Balance transfer offers explained

Discover how you can consolidate your debt and save money with a low-interest balance transfer offer.

Are you carrying high-interest credit card debt? If so, a balance transfer could be a wise way to repay your debt without the cost of high interest during the promotional period. As many providers offer balance transfer promotions, it's important to know what to look for to find the offer that is going to be of most value to you. Let's look at what a balance transfer offer is, how you can compare your options and some simple steps to getting the most out of your balance transfer offer.

How do balance transfer offers work?

A balance transfer allows you to transfer credit card debt collecting high interest to a new credit card with a low interest rate for an introductory period. These low rates can start at 0% or sit around the 5%-7% mark. This low rate will only be in place for a promotional period, which can last between 6 and 24 months, depending on the card. The promotional period usually begins as soon as your card is approved, so you'll want to start making repayments as soon as possible to take full advantage of the low rate. Once this introductory offer ends, your remaining balance will start collecting the revert rate, which is usually the much higher standard purchase or cash advance rate. The goal is to repay your entire balance before the revert rate kicks in.

Balance Transfer Credit Cards Comparison

Rates last updated September 21st, 2018
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
St.George Vertigo Platinum - Online Offer
0% p.a. for 25 months
12.74% p.a.
$99 p.a.
Save with 0% p.a. interest for up to 25 months on balance transfers with no BT fee. Plus, platinum perks, including overseas travel insurance.
Westpac Low Rate Card
0% p.a. for 24 months with 1% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
0% p.a. for 18 months
20.74% p.a.
$99 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Receive a long 18-month, 0% p.a., no fee balance transfer and earn Suncorp Rewards Points or Qantas Points per $1 spent.
Citi Clear Platinum - Exclusive Offer
0% p.a. for 24 months with 1.5% balance transfer fee
14.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
finder Exclusive: Receive 0% p.a. for 24 months on balance transfers and a discounted annual fee in the first year. Plus, access to Citi World Privileges.
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.
St.George Vertigo Visa
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
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 with a $64 first year annual fee. Plus, the chance to win 1 million Velocity Points.
NAB Low Fee Platinum Card
0% p.a. for 24 months with 2% balance transfer fee
19.74% p.a.
$90 p.a.
Offers 7 complimentary insurance covers, a 0% p.a. for 24 month balance transfer and access to a 24/7 concierge service for a $90 p.a. annual fee.
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.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and 0% p.a. for 14 months on balance transfers.
Citi Simplicity Card
0% p.a. for 15 months with 1.5% balance transfer fee
19.99% p.a.
$0 p.a.
Save with 5% cashback on eligible purchases (capped at $50 per month) for the first 90 days from approval. Plus, a 15 month balance transfer offer.
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.
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.
Citi Platinum Credit Card
0% p.a. for 12 months
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 10,000 monthly bonus reward Points for 20 months (200,000 total), enjoy a 0% p.a. balance transfer offer, plus, a $49 first year annual fee.
Virgin Australia Velocity Flyer Card - 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)
Save with $64 first year annual fee and 0% p.a. balance transfer offer. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
NAB Low Fee Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 18 month balance transfer offer and special offers from Visa Entertainment.
Bankwest Breeze Classic Mastercard
0% p.a. for 13 months with 2% balance transfer fee
0% p.a. for 13 months (reverts to 12.99% p.a.)
$79 p.a.
Receive purchase and balance transfer offers of 0% p.a. for 13 months, a low ongoing rate and up to 55 interest-free days on purchases.
BankSA Amplify Card
3% p.a. for 36 months
19.49% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Receive a 3% p.a. for 36 months balance transfer and earn Qantas or Amplify Points per $1 spent. Plus, enjoy a $0 annual fee for the first year.
Bank of Melbourne Vertigo Platinum
0% p.a. for 24 months with 1% balance transfer fee
12.74% p.a.
$99 p.a.
Offers a long-term balance transfer, low ongoing purchase rate, complimentary travel insurance and access to a 24/7 personal concierge service.
St.George Amplify Card
3% p.a. for 36 months
19.49% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Take advantage of 3% p.a. interest on balance transfers for 36 months. Plus, a $0 first year annual fee and Amplify or Qantas Points per $1 spent.
BankSA Vertigo Visa
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Enjoy a 0% p.a. interest rate for up to 16 months on balance transfers with no balance transfer fee. Plus, a low ongoing purchase rate.
American Express Velocity Escape Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$0 p.a.
Earn uncapped Velocity Points on purchases, pay $0 annual fee for life and take advantage of a 0% p.a. for 12 months balance transfer offer.
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, take advantage of a 0% p.a. for 24 month balance transfer offer, plus complimentary international travel insurance.
Bankwest Zero Platinum Mastercard
2.99% p.a. for 9 months
17.99% p.a.
$0 p.a.
Offers a $0 annual fee, 0% foreign transaction fees, complimentary international travel insurance and a balance transfer offer.
Bank of Melbourne Amplify Card
3% p.a. for 36 months
19.49% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Take advantage of a 3% p.a. for 36 months balance transfer offer, Amplify or Qantas points per $1 spent and enjoy a $0 annual fee for the first year.
Bankwest Zero Mastercard
2.99% p.a. for 9 months
17.99% p.a.
$0 p.a.
Features an ongoing $0 annual fee. Plus, receive up to 55 days interest-free on purchases and a 2.99% p.a. for 9 months on balance transfers.
Bankwest Qantas Platinum Mastercard
2.99% p.a. for 9 months
20.49% p.a.
$160 p.a.
Enjoy 0% foreign transaction fees, complimentary travel insurances and earn 0.5 Qantas Points per $1 spent on eligible purchases.
Bankwest Qantas Mastercard
2.99% p.a. for 9 months
20.49% p.a.
$100 p.a.
Receive a complimentary Qantas Frequent Flyer membership and earn 0.5 Qantas Points per $1 spent on eligible purchases.
Bankwest More Platinum Mastercard
0% p.a. for 6 months with 1% balance transfer fee
19.99% p.a.
$160 p.a.
Earn 2 More Rewards Points per $1 spent, 75,000 bonus points when you meet the spend requirement and save with 0% foreign transaction fees.
Bankwest Breeze Platinum Mastercard
0% p.a. for 13 months with 2% balance transfer fee
0% p.a. for 13 months (reverts to 12.99% p.a.)
$99 p.a.
Receive a 0% p.a. interest rate on purchases and balance transfers for 13 months, complimentary travel insurance and 0% foreign transaction fees.
Bankwest More World Mastercard
0% p.a. for 6 months with 1% balance transfer fee
19.99% p.a.
$270 p.a.
Earn 115,000 bonus points when you meet the spend requirement, receive complimentary travel insurance and a LoungeKey membership.
Bankwest More Mastercard
0% p.a. for 6 months with 1% balance transfer fee
19.99% p.a.
$100 p.a.
Earn 1.5 More Rewards Points per $1 spent, 19,500 bonus points when you meet the spend criteria and receive a 0% p.a. balance transfer offer.
Bankwest Qantas World Mastercard
2.99% p.a. for 9 months
20.49% p.a.
$270 p.a.
Earn uncapped Qantas Points per $1 spent on eligible purchases, pay 0% foreign transaction fees and receive complimentary travel insurance.

