Repay your debt faster and save on interest costs with a balance transfer credit card with 0% p.a. for up to 26 months.
If you want to avoid high interest costs, you can use a 0% balance transfer credit card to move a debt from an existing card to a new one with a different provider that charges no interest for an introductory period. With no interest on the debt, you can save more and pay off your credit card debt faster. You can use this guide to learn more about 0% balance transfer cards, understand how they work and compare interest-free balance transfer offers on the market.
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
0% Balance Transfer 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 credit cards comparison
The finder.com.au best* 0% balance transfer credit cards
Compare the balance transfer offers below and receive extra benefits.
- NAB Low Fee Platinum Card - Exclusive Offer
- St.George Vertigo Platinum - Online Offer
- Suncorp Clear Options Platinum Credit Card - Exclusive Offer
- Westpac Low Rate
Balance transfers explained in 60 seconds
What you'll find in this guide
Follow the steps to learn, compare and apply for a balance transfer offer.
How do 0% balance transfer credit cards work?
While some balance transfer credit cards offer a low interest rate for a promotional period (such as 3% for 30 months), these cards charge 0% interest. As long as you can pay off your debt in full before the introductory offer ends and revert rate applies, you can usually save more on interest costs with a 0% balance transfer deal. Depending on the card, the interest-free period may last from 6 to 26 months.
How much you will save with a balance transfer will depend on the size of your debt, the length of the interest-free offer and whether you can pay it off in full before the revert interest rate kicks in. You can use the comparison table above to compare cards by the potential savings based on your debt and the interest rate you're currently paying.
How to compare 0% balance transfers credit cards
Here are the most important factors you should keep in mind to find a 0% balance transfer card to consolidate your debt:
Length of the balance transfer introductory offer
Many Australian credit cards offer 0% on balance transfers, so you can compare your options by how long the interest-free period lasts for. Depending on the card, the 0% introductory period can vary from 6 to 26 months.
You should look for a card that will allow you to repay the entire debt before the revert rate kicks in. For example, let’s say you have a debt of $7,000 and are looking at a card with 0% on balance transfers for 18 months. You’d need to pay around $389 each month to clear the entire debt before interest applies. If you don’t think you can afford this, you could look for a card with a longer interest-free offer to spread out and reduce your monthly repayments.
How much you are allowed to transfer
Depending on the bank, you can usually transfer between 70% to 100% of the approved credit limit. If you had an approved credit limit of $10,000 and a maximum balance transfer of 80% of the limit, you could transfer up to $8,000. Refer to our guide on each bank's balance transfer limit and how much they will allow you to balance transfer for more information.
Which banks and institutions you can transfer to
You can't transfer your balance to a new card under the same bank. This means that you also can't transfer balances between banks that are owned by the same provider. For example, you can't balance transfer between St.George and Bank of Melbourne as they're both owned by Westpac. Refer to our guide on which banks you can balance transfer to for more information.
Balance transfer revert rate
If you can’t pay your entire balance by the end of the introductory period, any remaining debt will collect the revert rate. This is usually the much higher cash advance or purchase interest rate. It’s important to compare this rate and know when it kicks, even if you’re planning to pay the debt in full before interest applies.
Fees and charges
While you won’t have to pay any interest during the promotional period, most balance transfer credit cards come with other costs. You may be charged a balance transfer fee when you first move the debt, which is usually a percentage based fee of between 1% to 3%.
While some 0% balance transfer credit cards charge $0 annual fee, others can range between $49 to $400 or more. Make sure that the annual fee won't exceed your interest savings before you apply.
You shouldn’t use your credit card to make purchases while you’re concentrating on paying down your balance transfer. In case you have to use the card for an emergency, check the purchase interest rate first.
A 0% balance transfer credit card can be a useful way to get your debt under control and pay off your card with no interest costs. If you’ve compared your options, you can use finder’s guide to applying for a balance transfer for some tips to complete the application.
As there are many interest-free balance transfer credit cards on the market, make sure to compare your options before you apply to find the right one for you.