Balance Transfer Credit Cards

Pay off your debt faster with 0% interest for up to 25 months on a balance transfer credit card.

A balance transfer credit card can help you save on interest with an introductory low or 0% interest rate when you move your existing debt onto a new card. The introductory interest rate runs for a fixed number of months (usually between 6 and 24) and then reverts to a higher standard rate. Sometimes you'll pay a one-time balance transfer fee as part of the deal. You'll also typically pay an annual fee for the card.

Use this guide to find out how balance transfers work and how you can save on credit card interest. You can also learn about the different types of balance transfer cards available in Australia; how to compare balance transfer cards to pick the best one for you; common concerns about these cards; balance transfer mistakes to avoid; and how to increase the chances of your application succeeding. You can calculate your potential savings with a wide range of Australian cards using the table below.

St.George Vertigo Platinum - Online Offer

0% p.a. for 24 months on balance transfers with no BT fee
$0 annual fee for the first year

Offer ends 13 December 2017

Eligibility criteria, terms and conditions, fees and charges apply

Balance Transfer Credit Card Offer

The St.George Vertigo Platinum credit card features a no BT fee balance transfer offer, a first year annual fee waiver and a low variable interest rate on purchases.

  • 0% p.a. for 24 months on balance transfers with no BT fee. Reverts to variable cash advance rate after promotional period.
  • $0 annual fee for the first year ($99 p.a. thereafter).
  • A low variable interest rate of 12.74% p.a. on purchases and a variable cash advance rate of 21.49% p.a.
  • Wide range of premium features including complimentary overseas travel insurance and the Visa Platinum Concierge Service.
  • New card applications only. Balance transfer must be requested at card application.
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Balance Transfer Credit Cards Comparison

Rates last updated December 11th, 2017
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 13 December 2017.
NAB Premium Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.
Citi Rewards Platinum Credit Card
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 24 month balance transfer offer, plus complimentary international travel insurance.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Receive a 0% p.a. for 22 months balance transfer offer and earn 1 Reward Point per $1 of eligible spend. Plus, complimentary travel insurance.
St.George Vertigo Visa - Online Offer
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Take advantage of 0% p.a. for 18 months on balance transfers (with no BT fee). Plus, $0 annual fee in the first year. Ends 13 December 2017.
ANZ Platinum Credit Card - Exclusive Offer
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)
Exclusive to finder, get 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Ends 17 December 2017.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 14 months interest-free on balance transfers.
Bankwest Breeze Classic Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$79 p.a.
Receive a long-term balance transfer offer of 0% p.a. for 24 months, a low ongoing purchase rate and up to 55 interest-free days on purchases.
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.
Bankwest Breeze Platinum Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$99 p.a.
Receive a 0% p.a. interest rate on balance transfers for 24 months, complimentary travel insurance and 0% foreign transaction fees.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% balance transfer fee when you apply online by 31 January 2018.
St.George Amplify Card
3% p.a. for 36 months
19.49% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Take advantage of a 3% p.a. interest rate on balance transfers for 36 months. Plus, a $0 first year annual fee and 1.00 Amplify Point per $1 spent.
BankSA Vertigo Visa
0% p.a. for 18 months with 1% balance transfer fee
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Save with a $0 first year annual fee and a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free on purchases.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with 0% p.a. for 18 months on balance transfers, earn 3 bonus Velocity Points per $1 for the first 3 months and get a yearly $129 Gift Voucher.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 16 month balance transfer offer and special offers from Visa Entertainment.
Qantas American Express Ultimate Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$450 p.a.
Take advantage of 55,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 yearly complimentary Qantas Club lounge invitations.
Australian Military Bank Low Rate Visa Credit Card
0% p.a. for 12 months
10.99% p.a.
$49 p.a.
Enjoy a 0% p.a. for 12 month balance transfer offer with no BT fee, up to 55 interest-free days on purchases, add an additional cardholder for $0.

Compare up to 4 providers

Compare finder.com.au's balance transfer credit cards

Compare the features of the balance transfer cards below:

What is a balance transfer?

