March’s best balance transfer credit card offers

Posted: 8 March 2021 10:06 am
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Hate paying interest on your credit card debt? These balance transfer offers give you a way to switch and save with 0% interest for up to 36 months.

If you're paying off your credit card, the cost of interest can drag out the process. Right now, the average credit card interest rate is 19.94% p.a. and Reserve Bank of Australia data shows it has been above 19% p.a. for 13 years.

But as the RBA governor, Philip Lowe, told the House of Representatives in February: "If you've got a credit card with a high interest rate and you don't like it, go and find another one."

There are credit cards in the Australian marketplace with much, much lower interest rates – perhaps high single digits – and, as I say to people with mortgage debt, shop around, because there are good products out there in the marketplace that offer people much better deals.”

So if you're paying a high rate on your current credit card debt, here's our pick of balance transfer credit card offers that help you save with 0% interest for the introductory period.

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

We selected the March 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 March 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 – Exclusive Offer

  • 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 exclusive offer for the HSBC Platinum Credit Card gives you the longest 0% balance transfer period currently on the market, with 0% p.a. for 36 months when you apply through Finder by 16 March 2021 and request a balance transfer at the time of your application. It has no balance transfer fee and also offers a reduced annual fee of $29 in the first year, which goes to $129 from the second year onwards.

The HSBC Platinum also comes with complimentary insurance options for shopping and travel, airport lounge passes and the unique HSBC Instant Savings perk that gives you access to over 4,500 offers from participating restaurants, supermarkets, retail stores and hotels across Australia and New Zealand.

It also offers up to 55 days interest-free on purchases (even while you're paying off your balance transfer) and has a 19.99% p.a. purchase rate. At the end of the introductory period, any balance transfer debt you're still paying off will attract a high 21.99% p.a. interest rate. So it's a good idea to work out how much you'll need to pay each month to get the most out of that 36-month, interest-free period.

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

ANZ Low Rate Credit Card

  • Balance transfer offer: 0% p.a. for 20 months with no balance transfer fee.
  • Revert rate: 20.24% p.a.
  • Annual fee: $0 for the first year ($58 after that)
  • Purchase rate: 12.49% p.a.
  • Eligible debts: You can transfer a minimum of $100 from credit cards and store cards not issued by ANZ, up to a maximum of 95% of your approved credit limit.

The ANZ Low Rate Credit Card currently offers 0% interest on balance transfers for 20 months, no balance transfer fee and a $0 annual fee in the first year. After that, the annual fee is $58, which is competitive for a low rate card.

As the name suggests, this ANZ card also has a low interest rate of 12.49% p.a. for new purchases – which is 7.45% less than the current average standard credit card rate. It offers up to 55 days interest-free on purchases and mobile payments through Apple Pay, Google Pay and Samsung Pay.

At the end of the introductory period, the 0% balance transfer rate reverts to 20.24% p.a. While there's no listed date when this offer will end, ANZ could change it at any time.

Best 0% balance transfer and 0% purchase rate offer

Virgin Money No Annual Fee Credit Card

  • Balance transfer offer: 0% p.a. for 12 months with no balance transfer fee.
  • Revert rate: 20.99% p.a.
  • Annual fee: $0
  • Purchase rate: 0% p.a. for the first 12 months, then 18.99% p.a.
  • Eligible debts: You can transfer a minimum of $500 from Australian credit cards, store cards, personal loans or lines of credit that are not issued by Citigroup, with a maximum value of up to 80% of your approved credit limit.

The Virgin Money No Annual Fee Credit Card currently offers 0% interest on balance transfers and purchases for the first 12 months. There's no balance transfer fee with this offer – and no annual fee for the life of the card.

At the end of the introductory period, the balance transfer rate reverts to 20.99% p.a. and the purchase rate reverts to 18.99% p.a. It also offers up to 55 days interest-free on purchases, but when you pay the balance in full by the due date on each statement (including balance transfer debt). So after the first year, you'll get the most value if you can pay off what you spend each month.

If you want to take advantage of this 0% balance transfer and purchase rate offer, you'll need to apply for the Virgin Money No Annual Fee card by 31 March 2021 and include details of your balance transfer on the application.

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.
Virgin Money No Annual Fee Credit Card
0% p.a. for 12 months
0% p.a. for 12 months, reverts to 18.99% p.a.
$0
Save with a $0 annual fee and 0% p.a. on balance transfers and purchases for 12 months.
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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: Getty Images, Supplied

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