Best Balance Transfer Rates* – 0% Interest Credit Cards

Information verified correct on May 6th, 2016

Got existing credit card debt? Repay your debt with 0% interest for up to 24 months with balance transfer credit cards

Our credit card experts have reviewed a number of balance transfer deals for you to compare and choose from.

American Express Essential Credit Card

Low Interest Rate Balance Transfer Credit Card

A low ongoing interest rate on purchases and no annual fee with a year long interest free term on balance transfers.

  • $0 p.a. annual fee
  • 14.99% p.a. on purchases
  • 0% p.a. for 12 months on balance transfers
  • Up to 55 days interest free
  • Minimum Income Requirement of $40,000 p.a.

0% Balance Transfer Credit Cards Comparison

Rates last updated May 6th, 2016
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
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.
0% p.a. for 12 months 14.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
A low balance transfer offer 0% p.a. for 18 months and a low ongoing rate on purchases. Plus a low annual fee.
0% p.a. for 18 months 0.99% p.a. for 4 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
Emirates Citi World MasterCard
Enjoy up to 10% off Emirates flights on your first spend when you book before 31 December 2016. Also pay a reduced annual fee for the first year.
0% p.a. for 9 months 20.99% p.a. $149 p.a. annual fee for the first year ($299 p.a. thereafter) Go to site More info
NAB Low Rate Credit Card
Enjoy the benefits of a low ongoing interest rate on purchases and balance transfers.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 14 months and also earn 10,000 bonus Velocity Points when you spend $5,000 or more within the first 3 months.
0% p.a. for 14 months with 2% balance transfer fee 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
St.George Vertigo Platinum
Long term balance transfer offer with platinum benefits, together with a low ongoing rate on purchases.
0% p.a. for 20 months 0.99% p.a. for 4 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual combined with 0% p.a. balance transfer offer for 18 months and 0.99% p.a. for 4 months on purchases.
0% p.a. for 18 months 0.99% p.a. for 4 months (reverts to 13.24% p.a.) $55 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.
0% p.a. for 6 months 9.99% p.a. $49 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive a bonus 40,000 Qantas Points on eligible spend within 3 months with a low balance transfer offer.
0% p.a. for 6 months 19.99% p.a. $199 p.a. Go to site More info
Coles No Annual Fee MasterCard
Receive $100 off a single Coles Supermarket shop plus enjoy no annual fee for the life of the card and earn 0.5 flybuys point per dollar spent.
0% p.a. for 6 months 19.99% p.a. $0 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 20 months and 0.99% p.a. for 4 months on purchases combined with complimentary insurances and 24/7 concierge.
0% p.a. for 20 months 0.99% p.a. for 4 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
NAB Premium Card
Benefit from platinum perks plus take advantage of a low interest rate balance transfer offer.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $90 p.a. Go to site More info
Virgin No Annual Fee Credit Card
No annual fee for the life of the card with $100 cashback and a 0% p.a. offer on balance transfers for 18 months. Spend criteria applies for cashback offer.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee and long term balance transfer offer. Plus, an introductory offer of 0.99% p.a. for 4 months.
0% p.a. for 18 months 0.99% p.a. for 4 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
American Express Platinum Edge Credit Card
Receive 5,000 Membership Rewards Bonus Points and no annual fee for the first year. Plus, enjoy 0% p.a. for 12 months on balance transfers. Apply by 30 May 2016.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $0 p.a. annual fee for the first year ($195 p.a. thereafter) Go to site More info

What is a 0% balance transfer?

A balance transfer is a process that allows you to transfer your existing credit card balance and repay it at a much lower rate. Similarly, a 0% balance transfer lets you transfer your balance and pay 0% interest on it for a set term to save money. If you still have a leftover balance after the offer expires, the remaining balance will revert to either the cash advance or purchase rate. It’s important to know which rate it is because in general, cash advance rates tend to be a lot higher than purchase rates.

How does a 0% balance transfer credit card work?

