Best Balance Transfer Rates – 0% Interest Credit Cards

Information verified correct on August 28th, 2015

Who else wants to pay 0% for up to 20 months on your credit card?

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

St.George Vertigo Platinum

Long Term 0% Balance Transfer Offer

Enjoy a low rate balance transfer offer. The card also features a low ongoing purchase rate and a low annual fee.

  • $99 p.a. annual fee
  • 0% p.a. for 3 months (reverts to 12.74% p.a.) on purchases
  • 0% p.a. for 20 months on balance transfers
  • Cash Advance Rate of 21.49% p.a.
  • Up to 55 days interest free

0% Balance Transfer Credit Cards Comparison

Rates last updated August 28th, 2015
$
% p.a.
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Interest Saved
St.George Vertigo Platinum
Long term balance transfer offer with platinum benefits, together with a low ongoing rate on purchases.
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
Westpac 55 Day Platinum Credit Card
Get a balance transfer offer of 0% p.a. for 16 months, 55 interest-free days on purchases with $0 p.a. annual fee for the first year.
19.84% p.a. 0% p.a. for 16 months $0 p.a. annual fee for the first year ($90 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 14 and also earn 3x Velocity Points in the first 3 months.
0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 14 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
St.George Vertigo Visa
A low balance transfer offer and a low ongoing rate on purchases. Plus a low annual fee.
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
Citi Rewards Credit Card - Classic Card
Enjoy a 0% p.a. on balance transfers for 18 months and up to 55 interest-free days on purchases.
20.99% p.a. 0% p.a. for 18 months $89 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low interest rate on balance transfers and purchases with a low annual fee.
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
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to Platinum benefits including a personal concierge service and VISA Platinum reward program.
19.99% p.a. 0% p.a. for 8 months $0 p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
A long term balance transfer offer with platinum rewards and benefits.
20.99% p.a. 0% p.a. for 24 months with 2.5% balance transfer fee $199 p.a. Go to site More info
Westpac Low Rate Card - Exclusive Offer
Exclusive Offer to finder.com.au
Consolidate your credit card debt with this exclusive online balance transfer offer.
13.49% p.a. 0% p.a. for 20 months with 2.5% balance transfer fee $59 p.a. Go to site More info
ANZ Low Rate
A low rate credit card option from ANZ featuring a low interest rate on balance transfer and purchases. PayPass available with this card at participating merchants.
13.49% p.a. 0% p.a. for 16 months with 2% balance transfer fee $58 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
An introductory balance transfer offer that stacks up very well with the market.
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
ANZ First Visa Credit Card
A low annual free credit card with a long term interest free offer on balance transfers.
19.74% p.a. 0% p.a. for 16 months with 2% balance transfer fee $30 p.a. Go to site More info
HSBC Credit Card
A competitive offer from HSBC featuring a no annual fee for the life of the card, and a balance transfer deal.
17.99% p.a. 0% p.a. for 6 months $0 p.a. Go to site More info
ANZ Platinum Credit Card
A low balance transfer offer with a low annual fee.
19.74% p.a. 0% p.a. for 16 months with 2% balance transfer fee $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
ANZ Low Rate Platinum Credit Card
A low interest rate on purchase with up to 55 days interest free. Plus enjoy a low rate balance transfer offer.
13.49% p.a. 0% p.a. for 16 months with 2% balance transfer fee $99 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive a bonus 40000 Qantas Frequent Flyer points with a low balance transfer offer.
19.99% p.a. 0% p.a. for 6 months $199 p.a. 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 is when you transfer your balance and pay 0% interest on it for a set term. 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.

Balance transfer deals

Compare balance transfer credit card offers and you could save up to hundreds of dollars in credit card interest repayments. Shopping for 0% balance transfer credit cards can save consumers hundreds of dollars in interest charges, and statistics show that around half of Australian grocery store purchases are made with credit cards. The decision as to which credit card you use has a strong impact on how much is paid in interest. One way you can save money in interest charges is to shop around for a 0% balance transfer credit card to transfer your existing balances to a 0% p.a. card for a set period of time.

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Case study: Julie’s school supplies

Title

Julie 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!

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.

how does a balance transfer work?

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

You can get the best balance transfer rates by comparing our balance transfer credit cards and choosing the one that best 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 best 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 tip for you

  • 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.

Balance transfers offers can last up to year, but the ones that offer 0% usually last around 6 to 9 months. Note that balance transfers often require a good credit rating for most application approvals.

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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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? The other options are to consolidate your debt into a personal loan or your home loan.
  • 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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FREE BONUS: Download a copy of our newly released e-book: The Ultimate Guide to Balance Transfers

You may also be interested to apply for a credit card that offers 0% interest on purchases. If so see our comparison of 0% purchase rate credit cards.

If you’re interested in comparing more balance transfer credit cards click here

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

  1. Default Gravatar
    susan | August 10, 2015

    I would like to transfer a $2,000 Debit card to another card with six months interest free. I applied to one but they would not transfer as it is on a debit card

    • Staff
      Jonathan | August 10, 2015

      Hi Susan, thanks for your inquiry!

      Unfortunately debit cards do not have a balance transfer feature. You may like to consider personal loans on this page.

      Cheers,

      Jonathan

  2. Default Gravatar
    adrian | July 22, 2015

    Can I use a balance transfer credit card to pay out a loan? I have a small business loan to pay out and would like to use a 20 month interest free balance transfer card to pay it out and continue with the repayments.

