15 Month Balance Transfer Credit Cards

Want to be debt free by next year? A 15-month balance transfer credit card allows you to repay your debt and pay $0 interest

Finding a 15 month balance transfer card is like finding a ticket to freedom from high interest mounting debt. If you understand and comply by the terms, these credit cards will consolidate your debts and give you the opportunity to pay it down without the burden of interest. Consider the terms of the offer and compare it to other credit cards with similar promotions to ensure that you’re using the right debt consolidation strategy for you.

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Rates last updated May 23rd, 2018
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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
HSBC Low Rate Credit Card
0% p.a. for 20 months with 2% balance transfer fee
13.25% p.a.
$79 p.a.
Receive up to 20 months interest-free on balance transfers with a 2% BT fee. Also enjoy exclusive offers with the home&Away Privilege Program.
Citi Rewards Classic Credit Card
0% p.a. for 15 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Receive 1 point per $1 spent on eligible purchases, up to $50 cashback when you meet the minimum spend and a 15 month balance transfer offer.
Citi Platinum Credit Card - 100k Bonus Points
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.

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


How do 15 month balance transfer credit cards work?

New customers who apply for a 15 month balance transfer credit card will get the full functions that you find with any card, with the bonus of a long term, low interest, debt consolidation offer. When you apply you will be requested to provide any relevant information regarding the debt you wish to transfer. In most cases the debt can be from credit or charge cards, but usually can’t be from an existing account with the same bank. If approved, the bank will then make arrangements to have those balances transferred to your new account.
Upon approval, you will have the benefit of not being charged any to that particular debt for 15 months. Since you are not accumulating more debt in interest, ideally, you should find it easier to pay it down. All balance transfers come with terms and conditions (including the amount you can transfer), so make sure to consider these before applying. Depending on the card you choose and how you use it, a balance transfer can be a worthwhile way to reduce your debts.

How can I compare 15 month balance transfer credit cards?

Not only should you be looking at the specific terms of a 15 month balance transfer offer, you need to consider the other features of the credit card in order to determine its benefit to you. Look at the following points carefully, and compare them between different cards before making a final choice:

  • Length of low rate offer. Not all debt consolidation offers are at 15 months. Ensure that the interest-free period you are given is sufficient for paying down your debt.
  • Revert rate. Check to see what the interest rate reverts to once the 15 month period ends. With some cards it will be the purchase rate, while with others it will revert to a higher cash withdrawal rate.
  • Standard rate. Credit cards typically come with two interest rates, one for your purchases and one for when you make any cash withdrawal. This is a feature that you should compare carefully if you plan on using your credit card for financial transactions as well as the balance transfer offer.
  • Annual fee. Annual fees vary greatly between different credit cards and should be one of your comparison points.
  • Balance transfer fee. With some cards, there will be a one-time fee charged by the bank for the transfer of your balances.
  • Transfer amount. You will be allocated a portion of your available balance for debt consolidation. This could be as high as 95%, but in some cases can go as low as 80% of your available balance.

What are the drawbacks of using a long-term balance transfer credit card?

Annual fees, high revert rates and a limit on the amount of money you can transfer are all features of a 15 month balance transfer credit card that can hurt you if you don’t carefully choose the one with suitable terms for you.
However the primary drawback to a long-term balance transfer credit card is that it is not ideal for making purchases or cash withdrawals. Since 2012, credit card companies are obligated to follow a certain hierarchy regarding how payments are directed. All repayments are first applied to the items on the statement that attract the highest interest rate, which are usually cash advances. Next will be standard purchases and fees, before any payments can be applied to your interest-free balance transfer. Unless you are prepared to clear your monthly balance and make an additional payment towards the consolidation debt, that debt will never go down if you use the card for purchases and advances.
Not even interest-free days on purchases will save you, as most credit cards that offer this feature only allow it if there is no additional balance on the card, and the balance is paid completely in full by the statement due date.

Using a balance transfer credit card

Jane was approved for a 15 month balance transfer credit card, and was able to consolidate $10,000 of her debt onto one card with no interest. With a new credit card in her wallet, she thinks there can be no harm in finally buying that $500 television she has had her eye on. Especially when her new credit card features 55 interest-free days.
Jane did not read the fine print, and does not realise that with an outstanding balance, she does not qualify for interest-free days. Not only that, but her payments will not make it to her balance transfer amount. If she continues this way, then no progress will be made towards bringing that balance down before the special interest-free offer ends.

