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24 month 0% balance transfer credit cards

Imagine what you could achieve in 24 months.

If you're struggling to repay a high-interest credit card debt, you could use a 24-month interest-free balance transfer credit card to clear your debt without the burden of additional interest for two years.

If you're looking for a way to consolidate and repay your credit card debts, you can use this guide to understand how they work, compare your options and apply for a credit card with a market-leading balance transfer offer of 0% for 24 months.

NAB Premium Card - Exclusive Offer

0% p.a. for 24 months on balance transfers
Exclusive to finder.com.au

Offer ends 12 November 2017

Eligibility criteria, terms and conditions, fees and charges apply

Exclusive finder.com.au Balance Transfer Offer

The NAB Premium Card features a range of platinum benefits and a long-term balance transfer offer exclusive to finder.com.au.

  • 0% p.a. on balance transfers for 24 months on a new NAB Premium Card. BT reverts to cash advance rate (currently 21.74% p.a.)
  • No balance transfer fee when BT requested upon application.
  • Receive seven complimentary insurance covers including overseas travel insurance, plus, access to the 24/7 NAB Concierge Service.
  • Request an additional cardholder at no extra cost.
  • Must apply through finder.com.au to take advantage of this offer.
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Comparison of 24 month 0% p.a. balance transfer credit cards

Rates last updated October 17th, 2017
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
NAB Premium Card - Exclusive Offer
0% p.a. for 24 months
19.74% p.a.
$90 p.a.
Exclusive to finder.com.au and available until 12 November 2017, enjoy a no BT fee, long-term balance transfer offer and complimentary insurances.
Citi Rewards Platinum Credit Card
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn Reward Points per $1 spent as part of the Citi Rewards Program, plus receive complimentary international travel insurance.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% balance transfer fee. Plus, use of the Westpac mobile banking app.
St.George Vertigo Platinum
0% p.a. for 24 months with 2% balance transfer fee
12.74% p.a.
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.

Compare up to 4 providers

Find out how balance transfers work in 60 seconds

 

What is a 24 month balance transfer credit card?

You can use these cards to transfer a balance from an existing credit card (or cards) to a new card with a promotional interest rate for 24 months. Depending on the card, this means that you'll be able to pay down your debt at a low or 0% interest rate for 24 months. Without the burden of high interest (or any interest at all, in many cases) you'll be able to pay off your debt faster and could save hundreds to thousands of dollars. The 24-month balance transfer promotion is one of the longest of its kind on the market, so it gives you the maximum amount of time available to pay off your existing credit card(s). However, once the promotion ends, any remaining balances will continue to earn interest at the standard purchase or cash advance rate.

Each month, you'll be required to pay the minimum repayment amount. However, if you want to pay your entire balance before the promotional period ends, you'll need to pay more than that. This promotional interest rate only applies to balance transfers, so you'll have to pay the regular interest rate on any purchases or cash advances you make with the card.

What should you look for in a credit card that offers a 24 month balance transfer?

As there are a few 24 month balance transfer credit cards available on the Australian market, these are a few factors you can consider to compare your options and determine whether or not this type of card is for you:

  • The promotional interest rate. Depending on the credit card, the balance transfer interest rate could be a low ongoing rate or 0% for the 24 month period. While a card with a 0% interest rate might seem more appealing, it might come with a higher annual fee or balance transfer fee that could offset the savings in interest that you'd make. You can look at how much debt you owe before you conduct the balance transfer and calculate how much you'd need to allocate every month to pay off your debt in full before the promotion ended to determine which option is right for you.
  • Annual fee. Basically, the more features your card has (such as platinum cards), the higher the annual fee. Again, it's important to make sure that the interest savings exceed the annual fee. If it doesn't, you might want to consider a balance transfer card with a low or no annual fee.
  • Balance transfer fee. You may have to pay a balance transfer fee when you move your credit card balance from one account to another. This charge is normally a percentage (usually between 1% to 3%) of the balance. This means that the higher the amount you want to transfer, the higher the fee. This fee is added to the principal balance transfer amount and will collect the same 0% or low interest rate for the term of the offer.
  • Standard interest rate. Unfortunately, the promotional low or 0% balance transfer rate will only be in place for the first 24 months. After this time, the remaining balance will collect a standard cash advance or purchase interest rate. This usually sits between 19% and 22%, so it's important to understand what rate applies in case you can't pay your entire balance before the promotion ends.

Pros and cons of a 24-month balance transfer credit card

Pros

  • Lower interest. Whether the card has a low or 0% promotional rate, it's a much more cost and time effective way to repay your debts rather than with the higher interest of a standard card.
  • Long repayment period. Balance transfers generally last between 6 and 24 months, so this is the longest repayment period available for low balance transfer offers. As long as you understand how much you need to repay each month, it should be a generous time frame to repay any existing loans before the interest applies.

Cons

  • Standard rate applies to new purchases. Avoid buying new items using this credit card because the standard rate applies. As your repayments go to the debt that's collecting the highest interest, you’ll need to pay the interest for new purchases first. As interest-free days only apply if you're not carrying a balance, you won't be able to take advantage of these until you've completely repaid your debt.
  • Revert rates. The low or 0% promotional interest rate is only in place for the promotional period, after which a much higher interest rate applies to any remaining balances.

Frequently asked questions

Some balance transfer credit cards do offer rewards, but you can't earn reward points on balance transfers. So, unless you're planning on using the card after you've repaid your debt, it's wise to concentrate on paying off your debt rather than making purchases to earn points.

If you pay your debt in less than 24 months, you can either close the card or continue using it for purchases or emergencies. These cards usually have a higher interest rate on purchases, so you might want to go for a low rate option if you're not confident you'll be able to pay it off in full each month.

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6 Responses

  1. Default Gravatar
    LeanneOctober 4, 2017

    l have $9000 owing on a card with not a great creit rating, lm wondering if this would effect a balance transfer as another step in getting my money under control? l am making my payments but interest just eats it up.

    • Staff
      GruOctober 5, 2017Staff

      Hello Leanne,

      Thank you for your query.

      Yes, you may apply for another credit card offering balance transfer options.
      In that way, you can pay-off your debt while not being charged additional interest for the duration of he promotional period.

      To give you peace of mind, you may decide to directly contact the provider you have in mind.

      Cheers,
      Gru

  2. Default Gravatar
    sandyJuly 6, 2017

    I have a balance of $16,000 credit card owing. Am I able to transfer into another card at another bank, as my bank don’t do balance transfer? If so what are the criteria?

    • Staff
      JonathanJuly 9, 2017Staff

      Hello Sandy!

      Thanks for the comment! :)

      You may check this page for our balance transfer cards from different lenders. Basic requirements would be Australian residence, of legal age, good credit standing and meets income requirement (please refer to this page). But this may vary per lender especially the income, so please look for this information immediately upon application.

      Hope this helps.

      Cheers,
      Jonathan

  3. Default Gravatar
    RosNovember 30, 2015

    my partner and I have 3 credit cards between us, we want to combine all 3 into 1 can this be done?

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