$0 Annual Fee and 0% Balance Transfer Credit Cards

Clear your existing credit card debt without paying interest and annual fees. Find out which card will save you the most money today.

If you’re carrying debt on an existing credit card, chances are you’re also getting bled dry by the compounding interest fees on your account. A high-interest rate can have you trapped in debt for far longer than desirable, and if repaid over an extended period, you could even end up paying more money in interest fees than your initial loan principal.

This is where a balance transfer credit card can really come in handy, by creating the breathing space you need pay down your debt without the interest penalties. An annual fee waiver only sweetens the deal and maximises your savings. All this money saved, if put towards repaying the debt, will also mean you can achieve debt freedom sooner! Read on to learn all you need to know about getting your new $0 annual fee and 0% balance transfer credit card.

Compare balance transfer credit cards with $0 annual fee

Rates last updated July 23rd, 2017.

ANZ Platinum Credit Card

Balance transfer period changed from 18 months to 16 months.

January 18th, 2017

HSBC Platinum Credit Card

Balance transfer offer has been changed to 0% p.a. for 22 months and is valid until 31 August 2017.

May 8th, 2017

Citi Simplicity Card

Intro BT period changed to 6 months and 10% cashback offer on purchases, valid until 31 Aug 2017.

May 23rd, 2017

View latest updates

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
American Express Essential®  Credit Card
Earn 1.00 Membership Rewards point per $1 spent and receive a $50 bonus credit if you meet the spent criteria.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
An exclusive credit card offer through finder.com.au that includes complimentary insurance covers.
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) Go to site More info
Qantas American Express Discovery Card
Earn Qantas points that can be redeemed for a one way, return or multi-destination Classic Flight Reward on over 50 partner airlines.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive an uncapped 1.00 per $1 spent and the ability to use Apple Pay.
0% p.a. for 22 months with 2% balance transfer fee 19.99% p.a. $99 p.a. Go to site More info
ANZ Platinum Credit Card
Enjoy platinum card benefits with a 24/7 personal concierge and complimentary overseas travel and medical insurance.
0% p.a. for 16 months with 2% balance transfer fee 19.74% p.a. $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
Citi Simplicity Card
Earn 10% cashback on eligible purchases (capped at $50 per month) for the first 4 months from card approval.
0% p.a. for 6 months 19.99% p.a. $0 p.a. Go to site More info
Woolworths Everyday Platinum Credit Card
Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.
0% p.a. for 14 months 19.99% p.a. $0 p.a. annual fee for the first year ($49 p.a. thereafter) Go to site More info

How to use a 0% balance transfer to manage post-Christmas debt

 

What is a credit card with a $0 annual fee and 0% balance transfer

This card is designed to let you pay down your credit card balance without the extra costs of interest or an annual fee. It essentially lets you transfer an existing credit card debt from one or more cards onto your new card, where you can enjoy 0% interest on the loan for a specified promotional period, usually between 6 and 20 months. Some cards offer $0 annual fees for life while others waive it for a promotional period. A balance transfer fee may also apply (typically between 1 and 3% of your transferred debt amount), but this can be offset by your interest and annual fee savings.

How to compare credit cards with $0 annual fee and 0% balance transfer

You should always research the various offers available before deciding on a card. When it comes to comparing cards, these are the major factors to consider:

  • Annual fee waiver. Some cards offer an annual fee waiver for the entire life of the card while others only waive it as a promotional offer. In the latter case, you should know when the annual fee will kick in (for example, in the second or third year) and how much it will cost from then on.
  • Balance transfer period. Consider the length of the promotional offer (such as, 0% interest for 6 months vs. 0% interests for 18 months), because the interest fees saved over a longer period can be substantial. Make sure that you can repay your entire balance before the promotional period ends, otherwise your remaining balance will collect the revert interest rate.
  • Revert rate. The revert rate is typically the high interest purchase or cash advance rate that kicks in once the promotional period ends. This is particularly important if you’re uncertain of being able to clear your full debt within the promotional period.
  • Balance transfer fee. This is a one-time fee that you may have to pay to move your balance over to the new card. There are credit cards that omit this fee, but some cards charge up to 3% on your balance transfer amount, which could mean a fee of $300 on your $10,000 debt. This is usually a small amount compared to the interest fees you will save, but should be factored in nonetheless.
  • Balance transfer amount. Some credit cards will allow you balance transfers up to 100% of your new credit card limit, while some may impose a balance transfer limit. Some cards, for example, only let you transfer a balance up to 90% of your card limit on the new credit card. This can be an important consideration if your existing debt is a large amount and you’re not sure what your new approved credit limit will be.
  • Purchase rate. This is the interest rate for new purchases made on the card. Be careful about making new purchases on your balance transfer credit card because you will not be eligible for interest-free days when carrying an outstanding balance and all repayments will go directly to your purchases if it’s collecting the higher interest rate.
  • Cash advance rate. Cash advances, such as ATM withdrawals, usually carry a higher interest rate of around 20% to 22%. Cash advances collect interest immediately and often incur a cash advance fee too, so you might want to avoid them if you’re trying to save on interest and consolidate your debt.
  • Other features. Consider other card features like the complimentary extras that may be offered, as well as the ability to earn rewards on the card. Complimentary extras often include travel insurance covers and purchase protection policies. While you shouldn’t be using the card to make purchases or earn reward points while paying down a balance transfer, these features could be of interest if you plan to continue using the card after your debt has been repaid.

