Best balance transfer credit cards for April 2018
Clear your credit card debt with no interest for up to 25 months and don't pay a balance transfer fee.
Each month, we round up some of the most competitive balance transfer deals on finder to help our users find the right option for them. This month, our line-up of balance transfer cards is based on the offers with the longest interest-free promotions and no balance transfer (BT) fees. These fees usually range from 2-3% and are charged when you first move your balance, which can eat into your overall savings.
So, whether you want to pay no interest for more than two years, get a card with a $0 annual fee in the first year or get a card with low revert rates, you can start comparing your options (without worrying about paying any balance transfer fees) below.
The rates, fees and features mentioned here are all correct at the time of writing.
NAB Low Fee Platinum card (exclusive to finder)
0% on balance transfers for 25 months
The NAB Low Fee Platinum card has one of the longest interest-free offers on the market. In addition, it doesn’t charge a balance transfer fee. If you apply through finder by 6 May 2018, you can save with 0% on balance transfers for the first 25 months. That’s more than two years to pay off your debt with no extra interest costs.
As this promotion is exclusive to finder, you'll only get 0% for 24 months if you apply for the card anywhere else, and you'll be charged a 2% balance transfer fee. At the end of the 25 month interest-free period, any unpaid debt will attract the standard cash advance rate of 21.74% p.a.
It also has a $90 annual fee. Although you shouldn’t be using your card to make purchases while you’re paying down your debt, pay attention to the relatively high purchase rate of 19.74% p.a.
St.George Vertigo Platinum (Online offer)
0% on balance transfers for 24 months
The St.George Vertigo Platinum credit card boasts 0% on balance transfers for 24 months! The offer is available to new cardholders who apply online by 30 April 2018.
You won't pay a balance transfer fee, but the card does have a $99 annual fee. At the end of the promotional period, any debt left over from your balance transfer will collect the 19.49% p.a. cash advance rate.
If you need to use the card for emergency purchases or plan to use it after you’ve paid off your debt, you could save with a low ongoing purchase interest rate of 12.74% p.a. But this might not be a major draw if you’re only using the card to pay off your balance transfer debt.
Virgin Australia Velocity Flyer card
0% on balance transfers for 18 months
Want to pay down your debt without paying interest for a year and a half? You could consider the Virgin Australia Velocity Flyer card and its offer of 0% interest on balance transfers for 18 months.
Available until 30 April 2018, this card also doesn’t charge a balance transfer fee and the balance transfer rate reverts to 20.99% p.a. at the end of the 18 months. You’ll also save with the $64 p.a. annual fee for the first year. It reverts to $129 p.a. after that, which is important to factor in to the total costs as you’ll likely have to pay the annual fee twice if you’re using it for the duration of the interest-free balance transfer.
This card is linked to the Velocity Frequent Flyer program, and you can receive 60,000 bonus Velocity Points in the first 3 months if you meet the spend requirements. It also comes with a bunch of other travel features including complimentary travel insurance and Virgin Australia flight vouchers. However, you can only make use of the rewards and travel extras if you’re using the card to make purchases. So you shouldn’t be swayed by the promise of perks if you’re only using the card to pay down your existing debt.
Woolworths Everyday Platinum credit card
0% on balance transfers for 14 months
The Woolworths Everyday Platinum credit card offers a few ways that you can save on card costs. As well as the balance transfer offer of 0% for 14 months and no balance transfer fee, it also charges $0 annual fee for the first year. This reverts to $49 p.a., which is still a relatively competitive annual fee. This offer is available to applicants who apply and are approved by 30 June 2018.
At the end of the introductory period, remaining balances attract the cash advance rate of 21.99% p.a. With this in mind, you should organise your repayments so you clear the entire debt before this interest applies.
This card also comes linked to the Woolworths Rewards program, allowing you to earn points for every $1 you spend on eligible transactions. You can also save when you spend with partnered retailers like Woolies and Cellarmasters and get a $50 Woolworths eGift card when you meet the spend requirements. You can only make use of these benefits if you’re using your card to make purchases, which you ideally shouldn’t be doing if you’re concentrating on paying down your debt. So this is something to consider when you’re weighing up your options.
CUA Low Rate credit card
0% on balance transfers for 13 months
The CUA Low Rate credit card is another low-cost option if you’re consolidating credit card debt. You can take advantage of 0% on balance transfers for the first 13 months and pay no balance transfer fees. Any remaining balances will collect the 21.74% p.a. cash advance rate.
This card also has no annual fee in the first year and reverts to a low $49 p.a. thereafter. If you decide to use the card for purchases after you’ve paid off your credit card debt, you can minimise interest costs with a competitive 11.99% p.a. purchase rate.
Compare these 0% balance transfer credit cards side by side
Now that you know finder’s balance transfer picks for April, how do you decide which one is right for you? We’ve highlighted some of the key features to factor in to your comparison below:
Length of promotional period
The length of the promotional period for the various cards in this month’s round-up varies from 13 to 25 months. Before you apply, you should make sure that you can clear your balance in full before the revert rate applies. You can do this by dividing the size of your debt by the number of months in the 0% period.
For example, if you have a debt of $5,000 and a card with 0% on balance transfers for 13 months, you’d need to pay around $385 each month to clear the balance in full by the end of the introductory period. If you don’t think you can afford this, you can consider a card with a longer promotional period to spread out and reduce your monthly repayments.
If you’ve done the math and realised you can’t consolidate your debt within any of the promotional periods, you could still pay off a large percentage of your debt and save with a 0% offer. However, you should pay close attention to the revert rate and when it applies. All of the cards in this round-up revert to the higher cash advance rate, so it’s best to pay off the majority or the entire debt before this applies to avoid falling back into debt. If you don’t think you can repay the whole debt, you should look for a card with a lower revert rate.
While some of these cards offer $0 annual fee in the first year, you need to consider the standard fees that come with these cards. This is especially important if you’re going to pay the annual fee more than once while you make use of the 0% offer.
You should always make sure that the savings you’ll get from the 0% balance transfer period outweigh the annual fee to justify getting the card. If you’ve used the balance transfer calculator above, the interest saved already takes the cost of the annual fee into account.
There are also a bunch of other balance transfer credit cards on the market with competitive 0% offers that may also charge a balance transfer fee. If you want to compare more options, check out our guide to balance transfers.