Best Balance Transfer Rates – 0% Interest Credit Cards

Rates and Fees verified correct on March 6th, 2015

Who else wants to pay 0% for up to 24 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 Visa

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.

  • $55 p.a. annual fee
  • 0% p.a. for 3 months (reverts to 13.24% p.a.) on purchases
  • 0% p.a. for 18 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 March 6th, 2015

Interest rate (p.a.) Balance transfer rate (p.a.) Annual
fee
Interest
saved
St.George Vertigo Visa
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
Virgin No Annual Fee Credit Card
Virgin No Annual Fee Credit Card
Take advantage of the 0% p.a. for 14 months balance transfer offer 18.99% p.a. 0% p.a. for 14 months $0 p.a. Go to site More info
Westpac Low Rate Card
Westpac Low Rate Card
A long term balance transfer credit card with a low ongoing rate on purchases with a low annual fee. 0% p.a. for 3 months (reverts to 13.49% p.a.) 0% p.a. for 16 months $59 p.a. Go to site More info
Citi Simplicity Card
Citi Simplicity Card
A no annual fee credit card with a long term balance transfer deal. 19.99% p.a. 0% p.a. for 12 months $0 p.a. Go to site More info
St.George Vertigo Platinum
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. Go to site More info
HSBC Platinum Credit Card
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to prestige services 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
Coles No Annual Fee MasterCard
Coles No Annual Fee MasterCard

Exclusive to finder.com.au

A $0 annual fee credit card and 10,000 bonus flybuys reward points (worth $50 off your Coles shop).
19.99% p.a. 0% p.a. for 6 months $0 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 10,000 Velocity Points when you spend $5,000 or more in first 3 months. 0% p.a. for 16 months on balance transfers. 20.74% p.a. 0% p.a. for 16 months $129 p.a. Go to site More info
ANZ Low Rate
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
Citibank Rewards Credit Card - Platinum Card
Citibank 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 $199 p.a. Go to site More info
Bankwest More Classic MasterCard
Bankwest More Classic MasterCard
Earn 28,000 bonus More Rewards points. Plus earn 1.500 points for every dollar you spend. 19.99% p.a. 0% p.a. for 18 months $70 p.a. Go to site More info
ANZ Platinum Credit Card
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 First Visa Credit Card
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
NAB Premium Card
NAB Premium Card
Benefit from platinum perks plus take advantage of a low interest rate balance transfer offer. 19.74% p.a. 0% p.a. for 15 months $90 p.a. Go to site More info
HSBC Credit Card
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
Bank of Melbourne Vertigo Visa Credit Card
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 Low Rate Platinum Credit Card
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
HSBC Platinum Qantas Credit Card
Receive a bonus 20000 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
Westpac Low Rate Card - Exclusive Offer
Westpac Low Rate Card - Exclusive Offer
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
Citibank ReadyCredit
Citibank ReadyCredit
A long term balance transfer offer of 4.9% p.a. for 36 months with no annual fee. 19.49% p.a. 4.9% p.a. for 36 months $0 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!

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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?

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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.

Start Comparing 0% Balance Transfer Credit Cards

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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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This page was last modified on 6 March 2015 at 14:54.

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

  1. Default Gravatar
    Jean | March 6, 2015

    I do not currently have an Australian credit card and therefore have no balance to transfer – how do I find the best option for a credit card?

    • Staff
      Jonathan | March 6, 2015

      Hi Jean, thanks for your inquiry!

      Please see this page for comparing credit cards. It will provide a guide on the different types of credit cards for e.g. (balance transfer, 0% purchase, rewards, frequent flyers etc) and the cards available for each category.

      Cheers,

      Jonathan

  2. Default Gravatar
    Cale | March 2, 2015

    HI,

    Am I able to transfer my wifes balance ($3000) to a new credit card in my name, not her name?

    • Staff
      Jonathan | March 3, 2015

      Hi Cale, thanks for your inquiry!

      Transferring a balance from a spouse/partner takes a couple of factors into account, whether a lender supports balance transfers between two separate names and if joint-account balance transfers are accepted. Please see this page for more information on this process.

      Cheers,

      Jonathan

  3. Default Gravatar
    Fred | February 26, 2015

    How do I know what my credit rating currently is, and can I find this out in advance and for no costs?

    Thanks in advance

    • Staff
      Jonathan | February 27, 2015

      Hi Fred, thanks for your inquiry!

      Please see this page on more information on how to receive a free copy of your credit report.

      Cheers,

      Jonathan

  4. Default Gravatar
    Joan | February 6, 2015

    I always pay off my credit card statement in full. However with a recent home move, renovations and ongoing bills, I need a bit more time to pay off my credit card balance this month. If feasible, I am looking to transfer out about $5K to a 0% interest balance transfer and low annual fee card. I would like to know if this balance transfer will be recorded against my credit file/rating?

    Another query I have is: Besides my regular credit card which I constantly use, I have two other credit cards in my name which I do not use and have $0 outstanding. Do you advise to cancel them as I do not wish to be viewed as high-risk (which was suggested in advice given somewhere in your Q&A).

    • Staff
      Jonathan | February 6, 2015

      Hi Joan, thanks for your inquiry!

      Any credit applications are recorded on the credit file. Please see this page for key considerations when completing a balance transfer, including whether to cancel your old cards.

