Balance transfer credit cards with rewards programs

Repay your debt with no interest and earn points on new purchases with a balance transfer credit card that also offers rewards.

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Some credit cards with balance transfer offers also come with reward programs or bonus offers. While the balance transfer can help you pay off your debt faster, the rewards can offer you points per $1 spent on your spending or a one-time cashback or voucher offer.

It's important to note that you won't earn points on the debt you transfer or the payments you make to your balance transfer debt. Use this guide to compare balance transfer credit cards with reward programs and learn about the key factors to consider so that you can decide if this type of card is right for you.

Compare rewards credit cards with balance transfer offers

Data indicated here is updated regularly
$
% p.a.
Name Product Balance transfer rate Purchase rate Bonus points Annual fee Amount saved
Citi Rewards Card
0% p.a. for 30 months
21.49% p.a.
N/A
$49 annual fee for the first year ($149 p.a. thereafter)
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee.
Coles No Annual Fee Mastercard
0% p.a. for 12 months
0% p.a. for 12 months, reverts to 19.99% p.a.
N/A
$0
Save on new and existing interest charges with 0% p.a. on balance transfers and purchases for 12 months. Ends 31 January 2021.
Westpac Altitude Platinum Qantas
0% p.a. for 18 months with 1% balance transfer fee
20.49% p.a.
60,000
$99 annual fee for the first year ($200 p.a. thereafter)
Get 60,000 bonus Qantas Points when you spend $3,000 within 90 days. Plus, a first-year annual fee discount and a long-term balance transfer offer.
Westpac Altitude Platinum Card
0% p.a. for 18 months with 1% balance transfer fee
20.49% p.a.
80,000
$99 annual fee for the first year ($150 p.a. thereafter)
Earn 80,000 bonus Altitude Points when you spend $3,000 within 90 days. Plus, a first-year annual fee discount and a long-term balance transfer offer.
NAB Qantas Rewards Signature Card
0% p.a. for 6 months with 2% balance transfer fee
19.99% p.a.
130,000
$295 annual fee for the first year ($395 p.a. thereafter)
Up to 130,000 bonus Qantas Points (100k when you spend $3,000 in the first 60 days and 30k after 12 months). Plus, a reduced first year annual fee.
American Express Explorer Credit Card
20.74% p.a.
150,000
$395
Get 120,000 bonus points when you spend $3,000 in the first 3 months. Plus, 30,000 points in the second year. Ends 27 Jan 2021.
Qantas American Express Ultimate Card
20.74% p.a.
100,000
$450
Receive 100,000 bonus Qantas Points and $200 back on your card when you spend $3,000 within the first 3 months. Plus, a yearly $450 Travel Credit.
Qantas Premier Platinum
0% p.a. for 18 months with 1% balance transfer fee
19.99% p.a.
100,000
$199 annual fee for the first year ($299 p.a. thereafter)
Get 100,000 bonus Qantas Points, 75 bonus Status Credits and a 0% p.a. balance transfer rate for 18 months (with a one-time 1% BT fee).
American Express Platinum Edge Credit Card
20.74% p.a.
50,000
$195
Receive 50,000 bonus points when you spend at least $1,500 within the first 3 months. Plus, receive $200 travel credit each year. Ends 27 Jan 2021.
Coles Rewards Mastercard
0% p.a. for 18 months with 1.5% balance transfer fee
19.99% p.a.
N/A
$0 annual fee for the first year ($99 p.a. thereafter)
Enjoy $100 off a Coles Supermarket, a $0 first-year annual fee and a 0% p.a. on balance transfers for 18 months (1.5% fee applies). Ends 31 Jan 2021.
Westpac Altitude Platinum Qantas – Existing Customer Offer
6.99% p.a. for 12 months
20.49% p.a.
75,000
$50 annual fee for the first year ($200 p.a. thereafter)
Westpac customers only: Get 75,000 bonus Qantas Points when you spend $3,000 within 90 days. Plus, $50 first-year annual fee.
Westpac Altitude Platinum Credit Card - Existing Customer Offer
6.99% p.a. for 12 months
20.49% p.a.
100,000
$0 annual fee for the first year ($150 p.a. thereafter)
Westpac customers only: Earn 100,000 bonus Altitude Points when you spend $3,000 within 90 days. Plus, a first-year annual fee waiver.
St.George Amplify Signature
0% p.a. for 6 months
19.74% p.a.
200,000
$139 annual fee for the first year ($279 p.a. thereafter)
Up to 200,000 bonus points (130k in the first year & 70k in the second year) when you spend $12k/year for the first 2 years.
Coles Low Rate Mastercard
0% p.a. for 6 months
12.99% p.a.
N/A
$58
Enjoy $100 off a Coles Supermarket shop and a 0% balance transfer for 6 months. Plus, earn Flybuys points as you spend. Ends 31 January 2021.
BankSA Amplify Signature
0% p.a. for 6 months
19.74% p.a.
200,000
$139 annual fee for the first year ($279 p.a. thereafter)
Up to 200,000 bonus points (130k in the first year & 70k in the second year) when you spend $12k/year for the first 2 years.
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Compare up to 4 providers

What are the pros and cons of using a balance transfer credit card with rewards?

