Balance Transfer Credit Cards - 0% for up to 36 months | Finder

Balance Transfer Credit Cards

Done with debt? A balance transfer could save you over $2,000 on a $5,000 debt. See how much you could save now.

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A credit card balance transfer gives you a way to move the money you already owe to a new credit card that offers a low or 0% introductory interest rate for a set period of time. This can save you money on interest charges and help you pay off your debt faster.

HSBC Credit Card Offer

HSBC Platinum Credit Card

0% p.a. for 36 months on balance transfers
Discounted $29 first-year annual fee

Eligibility criteria, terms and conditions, fees and charges apply

HSBC Credit Card Offer

Enjoy a 0% introductory balance transfer rate for 36 months, with no balance transfer fee.

  • $29 first-year annual fee (reverts to $129 thereafter)
  • Complimentary travel insurance and 2 lounge passes per year
  • Earn 1 HSBC Rewards Point per $1 spent in Australia and 2 overseas
  • Purchase rate: 19.99% p.a. | Cash advance rate: 21.99% p.a.
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Compare Balance Transfer Credit Cards

When comparing offers, check which one offers the most savings. Even if it charges an annual fee or balance transfer fee, the balance transfer period might still save you more money.

Data updated regularly
% p.a.
Name Product Balance transfer rate Purchase rate Annual fee Amount saved
HSBC Platinum Credit Card
0% p.a. for 36 months
19.99% p.a.
$29 annual fee for the first year ($129 p.a. thereafter)
Save money with a 0% balance transfer rate for 36 months (with no BT fee), a first-year annual fee discount and free travel insurance.
Kogan Money Black Card - Exclusive Offer
0% p.a. for 24 months
20.99% p.a.
Finder Exclusive
Save with a $0 annual fee and a 0% introductory rate on balance transfers. Plus, earn $50 Credit and uncapped rewards points.
Coles No Annual Fee Mastercard - Exclusive Offer
0% p.a. for 12 months
0% p.a. for 12 months, reverts to 19.99% p.a.
Finder Exclusive
Earn 10,000 bonus Flybuys points and save on interest charges with 0% p.a. on balance transfers and purchases for 12 months.
Citi Rewards Card - Balance Transfer Offer
0% p.a. for 30 months
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 26 months
20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Get 0% p.a. for 26 months on balance transfers and a reduced first-year annual fee. Plus, $129 Virgin Australia Gift Voucher per year.
Virgin Money No Annual Fee Credit Card
0% p.a. for 12 months
0% p.a. for 12 months, reverts to 18.99% p.a.
Save with an ongoing $0 annual fee and 0% p.a. on balance transfers and purchases for 12 months.
ANZ Low Rate
0% p.a. for 20 months
12.49% p.a.
$0 annual fee for the first year ($58 p.a. thereafter)
Save with 0% p.a. on balance transfers for 20 months (with no BT fee) and $0 first-year annual fee. Plus a 12.49% p.a. purchase interest rate.
St.George Vertigo Classic
0% p.a. for 28 months
13.99% p.a.
Enjoy a 0% interest rate on balance transfers for 28 months, with no balance transfer fee.
Bankwest Breeze Classic Mastercard
0% p.a. for 26 months with 2% balance transfer fee
10.99% p.a.
$0 annual fee for the first year ($49 p.a. thereafter)
Save with 0% p.a. on balance transfers for 26 months (with a 2% BT fee) and $0 first-year annual fee. Plus, a 10.99% p.a. purchase interest rate.
Bendigo Bank Low Rate Credit Card
0% p.a. for 24 months with 2% balance transfer fee
11.99% p.a.
Save with 0% p.a. on balance transfers for 24 months (with a 2% BT fee). Plus a 11.99% p.a. purchase interest rate.
Citi Rewards Card - Points & Gift Card Offer
0% p.a. for 15 months
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Receive 90,000 bonus Citi reward Points (worth $400 in gift cards) and a $100 Coles eGift Card when you spend $3,000 in the first 90 days.
Qantas Premier Platinum
0% p.a. for 18 months with 1% balance transfer fee
19.99% p.a.
$199 annual fee for the first year ($299 p.a. thereafter)
Get 100,000 bonus Qantas Points when you spend at least $4,000 within the first 3 months. Plus a discounted $199 first-year annual fee.
Citi Rewards Card - Velocity Points Offer
0% p.a. for 15 months
21.49% p.a.
$99 annual fee for the first year ($199 p.a. thereafter)
Enjoy 100,000 bonus Velocity Points when you spend $3,000 in the first 90 days. Plus, complimentary travel and purchase insurance.
Westpac Altitude Platinum Qantas
0% p.a. for 18 months with 1% balance transfer fee
20.49% p.a.
$149 annual fee for the first year ($200 p.a. thereafter)
Get 60,000 bonus Qantas Points when you spend $3,000 within 90 days. Plus, a first-year annual fee discount and a 0% balance transfer offer.
Coles Rewards Mastercard
0% p.a. for 18 months with 1.5% balance transfer fee
19.99% p.a.
$0 annual fee for the first year ($99 p.a. thereafter)
Enjoy 20,000 bonus Flybuys points, a $0 first-year annual fee and 0% p.a. on balance transfers for 18 months (1.5% fee applies).