It is possible for you to save hundreds of dollars a year by transferring balances to a 0% balance transfer credit card. All you have to do is apply for a new credit card with a special introductory interest rate of 0% interest for balance transfers. After gaining approval, you transfer the balance to the new credit card. Often balance transfers can be requested in the online application, but sometimes this process is initiated after the credit card has been approved and activated.

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Case study: Julie’s school supplies

TitleJulie is a stay-at-home mum with two kids in primary school. The kids have grown out of last year’s shoes and clothes, so Julie needs to buy the kids new uniforms before school goes back. She puts this spend on her credit card which takes the balance up to $3500. Paying 20.99% p.a. on this card. She is currently paying a high amount of interest with the old card and decides to carry out a balance transfer. She chooses a card that offers 2.9% p.a. for 12 months on her balance. By transferring her balance she will save over $500 over the course of the first year, allowing her to put this money away for next year’s school clothes!

What do I have to know to compare balance transfer credit cards?

You can get the ideal balance transfer rates by comparing our balance transfer credit cards and choosing the one that most suits your financial situation. As many credit cards offer 0% p.a. for a balance transfer, a good indication is the length of the balance transfer period and whether it’s enough time for you to pay off the amount you transferred. As you’re deciding on which is the perfect balance transfer credit card, look to the longest length of balance transfer for the lowest interest rate that suits your needs.

finder.com.au’s balance transfer tip

  • A balance transfer will require applying for a new credit card, which means you may need to pay an annual fee on the card itself. If you put this into perspective, you’re paying around $40 – $100 for this, but the potential savings from a balance transfer could exceed this. Some cards even have no annual fee and a 0% balance transfer.

Things to avoid with balance transfer credit cards

A 0% balance transfer credit card is a financial tool that can greatly benefit consumers. However, as with all financial tools, it is important to use it wisely.

  • Don’t balance transfer too often. Usually these are a solution to come out of a credit card you’re not happy with. Each application you make keeps on adding in your credit files for several years.
  • Pay at least the minimum repayment each statement. Consumers should be aware that failure to pay at least the minimum payment on time could result in an immediate end to the introductory period. Many credit cards, however, provide an automatic debit system or an online bill pay option. This can help consumers set up automatic payments that ensure that there are no late payments.
  • You forget the end date of the balance transfer offer. Usually the balance transfer date starts after the success of the application, then your credit card arrives a week after in the mail. It’s important to mark these dates in your calendar.
  • Adding more purchases and debt to your credit card. This could potentially eliminate the benefits of completing a balance a transfer, because the ultimate goal is the pay off your credit card debt.

Shopping around for the best bargain is a way of life for many. Applying that rule to credit card applications can mean that you get to keep more of your hard earned cash. So it is wiser to compare and contrast the interest rates on various credit cards to get the best mileage of your hard-earned money.

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How to use the Balance Transfer Calculator in 4 easy steps and learn how much you can save today

Step 1. Enter the total debt/outstanding amount you would like to transfer
Step 2. Provide the interest rate that you are paying on your existing debt (if you don’t have your interest rate on you, the average is around 18-20%)
Step 3. See the ‘Interest Saved’ column to find out which credit cards will save you the most money. Click on the ‘Interest Saved’ title to sort the cards in ascending or descending order of money saved
Step 4. Compare the credit cards available in the table provided to find the card that suits your needs. If you still want to find out more about a particular credit card, click the ‘More info’ link for a full review on the features and benefits.

BT calculator steps

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Frequently asked questions about 0% balance transfers

Exactly how much do I save by completing a balance transfer?

Use our balance transfer calculator to help you find out.

When should I utilise a balance transfer?

A balance transfer is just one of the three major ways to reduce the interest you pay on your credit card debt. It’s suitable for relatively small debts – ideally ones that can be repaid within the balance transfer offer period. Balance transfers are superior in their access to interest-free periods, often up to 6-9 months. This gives people with debt a huge opportunity to direct all their repayments towards cutting down bad debt.

Are there any other options for debt?

Are balance transfers suited to everyone?

