Debt Consolidation and Repayment

Combining your debts into one new loan can help you take control of your finances.

Consolidating debt involves combining all of your current debt into one new potentially low-interest loan. This will ensure that you only have one repayment to make instead of the several you were dealing with. Since your previous debts were probably all due at different times and for different amounts, this will make your monthly bills easier to handle while eliminating your debt faster.

There are many ways to consolidate your debt, including balance transfers, personal loans and home equity. All offer their own benefits and have their own risks, but ultimately get you to the same goal of one easy low-interest repayment.

St.George Vertigo Platinum

St.George Credit Card Balance Transfer Offer

Enjoy a long term balance transfer offer of 0% for 20 months. The card also features a low ongoing purchase rate.

  • $99 p.a. annual fee
  • 1% p.a. for 12 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

Repay your debt interest free with a balance transfer

Rates last updated June 29th, 2016.

St.George Vertigo Visa

Balance transfer has been extended to 29 September 2016 + 1% for 12 months on purchases.

June 24th, 2016

St.George Vertigo Platinum

Balance transfer has been extended to 29 Sep 2016 + new offer of 1% for 12 months on purchases.

June 24th, 2016

Bank of Melbourne Vertigo Visa Credit Card

Purchase offer changed from 0.99% for 4 months to 1% for 12 months, valid until 29 September 2016.

June 24th, 2016

View latest updates

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Your search criteria didn't return any products. Click to reset your filter options and search again
Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
St.George Vertigo Platinum
Repay your debt with a long term offer on balance transfers and an everyday low purchase rate Platinum card.
0% p.a. for 20 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $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.
0% p.a. for 12 months 14.99% p.a. $0 p.a. Go to site More info
Coles No Annual Fee MasterCard
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
Commonwealth Bank Low Rate Credit Card
$250 cash back offer if you apply by 30 June 2016 and spend $500 on eligible purchases by 31 July 2016. This card offers a low ongoing rate of 13.49% p.a. on purchases with low annual fee of $59.
5.99% p.a. for 5 months 13.49% p.a. $59 p.a. Go to site More info
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards Bonus Points. Plus, enjoy 0% p.a. for 12 months on balance transfers.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $195 p.a. Go to site More info
Bankwest Breeze Gold MasterCard
Receive premium card benefits, complimentary travel insurance and enjoy 5% cash back* (up to $300) on eligible purchases. Terms and conditions apply.
2.99% p.a. for 9 months 12.99% p.a. $89 p.a. Go to site More info
St.George Vertigo Visa
The low rate credit card made for those who love to shop, a long term balance transfer offer of 0% p.a. for 18 months and a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
ANZ First Visa Credit Card - Exclusive Offer
Take advantage of this exclusive offer and enjoy 0% p.a. for the first 12 months on balance transfers and 0% p.a. for the first 3 months on purchases.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
HSBC Platinum Credit Card
Earn reward points with high credit limits, prestige services including a personal concierge service.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn Velocity points and repay your credit card debt with a long term balance transfer offer.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
BankSA Vertigo Platinum
Enjoy 0% balance transfer rate for 20 months and 1% purchase rate for 12 months if you apply and are approved by 29 September 2016.
0% p.a. for 20 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
A low rate purchase card with an introductory purchase rate and a long term 0% balance transfer offer.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
ANZ Low Rate
Offering a low interest rate on balance transfers and purchase, Plus a low annual fee.
0% p.a. for 18 months with 3% balance transfer fee 13.49% p.a. $58 p.a. Go to site More info
Citi Rewards Credit Card - Classic Card
Features complimentary rewards program along with no point expiry and a balance transfer offer.
0% p.a. for 12 months 20.99% p.a. $99 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
Westpac 55 Day Platinum Credit Card
Enjoy platinum benefits offering complimentary insurances, 24/7 concierge, balance transfer offer of 0% p.a. for 16 months with $0 annual fee for the first year.
0% p.a. for 16 months 19.84% p.a. $0 p.a. annual fee for the first year ($90 p.a. thereafter) Go to site More info
HSBC Platinum Qantas Credit Card
A balance transfer offer and bonus frequent flyer points with Qantas on eligible spend within 3 months.
0% p.a. for 6 months 19.99% p.a. $199 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer and an introductory offer of 1% p.a. for 12 months.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Receive 0% p.a. for 12 months on purchases, 0% p.a. for 6 months balance transfers and a reduced flight offer up to four times a year.
0% p.a. for 6 months 0% p.a. for 12 months (reverts to 20.74% p.a.) $129 p.a. Go to site More info
Citi Clear Platinum Card
A platinum card with a low purchase and balance transfer offer of 0% p.a. for 9 months.
0% p.a. for 9 months 0% p.a. for 9 months (reverts to 14.99% p.a.) $99 p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
Consolidate your debt with a low balance transfer offer that will also include your personal loan.
0% p.a. for 24 months with 1.5% balance transfer fee 20.99% p.a. $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
Commonwealth Bank Platinum Awards Credit Card
Receive 80,000 bonus CommBank Awards points when you apply by 30 June 2016 and spend $1,000 on eligible purchases by 31 July 2016. Also enjoy a low balance transfer offer of 5.99% p.a. for 5 months.
5.99% p.a. for 5 months 20.24% p.a. $249 p.a. Go to site More info
Bankwest Breeze MasterCard
Enjoy 5% cash back* (up to $300) on eligible purchases. Terms and conditions apply. Also receive a promotional balance transfer offer and low ongoing purchase rate.
2.99% p.a. for 9 months 12.99% p.a. $59 p.a. Go to site More info
Commonwealth Bank Awards Credit Card
Dual credit card with balance transfer offer of 5.99% p.a. for 5 months and earn up to 1.5 Awards points per dollar spent.
5.99% p.a. for 5 months 20.24% p.a. $59 p.a. Go to site More info
Commonwealth Bank Gold Awards Credit Card
Earn up to 2 Awards points for every $1 spent, up to 55 days interest-free on purchases and complimentary international travel insurance.
5.99% p.a. for 5 months 20.24% p.a. $119 p.a. Go to site More info
NAB Personal Loan Unsecured Variable Rate

