repay monthly
    to clear debt
    Repayment on
    $10,000 debt
    6 months17%$1,666.67
    9 months12%$1,111.11
    12 months9%$833.33
    14 months8%$714.29
    16 months7%$625.00
    18 months6%$555.56
    20 months5%$500.00
    24 months5%$416.67

    The key lesson? Budget as much as you can towards paying off your credit card debt while the promotional rate applies. If you haven’t paid everything off, it’s possible to apply for another balance transfer.

    MISTAKE: Putting new purchases on your card

    Adding new debt will slow down your ability to repay your card. Don’t buy anything new on your credit card that you can’t immediately pay off in full. Don’t be tempted even if you have a 0% rate on new purchases.

    MISTAKE: Not considering all applicable fees

    While you won’t be charged interest with a 0% balance transfer, you may have to pay annual fees and a balance transfer fee. Make sure you consider these when choosing a balance transfer deal. Don’t dismiss cards purely on the basis of fees. Use our calculator, which compares the total costs for cards, to find the right deal for you.

    MISTAKE: Keeping your old card open

    It’s tempting to hang on to your old card “for use in emergencies”. Realistically, if you’ve run up debt on it before you’re likely to do so again. Cancel the card and concentrate on paying off your balance. Remember to transfer any regular payments. Ask your old bank for the final payout figure so you don’t have any leftover debt.

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    307 Responses to Balance Transfer Credit Cards

    1. Default Gravatar
      Trevor | December 10, 2015

      Hi I have a HSBC cc which I owe $4,600 from a 5k limit..not sure how high the interest rate is but can I transfer the whole 5k to a 0% card or what would you suggest and which bank cc would help me clear my debt faster..kind regards Trev.

      • Staff
        Jonathan | December 11, 2015

        Hi Trevor, thanks for your inquiry!

        Balance transfer cards can provide 0% interest for varying promotional periods from 6 months to 18 months. Depending on how long you are planning to repay the debt a longer balance transfer card can provide more flexibility with managing the day-to-day expenses. You can compare balance transfer offers on this page. After you have finished comparing and are ready to choose a card, press the ‘apply’ button and complete the secure bank web-form to transfer your debt and receive your new card.

        Cheers,

        Jonathan

    2. Default Gravatar
      iflyhigh | November 4, 2015

      Which cc offer gives the most amount that can be borrowed at 0%? Or another way of asking what is the highest credit limit?

    3. Default Gravatar
      Ron | November 3, 2015

      Both NAB and Citibank offer 24 month balance transfers at 0% interest charged. Why is the interest saved in $ figures not the same and how do you account for the difference of a few hundred dollars?

      • Staff
        Jonathan | November 4, 2015

        Hi Ron H, thanks for your inquiry!

        The different in money saved would be due to the balance transfer fee difference of 1.00 %. Depending on your balance transfer amount this would create the difference.

        Cheers,

        Jonathan

    4. Default Gravatar
      Loretta | October 2, 2015

      Low rate of interest, no fee on transfer balance, zero interest rate for 18 mos

      • Staff
        Sally | October 2, 2015

        Hi Loretta,

        Thanks for your inquiry.

        Please note that finder.com.au is an online comparison service and is not in a position to recommend specific products, providers and services.

        However, if you wish to see more options on balance transfers with $0 annual fee and interest rate, kindly see our ‘Best Balance Transfer Rates – 0% Interest Credit Cards’ here.

        I hope this helps.

        Cheers,

        Sally

    5. Default Gravatar
      Loretta | October 2, 2015

      Want zero interest rate for 20 mos. and no fee for balance transfer of $1600.

      • Staff
        Jonathan | October 6, 2015

        Hi Loretta, thanks for your inquiry!

        The products offering 0% for 20 months on balance transfers are the St.George Vertigo Platinum and the Bank of Melbourne Vertigo Platinum. Please note that both these cards have an annual fee of $99. Both of these banks allow you to balance transfer up to 95% of your approved credit limit. To compare more long term balance transfer offers please see this page.

