Best Balance Transfer Rates* – 0% Interest Credit Cards

Do you want to clear your credit card debt? Get 0% interest for up to 24 months and save money with balance transfer credit cards.

Interest-free balance transfer credit cards allow you to transfer your existing credit card debt to a new credit card and pay 0% interest for a specified promotional period. Balance transfer credit cards with competitive 0% interest rates can help you clear your debt faster and minimise your interest costs.

Compare balance transfer offers here and pay less interest on your credit card debt today.

St.George Vertigo Visa

St.George Credit Card Offer

The St.George Vertigo Visa Credit Card offers a low ongoing rate on purchases, a long-term balance transfer offer, plus an annual fee waiver for the first year.

  • $0 p.a. annual fee for the first year ($55 p.a. thereafter)
  • 13.24% p.a. on purchases
  • 0% p.a. for 14 months on balance transfers
  • Cash Advance Rate of 21.49% p.a.
  • Up to 55 days interest free

0% Balance Transfer Credit Cards Comparison

Rates last updated July 23rd, 2017
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved Product Description
St.George Vertigo Visa
0% p.a. for 14 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
St.George Vertigo Platinum
0% p.a. for 20 months
12.74% p.a.
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Apply by 31 July 2017 to earn bonus Velocity Points for the first three months and a $129 Virgin Australia Gift Voucher each year.
Citi Rewards Platinum Credit Card
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
A long-term balance transfer offer with a range of platinum rewards and benefits.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 12 months
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$99 p.a.
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
Bank of Melbourne Vertigo Platinum
0% p.a. for 20 months
12.74% p.a.
$99 p.a.
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.
BankSA Vertigo Visa
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Get up to 55 days interest-free on purchases and be protected by 24/7 Falcon® Fraud service.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
NAB Premium Card - Exclusive Offer
0% p.a. for 24 months
19.74% p.a.
$90 p.a.
Exclusive to finder.com.au, enjoy a no fee, long-term balance transfer offer with platinum privileges.
HSBC Low Rate Credit Card
0% p.a. for 15 months with 2% balance transfer fee
13.25% p.a.
$55 p.a.
A competitive offer from HSBC featuring a long term balance transfer deal and low ongoing interest rate on purchases.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
0% p.a. for 18 months
20.74% p.a.
$99 p.a. annual fee for the first year ($169 p.a. thereafter)
Receive a discounted annual fee in the first year and earn 1.25 Suncorp Rewards Points per $1 spent.
Virgin Money Low Rate Credit Card
0% p.a. for 12 months
11.99% p.a.
$99 p.a.
Receive up to 44 days interest-free on purchases and the optional insurance coverage of CreditShield Edge.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% BT fee. Plus, the convenience of the Westpac mobile banking app.
NAB Low Rate Platinum Card
0% p.a. for 16 months with 2% balance transfer fee
13.99% p.a.
$100 p.a.
Enjoy the protection of 7 complimentary insurances including overseas travel and purchase protection insurance.
ANZ Low Rate Platinum
0% p.a. for 16 months with 2% balance transfer fee
11.49% p.a.
$99 p.a.
Enjoy platinum benefits with exclusive discounts, complimentary travel and purchase insurances and a 24/7 personal concierge.
American Express Essential®  Credit Card
0% p.a. for 12 months with 1% balance transfer fee
14.99% p.a.
$0 p.a.
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with your Essential Credit Card.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.
American Express Explorer® Credit Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$395 p.a.
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.

Compare up to 4 providers

Compare the latest 0% balance transfer credit card offers

Want to save interest when consolidating your credit card debts? Compare some of the latest 0% balance transfer credit card offers below.

Credit Card
Feature
Virgin Australia Velocity Flyer Card - Balance Transfer OfferGet a 0% p.a. for 18 month balance transfer offer with half price annual fee for the first year
HSBC Platinum Credit CardA balance transfer credit card that offers all the perks of platinum
NAB Low Rate Credit CardA low interest rate card with a 0% p.a. for 16 months on balance transfers
St.George Vertigo VisaA low annual fee credit card with a 0% p.a. for 14 months on balance transfers

How does an interest-free balance transfer work?

Balance transfer credit cards let you transfer your credit card debt to a new credit card with a lower interest rate. Many balance transfer credit cards come with 0% interest for a promotional period. Depending on the size of your debt and your ability to repay, this can help you save hundreds or thousands of dollars in interest. At the end of the promotional period, a higher revert rate will apply to any remaining debts.

You can usually request a balance transfer during the online application. After your application has been approved and you have activated your credit card, your new bank will initiate the balance transfer process by requesting the outstanding amount from your old bank. This process usually takes one or two weeks. It's important to note that the 0% promotional period usually applies as soon as your card is activated.