Debt Consolidation Personal Loan Offer

A flexible loan with a redraw facility and the ability to make extra repayments.

  • Interest Rate From: 13.69% p.a.
  • Comparison Rate: 14.56% p.a.
  • Interest Rate Type: Variable
  • Application Fee: $150
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 7 year
  • Minimum Loan Amount: $5,000
  • Maximum Loan Amount: $55,000

Debt consolidation with a personal loan

Rates last updated June 29th, 2016.

NAB Personal Loan Unsecured Variable Rate

A low variable interest rate

June 3rd, 2015

View latest updates

Suraj Shrestha Suraj
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
NAB Personal Loan Unsecured Variable Rate
A low interest rate loan with redraw facility to access money you've paid in advance.
From 13.69% (variable) 14.56% $5,000 1 to 7 years $150 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option allowing you to take out a loan to pay off your debt, buy a car, fix up your house, or travel - paying for your next holiday.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $0 (apply by 28th July 2016) Go to site More
CUA Fixed Rate Personal Loan
Help in dream home renovation, the perfect proposal, or the holiday of a lifetime with no penalties for early payout and unlimited free extra repayments
From 11.99% (fixed) 12.83% $1,000 1 to 7 years $120 Go to site More
Latitude Personal Loan (Secured)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
NAB Personal Loan Unsecured Fixed
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years.
From 14.19% (fixed) 15.06% $5,000 1 to 7 years $150 Go to site More
St.George Get Set Loan Personal Loan
The St.George Get Set Personal Loan is a revolving line of credit you can access for extra funds when you need them.
From 13.75% (variable) $5,000 $150 Go to site More
ANZ Variable Rate Personal Loan
Access a variable rate loan with redraw feature from ANZ
From 14.69% (variable) 15.55% $5,000 1 to 7 years $0 (apply by 28th July 2016) Go to site More
Westpac Flexi Loan
Pay off your loan faster with a low interest rate and a low ongoing fee.
From 14.69% (variable) $4,000 1 to 5 years $150 Go to site More
Fox Symes Debt Solutions
Consolidate your debt with a Fox Symes Debt Consolidation Solution. Fox Symes may be able to assist you to get back in control of your finances and start to reduce your debt whether it be your mortgage repayments, credit card, personal loan.
From (variable) Go to site More

Overview of debt consolidation and repayments:

There are several ways with which you can consolidate your debts and we will look at them in this article. By understanding how debt consolidation works you will be able to make an informed decision about your financial future.

