Get 0% interest for up to 26 months and save money with balance transfer credit cards.
If you want to clear your credit card debt quicker and cheaper, it might be time to consider a 0% balance transfer credit card. Although some balance transfers come with low interest rates, most balance transfers offer 0% interest rates these days. So, you can use these cards to transfer your existing credit card debt to a new credit card and pay 0% interest for a promotional period. You can use this guide to compare the latest 0% balance transfer deals, discover how to pick the right offer for you and learn the mistakes to avoid when you do a balance transfer.
0% p.a. for 24 months
on balance transfers
with a one-time 1% balance transfer fee
$0 first year annual fee
Offer ends 23 October 2018
Eligibility criteria, terms and conditions, fees and charges apply
Westpac Credit Card Offer
The Westpac Low Rate credit card features a long-term balance transfer offer, a first year annual fee waiver and a low variable interest rate on purchases.
- 0% p.a. on balance transfers for 24 months with a one-time 1% BT fee. Reverts to variable cash advance rate (19.49% p.a.)
- $0 annual fee for the first year ($59 p.a. thereafter)
- A low variable interest rate of 13.49% p.a. on purchases
- Request an additional cardholder at no extra cost.
- New card applications only. Balance transfer must be requested at card application.
0% Balance Transfer Rates Comparison
How to find 0% balance transfer rates 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:
- You can find balance transfer credit cards with 0% for 6 months up to 26 months. Consider how long you need to repay your debt in full before the revert rate applies.
- You can't transfer debts between cards from the same bank or partnered issuers. See our guide to which banks you can and can't transfer between for more information.
- You may not pay any interest while the promotion is in place, but you might have to pay balance transfer fees and annual fees.
- You can't transfer more than your approved credit limit, but some cards also only accept balance transfers up to a percentage of the approved credit card (such as up to 80% of the credit limit). You can see our guide to balance transfer limits for more information.
How much could you save with a balance transfer with 0% rates for up to 12 months?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 rates
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.
- Only paying the minimum repayment.
- Don't forget the offer end date.
- Using your balance transfer credit card for purchases.
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 'Amount Saved' column to find out which credit cards will save you the most money. The calculator automatically accounts for any balance transfer fees and annual fees charged for each card. Click on the 'Amount 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.
Calculate your repayments
Frequently asked questions about 0% balance transfers
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