September’s best balance transfer credit card offers

Posted: 6 September 2021 2:06 pm
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Standard credit card interest rates haven't changed much in years, but these balance transfer offers give you a way to save with 0% interest for up to 36 months.

Despite a shift in spending and saving habits during the pandemic, Australians still have $20.8 billion of credit card debt accruing interest.

The average standard interest rate is 19.94% for credit cards according to Reserve Bank of Australia (RBA) data. And Finder analysis shows it has been above 19% for a decade, even as the RBA official cash rate and rates for other accounts – including home loans – have dropped.

The silver lining is that lots of credit cards have valuable introductory offers. This includes some of the longest 0% balance transfer offers we've ever seen, lasting up to 3 years when you move your existing balance over to the new card. So, here's our pick of balance transfer offers you can get in September 2021.

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

We selected the September 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 September 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 0% balance transfer offer on the HSBC Platinum Credit Card gives you 36 months to pay off credit card debt interest-free. It also has no balance transfer fee and a reduced $29 annual fee in the first year, which goes to $129 after that.

Even with an annual fee, this is a market-leading balance transfer offer. For example, if you moved a $5,000 balance from a card with a 19.94% interest rate to the HSBC Platinum, you could save $2,079 over the 3-year introductory period.

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

The HSBC Platinum Credit Card also includes a rewards program, complimentary insurance and airport lounge passes each year you have the card.

But take note: After the first 36 months, the balance transfer rate goes to 21.99% p.a. This is actually higher than the standard average credit card interest rate, so you should aim to pay off the whole balance before that.

To get this offer, you'll need to include your balance transfer request as part of the application. While HSBC hasn't listed an end date for this offer, it could change at any time.

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 also has a long-term balance offer, giving you 0% interest for 32 months with no balance transfer fee and a $0 annual fee in the first year. After that, the annual fee goes to $59, which is in line with other low rate and low fee cards.

To give you an idea of the potential savings with this offer, moving a $5,000 balance from a card with the average standard interest rate right now would save you around $1,981 over the introductory period.

The NAB Low Rate also has a 12.99% interest rate for new purchases which could give you another way to save on standard credit card interest costs.

But if you're still paying off the balance transfer after 32 months, a 21.74% interest rate applies. So, you'll usually get more value from the card if you focus on paying off the balance transfer before using it for anything else.

Similar to the HSBC Platinum Credit Card, NAB has not listed an end date for this offer – but it is only available for a limited time. That means you'll need to apply before the offer ends, and also include your balance transfer request as part of the 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.

If you want to pay off your current balance but also need to pay for something new on credit, this introductory offer on the Bankwest Breeze Mastercard gives you 15 months interest-free on both balance transfers and purchases.

It also offers a $0 annual fee in the first year, which goes to $49 per year after that.

This card also stands out from other balance transfer offers because it charges a relatively low 9.90% revert rate if you're still paying off your balance transfer after the first 15 months.

It also has a 9.90% interest rate for new purchases after the introductory period. So you have the potential to save on credit card interest and fees beyond the introductory period.

Having said that, you'll still get the most value from the 0% interest period if you can pay off what you owe during the first 15 months – and you can use a repayment calculator to see how much you'd need to pay each month to do that.

This Bankwest Breeze introductory offer is only available for new customers and, although no end date is listed, it's only available for a limited time.

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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