Compare no annual fee credit cards

Rates last updated July 23rd, 2017.

Citi Simplicity Card

Intro BT period changed to 6 months and 10% cashback offer on purchases, valid until 31 Aug 2017.

May 23rd, 2017

Westpac 55 Day Platinum Credit Card

BT period changed from 12 months to 18 months + a new offer of $200 cashback.

June 29th, 2017

Woolworths Everyday Platinum Credit Card

$100 eGift Card plus BT & annual fee offers have been extended until 30 September 2017.

July 1st, 2017

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Visa
Get up to 55 interest-free days on purchases and an additional card for $0.
13.24% p.a. 0% p.a. for 14 months $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
American Express Essential®  Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance when you pay for your phone or contract.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
Citi Simplicity Card
Receive access to complimentary purchase insurance and free bottles of wine with the Citibank Dining Program.
19.99% p.a. 0% p.a. for 6 months $0 p.a. Go to site More info
Coles Platinum No Annual Fee Mastercard
Receive 0.50 flybuys points for every $1 spent everywhere, plus up to 62 days interest-free on purchases with a higher credit limit.
19.99% p.a. 0% p.a. for 6 months $0 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Pay 0% p.a. for 3 months on purchases and receive platinum perks including complimentary travel and purchase insurance.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
Qantas American Express Discovery Card
Earn an uncapped 1 Qantas Frequent Flyer point per $1 spent, plus complimentary purchase insurance.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
HSBC Platinum Credit Card
Earn 1.00 Reward Point per $1 spent and gain access to the Visa Platinum concierge service and Visa Entertainment.
19.99% p.a. 0% p.a. for 22 months with 2% balance transfer fee $99 p.a. Go to site More info
BankSA Vertigo Visa
Get up to 55 interest-free days on purchases and an additional card for $0.
13.24% p.a. 0% p.a. for 18 months $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
ANZ Rewards Platinum
Receive 50,000 bonus Reward Points when you spend $2,500 within the first 3 months from card approval.
18.79% p.a. $0 p.a. annual fee for the first year ($95 p.a. thereafter) Go to site More info
Westpac 55 Day Platinum Credit Card
Enjoy platinum card benefits including a 24/7 concierge service and complimentary insurance covers.
19.84% p.a. 0% p.a. for 18 months with 2% balance transfer fee $0 p.a. annual fee for the first year ($90 p.a. thereafter) Go to site More info
Woolworths Everyday Platinum Credit Card
Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.
19.99% p.a. 0% p.a. for 14 months $0 p.a. annual fee for the first year ($49 p.a. thereafter) Go to site More info

How to apply for a credit card with no annual fee and 0% balance transfer

Once you’ve compared your options and decided which card you want, you can apply online. This can take mere minutes if you have all the necessary information and documents ready, but more importantly, you must meet the card’s eligibility criteria to successfully apply:

Eligibility requirements

  • Age. You must be at least 18 years old to apply.
  • Annual income. Each credit card has its own stipulated annual income requirement, generally starting from $15,000 p.a. upward. Ensure that you satisfy this requirement before applying.
  • Credit history. You must typically have a clean credit history and a good or very good credit score to be successful in your application.