A balance transfer isn’t suited to everyone, but if you have a substantial debt accumulated on your credit card then you might be able to save money with a balance transfer. By taking your existing debt at a higher interest rate and switching it to a 0% p.a. or 2.9% p.a. you could save hundreds of dollars in interest

Do I have to pay a balance transfer fee?

Balance transfer fees are generally no longer charged, but check with your institution to ensure this is correct for you. If you are charged a balance transfer fee, it’s usually a percentage of the transfer amount.

What’s the maximum I can balance transfer?

This is usually set at 90% of the credit limit you’re approved for, but this number could be lower depending on the institution.

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269 Responses to Best Balance Transfer Rates* – 0% Interest Credit Cards

  1. Default Gravatar
    Sarina | April 30, 2016

    I have an outstanding balance on my citibank credit card approx 1500 would like to balance transfer from another credit card balance of 2800. My credit limit if $5000. What is the best rate citibank can offer.

    • Staff
      Ysa | May 3, 2016

      Hi Sarina,

      Thanks for your question.

      As a financial comparison service, we can’t provide specific feedback or advice regarding the best rates, as the ‘best’ option will always depend on your unique financial needs and situation.

      However, you may wish to check our provider page for a list and comparison of balance transfer credit cards from Citibank.

      You might also like to utilise our balance transfer calculator to find out how much you can save from a balance transfer credit card.

      I hope this helps.

      Cheers,
      Ysa

  2. Default Gravatar
    said | April 20, 2016

    hi Sharon,
    thanks for your quick response. the reason I would like to keep my old card is that they do not charge fees for foreign purchases when I travel. are there banks with this credit card facility?

    thanks and regards,
    Said

  3. Default Gravatar
    said | April 20, 2016

    can I still keep my current credit card after transfer to new card?

    • Staff
      Sharon | April 20, 2016

      Hi Said, thanks for you question.

      Although it’s tempting to hang on to your old card for emergency purposes, realistically, if you’ve run up debt on it before, there is a possibility that it will happen again. Cancelling the card would be a better option so that you can concentrate on paying off your balance. Remember to transfer any regular payments and ask your old bank for the final payout figure so you don’t have any leftover debt.

      I hope this has answered your question.

      Sharon

  4. Default Gravatar
    Ben | March 23, 2016

    I am an existing BankSA (Vertigo MasterCard) customer. Am i still eligible to apply for the St George Vertigo offer? Thanks.

    • Staff
      Sharon | March 24, 2016

      Hi Ben, thanks for your questions.

      While some of the offers on this card will be available once you get approved, you can’t balance transfer between BankSa and St.George accounts. As such, you’ll be unable to take advantage of the promotional balance transfer rate if you’re hoping to transfer your balances. Balance transfer request will only be accepted if it’s from up to 4 non-St.George, Bank of Melbourne and BankSA Australian issued credit, charge or store cards.

      I hope this helps.

      Sharon

  5. Default Gravatar
    Dianne | March 19, 2016

    Can my partner get a credit card and do a balance transfer of my credit debt to his card?

    • Staff
      Ysa | March 20, 2016

      Hi Dianne,

      Thanks for your question.

      Yes, it is possible to make a balance transfer from your partner’s credit card.
      However, please note that not all credit card issuers allow this feature. Please read through our Can I Balance Transfer a Credit Card from my Partner? page for a list of banks which offer joint balance transfers and other frequently asked questions.

      I hope this has helped.

      Cheers,
      Ysa

  6. Default Gravatar
    donna | March 6, 2016

    i have a credit card platinum with a very high interest rate and am over the limit reading all the information regarding balance transfers gets very overwhelming. Enquiring if you could help with advice.at present i have limit of 10,000 and over by 652dollars.they are charging me for purchases which i cant understand because i am not using it because of the fact that it is over.at the moment i am not very happy with this financial institution because of there tactics of harrassment.and the fact that i am doing my best to pay only the minimum of per month,need to ease this burden over my head as i have never been in these circumstances before.
    Regards donna

    • Staff
      Jonathan | March 8, 2016

      Hi Donna, thanks for your inquiry!