      Cheers,

      Jonathan

  5. Default Gravatar
    Kerrel | January 21, 2015

    Will my name address credit etc be published if I get turned down for a low rate interest card?

    • Staff
      Jonathan | January 22, 2015

      Hi Kerrel,

      Thanks for your inquiry,

      Your credit file contains credit-related information about you that is used by banks, telecommunications and utility companies when they are assessing your applications for credit. As you look through the file you will see any applications you have made for credit cards, loans, mortgages, and any other type of credit. You will also see the number of times you have filled out an application for credit and the value of the loan and what kind of finance was applied for.
      For more information regarding credit files please see this page.

      I hope this helps!

      Cheers,

      Jonathan

  6. Default Gravatar
    David | January 18, 2015

    What is best credit card for Overseas transactions? NAB Visa now charge 2.5 to 3.0% on every transaction overseas. thank you dmk

    • Staff
      Jonathan | January 19, 2015

      Hi David,

      As finder.com.au is an online comparison service and we are not directly affiliated with any credit providers I am unable to specifically suggest a certain product/ service. For a comparison of overseas transactions fees and charges on travel credit cards please see this page.
      For a full list of travel money options and comparisons please see this page.

      I hope this helps!

      Cheers,

      Jonathan

  7. Default Gravatar
    simon | January 15, 2015

    can I transfer two separate credit card balances onto one new card/account?

    • Staff
      Jonathan | January 16, 2015

      Hi Simon,

      Thanks for your question,

      Most issuers will allow you to transfer debts from multiple credit cards. The limit isn’t usually how many credit cards you can transfer from, but the total debt between them. Generally speaking, banks and lenders allow you to transfer up to 95% of your credit limit on the card you wish to transfer to. You should be able to put multiple debts in one balance transfer card. This is known as debt consolidation. For more information regarding balance transfers from multiple credit cards please see this page.

      I hope this has helped!

      Cheers,

      Jonathan

  8. Default Gravatar
    cathetine | January 11, 2015

    Hi
    where can i find out the credit limit on the coles mastercard? I cannot find it in their literature. I want to transfer a balance of 3500 to a 0% card but wish to keep my upper credit limit of 9k.
    thanks

    • Staff
      Jonathan | January 14, 2015

      Hi Cathetine,

      Thanks for your question,

      There is no minimum and maximum credit limit provided to us by this card provider. Generally speaking the minimum credit limit an individual can apply for is $500 and the maximum credit limit is based on the individuals financials. Balance transfer limits vary from card to card, but generally range around 95% to 100% of the credit limit. A clearer estimate of the available credit limit can be calculated on this page.

      I hope this helps!

      Cheers,

      Jonathan

  9. Default Gravatar
    Simon | January 5, 2015

    hi,
    my partner has a westpac credit card which is maxed out to $9000. i want to get her a card with 0% interest.
    can this be done and which would be the best card?
    regards,
    simon

    • Staff
      Elizabeth | January 6, 2015

      Hi Simon,

      Thanks for your question.

      The cards on this page are balance transfer credit cards and designed for this purpose. By taking out one of these cards your wife will be able to pay down an existing credit card debt and pay 0% p.a. interest for a certain period of time (this differs depending on the card you choose). There really is no one best card I can point out to you as the best card will depends on your financial needs and situation. You can use the table on this page to compare your card options and apply for the one that best meets your needs.

      I hope this has helped.

      Thanks,

      Elizabeth

  10. Default Gravatar
    Brett | January 3, 2015

    I see from a answer to another question you state that the annual credit card fee is charged as soon as the card is approved which is understandable but if I was to pay off the balance before the end of the interest free period and close the account before incurring the next annual credit card fee will there be any closure fees applied ?

    • Staff
      Elizabeth | January 5, 2015

      Hi Brett,

      Thanks for your question.

      The annual card fee is charged at different times depending on the card provider. It may be after your first purchase is made or following card approval. If you pay off your balance in the first twelve months after having only paid one annual fee you shouldn’t be charged any specific fees to close your account, but you should check the terms and conditions of the individual card you’re looking at applying for.

      I hope this has helped.

      Thanks,

      Elizabeth

Related Posts

Credit Cards Comparison

Rates last updated March 6th, 2015
Interest rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
St.George Vertigo Visa
St.George Vertigo Visa
A low annual fee and low interest rate offer on balance transfers. 0% p.a. for 3 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. 21.49% p.a. Go to site More info
Virgin No Annual Fee Credit Card
Virgin No Annual Fee Credit Card
Take advantage of the 0% p.a. for 14 months balance transfer offer 18.99% p.a. 0% p.a. for 14 months $0 p.a. 20.99% p.a. Go to site More info
Westpac Low Rate Card
Westpac Low Rate Card
A low interest rate credit card with a low annual fee and balance transfer offer. 0% p.a. for 3 months (reverts to 13.49% p.a.) 0% p.a. for 16 months $59 p.a. 21.49% p.a. Go to site More info
HSBC Platinum Credit Card
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to prestige services 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
American Express Qantas Discovery Card
American Express Qantas Discovery Card
Receive 7500 Qantas Points and pay no annual fee ever. Plus earn 1 Qantas Point per $1 spent on all your everyday purchases. 20.74% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $0 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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