Credit card balance transfers

Credit card balance transfers allow you to choose a reduced interest rate credit card for periods of 6-months up to 24 months.

Just bear in mind that this is really only an option if you intend to pay off the card within the honeymoon period, otherwise you’ll end up paying hefty interest rates which will increase your debt.

As mentioned frequently among creditcardfinder.com.au articles and guides, balance transfers are the epitome of cheap and effective debt consolidation.

There are plenty more balance transfer cards on offer which you can compare. If you’re unfamiliar with the balance transfer concept, or want to find out how you can avoid common pitfalls and ‘traps’ associated with them, see our balance transfer guide.

Rates last updated June 29th, 2016
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
American Express Essential Credit Card
Receive a $50 credit when you apply online by and repay your credit card balances over 12 months with 0% p.a. interest. Plus enjoy $0 annual fee for life.
0% p.a. for 12 months 14.99% p.a. $0 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance. Earn bonus Velocity Points in the first 3 months.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) 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
NAB Low Rate Credit Card
The NAB Low Interest Visa Card offers 0% p.a. purchase and balance transfer offers for 15 months. Also comes with a low annual fee.
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
ANZ First Visa Credit Card - Exclusive Offer
Take advantage of this exclusive offer and enjoy 0% p.a. for the first 12 months on balance transfers and 0% p.a. for the first 3 months on purchases.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info

Personal Loans

Since a personal loan can be fixed at a rate of around 13%, you may want to transfer your higher credit card debts into your personal loan and repay at it’s own rate. Contact your financial provider to find out if balance transfers are available on your personal loan. Compare the best personal loans if you’re interested in pursuing this method*.

Rates last updated June 29th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
NAB Personal Loan Unsecured Variable Rate
A low interest rate loan with redraw facility to access money you've paid in advance.
From 13.69% (variable) 14.56% $5,000 1 to 7 years $150 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option allowing you to take out a loan to pay off your debt, buy a car, fix up your house, or travel - paying for your next holiday.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $0 (apply by 28th July 2016) Go to site More
CUA Fixed Rate Personal Loan
Help in dream home renovation, the perfect proposal, or the holiday of a lifetime with no penalties for early payout and unlimited free extra repayments
From 11.99% (fixed) 12.83% $1,000 1 to 7 years $120 Go to site More
Latitude Personal Loan (Secured)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More

Home Equity

Home equity is also another strategy to pay back your existing debt. Provided you already have equity in your home, you could apply for an equity line rate loan which will draw money against your ‘equity’ (the portion of your home that has been paid off by you.)

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How does debt consolidation work?

One type of debt consolidation option is the personal loan. This is when you transfer your debts into one personal loan from a financial provider. Personal loans usually have lower interest rates than credit cards, making this option more appealing to people looking to lower their payments. If this option sounds right for you, contact a lender to talk about a personal loan that will suit your needs.

Debt consolidation can also be done through balance transfers. This is a type of consolidation where you can move the high balance of a credit card to another credit card that has a lower interest rate. This will help with your repayments by clearing the balance of one card without paying the high interest rates on it. With balance transfers, you must pay off the balance within a set period in order to take advantage of the lower rate.

By choosing either a personal loan consolidation or a balance transfer, you could eliminate the though the receiving multiple bills. You could also benefit from a lower interest rate to help your overall finances and your credit score.

When considering any type of debt consolidation it’s smart to evaluate all of your options. Compare interest rates, pay periods and any conditions that may be present. There are also financial advisers who can help you understand the ins and outs of debt consolidation.

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Basic knowledge you need to possess if you are to have a fighting chance of getting out of debt

Anyone in debt needs to become an expert on the subject pretty quickly. No matter how lax you may have been previously with your finances, you should make sure you know every available option, where to turn, and who to speak to.

