June’s best balance transfer credit card offers

Posted: 1 June 2021 9:17 am
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Get your credit card balance sorted in time for the end of financial year with one of these 0% balance transfer offers that lasts up to 36 months.

The EOFY sales and tax cuts get a lot of attention at this time of year, but it's also a chance for us to make other changes that put money back into our pockets.

With Australians collectively paying interest on around $20.5 billion of credit card debt, your own credit card is a good place to start. And switching to a credit card that offers 0% interest on balance transfers means you can save money on interest and pay it off faster.

It could also take less time than doing your tax return. With that in mind, here's our pick of balance transfer offers you can get in June 2021.

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

We selected the June 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 June 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.

With 0% interest on balance transfers for 36 months, the HSBC Platinum Credit Card currently gives you the longest 0% balance transfer period on the market. In fact, it's half a year longer than the next biggest 0% interest period.

There's no balance transfer fee with this offer, which also gives you a $29 annual fee in the first year. This saves you $100 on the $129 annual fee that applies from the second year onwards.

The savings you get from the 3-year interest free balance transfer period are even bigger: If you used this offer for a $5,000 credit card balance that was being charged 19.94% p.a. – the average standard credit card interest rate in Australia right now – you would save over $2,000.

The HSBC Platinum Credit Card offers 2 airport lounge passes each year and complimentary insurance benefits. It also offers a rewards program that lets you earn up to 2 points per $1 on eligible spending, although you'll get more value from paying off your balance transfer in the short-term.

To take advantage of this balance transfer offer, you need to include your balance transfer request when you apply. And while HSBC has not listed an end-date for the promotion, keep in mind that it could change.

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

ANZ Low Rate Credit Card

  • Balance transfer offer: 0% p.a. for 30 months with no balance transfer fee.
  • Revert rate: 20.24% p.a.
  • Annual fee: $0 in the first year ($58 after that).
  • Purchase rate: 12.49% p.a.
  • Eligible debts: You can transfer from $100 up to 95% of your approved credit limit from credit cards and store cards not issued by ANZ.

The ANZ Low Rate Credit Card offers you 0% interest on your balance transfer for 30 months and no annual fee in the first year. After that, the annual fee is $58 and is relatively low compared to some other cards.

To give you an idea of the value, if you got a $5,000 balance transfer from a card with a 19.94% p.a. interest rate, this offer could save you nearly $1,800 over a 30-month period.

The ANZ Low Rate Credit Card also offers a 12.49% p.a. interest rate for new purchases, which is 7.45% lower than the average standard interest rate for Australian credit cards right now. It also offers up to 55 days interest-free on purchases, even if you have to use it while you're still paying off your balance transfer.

If you want this credit card offer, you'll need to apply as a new cardholder and request your balance transfer at the time of your application.

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.

The Bankwest Breeze Mastercard currently offers 0% interest on both balance transfers and purchases for the first 15 months. After that, the interest rate reverts to a low 9.90% p.a. for any balance on the card.

This offer also has no balance transfer fee and a $0 annual fee in the first year. Even after that, the annual fee is a relatively low $49.

The Bankwest Breeze Mastercard also offers a free digital card you can set up 24 hours after being approved, mobile payments and up to 55 days interest-free on purchases if you pay off the entire balance on your card by the due date on each statement.

To get 0% interest on your purchases and balance transfers for 15 months with this offer, just apply for the Bankwest Breeze Mastercard during the promotional period.

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.
ANZ Low Rate
0% p.a. for 30 months
12.49% p.a.
$0 annual fee for the first year ($58 p.a. thereafter)
Save with 0% p.a. on balance transfers for 30 months (with no BT fee) and $0 first-year annual fee. Plus a 12.49% p.a. purchase interest rate.
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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