    • Staff
      Jonathan | July 22, 2015

      Hi Adrian, thanks for your inquiry!

      Balance transferring a loan to a credit card is accepted. Please see this page on credit cards that allow this type of transfer.

      Cheers,

      Jonathan

  3. Default Gravatar
    suzie | June 16, 2015

    Can I transfer 2 card balances into 1 card?

    • Staff
      Jonathan | June 16, 2015

      Hi Suzie, thanks for your inquiry!

      Balance transfers from 2 credit cards are supported provided the following criteria are met; you are the primary cardholder for both credit cards, the new credit card is not from the same bank as the 2 existing cards, the credit limit of the new credit card is sufficient for the balance transfer amount. You may like to refer to the following link for a guide on balance transfers.

      I hope this helps,

      Jonathan

  4. Default Gravatar
    Pat | June 12, 2015

    How many balance transfers allowed per year?

    • Staff
      sally.mcmullen@hiveempire.com | June 12, 2015

      Hi Pat,

      Thanks for your question.

      The conditions of the balance transfer will depend on which credit card you choose.

      The balance transfer usually depends on the amount you’re transferring over. For balance transfer promotional offers the balance transfer limit is generally around 95% of the available credit limit but varies depending on the lender.

      You may wish to view our Balance Transfer comparison page to compare your options.

      I hope this has answered your question.

      Thanks,

      Sally

  5. Default Gravatar
    sarah | June 8, 2015

    Hi,
    I wanted to know what does “Balance transfers” means, as I have read above that it is 0% interest for 20 months balance transfers, does that mean I don’t pay any fee’s until i go over the 20 months or how does it work.

    Thank you.

    • Staff
      Jonathan | June 9, 2015

      Hi Sarah, thanks for your inquiry!

      Balance transfers allow you to transfer the existing/ outstanding debt of a credit card to a new credit card. Please refer to the following link for more information on the balance transfer process.

      Cheers,

      Jonathan

  6. Default Gravatar
    Irene | June 6, 2015

    If I open a card with a 0% balance transfer option of 18 months but then use the card for new purchases with only 55 days interest free, are my payments coming off the new purchases first or the balance transfer amount?

    • Staff
      Jonathan | June 9, 2015

      Hi Irene, thanks for your inquiry!

      Credit card repayments are allocated to the highest rate of interest first and then to the second highest interest rate amount and so forth. As such your repayments would be allocated to your purchases first. It is important to note that no interest-free days are given if any balance is outstanding, so until the balance transfer debt has been fully repaid no interest-free days would be applicable on purchases.

      Cheers,

      Jonathan

  7. Default Gravatar
    Simon | June 2, 2015

    Hi there,

    I have just come back from overseas, can I transfer a balance onto an AUS credit card from a UK one?

    • Staff
      Jonathan | June 2, 2015

      Hi Simon, thanks for your inquiry!

      Unfortunately balance transfers between credit cards of differing countries are not supported.

      Cheers,

      Jonathan

  8. Default Gravatar
    jodie | May 19, 2015

    Hi we have a St Geo CC with our home loan, how do I know if there is interest charged if I were to transfer my commonwealth card over?

    • Staff
      Jonathan | May 19, 2015

      Hi Jodie, thanks for your inquiry!

      The interest charged on your Commonwealth Bank credit card will be charged at the ‘balance transfer revert rate’ on the St.George credit card, unless your credit card has a promotional balance transfer rate offer active.

      Cheers,

      Jonathan

  9. Default Gravatar
    Dianne | April 15, 2015

    If the transferred balance hasn’t been completely paid off by the end of the months offered as 0% & you transfer the remaining amount to another card witha similar offer are there any penalties from the existing card?

    • Staff
      Jonathan | April 16, 2015

      Hi Diane, thanks for your inquiry!

      Balance transfers to other credit cards with an outstanding balance are eligible, as long as you meet the application criteria/ lending requirements of the next bank/ lender. There are no penalties for leaving an existing credit card as long as it is cancelled properly. Please refer to the following link for cancelling a credit card properly.

      Cheers,

      Jonathan

  10. Default Gravatar
    erphan | April 13, 2015

    how much would be 2.5% balance transfer

    • Staff
      Jonathan | April 14, 2015

      Hi Erphan, thanks for your inquiry!

      The amount owing would depend on the total balance of the balance transferred to the new credit card.

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated August 28th, 2015
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
St.George Vertigo Platinum
A platinum card with a low interest rate on balance transfers and purchases with a low annual fee.
0% p.a. for 3 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. 21.49% p.a. Go to site More info
NAB Low Rate Credit Card
Low ongoing interest rate on purchases and balance transfers.
0% p.a. for 12 months (reverts to 13.99% p.a.) 4.99% p.a. for 6 months $59 p.a. 21.74% p.a. Go to site More info
American Express Velocity Escape Card
Enjoy 7,500 bonus Velocity Points when you spend $300 within the first 3 months and up to 2.00 points for every dollar you spend, together with a $0 annual fee. Offer ends on 30 September 2015.
20.74% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $0 p.a. Go to site More info
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to Platinum benefits including a personal concierge service and VISA Platinum reward program.
19.99% p.a. 0% p.a. for 8 months $0 p.a. 21.99% p.a. Go to 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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