        Cheers,

        Jonathan

    6. Default Gravatar
      theokarnaris | October 1, 2015

      I can not get my cards please call me

      • Staff
        Sally | October 1, 2015

        Hi Theo,

        Thanks for your comment.

        Just to confirm, you have come through to finder.com.au, not a bank or credit card provider.

        To follow up a specific enquiry regarding your card, you’ll be best off contacting your provider directly. If you could confirm who your provider is, we will do our best to guide you to the right contact details.

        I hope this has helped.

        Thanks,

        Sally

    7. Default Gravatar
      Harlan | October 1, 2015

      Awesome information on this site! Very cool ideas. Great job!

      • Staff
        Jonathan | October 1, 2015

        Hi Harlan, thanks for your feedback! We are always trying to improve our content to help our users compare and find better.

        Cheers,

        Jonathan

    8. Default Gravatar
      Arthur | September 9, 2015

      I have a GE money credit card.I do not know what my rate o. Can I do better if I transfer to another card? How do I do this if there is one with a lower interest rate?
      I am an old age pensioner with a very low income.

      • Staff
        Jonathan | September 10, 2015

        Hi Arthur, thanks for your inquiry!

        To allow me to assist you further could you please state which GE Money credit card you are using? To transfer to a credit card with lower interest you will have to meet the income requirements and other application requirements for the card you are applying for. You can compare balance transfer credit cards on this page using the comparison table we have provided. We have also provided reviews on each card which explain the benefits and features in further detail, with the application requirements at the bottom of the review.

        I hope this helps.

        Cheers,

        Jonathan

    9. Default Gravatar
      thush | September 8, 2015

      Hi
      I d like to verify some information about a credit card application i have recently ( may be 2 months ago) I did through credit card finder.
      which was a bankwest breeze card. was there a 0% purchase rate or balance transfer offer for 13 months or both ?
      Thanks

      • Staff
        Jonathan | September 9, 2015

        Hi Thush, thanks for your inquiry!

        The Bankwest Breeze previously offered a balance transfer promotional rate of 0% for 15 months.

        Cheers,

        Jonathan

    10. Default Gravatar
      Ben | September 3, 2015

      I have bought a car with financing. can I paid off the financing with the credit card and have it as balance transfer to my credit card? it won’t be a card to card transfer but debt of financing company to my card.

      • Staff
        Jonathan | September 6, 2015

        Hi Ben, thanks for your inquiry!

        The refinancing can be completed with a credit card, however this transaction would be charged at the applicable cash advance rate. You may like to consider other personal loan options.

        Cheers,

        Jonathan

    Credit Cards Comparison

    Rates last updated February 5th, 2016
    Complimentary Travel Insurance Cover Bonus Points Points per $ spent Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
    St.George Vertigo Platinum
    A platinum card with a low interest rate on balance transfers and purchases with a low annual fee.
    6 months VISA/MC: 0 AMEX: 0 0% p.a. for 3 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. Go to site More info
    American Express Essential Credit Card
    Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card.
    1 14.99% p.a. 0% p.a. for 12 months $0 p.a. Go to site More info
    NAB Premium Card
    Long term balance transfer offer with premium benefits such as travel insurance.
    6 months VISA/MC: 0 AMEX: 0 0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months $90 p.a. Go to site More info
    HSBC Platinum Credit Card
    Receive $0 annual fee every year if you meet the spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
    4 months VISA/MC: 1 AMEX: 0 19.99% p.a. 0% p.a. for 15 months $0 p.a. Go to site More info
    Bank of Melbourne Vertigo Visa Credit Card
    One of the lowest rate balance transfer deals combined with a low on-going purchase rate.
    VISA/MC: 0 AMEX: 0 0% p.a. for 3 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info

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

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