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Balance Transfer Savings Calculator

How to use the Balance Transfer Calculator in 3 easy steps and learn how much you can save today

Step 1. Enter the total debt/outstanding amount you would like to transfer
Step 2. Provide the interest rate that you are paying on your existing debt (if you don't have your interest rate on you, the average is around 18-20%)
Step 3. See the 'Interest Saved' column to find out which credit cards will save you the most money. Click on the 'Interest Saved' title to sort the cards in ascending or descending order of money saved

BT calculator steps

Compare Balance Transfer Credit Cards

Rates last updated July 28th, 2017
Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee 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, enjoy a no BT fee, long-term balance transfer offer with platinum privileges, including travel insurance.
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Apply by 31 July 2017 to receive a long-term, no fee balance transfer and a $129 Virgin Australia Gift Voucher each year.
St.George Vertigo Platinum
0% p.a. for 20 months
12.74% p.a.
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
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)
Offers a long-term balance transfer. Earn extra points on eligible international spend, plus complimentary travel insurance.
St.George Vertigo Visa
0% p.a. for 14 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 12 months
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Exclusive to finder, receive 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$99 p.a.
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
Bank of Melbourne Vertigo Platinum
0% p.a. for 20 months
12.74% p.a.
$99 p.a.
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.
BankSA Vertigo Visa
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Get up to 55 days interest-free on purchases and be protected by 24/7 Falcon® Fraud service.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
HSBC Low Rate Credit Card
0% p.a. for 15 months with 2% balance transfer fee
13.25% p.a.
$55 p.a.
Receive up to 55 days interest-free on purchases. Also enjoy exclusive offers with the home&Away Privilege Program.
Virgin Money Low Rate Credit Card
0% p.a. for 12 months
11.99% p.a.
$99 p.a.
Receive up to 44 days interest-free on purchases and the optional insurance coverage of CreditShield Edge.
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% BT fee. Plus, the convenience of the Westpac mobile banking app.
NAB Low Rate Platinum Card
0% p.a. for 16 months with 2% balance transfer fee
13.99% p.a.
$100 p.a.
Enjoy the protection of 7 complimentary insurances including overseas travel and purchase protection insurance.
ANZ Low Rate Platinum
0% p.a. for 16 months with 2% balance transfer fee
11.49% p.a.
$99 p.a.
Enjoy platinum benefits with exclusive discounts, complimentary travel and purchase insurances and a 24/7 personal concierge.
American Express Essential®  Credit Card
0% p.a. for 12 months with 1% balance transfer fee
14.99% p.a.
$0 p.a.
Receive a $50 credit when you apply online, are approved and spend $750 on your new card within the first 3 months of card membership.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.
American Express Explorer® Credit Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$395 p.a.
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.

Compare up to 4 providers

Rates last updated July 28th, 2017
Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee 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, enjoy a no BT fee, long-term balance transfer offer with platinum privileges, including travel insurance.
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Apply by 31 July 2017 to receive a long-term, no fee balance transfer and a $129 Virgin Australia Gift Voucher each year.
St.George Vertigo Platinum
0% p.a. for 20 months
12.74% p.a.
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
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)
Offers a long-term balance transfer. Earn extra points on eligible international spend, plus complimentary travel insurance.
St.George Vertigo Visa
0% p.a. for 14 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 12 months
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Exclusive to finder, receive 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$99 p.a.
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
Bank of Melbourne Vertigo Platinum
0% p.a. for 20 months
12.74% p.a.
$99 p.a.
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.
BankSA Vertigo Visa
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Get up to 55 days interest-free on purchases and be protected by 24/7 Falcon® Fraud service.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
HSBC Low Rate Credit Card
0% p.a. for 15 months with 2% balance transfer fee
13.25% p.a.
$55 p.a.
Receive up to 55 days interest-free on purchases. Also enjoy exclusive offers with the home&Away Privilege Program.
Virgin Money Low Rate Credit Card
0% p.a. for 12 months
11.99% p.a.
$99 p.a.
Receive up to 44 days interest-free on purchases and the optional insurance coverage of CreditShield Edge.
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% BT fee. Plus, the convenience of the Westpac mobile banking app.
NAB Low Rate Platinum Card
0% p.a. for 16 months with 2% balance transfer fee
13.99% p.a.
$100 p.a.
Enjoy the protection of 7 complimentary insurances including overseas travel and purchase protection insurance.
ANZ Low Rate Platinum
0% p.a. for 16 months with 2% balance transfer fee
11.49% p.a.
$99 p.a.
Enjoy platinum benefits with exclusive discounts, complimentary travel and purchase insurances and a 24/7 personal concierge.
American Express Essential®  Credit Card
0% p.a. for 12 months with 1% balance transfer fee
14.99% p.a.
$0 p.a.
Receive a $50 credit when you apply online, are approved and spend $750 on your new card within the first 3 months of card membership.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.
American Express Explorer® Credit Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$395 p.a.
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.

