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ANZ credit card balance transfer guide

Want to save with a balance transfer to an ANZ credit card? Here’s everything you need to know.

If you want to get your credit card debt under control, you can use a balance transfer card to pay it off with no interest for a promotional period. ANZ currently offers three 0% balance transfer credit cards to new cardholders looking to clear their debt.

Balance transfers can be a useful way to clear your debt and save on interest costs, but there are some terms and conditions to be aware of to make the most of it. You can use this guide to compare balance transfer offers from ANZ and learn how they work to decide if it’s the right option for you.

ANZ Credit Card Offer

ANZ Low Rate

0% p.a. for 15 months on balance transfers

Eligibility criteria, terms and conditions, fees and charges apply

ANZ Credit Card Offer

Receive a long-term balance transfer offer with no balance transfer fee. Plus, a low interest rate on purchases and a competitive annual fee.

  • $58 p.a. annual fee.
  • 12.49% p.a. on purchases
  • Cash advance rate of 21.74% p.a.
  • Up to 55 days interest free
  • Minimum income requirement of $15,000 p.a.
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Comparison of ANZ balance transfer credit cards

Rates last updated December 12th, 2018
Name Product Purchase rate (p.a.) Annual fee Minimum Income Product Description
ANZ Low Rate
12.49% p.a.
$58 p.a.
$15,000
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
ANZ Platinum Credit Card
19.74% p.a.
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
$35,000
Receive a 0% p.a. for 18 month balance transfer offer and a $0 first year annual fee. Plus, complimentary overseas travel and medical insurance.
ANZ First Visa Credit Card
19.74% p.a.
$30 p.a.
$15,000
Get up to 18 months interest-free on balance transfers and save with a low $30 annual fee. Plus, up to 44 days interest-free on purchases.

Compare up to 4 providers

Rates last updated December 12th, 2018
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
NAB Low Fee Platinum Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
finder Exclusive: Take advantage of 0% p.a. interest for 25 months on balance transfers with no balance transfer fee. Ends 16 December 2018
More info
Citi Clear Platinum Credit Card
0% p.a. for 14 months
12.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
ANZ Low Rate
0% p.a. for 15 months
12.49% p.a.
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Citi Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months
0% p.a. for 13 months (reverts to 20.99% p.a.)
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
More info
Suncorp Clear Options Platinum Credit Card - Online Offer
0% p.a. for 18 months
20.74% p.a.
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% balance transfer offer and earn up to 60,000 Bonus Rewards Points. Plus, a discounted first year annual fee when you apply online.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus points in the first 3 months and save with a $64 first year annual fee. Plus, a long-term balance transfer offer.
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months
12.74% p.a.
$99 p.a.
Save with 0% p.a. interest for up to 24 months on balance transfers with no BT fee. Plus, platinum perks. Ends 17 December 2018.
Citi Rewards Platinum Credit Card - Online Offer
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, take advantage of a 0% p.a. for 24 month balance transfer offer, plus complimentary international travel insurance.
ANZ First Visa Credit Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Get up to 18 months interest-free on balance transfers and save with a low $30 annual fee. Plus, up to 44 days interest-free on purchases.

Compare up to 4 providers

What you'll find in this guide

What are the benefits of getting a balance transfer with ANZ?

  • Save on interest. With interest-free offers that last up to 18 months, ANZ balance transfer credit cards give you the breathing room you may need to pay off your debt without the burden of interest. However, some cards may offer you greater saving potential than others. You can use the calculator in the comparison table above to compare which ANZ credit card poses you the highest savings based on the size of your debt and the current interest rate you’re paying.
  • Consolidate multiple debts. If you have more than one credit card, you can consolidate up to two non-ANZ Australian issued credit, charge or store cards to a new ANZ credit card. This means that you can pay off multiple debts with 0% interest under a single account, rather than trying to manage several credit card bills. If you’re transferring to an existing ANZ card, you can transfer up to two debts.
  • Pay off debt faster. Without any extra interest costs, you can usually pay off your debt much faster with a 0% balance transfer deal.

Are there any risks when completing a balance transfer with ANZ?

Just like any other credit card, there are some risks that come with doing a balance transfer with ANZ.

  • Revert interest rate

    At the end of the promotional period, any leftover debt will collect the standard balance transfer interest rate. While your introductory rate is usually 0%, the standard balance transfer rate can be as high as 21.49% p.a. If you fail to pay off your balance before the revert rate applies, your leftover debt could grow significantly when collecting this high interest rate. This is why it’s best to clear your balance in full while the promotion applies.