Compare up to 4 providers

What is a balance transfer credit card?

A balance transfer credit card offers you a low or 0% interest rate for an introductory period when you move your existing debt to the new credit card account. This introductory period gives you breathing room from interest charges and can allow you to pay off your debts faster (and for less). You can also use it for debt consolidation.

balance transfer credit cards

Most balance transfer credit cards let you move debt from existing credit cards or store cards. There are also a few that accept debt from personal loans. The actual balance transfer process is simple: when you apply for a balance transfer credit card, you need to include details of the existing account and the amount of money you want transferred. If your application and balance transfer are approved, then your new credit card provider will move the balance to your new account.

After the balance is transferred, you can pay it off without having to pay interest (or a very low rate of interest) for a set period of time. At the end of the introductory period, any remaining debt from your balance transfer will attract a higher, standard interest rate.

You can watch the video below to find out what a balance transfer is and how they work.

Example: A 0% balance transfer card vs. paying off your current card

To help you figure out whether a balance transfer card could save you money (and time), we've compared a common balance transfer offer with monthly repayments on a standard credit card using. The current balance and interest rates are Australian averages from October 2020. We assume that the annual fee on both cards is the same and no new purchases are being made.

0% Balance Transfer CardStandard Credit Card
Current balance$2,728$2,728
Interest rate0% p.a.17.00% p.a.
Period or term12 monthsOngoing
Balance transfer fee1.5%N/A
Monthly repayment$230.74$230.74
Time to pay off12 months14 months
Interest paid$0$278.75

In this example, a credit card balance transfer would save you $278.75 in interest and you'd pay off your debt two months faster – even while making the same monthly repayments and forking out for a balance transfer fee. You can use our credit card repayment calculator to figure out how much you could save and set your repayment goals.

What is the best balance transfer credit card?

There are lots of balance transfer credit card deals available in Australia and there isn't one that is the "best", but some will offer you better savings than others. To help you find a balance transfer card that suits you best, here's what you need to know:

  • Look for a long offer. The longer the offer term, the more time you'll have to pay off your debt for a low or 0% rate.
  • Watch out for the transfer fee. Some cards charge a balance transfer fee of 1% to 3% and that can eat into your potential savings.
  • Find a low rate. Most balance transfer credit cards in Australia offer 0% interest for the promotional period. Typically, the lower the rate, the more you'll save.
  • Take note of the revert rate. If you haven't paid off the balance transfer by the end of the promotional period, the higher revert interest rate will be charged on your leftover debt.
  • Check the eligibility. You can usually transfer a balance from Australian-issued cards or accounts, as long as they are from a different issuer. Some cards also allow you to transfer debts from personal loans and lines of credit held with other Australian financial institutions. See our guide to the banks you can and can't transfer between for more information.
  • Know your limits. On some cards you can only transfer up to a percentage of your approved credit limit. This can range from 70% to 100% of your available credit limit. If you apply to transfer more than your limit, the remaining amount will stay in your old account(s) and collect interest. You can see Finder's guide to balance transfer limits for more information.

