Best Balance Transfer Rates – 0% Interest Credit Cards
Posted July 9th, 2008
and last modified January 28th, 2010The Best 0% Balance Transfer Deals
Compare the best balance transfer credit card offers and save yourself hundreds of dollars in credit card interest repayments.
Best 0% Balance Transfer Credit Card
The ANZ Low Rate MasterCard will give you a low interest rate of just 12.49% to get in control of your spending combined with a and 0% for 6 months balance transfer offer – a genuinely great value credit card.
- $58 annual fee
- 12.49% p.a. on purchases
- 20.74% p.a. on cash advances
- 0% p.a. for 6 months on balance transfers
- MasterCard Applause – be entertained with exclusive tickets to theatre, dance, musicals and sporting events
| 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 |
All 0% p.a. for 6 month balance transfer offers require good credit, however ANZ appear to be more lenient on applications. Our prime choice for 0% p.a. for 6 month balance transfer offers. |
12.49% | 20.74% | 0% p.a. for 6 months. | $58 | 55 |   |
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 Citibank Platinum Visa Card |
For consumers after a cheap, high quality Platinum credit card after the balance transfer offer has expired. International travel insurance and Citibank Instant Benefits included. |
11.49% | 20.99% | 0.99% for 6 months | $42 | 55 | |
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Macquarie Bank’s staple low interest rate credit card. Enjoy typical quality Macquarie security & protection and Visa worldwide acceptance. |
11.95% | 18.95% | 0% for 4 months. | $50 | |
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For people interested in a reward’s program after they’ve repaid their balance. Note that this card imposes a 1% balance transfer fee (1% fee of the total amount transferred). No other card imposes this fee unless specified. |
13.49% | 20.74% | 0% p.a. for 6 months. | $79 | 55 | |
Smart shopping for 0% annual percentage rate (APR) credit cards can save consumers hundreds of dollars in interest charges. Many consumers do not think to shop around for credit cards. With half of Australian grocery store purchases being made with credit cards, the decision as to which card the consumer uses 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% APR credit card to transfer existing balances to. The concept of shopping for the best interest rates is not new for homes and cars, yet so few consumers stop to think about shopping around for the best credit card deal.
You can’t really go much lower than paying 0% p.a. interest – which is very much possible if you undergo a balance transfer with your credit card(s).
Saving Money with 0% Interest Balance Transfer Credit Cards
It is possible for you to save hundreds of dollars a year by transferring balances to a 0% interest credit card. Here is how it works: A consumer applies for a new credit card with a special introductory interest rate of 0% interest for balance transfers. After gaining approval, the consumer transfers the balance of his or her credit cards to the new card.
In Australia, it’s standard to exclude a balance transfer fee. However, accessing a balance transfer will require applying for a new credit card, which means you will need to pay the annual fee upfront. If you put this in to perspective, you’re paying $40-80 for the fee, but the potential savings from a balance transfer sit easily among the hundreds and thousands.
Whether the old card has a low 11.89% or 18.99% interest rate, the potential savings are well worth the transfer. For the entire introductory period (usually 6 to 12 months) it is possible for consumers to avoid paying interest on their credit card debt.
Best Balance Transfer Offer for 6 months
For one of the best short term balance transfer rate cards, we recommend the ANZ Low Rate MasterCard, which features 0% p.a. balance rate for 6 months at a competitive annual fee of $58.
Note that balance transfers require a positive credit rating for most application approvals.
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Best Balance Transfer For Life Offers
For longer term balance repayments, the perfect choice is Citibank Platinum Credit Card, since it has a 4.9% balance rate for life at a low annual fee on the market. Note that to be approved for ‘for life’ balance transfer offers, you need both a high annual earnings (typically around $70,000 p.a.) and good credit.
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More Balance Transfer Information
Calculating and Comparing
Some web sites provide you with an objective way to look at credit card offers. It is even possible to use a calculator to figure out how much you can save by transferring balances to a 0% APR credit card. Consumers receive the information they need to help them decide on the credit card balance transfer offer that works best for them. Objective side-by-side comparisons allow a more complete picture of available credit cards. When you find a card you like, it is also possible to apply for that card instantly from the web site. Credit Card Finder specializes in comparing credit cards available for online application.
A 0% APR credit card balance transfer is a financial tool that can greatly benefit consumers. However, as with all financial tools, it is important to use it wisely. 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.
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.
Find out what exactly a balance transfer is. More specific information about the balance transfer process and traps to avoid.
Australian Balance Transfer Calculator
Calculate how much you could potentially save by undertaking a credit card balance transfer.
FREE BONUS: Download a copy of our just released e-book: The Ultimate Guide to Balance Transfers
* 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. ‘Best and ‘Top’ are ratings which are subject to our consideration and is not rated against all Australian credit cards. We recommend you take this information into account when comparing credit cards.
Related posts:
- The Advantages of Credit Cards with Low Interest Rates
- New to Credit Cards? A Guide to Interest Rates
- New: Australian Credit Card Balance Transfer E-Book Released
- Combine Credit Cards With A Balance Transfer
- Can I Transfer Multiple Credit Cards Onto A Balance Transfer Credit Card?
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Editor's Choice: Our Top Credit Cards
Bankwest Lite MasterCard
Cheapest Credit Card
The lowest stress mastercard, with Australia's lowest MasterCard purchase rate of just 9.99% p.a.
St George Vertigo
Best Bank
Low 2.99% for 6 months (reverts to 11.74%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.
Citi Clear Platinum Visa
Low Interest
An excellent low interest credit card offer with 11.49%interest on purchases and 0.99% for 6 months on balance transfers .
ANZ Low Rate MasterCard
Balance Transfer
A very popular card choice with a low rate, annual fee and attractive 0% for 6 monthsbalance transfer offer.
Bankwest Zero Platinum MasterCard
No Annual Fee
Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 12 months on balance transfers