October’s best balance transfer credit card offers

Posted: 5 October 2021 2:11 pm
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Feeling stressed about paying off your credit card? These balance transfer offers give you a way to switch and save with 0% interest for up to 36 months.

Money worries are a big issue in Australia, with Finder research showing 53% of us feel some financial stress, and another 19% are extremely stressed by their current financial situation.

The National Debt Helpline, a free financial counselling service, has also reported an increase in people seeking help, with 70,183 calls made between January and August 2021, and a growing number of visits to its website.

If credit card debt is part of the equation, a balance transfer can help you save on interest charges as you pay it off.

There are lots of credit cards that offer 0% interest on balance transfers right now, including a couple that offer no interest for 3 years. So, here's our pick of balance transfer offers you can get in October 2021.

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

We selected the October 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 October 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.

The long balance transfer offer on the HSBC Platinum Credit Card gives you 0% interest for 36 months when you request the balance transfer as part of your application.

It also offers a reduced $29 annual fee in the first year before a $129 annual fee kicks in. To give you an idea of the potential savings, you would save around $2,079.70 in interest if you transferred a $5,000 balance from a card with a 19.94% interest rate (which is the standard average credit card interest rate in Australia).

This calculation is based on Finder's balance transfer calculator, included at the top of the main balance transfer comparison table, and it factors in the card's annual fee.

The HSBC Platinum Credit Card also offers a rewards program, complimentary insurance and 2 airport lounge passes each year.

But keep in mind that the balance transfer rate goes to a high 21.99% p.a. if you're still paying it off after the 36-month promotional period. So you'll get the most value out of this offer if you focus on paying off your balance transfer before using the card for anything else. You can even use a repayment calculator to see how much you'll need to pay or how long it will take.

If you're interested in this offer, take note that HSBC hasn't listed an end date, but it could change at any time.

Note: We chose the HSBC Platinum Credit Card for October because it offers value through both a long 0% balance transfer and a reduced annual fee for the first year. But if you want to compare it, the Citi Clear Card also offers 0% on balance transfers for 36 months and no balance transfer fee, with a $99 annual fee and 14.99% p.a. purchase rate.

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.

This exclusive offer on the Kogan Money Black Card comes with a 0% interest rate on balance transfers for 30 months and no balance transfer fee when you apply through Finder by 30 November 2021. It also has no annual fee ever.

A key feature of this card is that you can request a balance transfer from Australian personal loans, lines of credit and store cards – as well as other credit cards. This means if you were paying off, say, a credit card and a personal loan, you could use this balance transfer offer to consolidate them and save on interest for the first 2.5 years.

The Kogan Money Black Card also offers a rewards program and complimentary Kogan First Membership, which could add value if you shop with Kogan.com.

With this offer, you can also get a $50 Kogan.com credit if you spend $1,000 on eligible purchases in the first 60 days.

But keep in mind that a high 20.99% interest rate applies to purchases and will be charged straight away when you have a balance transfer, as no interest-free days apply when you're paying it off.

A 21.74% interest rate also applies to your balance transfer if you're still paying it off after the first 30 months you have this card. So you'll get the most savings if you can pay off what you owe during the promotional period.

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.

This offer on the Bankwest Breeze Classic Mastercard gives you 3 ways to save when you first get the card, with 0% interest on balance transfers for 15 months, 0% interest on purchases for 15 months and a $0 first year annual fee.

This means you have some wiggle room if you want to pay off a current credit card but also need to spend a bit in the next year or so.

At the end of the 15-month 0% interest period, any remaining balance will attract the card's 9.90% interest rate.

This rate is actually 10.04 percentage points lower than the average standard credit card interest rate in Australia right now, which means saving on interest is likely even after the promotional interest-free period ends. You're just likely to save more if you can pay everything off while 0% interest applies.

The $49 annual fee that applies after the first year is also relatively low. Compared to the HSBC Platinum Credit Card and Kogan Money Black Card, the Bankwest Breeze Classic Mastercard is light on perks like rewards, but it does offer a free digital card and mobile payments.

While no end date is listed, the Bankwest Breeze introductory offer is only available for a limited time for new customers.

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.
Kogan Money Black Card - Exclusive Offer
0% p.a. for 30 months
20.99% p.a.
$0
Save with a $0 annual fee and a 0% introductory rate on balance transfers. Plus, earn $50 Kogan.com Credit and uncapped rewards points.
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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