A balance transfer involves moving your existing card debt to a new credit card. Balance transfer credit cards usually offer a 0% interest rate for an introductory period, generally 6 to 24 months.

Which type of balance transfer card is right for me?

I want the lowest interest rate

Check out these 0% balance transfers.

I want time to get my debt sorted

Look at long-term balance transfer offers.

I want low interest on new purchases

Compare 0% balance transfers and purchase offers.

I don’t want to pay an annual fee

Consider no annual fee balance transfer credit cards.

I want to earn rewards points too

Explore balance transfer credit cards with rewards programs.

I want to calculate my repayments first

Use our Balance Transfer Calculator.

How does a balance transfer work?

how does a balance transfer work diagram

finder's money expert Angus Kidman answers the ins and outs of a balance transfer

Answers to the most common balance transfer questions and concerns

A balance transfer involves moving your existing credit card debt from one bank to another bank that offers an introductory low or 0% interest rate on the balance transfer. This allows you to save on interest during the promotional period, which is usually between 6 to 24 months. In turn, this can also help you pay off your debt faster. If you're unable to repay your entire debt before the promotional period ends, you'll be charged a higher, standard interest rate for the remaining balance. This rate is usually the same as the standard purchase or cash advance rate.

How do I apply for a balance transfer credit card?

You usually need to request a balance transfer when you apply for a new credit card if you want to take advantage of a promotional 0% interest rate. Generally, there is a section on the application that asks if you'd like to transfer existing debt to the new account. You'll then need to share details of your existing credit card debt on the application – including the account number, the issuer's BSB and how much you want to transfer. If you're successful, your debt will be automatically moved over to your new account after you have activated the new card.

What is a balance transfer fee?

A balance transfer fee is a one-time fee that may be applied when you request a balance transfer, particularly if you're applying for a card with a long 0% balance transfer period. This fee is calculated as a percentage of the debt you transfer to the new card and is usually between 1% and 3%. For example, if you had a $20,000 debt, a 3% transfer fee would cost you $600. This $600 would be added to the balance and is usually also eligible for the promotional 0% balance transfer interest rate.

How much money can I save with a balance transfer?

The amount you can save depends on the specific features of the balance transfer offer, the credit card and the amount of your existing debt. But you can see how much you'll save on interest charges by using the balance transfer comparison tables on this page. Simply enter the amount of debt you're transferring and the current interest rate you're paying on your existing card and the calculator that's built into the table will show you how much you'll save over the promotional period in the "interest saved" column.

Exactly how much you'll save will depend on the size of your debt, the length of the 0% balance transfer credit card offer and your repayments. But in some cases, you could save hundreds or thousands of dollars in interest while you clear your debt. This is why it's important to compare credit cards with balance transfer offers before you apply to see what the promotional rate is, how long it lasts and other fees that apply (such as a credit card annual fee or balance transfer fee).

Do I have to contact my old bank and new bank to make the switch?

Your new card issuer manages the balance transfer process after both your card and the balance transfer are approved. You just need to provide details of your existing card when you apply. But if you want to close your old card, you'll need to do that yourself by contacting your bank. If you don't close your old account, you could be stuck with annual fees and any other maintenance costs that come with your existing account.

What's in it for my new credit card issuer?

Credit card issuers make money when you pay interest, so why would they charge 0% when they could charge 20% or more? Here's why:

  • You'll eventually revert to a higher rate. If you don't pay off your entire debt during the promotional period, you'll end up collecting interest at the standard rate for your card. This is usually the purchase rate or cash advance rate, which can range between 9% and 22%. Once that happens, your new credit card issuer can potentially make hundreds or even thousands of dollars from you in interest charges.
  • Persuading you to switch is tough. Australians are reluctant to switch banks and it's often expensive for banks to acquire new customers. Offering a discounted interest rate is one of the cheapest ways for banks to attract potential customers. It's essentially a cheap form of marketing.
  • You'll still have to pay interest on new purchases. While you might enjoy 0% interest on your balance transfer debt, the standard variable interest rate for purchases will usually apply to any new purchases you make while you're paying off that debt. This is because most credit cards don't offer interest-free days on purchases if you're carrying a balance, which means adding new charges to your card could make it harder to save on interest and pay off your debt before the introductory period ends.