Compare up to 4 providers

Rates last updated July 28th, 2017
Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Product Description
NAB Velocity Rewards Card
0% p.a. for 6 months
19.99% p.a.
$95 p.a.
This dual Amex and Visa card offers up to 0.75 Velocity Points per $1 spent on eligible purchases and special Visa Entertainment offers.
Citi Qantas Signature Credit Card
0% p.a. for 6 months
20.99% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn from 0.5 Qantas Points per $1 spent on selected purchases and get a 2 airport lounge visits per year.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 6 months
0% p.a. for 12 months (reverts to 20.74% p.a.)
$129 p.a.
Save with 0% p.a. on purchases for 12 months. Plus, up to 0.66 Velocity Points per $1 spent.
Citi Rewards Signature Credit Card
0% p.a. for 6 months
20.99% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Receive 75,000 bonus Reward Points on eligible spend, plus a range of complimentary insurances and 1 Reward Points per $1 spent on eligible domestic and international spend.
Citi Prestige Card
0% p.a. for 6 months
20.99% p.a.
$700 p.a.
Earn from 1 Point per $1 spent on selected purchases and enjoy unlimited airport lounge access with a complimentary Priority Pass.
NAB Rewards Classic Card
0% p.a. for 6 months
19.99% p.a.
$95 p.a.
Earn 0.75 NAB Rewards Points per $1 spent and receive complimentary purchase protection insurance.
NAB Rewards Platinum Card
0% p.a. for 6 months
19.99% p.a.
$195 p.a.
Collect 50,000 bonus points when you spend $2,500 on everyday purchases within 60 days of account opening.
NAB Qantas Rewards Card
0% p.a. for 6 months
19.99% p.a.
$95 p.a.
A dual Amex and Visa card that allows you to earn up to 0.75 Qantas Points per $1 spent, plus complimentary purchase protection insurance.
NAB flybuys Rewards Card
0% p.a. for 6 months
19.99% p.a.
$95 p.a.
Earn 1 flybuys point per $1 spent on everyday purchases and receive 7 complimentary insurance covers.
NAB Qantas Rewards Premium Card
0% p.a. for 6 months
19.99% p.a.
$250 p.a.
A dual Amex and Visa card that earns up to 1 Qantas Point per $1 spent on eligible purchases, plus a 24/7 personal concierge.
NAB Velocity Rewards Premium Card
0% p.a. for 6 months
19.99% p.a.
$150 p.a.
Offers up to 1 Velocity point per $1 on purchases, combined with complimentary insurance covers and a concierge service.
NAB Low Rate Credit Card
0% p.a. for 16 months with 2% balance transfer fee
13.99% p.a.
$59 p.a.
Receive up to 55 days interest-free on purchases, special offers from Visa Entertainment and Tap and Pay capabilities.

Compare up to 4 providers

Back to top

What's the Point of a Balance Transfer Savings Calculator?

Take a close look at the amount of interest you pay on your outstanding credit card bill each month. This is wasted money. It doesn't repay your debt and it's not helping your financial situation. You simply pay this interest on the amounts you haven't paid back yet.

Unfortunately, far too many people continue to make only the minimum payment due on their credit card account each month. This will guarantee to keep them in debt for years to come, and keep draining hard-earned cash from their incomes. These people often worry that they can't afford to make extra payments off their credit card debt, because cash is tight.