  • How you got into debt in the first place. This may give you some clues how to get out of it, and should certainly help you avoid it happening again. It may have happened for personal reasons, business reasons, or bad financial planning.
  • What exactly is your financial situation? You need to know what your income, expenditure and assets are to the dollar. Without this information, you won’t where your money is going in and out.
  • Create a budget based on the above information. This will help you plan ahead to live the most frugal life possible until your debt issue is resolved. You will need to cut back, and maybe realise some assets or increase your employment workload.
  • Are you eligible for any government assistance? Depending on your situation, you may be able to get some help from the government. Information is available through the Centrelink website. finder.com.au also has information about the age pension, and how to get a loan if you receive Centrelink benefits.
  • Are your lenders willing to help? Don’t be shy about speaking to your lenders and letting them know you’re in debt trouble. It is in their interest to have you remain solvent, and they may work out a more suitable payment plan for you to achieve this end. The alternative – your bankruptcy – would leave them with nothing.
  • Will your credit rating stretch to a consolidation of your debts? If so, you must still make certain that this is the right thing to do. If high fees and high interest rates are involved, you could end up in an even deeper debt hole.
  • Court proceedings. If you do end up in court, you can apply to have your debt repaid by instalments. The amount has to be low enough for you to keep up with the repayments, but not so low that the court thinks you’re being unreasonable.
  • Bankruptcy. This is the last resort, but at least it draws a line under your current debt. The downside is that your will not be discharged as a bankrupt for three years, and during that time your ability to borrow will be severely restricted and you may be turned down for certain jobs.

Important tips

If you do look into debt consolidation and repayment then please remember that extra payments each month will help you to reduce your loan a lot faster. You’ll save thousands of dollars in the process and come away debt-free a lot sooner.

Managing your debt

Managing your credit card spending and repayments is an important part of owning a credit card. If you need help, read our guide to credit card management to make sure you understand the credit card you have in your wallet.

We have written a number of articles covering the topic of Debt Consolidation and Repayment which will hopefully make your journey to becoming debt free faster and a lot easier:Debt Consolidation and Repayment. For more tips on managing your personal finances and saving money, make sure you read our guide to personal finance tips.

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Methods of repaying your debt

Since different types of repayment methods do different things to achieve the same goal, it’s important that you pick the option that is suited for your personal financial needs. You don’t want to pick an option that will end up hurting you in the long run. Examine all of your options before selecting a repayment method and remember to consult a professional if you get overwhelmed or confused.

The term repayment methods refers to how you go about actually repaying your debt in general. There is more to debt repayment than just paying the minimum amount on your bills, with common repayment methods including:

    • Snowball method. This is when you pay off your smaller debts first, regardless of interest rates. While this doesn’t result in lower payments, it does help your overall credit history and gives you some breathing room by eliminating these bills.
    • Highest interest first method. This is when you pay off your highest interest rate debts first. This method will lead to lower repayments across the life of your existing balance.
    • Balance transfers. This method will allow you to clear the balance of one debt by moving it to another loan (another credit card or a personal loan) with a lower interest rate. This lowers the amount of money you’re paying towards a debt while clearing a balance.

Low Balance Transfer Credit Cards

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Personal loan or balance transfer?

visa debit and credit card
A balance transfer credit card is also known as a debt consolidation credit card. These are credit cards with competitive interest rates. The idea behind this is that you transfer your current credit card balances from high interest cards to this debt consolidation card. You are given a set time (honeymoon period) to pay off the balance at 0% p.a. This is usually a six- or 12-month window where they will give you lower repayments.

Most credit card issuers won’t let you balance transfer a personal loan into a credit card. Though at the time of writing Virgin and Citibank allow this.

The downside of this form of debt consolidation is that once that honeymoon period is over, your interest rate returns to a higher one (usually higher than a normal credit card). So if you don’t pay off that balance during the 0% p.a. period, you’ll be looking at a high repayment all over again and more debt. That is the opposite of your goal. Based on this information, balance transfers are only good if you are able to pay off the full balance within the introductory period.

Personal loans have become more popular because interest rates are around 13% p.a. in most cases. Your loan is usually spread over a few years, while the loan provider will set a fixed amount to be paid in monthly instalments. This lets you have a good idea of how much you’ll be putting out towards your debt instead of dealing with fluctuating interest payments. Overall, personal loans allow you to repay debts sooner and can end up being the cheaper option when compared to debt consolidation credit cards.

Since personal loans are spread across a longer time period at lower interest rates, they are the ideal option for larger debts like home renovations, car payments or holidays. Smaller debts may be better served by balance transfers since they can be paid off in the small time frame available.

