Best 0% balance transfer credit cards September 2017
Get your debt in control with a card with a long interest-free period and no balance transfer fees.
Are you struggling to repay your credit card debt because of high interest rates? If you answered yes and you want to get your finances under control, a 0% balance transfer credit card could help you repay your debt quicker and without the additional cost of interest.
As there are so many balance transfer offers on the market, we’ve highlighted some of the most competitive offers available through finder this month. We’ve based our selection on the cards with the longest 0% promotional periods that don’t charge a balance transfer fee. This way, you’ll have longer to pay off your debt and you won't incur any transfer fees.
So, let’s start comparing cards to find the right balance transfer offer for you.
NAB Premium Card - Exclusive offer
0% for 24 months with no balance transfer fee
If you’re carrying a large debt, the NAB Premium card and its 0% for 24 months balance transfer offer could give you more breathing room to repay your balance. This is currently one of the longest balance transfer offers on the market. Plus, there's no balance transfer fee, which could help keep your overall costs to a minimum.
This NAB Premium offer is only available for new applicants who apply through finder.com.au and are approved by 1 October 2017. So, you can’t take advantage of the offer unless you meet the eligibility criteria and apply through finder before the offer ends.
It’s also important to remember that once the offer ends, any unpaid debt will attract the standard cash advance rate of 21.74% p.a. The card also has a $90 annual fee, which is relatively low for a platinum product but still important to factor in.
St.George Vertigo Platinum card
0% for 20 months with no balance transfer fee
The St.George Vertigo Platinum card also boasts a long-term balance transfer of 0% for the first 20 months.
At the end of the 20 months, the balance transfer rate will revert to the standard purchase rate of 12.74% p.a. So even though the promotional period is shorter on the St.George Vertigo Platinum offer, you could potentially save more interest with this card because of the lower revert rate if you're unable to repay your debt within 24 months or less.
This offer is only available if you apply by 20 September 2017, so there are only a few more weeks to take advantage of the deal.
While the card doesn’t charge a balance transfer fee, it does have an annual fee of $99. This means that you’re likely to pay $198 in annual fees if you use the card for 20 months. Make sure that this doesn’t exceed your potential interest savings to ensure the card offers enough value.
If you prefer the Bank of Melbourne, you can also take advantage of the same 0% balance transfer offer with the Bank of Melbourne Vertigo Platinum card.
Virgin Australia Velocity Flyer Card
0% for 18 months with no balance transfer fee
The Virgin Australia Velocity Flyer card offers new cardholders 0% for 18 months on balance transfers until 31 October 2017. At the end of the promotion, any remaining balances will collect a standard cash advance rate of 20.99% p.a.
The card doesn’t charge a balance transfer fee and also offers a $0 annual fee for the first year when you spend $1,000 on an eligible transaction in the first six months. However, this means that it’s likely you’ll have to pay the standard $129 annual fee if you’re only using the card to repay your debt rather than making purchases.
If you use the card for the length of the promotional period, you’ll also have to pay the annual fee at least twice. So, make sure that the savings from the interest-free period outweighs this combined cost before you apply.
The card also comes with Velocity Points, but you can’t earn points on balance transfers so this might not be a major part of your comparison if you’re not using the card for purchases while you’re repaying your debt.
Suncorp Clear Options Platinum - Exclusive
0% for 18 months with no balance transfer fee
Similar to the Virgin offer, the Suncorp Clear Options Platinum card also offers 0% for 18 months. This deal is exclusive to applicants who apply through finder.com.au by 31 January 2018, so it could also come in handy if you need a card to consolidate your upcoming post-Christmas debt.
At the end of the 18 months, remaining debts will collect the standard cash advance rate of 21.99% p.a. Like the other cards in this month’s line-up, it doesn’t charge a balance transfer fee but you will have to pay a $99 annual fee for the first year which will revert to $129 p.a. thereafter. This adds up to $228 in annual fees for the length of the balance transfer promotion, so make sure your interest savings exceed this amount if you want to get value from the card.
How do these balance transfer offers compare?
Even though all of these cards offer 0% balance transfers with no balance transfer fees, there are a few other features you can also compare to find the right one for you.
Length of offer and the revert rate
This month’s "best balance transfer offers" vary between 18 to 24 months. You can consider the size of your debt and divide it by the number of months in the interest-free promotion.
So, let’s say you have a debt of $7,000. If you were to consider the Suncorp Clear Options Platinum card, you’d have to pay around $388 each month to repay the entire debt within the promotional period.
If you don’t think you can afford this each statement period, you might want to compare cards with longer promotional periods.
Annual fees
As we’ve mentioned, you should always confirm that the annual fee doesn’t outbalance the interest savings you’ll receive from the interest-free offer. You can use the balance transfer tables on finder to calculate how much interest you could save in interest. If the annual fee is higher than the interest savings, look for a card with a lower fee.
Additional features and perks
You generally shouldn’t use a balance transfer credit card for anything but paying down your debt. However, if you need to make the odd emergency payment or plan to use the card once you’ve cleared your balance, you might want to consider the card’s extra features. For example, interest-free days, rewards programs and complimentary insurances are all options that could help you get more value from your card.
This round-up features some of the most competitive 0% offers available through finder in September. For a more comprehensive comparison, check out our balance transfer credit cards guide for more 0% options.