Pros

  • Save money on existing debt. By paying little to no interest on balance transfers for a given time period, you can save considerably in the form of interest, especially if you manage to pay off the entire transferred balance before the introductory period comes to a close.
  • Earn rewards. If you use your credit card frequently, you can benefit by earning rewards for your spending.
  • Make use of extras. Many of these credit cards come with insurance covers, a concierge service, airport lounge passes and more.

Cons

  • Temptation to spend. If you've got credit card debt that you're struggling to pay off, it may not be wise to get a rewards card that promises points for more spending. Consider focusing on paying off your debt before making new purchases on your credit card.
  • High-interest rate. You can expect a balance transfer card with rewards to charge a high interest rate on purchases, as the introductory balance transfer rate only applies to your existing debt.
  • Annual fee. Most of these credit cards charge an ongoing annual fee, and how much you have to pay in annual fees depends on the extras any given card offers.

What else will I need to consider when comparing balance transfer credit cards with rewards?

Keep the following factors in mind to help you decide if this type of card will work for you:

  • Balance transfers don’t earn rewards. There are no Australian credit cards that offer rewards points on balance transfer debts.
  • Revert rates. Once the introductory period ends, any debt from your balance transfer will attract the revert interest rate. This is usually a high purchase or cash advance interest rate. You should aim to pay your balance in full before you're charged interest.
  • No interest-free days on purchases. Interest-free periods for purchases are usually only available if you pay your balance in full by the due date on each statement. So, if you have a balance transfer, this means you'll be charged the purchase interest rate on each new purchase you make.
  • Repayments. Your repayments will be allocated based on the part of your balance with the highest interest rate. So, if you're making purchases to earn points and also have a balance transfer, your repayments will go towards your new purchases first. This increases your risk of paying a higher interest rate on your balance transfer debt once the introductory period ends.
  • Bonus point spend requirements. You'll usually need to spend a set amount of money in the first few months to be eligible for any introductory bonus points. If you already have a balance transfer debt, meeting this spend requirement increases the risk of having to pay a higher interest rate on it when the introductory period ends.

Getting a balance transfer credit card with rewards can be a good idea if you have a repayment plan in place. Ideally, you should aim to pay off the entire balance transfer debt within the introductory period. After that, you can look forward to earning rewards on new purchases. If you don't think you can pay off both your existing debt and new purchases, you may want to consider just using the card for earning points until you're finished paying off the balance transfer.

With so many different offers available, make sure you compare a variety of credit cards so you can find one that suits your circumstances and goals.

Images: Shutterstock

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5 Responses

    Default Gravatar
    harryFebruary 21, 2016

    Hi there I am interested in transferring from Westpac Altitude. I have 600,000 points do you lose them when I transfer? cheers H

      Avatarfinder Customer Care
      SallyFebruary 22, 2016Staff

      Hi Harry,

      Thanks for your question.

      If you transfer your balance to another card and close your Westpac Altitude card (and don’t have another card open with Westpac), you’ll lose your rewards points.

      You can convert your Westpac Altitude Points to other rewards programs, such as Velocity Frequent Flyer or Singapore Airlines KrisFlyer if you have an account with them. Transferring your points to another rewards program before closing the account is one way you can still get value from your Altitude points after you’ve closed your Westpac credit card.

      I hope this has helped.

      Cheers,

      Sally

      Avatarfinder Customer Care
      JonathanFebruary 22, 2016Staff

      Hi Harry, thanks for your inquiry!

      If you are transferring from your Westpac Altitude card you can still keep it active so your points are not lost. Transferring does not cancel the card.

      Cheers,

      Jonathan

    Default Gravatar
    LukeMay 18, 2015

    With the balance transfer rate of 0% for 16 months on the ANZ platinum card does that also include future balance transfers or only the initial one on application for the card

      Avatarfinder Customer Care
      JonathanMay 18, 2015Staff

      Hi Luke, thanks for your inquiry!

      The balance transfer promotional rate of 0% for 16 months is only available at the time of application. As per the terms and conditions “The offer must be requested at the time of applying for the credit card.” ANZ allows 95% of the available credit limit for balance transfers.

      Cheers,

      Jonathan

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