A 15 month balance transfer credit card definitely has its advantages, but only if you use it right. Compare your various options carefully against your spending habits to make sure that this is the right product for you.

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How can I apply for a balance transfer credit card?

How you apply will depend on the bank and credit card you have chosen after doing your research. Still, there are some standards that most banks follow during the application process regarding eligibility:

  • Age. Most credit cards allow for applications from individuals as young as 18.
  • Residential status. Whether or not the offer is available to Australian residents only will be of special concern to those who are living in Australia with a temporary work or student visa.
  • Level of debt. Banks will not offer credit cards to individuals who already have a high debt to income ratio.
  • Income. A number of credit cards will have a minimum income requirement in order to qualify.

You will also need to have the following details during the application process:

  • Contact information. The bank will need to be able to reach you with any additional questions either by phone or via email.
  • Residential information. A physical address within Australia will be required.
  • Income information. Proof of how much money you make can be shown with your current pay slips or tax documents.

Frequently asked questions

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22 Responses

  1. Default Gravatar
    IvanMarch 10, 2015

    I have a personal credit card with you atm can i do a transfer pay out with this at 0% transfer

    • Staff
      JonathanMarch 10, 2015Staff

      Hi Ivan, thanks for your inquiry!

      Please note that finder.co.au is a comparison service and is not directly affiliated with a lender. As long as the destination bank/lender is not affiliated with the originating bank/lender and you meet their application requirements a balance transfer will be supported. Please see this page for considerations when completing a balance transfer.



  2. Default Gravatar
    ivyDecember 22, 2014

    I salary package my personal loan but nowhere on the form is there somewhere where u can put this, where can it be stated about this on a credit card application? My reasoning is that it actually does not affect my amount of monies I have to pay off other debts as it is part of my tax deductions.

    • Staff
      ElizabethDecember 23, 2014Staff

      Hi Ivy,

      Thanks for your question.

      Card issuers sometimes only consider your after-tax income as this is the amount that goes towards your finances. You might be able to get in touch with the bank/card issuer directly and inform them of your financial situation, as each one will have different requirements for approval.

      I hope this has helped.



  3. Default Gravatar
    LuckyAugust 30, 2014

    If I transfer my balance over to a 0% card does the lender expect me to make equal monthly payments ? Or can I make what I want each month

    • Staff
      ShirleySeptember 1, 2014Staff

      Hi Lucky,

      Thanks for your question.

      You are required to make the minimum monthly repayments. Anything on top of that amount is up to you.


  4. Default Gravatar
    pamFebruary 24, 2014

    Hi. I. currently have a $13,000 credit card debt, I have to pay $300 a month in interest alone, I can afford to pay off $600. I’m trying to get a balance transfer but three banks have turned me down. Why?

  5. Default Gravatar
    KristyAugust 18, 2013

    Hi, I am looking to transfer from ANZ to another bank to save on paying interest. I currently have $ 6000 to transfer but probably will not be able to pay it all off even if I take a 12 or 15 month transfer. What is your advice for this situation – I don’t want to be caught out having to pay more in the long run. Thanks

    • Staff
      JacobAugust 19, 2013Staff

      Hi Kristy.

      Please have a look at this page for some key considerations about balance transfers.

      Ideally, you want to go for the balance transfer promotional terms that’s going to allow you to repay the balance while it’s charged at the promotional rate of interest. After the promotional period, the balance transfer balance will be charged at the cash advance and the purchase rate of interest, you can find out more about this through the above link.

      At the end of the promotional period, you can also transfer the balance to another card again. You can do this as many time as you’re approved for a new credit card and as long as you’re not transferring the balance between two cards offered by the same or related institutions.

      Thanks for your question.


  6. Default Gravatar
    JoeJune 27, 2013

    Hi Jacob!
    Your advice on our situation would be appreciated. We have $15K sitting on a Westpac card @ 19%+ . We have two ANZ cards with zero balance on them – one is $15K and the other $11.5K
    What do you see as our best move at this point?

    • Staff
      JacobJune 28, 2013Staff

      Hi Joe. Thanks for your question. There’s a couple of things you can do. As an existing ANZ customer, you can check with ANZ to see if there is a balance transfer promotion running on one of your existing cards, and if there is, you can transfer from your Westpac cards to your ANZ card as an existing ANZ customer (assuming that you meant the $15K and $11.5K were your credit limits on your ANZ cards). You can even transfer $10,000 to one card and $5,000 to another card. Your other option is to open a new card and transfer everything to that. Your approved credit limit on your new card has to be more than the amount you want to transfer to make this work. Either option is better than continuing to pay close to twenty percent interest on a credit card balance. Let me know if you have any more questions. I hope this has helped. Jacob.

