March’s best balance transfer credit card offers

You can save over $1,000 on an average credit card balance by moving it to a card with a 0% balance transfer offer – here's how.

Carrying a balance on your credit card can quickly add up, with the average standard interest rate currently at 19.94% according to Reserve Bank of Australia data.

If you were paying this much on a credit card with an average balance of $2,876, switching to a credit card with an introductory 0% balance transfer rate could save you up to $1,187 over 36 months based on offers currently available through Finder.

This can also help make repayments more manageable because every dollar goes towards paying off the balance (instead of interest charges) during the interest-free period. So, here's our pick of balance transfer offers you can get in March 2022.

Best long-term balance transfer offer

Coles Low Rate Mastercard

• Balance transfer offer: 0% p.a. interest for 36 months with no balance transfer fee.
• Revert rate: 19.99% p.a.
• Annual fee: $58.
• Purchase rate: 12.99% p.a.
• Eligible debts: You can transfer up to 80% of your approved credit limit from credit cards or loans not issued by Citigroup.

The Coles Low Rate Mastercard has one of the longest 0% balance transfer offers on the market right now, giving you 36 months to pay off your existing balance with no interest charges and no balance transfer fee.

While some balance transfer offers only let you move debt from credit cards or store cards, the Coles Low Rate Mastercard also lets you transfer personal loan balances.

Plus, it has a low $58 annual fee that's competitive with other low-rate credit cards.

To give you an idea of the potential savings, if you had an average credit card balance of $2,876 and an average standard interest rate of 19.94%, you'd save around $1,187 with this balance transfer offer. That's based on calculations from Finder's balance transfer calculator, which also factors in the annual fee costs during the 36-month introductory period.

To see how much you can save, just put your own balance and interest rate into the fields at the top of the balance transfer comparison table.

The Coles Low Rate Mastercard also offers a 12.99% p.a. interest rate for purchases and earns 1 Flybuys point for every $2 spent at Coles Supermarkets (on top of what you earn through Flybuys). Just be aware that interest-free days don't apply to purchases when you have a balance transfer, so you'd be charged interest straight away on any new purchases.

It's also worth noting that the balance transfer interest rate goes to 19.99% p.a. after the introductory period. You'll usually get more value by paying off what you owe in the short term before making new purchases and using the card's other features.

To get this balance transfer offer, you'll need to apply by 31 March 2022 and include your balance transfer request as part of the application.

Note: We chose the Coles Low Rate Mastercard for March because it has a long 0% balance transfer period, no balance transfer fee, a low annual fee and the most savings based on Finder's balance transfer calculator. If you want to compare this to other long balance transfer offers, there are currently 3 other credit cards in the Finder database that offer 0% interest for 36 months on balance transfers: the Citi Clear Credit Card, HSBC Platinum Credit Card and humm90 Mastercard.

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

Kogan Money Black Card – Exclusive Offer

• Balance transfer offer: 0% p.a. for 30 months with no balance transfer fee.
• Revert rate: 21.74% p.a.
• Annual fee: $0 (ongoing).
• Purchase rate: 20.99% p.a.
• Eligible debts: You can transfer up to 80% of your approved credit limit from credit cards, store cards, personal loans and lines of credit issued in Australia.

Exclusive to Finder, this offer on the Kogan Money Black Card gives you 0% interest on balance transfers for 30 months with no balance transfer fee and no annual fee ever.

If you're paying off balances across a few cards or personal loans, you could also use this offer to consolidate them. Kogan Money allows balance transfers from credit cards, store cards, personal loans and lines of credit if they're not issued by Citigroup (which is the issuer for Kogan Money, Coles Mastercard, Citi and others).

As a quick example, you could save $1,179 in interest if you transferred the average credit card balance of $2,876 from a card with a 19.94% interest rate. And if you used this offer to consolidate a bigger debt of $5,000, you could save $2,050 over the 36-month introductory period.

But after the 0% balance transfer period ends, any amount you're still paying off will be charged a 21.74% p.a. interest rate. So if you're not sure how long you need to repay your balance, you can use a credit card repayment calculator to help decide if this offer will work for you.

The Kogan Money Black credit card also earns points per $1 on eligible spending, which you can use to get money off your shopping at Kogan.com. You won't get interest-free days on purchases when you have a balance transfer debt, so rewards could be something to look forward to once you've cleared your balance.

This exclusive offer is running until 31 May 2022, so to get it you need to apply through Finder before then and request your balance transfer within 90 days of approval.

Best 0% balance transfer and 0% purchase rate offer

Bankwest Breeze Classic 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.

If you have a balance on your credit card but also have some upcoming expenses, the Bankwest Breeze Classic Mastercard gives you a way to save on both, with 0% interest on balance transfers and purchases for the first 15 months. This offer also has no balance transfer fee and a $0 annual fee in the first year, which goes to $49 per year afterwards.

After the 15-month introductory period, a 9.90% p.a. interest rate applies to both purchases and balance transfers. This rate is 10.04 percentage points lower than the average standard credit card interest rate in Australia, making it a competitive low-rate option.

It also sets the Bankwest Breeze Classic Mastercard apart from the other balance transfer offers we've picked for March that have much higher interest rates if you're still paying off the balance at the end of the introductory period (although you could still save more with a longer 0% interest period if you'll take over 15 months to repay what you owe).

Another key feature you can get with the Bankwest Breeze is a digital credit card. You can set it up within 24 hours of being approved and then add to your Apple Pay, Google Pay or Samsung Pay mobile wallet before the plastic card comes in the mail.

While Bankwest has not listed a date when this offer ends, it is only available for a limited time. You'll need to apply when the offer is still available to get 0% interest on balance transfers and purchases for 15 months.

Compare these balance transfer offers side by side

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Name	Purchase rate p.a.	Annual fee	Balance transfer rate p.a.	Amount Saved
Kogan Money Card – Exclusive Offer ExclusiveKogan Rewards Program	Purchase rate p.a. 20.99%	Annual fee $0	Balance transfer rate p.a. 0% for 18 months with 1% balance transfer fee, then 21.74%	Amount Saved $1,335.99 over 18 months	Go to siteMore Info Compare	Get 0% p.a. on balance transfers for 18 months with a 1% balance transfer fee. Plus an ongoing $0 annual fee.
Bankwest Breeze Classic Mastercard	Purchase rate p.a. 0% for 12 months, then 12.99%	Annual fee $49	Balance transfer rate p.a. 0% for 12 months with 2% balance transfer fee, then 12.99%	Amount Saved $878.32 over 12 months	Go to siteMore Info Compare	Save with 0% p.a. on purchases and balance transfers for 12 months (with a 2% BT fee).
Coles Low Rate Mastercard Flybuys	Purchase rate p.a. 12.99%	Annual fee $58	Balance transfer rate p.a. 0% for 15 months with 1.5% balance transfer fee, then 19.99%	Amount Saved $1,019.92 over 15 months	More Info Compare	Save with 0% p.a. for 15 months on balance transfers (with a 1.5% BT fee). Plus, earn Flybuys points on Coles spending.

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Images: Finder, Getty Images, Supplied