Can I do a balance transfer with my existing credit card issuer?

No, you typically can't perform a balance transfer while staying with the same institution. You also can't perform a balance transfer to other banks within the same group or owned by the same organisation. For instance, you can't transfer from St.George to BankSA and Bank of Melbourne as they're owned by Westpac. Check our complete list of which credit card issuers won't allow transfers between each other to discover which issuers will accept your balance transfer.

Are there any hidden catches involved in a balance transfer?

Credit card issuers have to provide full details about a balance transfer. But here are two key details to remember that could help you avoid snags:

  • Reverting interest rate. The promotional rate for your balance transfer is locked in, so you won't have to pay higher interest rates during the offer. When the promotional offer ends, a higher revert rate will apply to any remaining debts.
  • Minimum payments. Even if you get a 0% balance transfer credit card, you will still have to make the minimum repayment each month. If you only make the minimum repayment, you likely won't clear the entire debt before the promotion ends. Once it finishes, any remaining debts will start collecting interest and your balance will continue to grow.

Hundreds of thousands of Australians arrange balance transfers each year, and the process is safe. However, our guide to avoiding common mistakes with balance transfers will help you use your new card effectively.

Can I take advantage of interest-free days on a balance transfer credit card?

Most credit cards offer a set period of interest-free days as a standard feature of the card. You can usually only take advantage of interest-free days when you've paid your balance in full. So, if you're still repaying your balance transfer, you won't be able to get the interest-free days that usually apply to purchases.

Can I request a balance transfer after submitting my application?

Yes, it is possible to transfer a balance after you've applied for the card. However, the exact terms and conditions of doing this vary between the banks. It's best to contact your bank directly to discuss your option but you can compare some of the banks processes below:

  • Citi. You can apply for a balance transfer within up to three months after approval and will still be able to take advantage of the promotional offer.
  • NAB. NAB allows cardholders to apply for a special introductory rate for a limited time. The balance transfer promotion is only available when you complete the balance transfer at the time of the credit card application.
  • Virgin. You can apply for a balance transfer offer within 30 days of card approval.
  • Bankwest. You can apply for the balance transfer offer, but the length of the offer will be impacted by the date you apply for it. So, let's say the card offers 0% for 18 months. If you apply for the balance transfer 3 months after card approval, you'll only be able to take advantage of the offer for 15 months.
  • ANZ. ANZ will not offer the promotional 0% balance transfer offer once you've applied. Instead, you'll be given the balance transfer offer that is offered to existing cardholders, which usually involves less competitive interest rates and offers fewer savings.

Can I get a balance transfer for a personal loan or store card?

While most balance transfer deals are for credit card debt, some credit card issuers will let you transfer debt from a personal loan or store card as well. You can use our guide to learn more and compare credit cards that offer personal loan balance transfers.

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How to do a balance transfer in five steps

How The Balance Transfer Process Works Follow these five steps to successfully apply for a balance transfer credit card and improve your chances of approval:

  1. Find a balance transfer offer that meets your needs. Use our comparison tables to easily compare credit cards with balance transfer offers and see how much you could save. Enter your debt details and click on the "Amount saved" column to see which cards could offer you the greatest savings, or click on "Advanced Search" to narrow your search down even further.
  2. Check how much you're eligible to transfer. The amount you can transfer to your new account usually varies between 80% and 100% of your approved credit limit. So, if you can only transfer 80% of your $10,000 credit limit, you'll only be able to transfer up to $8,000. To get the most accurate details of your debt, contact your existing credit card provider and ask for balance details that include interest charges, annual fees, direct debits or any other costs that may be applied before the balance transfer is complete. Balance transfer times vary but as a guide, it's good to allow an extra 10-15 business days from when your new card is approved. You'll also need to make sure that you've selected a new card that accepts transfers from your current bank and card.
  3. Submit your application. If you've found a balance transfer credit card that is right for you, you can click on the "Go to site" button to be directed to a secure online application. Remember to include the account details and balance transfer amount during the application to make sure you're eligible for the promotional 0% interest rate. Check out our guidelines for successfully applying to maximise your chances of approval.
  4. Wait for your application to be approved. Some banks can process your request and offer approval within 60 seconds of applying but others may take between 5-7 days. If you haven't heard from the bank after this time, you can contact them to find out if there's an issue.
  5. Confirm transfer and close your old account. This is not a requirement, but once your new card is set up, contact your old bank and make sure the previous account is closed to avoid any further fees or interest payments. Now it's time to start repaying your debt. Use our tips for paying off your credit card debts faster to clear your debt and maximise your interest savings.