Yet, a balance transfer savings calculator can show you how easy it can be to reduce the amount of interest you pay every month. If you paid less interest each month, would that make it easier for you to pay a little more off your outstanding balance every month?

When you input your numbers into a good calculator, including the interest you're charged now and the amount you owe now, and then compare them to a cheap balance transfer credit card, you'll be surprised. You could easily save hundreds of dollars in wasted interest.

A good calculator is also great for showing you which balance transfer deal is right for you and your particular financial situation.

Comparing Balance Transfer Deals

There are plenty of credit card companies around offering low introductory rates. These are designed to entice you over to their company and hopefully they'll keep you as a customer even after the cheap rate expires.

However, not all balance transfer deals are as attractive as they first appear. It's important to spend a bit of time comparing the real savings you could make on a balance transfer calculator.

This will give you a more realistic idea of which card will help you save money, and which will give you the time you need to repay your credit card debt before the rate reverts to a much higher amount.

Here's a direct example:

ANZ MastercardCiti Rewards Credit Card
Credit Card Debt$5,000$5,000
Balance Transfer Rate2.9%1.99%
Introductory Term12 months9 months
Standard Interest rate13.49%20.99%
Time to repay entire balance5 years5 years

In this example, it appears that the Citi credit card offers a cheaper interest rate of just 1.99%. This introductory rate will last for the first nine months, before it reverts to the standard interest rate.

By comparison, this Low Rate ANZ Mastercard offers a slightly higher balance transfer rate at 2.9%. However, this rate only lasts 52 weeks before reverting to the standard rate which is 13.49%.

Note: These rates may not be up to date and are presented as an example - rates current as of 23rd April, 2012.

This effectively means you need to reduce your credit card balance as far as possible during the introductory period before your account attracts the higher interest rate.

Let's see how this comparison adds up:

ANZ MastercardCiti Rewards Credit Card
Credit Card Debt$5,000$5,000
Introductory repayment$145.19$142.99
Standard repayment$161.15$176.69
Total paid over 5 years$5,610$6,058

While Citi's credit card may initially appear cheaper, in the long run, it will cost you $447.66 more in just interest payments. That's almost 9% of the entire balance amount you had to repay in the first place.

The Key to Finding the Right Balance Transfer Offer

The key behind choosing the right balance transfer offer for you involves far more than just the interest rate advertised. You also need to consider how much you can realistically repay off your balance during the introductory low rate period.

Ideally, you should aim at trying to reduce the balance you transferred across as far as possible before the low rate ends.

For example: if you transferred across $2,400 and you have a 12 month introductory rate, you should aim at paying at least $200 per month, plus interest costs. This will help to ensure your remaining balance won't end up attracting the higher purchase interest rate once the low rate expires.

When you've worked out how much you need to pay to reduce your debt, look around for a balance transfer card that offers you the term you need. Then spend some time on a balance transfer calculator to ensure you choose the right deal to save you money.

Other considerations when applying for a balance transfer credit card

One of the biggest catches with balance transfer cards is that people confuse what the card was really for in the first place. If you applied for your new card to reduce your interest rate, you might be tempted to pay for other purchases using this card too. You might think all of your balances will be charged at the lower rate.

Unfortunately, some credit cards simply don't work this way. There are companies out there that will happily allocate your repayments how they want them – not how you want them. Typically your repayments will go to the outstanding amount with the highest rate of interest, often the cash advance rate.

For example: assume you have a $2,000 balance that you transferred from another bank and you're only paying 2.9% on this amount. If you go out and purchase an item for $150 and then try to put that money back off the balance the very next week, it won't work for you.

Some credit card companies will put the payment you make towards the balance being charged the lower interest rate – in this case, the balance transfer amount. This leaves the amount you spent on your purchase sitting there attracting a much higher rate of interest until you pay off that balance transfer amount first.

Over the time it can take you to do that, you may have wiped out all the savings you thought you were making.

If you're serious about saving money on a balance transfer credit card, be sure you use it for what it was originally intended for. If you must make a purchase using a credit card, try to use a different account, or save up for that purchase and use cash instead.

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