Whether you are looking to lower your payments or just want to combine your numerous bills into one easy-to-remember payment, debt consolidation could help. When looking for repayment options, come to finder.com.au for information on a wide range of choices available.

About personal loans


Risks of debt consolidation

  • One of the biggest risks of consolidating your debt is extending the debt for longer than is necessary. Be wary of lender or credit issuers trying to do this.
  • Lenders and credit issuers may also pressure you into claiming bankruptcy; this isn’t always the ideal solution and you may want to see if there are any other options out there.

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American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
More info
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149
More info
NAB Low Rate Credit Card
NAB Low Rate Credit Card

Interest rate

13.99

Annual fee

59
More info
ANZ First Visa Credit Card - Exclusive Offer
ANZ First Visa Credit Card - Exclusive Offer

Interest rate

19.74

Annual fee

30
More info
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34 Responses to Debt Consolidation and Repayment

  1. Default Gravatar
    Johnppm | April 8, 2016

    I have a debt of $45,000 but only a net income of $1344 per fortnight. 2 credit cards, 1 @ 9.75% for $18,500 the other $26,500 @ 13.78% how should I consolidate?

    • Staff
      May | April 11, 2016

      Hi Johnppm,

      Thanks for your question.

      You can combine all of your current card debt into one new potentially low-interest credit card by doing a balance transfer. To apply for a balance transfer, go through the process of applying for a credit card. You may like to visit this page and compare your balance transfer credit card options.

      However, I would just like to mention that when you do a credit card debt consolidation / balance transfer, you’ll need to check how much credit limit you’ll be approved for as that will determine the total amount you can transfer to your new card. Depending on the card and institution, this limit could be 70% to 90% of the credit limit.

      Hope this is helpful.

      Cheers,
      May

  2. Default Gravatar
    DDT | August 18, 2015

    Hi,

    I have a personal loan and a credit card (total $4100 in debt) which I want to do a balance transfer to a credit card. Is it possible to transfer both the loan and the credit card into one? I understand Citibank and Virgin allow for loans to be transferred onto their credit cards.

    • Staff
      Jonathan | August 19, 2015

      Hi DDT, thanks for your inquiry.

      That is correct. Citibank and Virgin allow this type of balance transfer from a personal loan to credit card. If you wish to know more, please refer to our guide onthis page.

      I hope this helps.

      Thanks,

      Jonathan

  3. Default Gravatar
    Jessie | May 3, 2015

    i have a $20,000 loan with my current bank at commonwealth and am paying 17.9 percent pa so the loan is not going down at all over the past years i would like to apply for interest free card to pay off that $20,000 loan and pay 0% interest free for 24 months

    • Staff
      Jonathan | May 4, 2015

      Hi Jessie, thanks for your inquiry!

      At this point of time Virgin Money and Citibank allow balance transfers from personal loans to credit cards. Please note that both Citibank and Virgin Money only allow 80% of the available credit limit for balance transfers. Please refer to the following link for a list of credit cards from Virgin Money and Citibank you can compare on the balance transfer rate.

      Cheers,

      Jonathan

  4. Default Gravatar
    Liz | May 20, 2014

    Hi
    I am an average income earner with a high mortgage. I also have $20k on credit debt. I have applied for several balance transfers and have been declined every time even though I have never defaulted on any loans or credit cards. I can only manage minimum repayments which is mostly interest. As I appear not to be eligible for any balance transfer, do you have any suggestions to help me pay off the credit cards?

    • Staff
      Shirley | May 22, 2014

      Hi Liz,

      Thanks for your question.

      As a general rule of thumb, one credit enquiry every 3-6 months is considered as a good credit history. The more enquiries you make, the worse it looks on your credit history.

      Also, please remember to check the eligibility requirements for the cards you apply for. Most will say that you need a certain income to be eligible.

      Our article on paying back credit card debt may be able to provide some options.

      Cheers,
      Shirley

  5. Default Gravatar
    Andrew | March 23, 2014

    Hi we saw your add on TV New Zealand can we
    apply for a Citibank debt consolidation credit card.

    Regards Andrew

    • Staff
      Jacob | March 24, 2014

      Hi, Andrew.

      Thanks for your question.

      You can compare Citibank credit cards on this page. Please refer to the application requirements on each card’s review page for information about eligibility. Generally, these cards are available to permanent Australian residents only.

