Balance Transfer Savings Calculator

Information verified correct on December 11th, 2016

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 December 11th, 2016
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance with a reduced annual fee in the first year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
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) Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Virgin No Annual Fee Credit Card
Enjoy a long term balance transfer plus a $100 cashback offer (spend criteria applies) and never pay an annual fee for this card.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 16 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 1% p.a. for up to 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer of 0% p.a. for 18 months and an introductory offer of 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 9 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cashback on retail purchases.
0% p.a. for 9 months 19.99% p.a. $0 p.a. Go to site More info
Rates last updated December 11th, 2016
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance. Earn bonus Velocity Points in the first 3 months, offer ends 16 January 2017.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
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) Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Virgin No Annual Fee Credit Card
No annual fee credit card with $100 cashback and a long term balance transfer offer of 0% p.a. for 18 months with 2% balance transfer fee.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 16 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
A low rate card from Bank of Melbourne with a long term balance transfer offer 0% for 18 months and a short term introductory rate on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Australian Military Bank Low Rate Visa Credit Card
Enjoy a low interest rate of 10.99% p.a. on purchases, combined with a balance transfer offer of 0% p.a. for 12 months and a low annual fee.
0% p.a. for 12 months 10.99% p.a. $49 p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
Take advantage of the introductory long term balance transfer offer and reduced annual fee in the first year.
0% p.a. for 24 months with 1.5% balance transfer fee 20.99% p.a. $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer of 0% p.a. for 18 months and an introductory offer of 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
BankSA Vertigo Platinum
Enjoy 0% balance transfer rate for 18 months and 1% purchase rate for 12 months if you apply and are approved by 4 January 2017.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 9 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cashback on retail purchases.
0% p.a. for 9 months 19.99% p.a. $0 p.a. Go to site More info
Rates last updated December 11th, 2016
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Coles Low Rate MasterCard
A low rate MasterCard with a competitive rate on purchases and a low annual fee.
0% p.a. for 6 months 12.99% p.a. $49 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Receive 0% p.a. for 12 months on purchases, 0% p.a. for 6 months balance transfers and an exclusive $129 Virgin Australia Gift Voucher every year.
0% p.a. for 6 months 0% p.a. for 12 months (reverts to 20.74% p.a.) $129 p.a. Go to site More info
Citi Qantas Signature Credit Card
Earn up to 50,000 bonus Qantas Points when you spend $2,000 or more on eligible purchases in the first 90 days. Plus, enjoy introductory interest rates on balance transfers and purchases with a discounted annual fee of $199 in the first year.
0% p.a. for 6 months 20.99% p.a. $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info

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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 MasterCardCitibank 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 Citibank 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 MasterCardCitibank 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 Citibank'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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