How to do a balance transfer in 4 steps

compare balance transfer offers1. Compare balance transfer offers
Use the table above to compare offers and see how much you could save.
apply for a new balance transfer card2. Apply for a new card
Read the requirements, gather your documents and request the balance transfer during the application.
activate your new credit card3. Activate your new card
When you receive the card, activate it by phone or online (and start making repayments).
close your old credit card4. Close your old account
You are not required to close your old account, but it's usually a good idea to help you stay out of debt.

Quick tips for making the most of your balance transfer

  1. Make sure you can transfer enough of your balance. It doesn't have to be 100%, but if you have to split your balance, make sure you can manage both cards.
  2. Pay off the full balance before the end of the promotional period (auto-payments can help). This way you will avoid the higher revert interest rate.
  3. Don't spend on the new card. This way your repayments go towards your balance transfer and you won't add to your debt.

Pros and cons of balance transfer credit cards

Balance transfer credit cards can be a useful tool to help you pay off existing debt and clear your balance faster. However, there are some potential downsides to these offers.


  • Save on interest costs. You can transfer your existing balance to a new card and get a low or 0% interest rate for a while. This will almost always be lower than the interest rate you're currently paying and will save you money on interest charges.
  • Pay off debt faster. By not paying interest (or paying a much lower rate), you should be able to pay off your balance a lot faster because the amount won't be creeping up (or will be a lot less) month after month.
  • Simplify your payments. If you have a few debts, you can use a balance transfer card to combine them so you only have to keep track of one credit card bill. Not only will this help you manage your debt, it can also save you money on annual fees and other card costs.
  • Complimentary extras. If you want to use the card after you have paid off your balance, perks like travel insurance or rewards could help you get more value out of the card in the long run.


  • Balance transfer fee. This is a one-time fee that you may have to pay to move your balance over to the new card. These fees can range from 0% to 3% on your balance transfer amount, which could mean a fee of $300 on a $10,000 debt.
  • Revert rate. If you don't pay off your whole balance in full during the introductory period, this is the interest rate you'll pay on the remaining balance. Typically, it is higher than the purchase interest rate.
  • Balance transfer limits. Depending on the card and how much debt you want to transfer, you may not be able to move it all onto the new card. You could still be saving money, but you'll also have to manage your existing card.
  • Credit score impact. Every time you apply for a new credit card, an enquiry is recorded on your credit report. If you already have a weak credit score, this could decrease it further and you may not be approved.

Frequently asked questions

Does 0% interest mean no payments?

No, even if you're paying no interest on your balance transfer debt, you still have to make at least the minimum repayment for each statement period. This is usually stated as "3% of outstanding balance or $30, whichever is greater". You can check the minimum payment requirements by looking at review page for individual cards or by looking at the key facts sheet that credit card providers must share with you before you apply.

What happens at the end of my balance transfer?

After the introductory period ends, the 0% interest rate ends too. If there's any debt left over that you haven't paid, it will start to be charged interest at the "revert rate". This is usually, though not always, the cash advance rate. The cash advance rate is higher than the purchase rate, so if you haven't paid off your balance in time, it could end up costing you more in interest than your old card. This is why it's so important to plan your repayments and pay off as much of your debt as possible during the introductory period.

How many times can you do a balance transfer?

There is no set maximum amount of times you can transfer a balance between credit cards. However, you should factor in any balance transfer fees, the enquiries on your credit report and your chance of being approved for new cards with different banks. Ideally, you should focus on paying it back in full and eliminating the need for multiple transfers.

Can I use my balance transfer card to make new purchases?

Yes but those purchases will collect the standard purchase interest rate. Even if your card has an introductory 0% rate on new purchases, you should concentrate on repaying your debt rather than making more purchases. It's also important to note that for many banks, interest-free days don't apply to purchases when you're carrying debt from a balance transfer.

Do balance transfers hurt your credit?

A balance transfer does not inherently hurt your credit score. Whenever you apply for a new credit card, it does leave a hard enquiry on your credit report (and may decrease your score) but the balance transfer itself has no effect. That said, missing repayments on your credit card will hurt your credit score, so be sure to weigh up what's best for keeping your credit healthy.

What happens if I keep my old card open?