Compare up to 4 providers

How to a choose balance transfer offer

There are many balance transfer offers to choose from, but there are a few important features you can compare to find the right one for you.

  • The introductory rate. At the moment, many balance transfer offers have a 0% interest rate, but this can sometimes vary to other low rates. This is how much you'll have to pay on interest as well as the balance you already owe, so this is very important to consider right off the bat.
  • The promotional period. Balance transfer offers generally last between 6 and 24 months. This is how long the promotional low rate will stay in place, so you'll want to consider this to ensure you can repay your entire balance before the end of the introductory period.
  • Revert rate. What will the balance transfer interest rate change to at the end of the promotional period? Your remaining balance will usually start collecting the standard interest or cash advance rate, which usually sits around the 20% mark. It's important to compare this rate to understand what you'll be paying and how your interest could grow if you're unable to repay the whole amount during the promotional period.
  • Minimum repayment. Even if you're paying 0% interest on balance transfers, you'll still need to make minimum repayments each month. The minimum amount will vary from card to card, but you should always try to pay as much as you can. You won't be able to repay your balance by the end of the promotional period if you only make the minimum repayments, so follow a budget and pay as much as you can afford each month.
  • Other costs. You'll also have to make the standard payments that come with a credit card, such as the annual fee, so make sure the savings you make with the card outweigh the fees. While you should avoid using your balance transfer credit card for purchases while you're repaying the transferred debt, consider the purchase rate in case you need to use the card for an emergency or if you plan to use it after you've repaid your debt. Some cards also charge a one-off balance transfer fee of 1-3% of your total balance when you conduct the transfer. See the relevant product disclosure statement (PDS) to confirm the costs and fees that come with your card.

Conducting a balance transfer is a straightforward process, but it's important to compare your options and understand the fees, costs and terms and conditions of the offer to take full advantage of the promotion.

How to ensure your balance transfer application is successful

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Credit Card Offers

Important Information*
Citi Clear Platinum Credit Card

Interest rate

12.99

Annual fee

0*

*$99 p.a. after first year

Westpac Altitude Platinum Card - Qantas

Interest rate

20.24

Annual fee

50*

*$200 p.a. after first year

ANZ Low Rate

Interest rate

12.49

Annual fee

58

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