      Balance transfer credit cards let you transfer your existing debt to a new card. New credit cards provide you with a ‘credit limit’ which is how much they are letting you borrow. The bank will let you use around 95% of the credit limit amount for your balance transfers, so you will need a credit limit of at least $11,000. If you are looking to lodge a dispute with your financial institution it would be best to contact the Financial Ombudsman Service of Australia. I have sent the link for this service to your email.

      Cheers,

      Jonathan

  7. Default Gravatar
    Tess | February 24, 2016

    I would like to transfer my current credit card debt to a no interest credit card, however this card has no been suspended so I can no longer access this credit card. I have a default on my credit file for another matter which since has been paid in full. I am now in a better financial situation since going back to work since my children where born. Can you tell me what chances would be.

    • Staff
      Debbie | February 24, 2016

      Hi Tess,

      Thank you for your inquiry and we’re sorry to hear about the predicament you’re in.

      As a financial comparison service, we can’t provide specific advice to our users as the best tips will depend on your financial situation and ability to repay. Instead, you might like to speak to a financial adviser to discuss your options in further detail.

      I hope this helps.

      Thanks,
      Debbie

  8. Default Gravatar
    Jennifer | January 18, 2016

    I am on an age pension with a credit card debt of $3000 can I change too a lower interest rate?

    • Staff
      Arra | January 20, 2016

      Hi Jennifer,

      Thanks for your inquiry.

      You should be eligible to transfer to a balance transfer card with a lower interest rate provided that you meet the eligibility criteria such as the required income per annum and can provide the documents needed for application. Please take note, however, that any remaining balances will either revert to the purchase or cash advance rate and it’s vital to know which rate it is because in general, cash advance rates tend to be a lot higher than purchase rates.

      I hope this has helped.

      Cheers,
      Arra

  9. Default Gravatar
    scottb | December 10, 2015

    how do i apply

    • Staff
      Jonathan | December 11, 2015

      Hi scottb, thanks for your inquiry!

      You can apply for a balance transfer credit card by pressing the ‘apply’ button. From there you will be redirected to a secure bank web-form application. After your application has been approved it will take approximately 5-7 working days for your new credit card to arrive.

      Cheers,

      Jonathan

  10. Default Gravatar
    Ossie | November 23, 2015

    Hi, I have a credit card that I have allowed to get out of control. The current balance is $22,500 plus I also have a personal loan of some $20,000. Am self employed and am turning over enough $$ to keep the required repayments under control for now! Am also part of a family of five and so one has the honour and pleasure of providing my share for the day to day expenses plus school fees etc! As I am now the wrong side of fifty years of age, am looking at a bank transfer! Have been looking at what other Banks are currently offering, St George, Bank of Melbourne, Nab and City Rewards. Would appreciate any assistance or advice as regards my predicament? Cheers

    • Staff
      Jonathan | November 25, 2015

      Hi Ossie, thanks for your inquiry!

      Balance transfer credit cards provide a way to repay your existing credit card debt and personal loan debt interest free. A number of banks allow balance transferring of both credit card debt and personal loan debt, you can compare these credit cards on this page. In terms of being able to consolidate the entire debt amount of $22,500 for the credit card and $20,000 for the personal loan, this will be determined by the banks lending criteria and credit limit. The balance transfer limit is a percentage of your credit limit and will generally be around 95% of your approved credit limit. To compare balance transfer credit cards please see this page.

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated May 6th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 0.99% p.a. for 4 months with a low annual fee.
0.99% p.a. for 4 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.
14.99% p.a. 0% p.a. for 12 months $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
ANZ Frequent Flyer Black
Earn up to 75,000 bonus Qantas Points when you spend $2,500 within the first three months and 1.5 points per $1 spent. Get complimentary airport lounge access, 24/7 concierge with $0 annual fee in the first year.
19.99% p.a. $0 p.a. annual fee for the first year ($425 p.a. thereafter) 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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