When you transfer an existing balance to a new card, it's your responsibility to contact your current credit card or loan provider and close the old account. If you don't, you could end up paying account costs for a card you're not using. Before you close the card, make sure the balance is completely transferred or paid in full and move any regular payments (such as direct debits) to another account.

Balance transfer credit cards can help you save on interest costs and get your debt under control. As there are so many different balance transfer cards on the market, there is no one best option that works for everyone. Instead, look at the size of your debt, what you can afford to pay each month and the card’s features to find a balance transfer card that works for you.

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27 Responses

    Default Gravatar
    sueOctober 21, 2019

    $0 credit card no fee lowerest interest rate

      Default Gravatar
      NikkiOctober 23, 2019

      Hi Sue,

      Thanks for your comment.

      You may refer to our list of low rate credit cards. On the page, you will find a table that compares the features and benefits of each credit card provider such as purchase rate, annual fee, interest-free periods, and balance transfer rate. This way it will be easier for you to see which provider fits you best.

      You can click the button on the right side of the “purchase rate” column, it will sort the cards with 0% interest rates within a promo period. If you need further help, a quick guide on how to compare low-rate credit cards is also stated on the page.

      As a friendly reminder, check the eligibility requirements of the card before proceeding with your application. Also, read about its features and benefits and see how it fits your financial needs. Additionally, it’s helpful to review the PDS and Terms & Conditions of the card before fully committing to the card. You may also reach out to the bank if you have any clarifications. When you are ready, press the ‘Go to site’ button to apply.

      Hope this helps and feel free to reach out to us again for further assistance.


    Default Gravatar
    WhichOctober 17, 2019


    I’ve narrowed my choice down to either St. George Vertigo Classic, BankSA Vertigo or Bank of Melbourne BT as they are all 0% pa for 18 months, with an annual fee of $55 per year which suits me. The purchase rate is different on each, however my question is this: “As long as I don’t purchase anything on any of these cards (I don’t usually on a BT because otherwise it never gets paid!) during the time I have it and also during the promotional period, I won’t get charged any purchase rate? So basically, only if I purchase?”

    Just trying to choose which of these 3 cards is best as I have no intention of buying anything once I’ve transferred my debt.

      Avatarfinder Customer Care
      JeniOctober 19, 2019Staff

      Hi D,

      Thank you for getting in touch with Finder.

      Your understanding of not making purchases on the same card you did a balance transfer with to prevent a purchase interest fee is correct. You can check our guide about managing purchases on a balance transfer card for more details.

      I hope this helps.

      Thank you and have a wonderful day!


    Default Gravatar
    sueAugust 2, 2019

    What are the hidden costs paying off a credit card this way. I have a $4500.00 balance on my credit card. About a quarter of what I pay goes on on charges, a payment of $45.50 plus goes in charges just to make the payment. I got into this card with the whole own it now and now with no interest on purchases. And when I got it I realized it was just a credit card, with huge interest on purchases. Silly me I guess. But how many people actually read the terms, they seem like a whole lot of words nobody has heard of .. I will be reading them with a magnifying glass from now on.

      Default Gravatar
      NikkiAugust 3, 2019

      Hi Sue,

      Thanks for getting in touch! Balance Transfer credit cards, as far as fees are concerned, generally involve:

      Balance transfer rate
      Balance transfer revert rate
      Balance transfer fee

      For more detailed information on what entails the fees, please read the part of the page above saying “How can I compare credit card balance transfer offers?”

      For any hidden fees, these are dependent on the card you apply for so it’s important to check the terms and conditions and Product Disclosure Statement before committing to the product.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.


    Default Gravatar
    KarmaJune 5, 2019

    Do you have to have good credit rating to transfer balance?

      Avatarfinder Customer Care
      JhezJune 5, 2019Staff

      Hello Karma,

      Thank you for your comment.

      Yes, you need to have at least a good credit rating to have a big chance of being approved for a balance transfer credit card and be able to do a balance transfer.


    Default Gravatar
    LizApril 24, 2019

    HI! I have a joint credit card with my ex husband. He is not making payments. We owe $23k on the card. Looking at doing a balance transfer. Will any banks allow a 100% balance transfer? How easy is it to transfer the balance? My credit score is not great due to missing some payments, will this be a factor in getting approved? Thanks, Liz.

