August’s best balance transfer credit card offers

Posted: 2 August 2021 3:59 pm
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Ready to deal with credit card debt? Here's how you can save on interest with one of these 0% balance transfer offers that lasts up to 36 months.

The more interest you pay on a credit card, the more time it takes to pay it off.

As an example, if you paid $200 a month off a card with a $5,000 balance, it would take 33 months to repay at the standard average credit card interest rate of 19.94% p.a. It would also cost $1,515.39 in interest.

If you didn't have to pay interest on the balance, it would take 25 months to pay it off if you made the same $200 repayments. That saves you 8 months – and means you'd pay $0 in interest.

There are 100 credit cards that offer 0% interest on balance transfers in Finder's database right now. This includes 15 cards with balance transfer periods between 25 and 36 months.

So if you want to save time and money on your credit card debt now, here's our pick of balance transfer offers you can get in August 2021.

How did we pick this month's line-up?

We selected the August line-up based on the length of the 0% p.a. balance transfer period, the annual fee and other valuable features on credit cards offered through Finder in August 2021.

A good balance transfer deal has a lengthy 0% p.a. interest offer, no balance transfer fee and a low or $0 annual fee. We've picked cards available through Finder with the longest 0% period and then weighed up their other features. There's no one best credit card for everyone, so check details that matter to you. (And remember: you may not be eligible for a balance transfer offer from your current credit card issuer or bank.)

Best long-term balance transfer offer

HSBC Platinum Credit Card

  • Balance transfer offer: 0% p.a. for 36 months with no balance transfer fee.
  • Revert rate: 21.99% p.a.
  • Annual fee: $29 in the first year ($129 after that).
  • Purchase rate: 19.99% p.a.
  • Eligible debts: You can transfer up to 90% of your approved credit limit from credit cards and store cards not issued by HSBC.

This market-leading offer on the HSBC Platinum Credit Card offers you 0% interest on balance transfers for 36 months and no balance transfer fee.

It also has a reduced $29 annual fee in the first year, which goes to $129 after that and is still competitive with similar platinum cards.

To get the balance transfer offer, you need to apply during the promotional period and include your balance transfer request on the application. An important note: HSBC hasn't listed an end date for this offer but it could change at any time.

At the end of the 36-month balance transfer period, the 0% interest rate reverts to a higher 21.99% p.a. So if you were still paying off your balance transfer debt, this would add to the costs.

You can use a repayment calculator to see how much you'd need to pay each month to clear the balance before interest is charged.

The HSBC Platinum also offers a rewards program, complimentary airport lounge passes and HSBC Instant Savings – a program that offers special deals at shops, restaurants and other participating businesses in Australia and New Zealand.

But with a 19.99% p.a. interest rate for purchases, you're usually better off focusing on paying off your balance transfer before making use of these features.

Best 0% p.a. balance transfer and $0 annual fee offer

nab low rate

NAB Low Rate Credit Card

  • Balance transfer offer: 0% p.a. for 32 months with no balance transfer fee.
  • Revert rate: 21.74% p.a.
  • Annual fee: $0 in the first year ($59 after that).
  • Purchase rate: 12.99% p.a.
  • Eligible debts: You can transfer up to 90% of your approved credit limit from credit cards not issued by NAB.

The NAB Low Rate offers 0% interest on balance transfers for 32 months, making it the second-longest 0% balance transfer offer on the market at the start of August (behind the HSBC Platinum's 36 months).

This offer has no balance transfer fee and no annual fee in the first year. After that, a $59 annual fee applies, which is at the lower end of the scale for credit cards in Australia.

If you want to transfer your balance using this offer, you need to apply before it is withdrawn and request a balance transfer. NAB has not listed an end date, so the promotion could end at any time.

If you're still paying off your balance transfer at the end of the interest-free period, a 21.74% p.a. interest rate will apply.

For new purchases, this card has a low 12.99% p.a. interest rate. It also offers up to 55 days interest-free on purchases, even when you're paying off a balance transfer, as long as you pay the "interest-free days payment" listed on your statement.

Just keep in mind that you'll need to pay more than that amount to continue paying off your balance transfer debt each month.

Best 0% balance transfer and 0% purchase rate offer

Bankwest Breeze Mastercard

  • Balance transfer offer: 0% p.a. for 15 months with no balance transfer fee.
  • Revert rate: 9.90% p.a.
  • Annual fee: $0 in the first year, then $49.
  • Purchase rate: 0% p.a. for 15 months, then 9.90% p.a.
  • Eligible debts: You can transfer a minimum of $500 from credit cards not issued by Bankwest, with a maximum amount of up to 95% of your approved credit limit.

This offer on the Bankwest Breeze Mastercard gives you a way to save interest on your existing balance and new purchases, with an interest-free period of 15 months for both balance transfers and purchases.

It has no balance transfer fee and a $0 annual fee in the first year. A low $49 annual fee is charged after that.

While you'll get more value from the 0% interest offer if you pay off your entire balance during the introductory period, it's worth calling out this card's low revert rate of 9.90% p.a.

This is a very competitive interest rate and applies to any remaining balance transfer or purchase balance after the first 15 months.

As a point of comparison, this rate is 10.04 percentage points lower than the current average standard credit card rate of 19.94% – making it a strong option if you want to keep a low rate card on hand.

Compare these balance transfer offers side by side

$
% p.a.
Name Product Balance transfer rate Purchase rate Annual fee Amount saved
HSBC Platinum Credit Card
0% p.a. for 36 months
19.99% p.a.
$29 annual fee for the first year ($129 p.a. thereafter)
Save money with a 0% balance transfer rate for 36 months (with no BT fee), a first-year annual fee discount and free travel insurance.
NAB Low Rate Credit Card
0% p.a. for 32 months
12.99% p.a.
$0 annual fee for the first year ($59 p.a. thereafter)
Get a 0% interest rate on balance transfers for the first 32 months (with no BT fee). Plus, save with a $0 first-year annual fee.
Bankwest Breeze Classic Mastercard
0% p.a. for 15 months
0% p.a. for 15 months, reverts to 9.9% p.a.
$0 annual fee for the first year ($49 p.a. thereafter)
Save with 0% p.a. on purchases and balance transfers for 15 months (with no BT fee). Plus, a $0 first-year annual fee.
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Compare up to 4 providers

Remember: this is a selection of credit cards with competitive balance transfer offers available right now on Finder. You can compare other balance transfer offers here. Looking for a new credit card but don't need a balance transfer? Check out a wider range of credit card offers here.

Images: Finder (Luke Dubbelde), Supplied

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