  • Impact on your credit score

    As with any new card application, it could harm your credit score. This is especially true if your application is denied, which is why it’s so important to ensure you’re eligible for the card before you apply. If you transfer your debt to a balance transfer card and pay it off in full, this could also have a positive impact on your credit score.

What rates and features should I look at when choosing an offer?

  • The introductory interest rate and length of the term. ANZ currently only offers 0% balance transfers to new cardholders, which can range from 15 to 18 months in length. These are relatively long offers, but there are some other balance transfers that last up to 24 months on the market. If you enter the size of your debt and the current interest rate you’re paying, you can see which card offers you the biggest savings in the comparison table above.
  • Revert rate. All ANZ balance transfer credit cards collect the standard balance transfer rate at the end of the introductory period, but the specific rate varies between cards. The ANZ First credit card and ANZ Platinum credit card charge a 21.49% p.a. balance transfer rate, while the ANZ Low Rate card has a slightly lower standard balance transfer rate of 21.74% p.a. Regardless, these are both high interest rates and should be avoided if you can afford to pay your balance in full before they apply.
  • Balance transfer fee. A balance transfer fee is a one-time percentage-based fee that’s charged when you first move your balance. While the ANZ Low Rate card doesn’t charge a balance transfer fee, the ANZ First Visa and ANZ Platinum Visa both charge a 2% balance transfer fee. This may not seem like a high cost, but it can nibble into your overall savings.
  • Annual fee. While the ANZ Platinum credit card currently boasts $0 annual fee in the first year ($87 p.a. thereafter), the ANZ Low Rate charges a $58 annual fee and ANZ First Visa card costs $30 p.a. You should make sure that the interest you’ll save from the 0% balance transfer offer offsets this annual fee to justify getting the card.
  • Eligible debts to transfer. You can transfer debts from non-ANZ Australian credit cards or store cards. The other account can’t be in default while you’re making a transfer.
  • How much you can transfer. You can transfer a minimum of $100 up to 95% of your approved credit limit with ANZ. So, if you have a credit limit of $15,000, you could only transfer up to $14,250. If you try to transfer a balance that exceeds this 95% limit, the leftover amount will remain in your account to collect interest. To avoid this, make sure that the new card can support your entire debt before you apply. See our guide to balance transfer limits for more information.

Can I transfer my debt to an existing ANZ credit card?

If you already have an ANZ credit card, you can transfer up to two non-ANZ credit or store card balances to your account. However, you will be charged the standard balance transfer rate when you do this.

What else do I need to know?

  • Eligibility requirements. Like any other credit card, you’ll also need to meet eligibility requirements (such as credit history, residential status and minimum annual income) to receive approval for an ANZ credit card. Rejected credit card applications negatively impact your credit score, so it’s important that you check the specific requirements before you apply.
  • Closing your account. Once your debt has moved to your new card, it’s your responsibility to contact your old bank and close the account. If you don’t close your old account, you’ll continue paying any maintenance fees (such as annual fees) that come with the card.
  • Minimum repayments. Even with a 0% balance transfer offer, you’re still required to meet the minimum repayment of 2%, each month. If you want to make the most of your balance transfer, you should aim to pay as much as you can to clear the balance in full before the revert rate applies. If you divide your debt by the number of months in the introductory period, this will give you an idea of how much you should pay each month to clear the debt before the offer ends.
  • Repayment allocation. The bank has to pay off your highest-interest debt first. If you use your card to make a purchase while you’re also paying off your balance transfer, your repayments will automatically go to paying off your purchase first because it collects a higher interest rate. If you want to make the most of your balance transfer offer, it’s wise to avoid making purchases and to put your money towards paying off your original debt.
  • Interest-free days. If you make a purchase with your card, remember that interest-free days don’t apply while debt from your balance transfer remains in your account.

ANZ offers three competitive 0% balance transfer credit cards if you want to pay off your debt without extra interest costs. However, as there are many other interest-free balance transfer alternatives on the market (including cards with longer interest-free periods) it’s important to compare your options before you apply. You can use the balance transfer credit card comparison tables on finder to get started.

Image: Shutterstock

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Sally McMullen

Sally McMullen is an editor at finder.com.au who is a credit cards and frequent flyer expert by day and music maven by night.

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