Best Balance Transfer Rates – 0% Interest Credit Cards
Posted July 9th, 2008 and last modified May 16th, 2012The Best 0% Balance Transfer Deals
Compare the best balance transfer credit card offers in Australia and save yourself hundreds of dollars in credit card interest repayments.
Featured Long Term Balance Transfer Offer
The Citibank Rewards Credit Card – Platinum Card offers a low rate on balance transfers. Earn 1.25 points per $1 spent on purchases in Australia.
- $199 annual fee
- 20.99% p.a. on purchases
- 0.9% p.a. for 15 months on balance transfers
- Cash Advance Rate of 21.74% p.a.
- 55 days interest free
- Minimum Income Requirement of $35,000 p.a.
Read the Citibank Rewards Credit Card – Platinum Card terms and conditions.
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.
Accessing a balance transfer will require applying for a new credit card, which means you may need to pay either a balance transfer fee or an annual fee on the card itself. If you put this in to perspective, you’re paying $40-$100 for this, but the potential savings from a balance transfer can exceed this.
Best Balance Transfer Offers for 6 to 9 months
If you are seeking a short term balance transfer option a 0% balance transfer is an attractive option, giving you relief from your credit card interest repayments.
Note that balance transfers require a good credit rating for most application approvals.
Best Long Term Balance Transfer Offers
For longer term balance transfer credit cards, consider the below offers. Note that to be approved for balance transfer offers, you need good credit and good proof of income.
More Balance Transfer Information
Calculating and Comparing
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.
Featured Balance Transfer Credit Card
The HSBC No Annual Fee credit card offers a 0% balance transfer offer with a $0 annual fee and access to the Home & Away Privilege Program.
- $0 annual fee
- 17.99% p.a. on purchases
- 0% p.a. for 8 months with 2% balance transfer fee on balance transfers
- Cash Advance Rate of 21.99% p.a.
- 55 days interest free
- Minimum Income Requirement of $20,000 p.a.
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 are not rated against all Australian credit cards. You should consider seeking independent financial advice and your own personal financial circumstances when comparing cards.
Check out today's featured offers:
| HSBC Credit Card | ANZ Platinum | Citibank Rewards Credit Card - Platinum Card | Westpac Low Rate Card |
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0% p.a. for 8 months with 2% balance transfer fee on balance transfers. |
0% p.a. for 6 months on purchases & balance transfers. |
0.9% p.a. for 15 months |
1.9% p.a. for 9 months (reverts to 13.49% p.a.) |
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I am looking for a credit card that offers a very low interest balance transfer for the life of the amount transferred.
Thanks.
Hi Lionel
Unfortunately balance transfer for life products are no longer in market. It is possible to do multiple balance transfers to another credit card when a balance transfer period ends.
Cheers
Jeremy
Hi, I was wondering if you can role the balances of two credit cards into the one balance transfer card such as the Citibank card?
Thanks
Hi Steven,
Thanks for the question. There shouldn’t be any issue transferring the balance from two external accounts over to the Citibank Clear Platinum Credit Card, provided that the amount does not exceed your agreed credit limit. A balance transfer can be performed at the time of application. It is also worth a mention that a cards you do a transfer from, cannot be issued by the same bank you are doing the transfer to. Cheers.
Jeremy
Hi
Do i need to disclose amount of balance transfer at the time of credit card application?
I am planning to make purchase and then transfer balance, but currently dont have any debt on credit card.
Thanks
I recently applied for a Citibank Clear Platinum Credit Card to do a balance transfer. I was informed my application was declined due to an inconsistent payments with a current account I hold with citibank. They informed me I could reapply with them in 6 months. Could I apply for another credit card with a low interest rate on balance transfer with another bank in a months time?
Hi,
Thanks for the question. As a rule, lending institutions will not let you perform a balance transfer between their own cards, you will have to take your outstanding balance from Citibank and transfer it to another institution in order to be eligible for the low rate of interest. You will have to consider a non-Citibank lender if you want to perform a balance transfer. Cheers.
Jeremy
Hi,
You have the option of choosing to apply for a balance transfer at the time of application or after the application is complete, this varies between institutions. It’s also worth nothing that the amount you are able to transfer will be between 90-95% of your agreed credit limit. Thanks.
Cheers
Jeremy