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How to find a 0% balance transfer credit card for your needs

As many credit cards offer a 0% promotional interest rate for a balance transfer, the following factors could help you narrow down your balance transfer comparison:

  • How long you need to repay your existing credit card debt. The length of the balance transfer offer can vary from card to card, but some cards offer 0% from 6 months to 24 months. The longer the promotional period, the more time you'll have to take advantage of the interest-free offer.
  • Know which banks you can transfer to. You can't conduct a balance transfer between cards that are issued by the same organisation. This often includes cards that are issued by separate banks but owned by the same institution, which could limit some of your balance transfer options. You can compare the cards you can and can't transfer between with this guide.
  • Compare the fees. While you may save on interest, it's important to compare the other fees of the card. Some cards charge a balance transfer fee which can be between 2%-3% of the balance you're transferring. Some balance transfer credit cards also come with annual fees. You can compare cards balance transfer credit cards with no annual fee here. It's important to ensure that any fees you have to pay won't outweigh the interest you save with the 0% offer.
  • Balance transfer limit. While some cards allow you to balance transfer up to your total approved credit limit, others only allow you to transfer up to a percentage of your credit limit (such as up to 70% to 95%). Consider the size of your debt, the credit limit you're applying for and the balance transfer limits in place to ensure your card can support your debt.

How much could you save with a balance transfer card with 0% for up to 12 months? julies_school_supplies_shutterstock

Exactly how much you'll save in interest will depend on the size of your debts and your ability to repay, but let's look at an example to see some of the potential savings.

Let's say you have $3,500 debt on a card that is currently charging 20.99% p.a. If you transfer this to a card with 0% on balance transfers for 12 months and no annual fee, you'll save $684.21 if you repay the entire balance before the revert rate applies.

You can use the interest calculator built into finder's balance transfer comparison tables to determine how much you could save on interest.

Things to avoid with balance transfer credit cards

While a balance transfer credit card comes with many benefits, here are a few traps you should look out for:

  • Don’t balance transfer too often. As each credit inquiry and application is recorded on your credit file, frequent applications may result in your next request being rejected. To demonstrate responsible financial habits, you should leave at least six months between applications.
  • Only paying the minimum repayment. While you're required to meet the minimum repayment (which is usually between 2% and 10% of your total balance) each statement period, it's wise to pay as much as you can each month. If you want to pay your entire balance before the promotional offer ends, divide the amount you're transferring by the number of months in the introductory period. This will help you determine exactly how much you need to repay each statement period to ensure you clear the entire debt before the revert rate applies.
  • Don't forget the offer end date. Once the promotional period ends, any remaining balances will collect the revert rate (which is usually the standard purchase or cash advance rate). If you want to avoid collecting interest, set a calendar reminder for the end of the promotional period and do your best to repay the entire debt before this date. 
  • Using your balance transfer credit card for purchases. If you want to concentrate on repaying your debt, you shouldn't use your balance transfer credit card to make purchases. Unless the card has a 0% offer on both balance transfers and purchases, your repayments will automatically go to the purchases as they'll be accruing a higher interest rate. It's also important to note that interest-free days don't apply on purchases if you're also paying off a balance transfer.

Discover how much interest you could save with the balance transfer calculator

Step 1. Enter the total debt/outstanding amount you would like to transfer.
Step 2. Provide the interest rate that you are paying on your existing debt (if you don't have your interest rate on you, the average is around 18-20%).
Step 3. See the 'Interest Saved' column to find out which credit cards will save you the most money. Click on the 'Interest Saved' title to sort the cards in ascending or descending order of money saved.
Step 4. Compare the credit cards available in the table provided to find the card that suits your needs. If you still want to find out more about a particular credit card, click the ‘More info’ link for a full review on the features and benefits.

BT-calculator-steps-9-may-2017

Frequently asked questions about 0% balance transfers

If you're struggling to repay a high-interest debt, a balance transfer credit card could help you save on interest costs and get your debt in control. However, it's important to ensure that you meet all of the eligibility requirements before you apply. Otherwise, a rejected application could put further negative marks on your credit history.

Balance transfers aren't suited to everyone and there are different balance transfer offers that work better for different applicants. Comparing your balance transfer and debt consolidation options based on your specific needs can help you find the best alternative for you.

Some credit cards do charge a balance transfer credit card fee of between 2% to 3% of your balance. Some cards don't charge balance transfer fees, though. You can use the comparison tables and reviews on finder to confirm whether a card charges a balance transfer fee.

Maximum balance transfer limits can vary between 70% to 100% of the approved credit limit depending on the card. You can use the product reviews on finder to confirm the maximum you can transfer to a particular balance transfer credit card.

Your old credit card will remain active even when your balance has been transferred. You can either continue using it or request your bank to cancel the card. If you do wish to cancel the credit card, you will need to contact the bank to do so.

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2 Responses

  1. Default Gravatar
    LauraApril 4, 2017

    Could you please advise if balance is not paid off within the interest free period is interest charged on original outstanding balance from day accepted offer?

    • Staff
      MayApril 4, 2017Staff

      Hi Laura,

      Thank you for your inquiry.

      Once the promo for 0% interest on balance transfer ends, your card will revert to the standard balance transfer interest rate and your card will start charging that interest on the remaining balance left on the card. So for instance, after the BT offer, you had $1,000 unpaid balance, by the next due date, your $1,000 will then incur interest.

      Cheers,
      May

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