Best Balance Transfer Rates* – 0% Interest Credit Cards

Do you have existing 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 Platinum

St.George Credit Card Offer

A platinum card from St.George which lets you enjoy a long-term balance transfer offer and a low ongoing interest rate of 12.74% p.a. on purchases.

  • $99 p.a. annual fee
  • 12.74% p.a. on purchases
  • 0% p.a. for 20 months on balance transfers
  • Cash Advance Rate of 21.49% p.a.
  • Up to 55 days interest free

0% Balance Transfer Credit Cards Comparison

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.

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, you can also compare your options based on the length of the balance transfer period and whether you can repay the entire debt in that time. 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. 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.
  • Extra features. Credit cards can provide a range of extra perks and benefits, including frequent flyer points per $1 spent, complimentary travel insurance and rewards programs. If you're concentrating on repaying your debt and not using your card to make purchases, you might not make full use of some of these features.

Julie's balance transfer

julies_school_supplies_shutterstockJulie is a stay-at-home mum with two kids in primary school. The kids have grown out of last year's shoes and clothes, so Julie needs to buy the kids new uniforms before school goes back. She puts this spend on her credit card which takes the balance up to $3,500. The card she is using is currently using has an interest rate of 20.99%. To save on interest costs, she transfers the total balance to a card with 0% on balance transfers for 12 months and no annual fee.

By transferring her balance and repaying the entire debt within the promotional period, she will save $684.21 in interest which she can now put away for next year's school supplies.

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 to Best Balance Transfer Rates* – 0% Interest Credit Cards

  1. Default Gravatar
    Laura | April 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
      May | April 4, 2017

      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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