Necessary information and documents

  • Proof of identification. You will need to provide a copy of your driver’s licence and/or passport.
  • Financial information. The application form will ask for financial details and you may also be asked for bank statements and/or other financial documents.
  • Employment details. You’ll be asked to provide details of your current and previous employment, as well as your employer contact details. You will also need to provide recent payslips and sometimes your employment contract. If self-employed, you will generally be asked for your tax assessment notice and other proof of income.
  • Assets, liabilities and expenses. The application will ask for details of your assets, liabilities and expenses, and you may need to furnish proof of listed assets and liabilities.
  • Credit limit and balance transfer. The application will also ask for your desired credit limit, and the requested amount of your balance transfer. You will need to provide the account details of your current credit card(s) from which you wish to transfer your balance(s).

When choosing your new $0 annual fee and 0% balance transfer credit card, it is advisable to forecast a strict repayment schedule to ensure that you can successfully pay off your full debt within the promotional period offered by the card. Make sure your savings on the new card also outweigh all possible future fees, so that the balance transfer ultimately proves worthwhile for you. Once your new card is approved, start chipping away at that old debt without having to worry about interest or annual fees!

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10 Responses

  1. Default Gravatar
    abeJanuary 19, 2015

    can i transfer my personal loan to a credit card of another bank n pay no interest or annual fee

    • Default Gravatar
      KhamsyApril 24, 2015

      If I want to borrow a loan to do business about 30000 to open another 2 Bistro in club. What can do pls?

    • Staff
      JonathanApril 24, 2015Staff

      Hi Khamsy, thanks for your inquiry!

      In regards to $0 annual fee and 0% balance transfer cards, the amount of funds/ credit that is available for use is up to the bank/ lender’s criteria and lending policies, based upon on the individual financial situation. For more information on credit limits on credit cards please see this page. You may also like to refer to the following link for a guide and a list of personal loans.

      Cheers,

      Jonathan

    • Staff
      JonathanJanuary 20, 2015Staff

      Hi Abe,

      Thanks for your question,

      Please see this page for a list of which financial institutions let you transfer the balance from a personal loan to a credit card.

      I hope this helps!

      Cheers,

      Jonathan

  2. Default Gravatar
    AllisonJanuary 15, 2015

    Hello,
    I’m looking at doing a balance transfer to wipe out my current credit card but would like to know if I am legible because I have been doing full time temp work and working a full week every week since April and also have a second job which are both secure, will this disadvantage me?

    • Staff
      JonathanJanuary 16, 2015Staff

      Hi Allison,

      Thanks for your question!

      In regards to applying for credit cards the application requirements can vary slightly depending on the credit issuer. Minimum income requirements vary for each lender and credit card, please see this page for more information about minimum income requirements on credit cards.
      Balance transfers can be an ideal way to manage credit card debt. The maximum amount you can transfer to the card (maximum balance transfer limit) is determined by the credit limit of the card. Most cards will let you transfer up to the credit limit but there are some cards that may let you transfer only up to a percentage of the credit limit usually 95%. Please see this page for more information regarding balance transfer limits.

      If there was a specific credit card you were inquiring about feel free to ask any questions.

      I hope this helps!

      Cheers,

      Jonathan

  3. Default Gravatar
    ChrisOctober 6, 2014

    Not a question, but I can ALMOST guarantee that there is absolutely NO WAY, I’d get a credit card from you. The reason for this, is I’m a victim of circumstances beyond my control. I had people share a house with me when I lived in Peterborough. These people NEVER put in for rent, or utilities, leaving me well over $2k in debt. I now have black marks on my credit file, thanks to these selfish people. This will stay there for about another 4 years. I KNOW I’ll NEVER get ANY finance from you people, or mainstream financial companies, or banks due to this reason.

    • Staff
      ElizabethOctober 7, 2014Staff

      Hi Chris,

      Unfortunately this is correct, many lenders are unlikely to approve a credit card to someone if you have bad credit history. You do, however, have access to other forms of finance such as bad credit loans. Just keep in mind the rates and fees for these types of loans are generally much higher than with other mainstream loans, although they are an option for you.

      Thanks,

      Elizabeth

  4. Default Gravatar
    MargaretOctober 3, 2014

    Please post what the interest rates are after the initial 12 month period.

    • Staff
      ElizabethOctober 3, 2014Staff

      Hi Margaret,

      Thanks for the question.

      Generally, the balance transfer rate will revert to either the cash advance rate or the purchase rate of the card. That being said, the interest rate that the card reverts to will depend on which card you’re looking at. If you look at the individual reviews of the card (by following the links on this page) the revert rate will be listed on the page.

      I hope this has helped.

      Thanks,

      Elizabeth

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