      Avatarfinder Customer Care
      MaiApril 25, 2019Staff

      Hi Liz,

      Thank you for reaching out to Finder.

      Doing a balance transfer is pretty much straightforward. There are banks that will allow you to transfer the whole balance from your old card. Say the card allows you to balance transfer 80% of your credit limit, you need to be approved with a minimum credit limit of $28,750 to cover the full $23,000 balance from the old card.

      Please note though that your credit score is a big factor in credit card application approval. You can read our guide on how to get your credit card application approved so you will have an idea of what to do prior to application.

      Hope you find this helpful.

      Kind Regards,

    Default Gravatar
    MonicaMarch 21, 2019

    Hi there,

    Just curious if I transfer my balance to a new bank and card and close my old one, can I still use the new one for purchases?

      Avatarfinder Customer Care
      JeniMarch 23, 2019Staff

      Hi Monica,

      Thank you for getting in touch with Finder.

      Yes, you may still use your balance transfer credit card for new purchases. Basically, your repayments will go towards your purchase debt before your balance transfer debt because credit card payments are allocated to the balance with the highest interest rate first. You may find tips on managing new purchases on a balance transfer credit card.

      I hope this helps.

      Thank you and have a wonderful day!


    Default Gravatar
    AydinMarch 7, 2019

    I am looking for to transfer my Credit Card to another bank, but want to earn Qantas Frequent flyer points as well, no interest for min 12 months with a decent interest rate can you let me know which is best??

    Default Gravatar
    AnJIshOctober 24, 2018

    We have a credit card with a bank, #a, but they have changed our rewards system. There is another bank, #b, that offers better rewards we would like to switch to bank #b, but as we have a debt on the existing credit card with bank #a we need to do a balance transfer in order to close the account with bank #a. So we would need to do a balance transfer with a different bank, bank #c (as we require a credit card for everyday purchases being bank #b and they will offer no interest free days on any purchases with a balance transfer in play). So, my question is, do we do a balance transfer from bank #a to bank #c 1st then apply for a better rewards credit card with bank #b? Or apply for the credit card with bank #b first, with the existing debt with bank #a, then apply to bank #c for a balance transfer application?

      Avatarfinder Customer Care
      JeniOctober 25, 2018Staff

      Hi Anjish,

      Thank you for getting in touch with Finder.

      Either ways would be fine before you cancel/close bank A – applying with bank C then do a balance transfer then apply for bank B for your everyday purchases or with bank B first before applying with bank C to do a BT. Credit card providers basically set their own eligibility criteria so it is best to check if you are eligible before you submit your application. Mostly, they check your credit score and capability to repay your credit card balance but not which company you owe some money with.

      I understand that you’ve done some research on getting a credit card for your everyday spend and balance transfer needs however, there are some cards that would offer both – 0% on balance transfer and 0% on purchases too. You may see and compare your other options from our list of credit cards with a 0% balance transfer rate and a 0% purchase rate.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!


    Default Gravatar
    LeilaniAugust 11, 2018

    Is there an Australia bank that will allow balance transfer from a relative to me if I apply for one of those balance transfer credit cards?

      Avatarfinder Customer Care
      JohnAugust 11, 2018Staff

      Hi Ari,

      Thanks for leaving a question.

      Generally, it is possible to balance transfer debts from your partner’s credit card to your own credit card or a new balance transfer card that you have applied for however, not all banks/credit card providers allow this type of transfer. Also, in some cases, you may need to add your partner as an additional cardholder or is a signatory on the credit card that you will be transferring to before the bank/provider allows the balance transfer. See our list of banks that allow balance transfer between partners. Once you have chosen a particular account, you may then click on the “Go to site” button to apply.
      Hope this helps!


    Default Gravatar
    DavidMay 2, 2018

    Can I apply for a credit card balance transfer if I am an existing bank customer. I dont want to transfer from that banks credit card but another bank.

      Avatarfinder Customer Care
      JhezMay 2, 2018Staff

      Hello David,

      Thank you for your comment.

      Generally, most 0% balance transfer credit card are an introductory offer and are specifically offered to new customers who want to move their debt from an existing credit card that’s issued by a different provider.

      It’s important to check the terms and conditions of the product since this will vary per provider.


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