  7. Default Gravatar
    JackApril 17, 2013

    Can and balance on an existing ANZ card be transferred to a long term card.

    • Staff
      JacobApril 17, 2013Staff

      Hi Jack. Thanks for your question. Yes, you are able to transfer a balance between ANZ credit cards; however, you won’t be eligible for the promotional rate of interest you see advertised – this is for new customers only. To find out more information about balance transfers to existing ANZ credit cards, please contact them directly – they make these offers available to customers from time to time; however, they’re not advertised to the public. Jacob.

  8. Default Gravatar
    tomApril 15, 2013

    hi there i have a personal loan with the NAB. of $5000, i want to get the ANZ 2.5 % 15 month credit card how would i go about this?

    • Staff
      JacobApril 15, 2013Staff

      Hi Tom. Thanks for your question. Citibank allow you to do this. You can transfer the balance of a personal loan to a Citibank line-of-credit and credit card. Jacob.

  9. Default Gravatar
    nealMarch 31, 2013

    i am currently on the age pension is this suitable for me credit card $16000

    • Staff
      JacobApril 2, 2013Staff

      Hi Neal. Thanks for your question. If you’re on an aged pension, please apply through a branch. The online application process does not cater for people who can’t put down their employers details and is likely to result in a failed application. Jacob.

  10. Default Gravatar
    ElizabethMarch 15, 2013

    Hi! If you can help me, this would be great . I have needed to do this for some time, but am confused with all the deals/offers etc.
    I have 2 cards pretty much maxed with a total debt of around $10,000 and looking to pay this off once and for all. Am I better taking a zero interest shorter term card, or a longer, say 12-15 mths with a 3-5 % interest rate.
    How much monthly would I need to pay to achieve my goal in each case?

    • Staff
      JacobMarch 15, 2013Staff

      Hi Elizabeth. You’re the only one who’s in a position to make that call. It all comes down to how much you earn and how much you think you can put towards the card each month – this will dictate the balance transfer offer that’s right for you. I went thought something similar recently. I had a $5,000 credit card debt that I transferred to the ANZ Low Rate Card @ 0% for 9 months. I made a little video about my experiences with the balance transfer process, which I think you should watch – it explains some of the points of the balance transfer process and may be helpful if this if your first time. It’s extremely difficult commenting on how much you will have to pay each month – you will have to find a card first. If you have questions about the balance transfer process, Fred Schebesta, one of the directors at https://www.finder.com.au made a short video explaining the process. Let us know how you go.

    • Default Gravatar
      DylanJune 17, 2013

      Hi Jacob,

      I am in a similar situation as Elizabeth in that I have a $10K in debt over 2 maxed out cards. 1 of which is with CBA who is my main bank and offered me the highest credit limit of $7k. My question is what are the chances of ANZ offering me the same or higher credit limit? I have only paid the minimum on both cards, no late fees, and held them both only for 6 months. I have done a credit check and appears to be good.


    • Staff
      JacobJune 17, 2013Staff

      Hi Dylan. Thanks for your question. Do you mean that you’re looking to apply for an ANZ credit card, and you want to transfer the balance (approx. $10K) to the new ANZ credit card if approved, and you want to know what your chances of being able to transfer the entire balance from the existing cards to the new ANZ card (ANZ let you transfer up to 95% of your approved credit limit)? When you open a new credit card account with a limit, you’re basically taking on more debt / opportunity to debt – this in turn reduces the ratio of assets / income to liabilities / expenses. The higher your debt / expenses the less credit you’ll get on your new card. Looking at my own situation. I was approved for a card in 2012 for $13,000. Later that year I applied for an ANZ credit card and the maximum they could give me was $9,000. Imagine if I applied for another credit card, my borrowing capacity would be reduced again, and I would only be eligible for a lower limit than the previous two. You may want to consider speaking to a lender directly. They won’t be able to tell you what you’ll limit you’ll get, but they may be able to provide a ball-park figure. Hope this makes sense to you and has answered your question. Please let me know if there’s anything else you would like to know. Jacob.

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