      I hope this helps.

  6. Default Gravatar
    | March 11, 2014

    Hey, Jacob.

    I have $16,000 credit card debt. One $10,000 and other one is $6,000. I had default since one year as I had miss my phone bill($350) but this one I clear it out as i realized they put me in bad credit. I have stable employment history. How can I Fast way pay debt, can I use my super to pay this debt?

    Thanks.

    • Staff
      Jacob | March 12, 2014

      Hi, Billy.

      Thanks for your question.

      If you have a default listing on your credit file, and you wish to apply for a credit card, you will need to make sure the default has been paid, and you will need to provide proof of payment to the bank when you apply for the credit card. You will need to do this in person at a bank branch.

      You can consolidate the balance of multiple credit cards, however, you can only do this is the amount you wish to transfer is less than your approved credit limit.

      You can find some important information on transferring a balance on this page.

      There’s no reason why you can’t use your superannuation to pay a credit card debt. The problem comes with getting access to your superannuation before retirement. You can do this in some circumstances though, please refer to the Tax Office for further information about this.

      Please let us know if you have any further questions and I hope this helps.

  7. Default Gravatar
    Irene | February 12, 2014

    I am on a disability pension is the credit card that I can get so I can pay some bills?

    • Staff
      Jacob | February 13, 2014

      Hi, Irene.

      Thanks for your question.

      The important thing is that you meet the minimum application requirements for the card. The eligibility criteria can be found at the bottom of each credit card’s review page.

      Please have a look at our low rate credit card comparison page. These cards have the lowest income requirements out of all the cards that we compare.

      Please let us know if you have any further questions.

  8. Default Gravatar
    Jo | December 13, 2013

    I have a credit card debt of $4000 and have lost my job. Will another credit card provider take my application with 0% interest if I apply at the moment or should I just persevere. with my current CC provider?

    • Staff
      Jacob | December 13, 2013

      Hi Jo.

      Great question.

      The lender will assess your financial situation at the time of application. If you’ve lost your job, and currently don’t have a source of income, it may be a sensible idea to wait till you’re back in employment. If you do manage to get approved for a card, due to your reduced income, it may not be enough to cover a balance transfer of the full amount.

      I hope this helps.

    • Default Gravatar
      Jo | December 13, 2013

      thanks I thought that might be the case but no harm in asking cheers

  9. Default Gravatar
    Rachel | July 2, 2013

    Can the balance transfer offers be used for consolidating overdraft debt?

    • Staff
      Jacob | July 3, 2013

      Hi Rachel. Thanks for your question. Citibank and Virgin allow you to transfer a personal loan or a line of credit to one of their credit cards. They are more flexible than other lenders who only allow you to transfer balances from credit cards, store cards or charge cards. Jacob.

  10. Default Gravatar
    Vanessa | May 1, 2013

    Do any of the cards allow you to transfer an overdraft as well as normal credit balances. I have a business account i wish to close if i can transfer the overdraft to a card

    • Staff
      Jacob | May 1, 2013

      HI Vanessa. Thanks for your question. You may want to consider a Citibank credit card. Citibank (and Virgin, who Citibank underwrites) allow you to transfer lines-of-credit and personal loans as well as store cards and credit cards to their accounts. Jacob.

    • Default Gravatar
      Vanessa | May 1, 2013

      Hi are there any others i can look at in relation to my other question

    • Staff
      Jacob | May 2, 2013

      Hi Vanessa. If you’re referring to transfer an overdraft account and a credit card, Citibank are likely to the institution to go for, Citibank and Virgin are the only two institutions that currently allow the consolidation of personal loans and lines-of-credit . However, you may want to try and consolidate with a business loan. If the credit card is for personal use and the overdraft is for business use, it may be difficult consolidating the loan under one or the other’s name. Jacob.

Credit Cards Comparison

Rates last updated June 29th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
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
NAB Low Rate Credit Card
The NAB Low Interest Visa Card offers 0% p.a. purchase and balance transfer offers for 15 months. Also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 40,000 bonus Qantas Points on eligible spend within 3 months. A balance transfer offer of 0% p.a. for 6 months with access to premium benefits and complimentary insurance.
19.99% p.a. 0% p.a. for 6 months $199 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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