How can I compare credit card balance transfer offers?

There are lots of balance transfer card deals available in Australia, so how can you pick the right one? These are the crucial features you must compare when looking for maximum savings. We include all these features when calculating your total interest saved:

  • Balance transfer interest rate. This is the interest rate that will be charged on the balance transferred to your new card. In 2017, most balance transfer credit cards offer 0% interest rates for a promotional period of up to 24 months. But some cards may charge a higher rate than this or have a shorter introductory period. Either way, if it's temporary, this rate is usually referred to as the "promotional rate" or "introductory offer".
  • Introductory period. The promotional period refers to how long the low-interest rate applies. Depending on the card, this could range from 6 to 24 months. Once the promotional period expires, you'll pay a much higher rate (the "revert rate"). The longer the promotional period, the more time you have to clear your debt.
  • Balance transfer fee. This is a one-time fee, that is sometimes charged as a fixed percentage of the debt you transfer to your new card. Typically, this ranges from 1% to 3%. Balance transfer fees are often charged for balance transfer deals with longer promotional periods, such as those offering 0% interest for 24 months. Try and avoid them if possible or at least make sure that they don't outweigh the interest savings you'll make from the 0% balance transfer offer. You can use the "Amount saved" column of our comparison table to compare potential savings on cards with and without balance transfer fees.
  • Annual fee. Most balance transfer offers charge an annual fee, starting from when the account is opened. Some credit card issuers waive this for the first year. The annual fee is treated as a purchase and incurs the same interest rate as other purchases you make with the card. If there's a promotional 0% purchase offer in place, your annual fee won’t accrue any interest until the promotion ends. To get maximum value from your card, make sure that the interest savings you make from the 0% balance transfer offer outweigh the annual fee.
  • Revert rate. After the promotional period ends, the remaining debt will be charged interest at the higher "revert rate". Typically, this is the standard cash advance or purchase rate and ranges from 12% to 22%. It's also sometimes referred to as the "standard balance transfer rate". If you don't think you can repay your entire debt before the promotional period ends, you should look for a card with a lower revert rate to minimise your interest costs.

These card features are less important when you're paying off existing debt but are still worth factoring into your comparison:

  • Purchase rate: This interest applies to any new purchases made on the card. While this is usually 12% or more, some credit card issuers offer a promotional 0% rate on purchases as well. You can check out a full list of cards with that feature here. While it's best practice not to use your card for purchases while you're consolidating your debt, you'll want to pay attention to the purchase rate if you plan to use the card for purchases once the balance transfer offer ends and you've repaid your debt.
  • Other benefits: Cards may offer additional benefits such as the ability to earn reward points or free insurance for travel booked on the card. These could be tie-breakers when comparing two similar cards but shouldn't form the basis for your decision when comparing balance transfers.

Why might my application be refused?

credit-card-rejection-reasons Financial institutions assess balance transfer applications carefully. To increase your chances of approval, see some of the factors that could cause a bank to decline your application before you apply:

  1. Poor credit history. You'll need a good credit history to obtain a balance transfer deal. If haven't checked your credit history in a while, you can order a free copy of your credit score here. However, if you have a poor credit history due to missed payments, defaults on your account or significant levels of debt, you might need to repay more of your debt and demonstrate your ability to make regular repayments before you apply.
  2. Submitting multiple applications too rapidly. Each application you make for a balance transfer deal is recorded in your credit history. If your application is refused, don't just apply to a different credit card issuer straight away. Instead, take some time to repay your debt and carefully compare other card options and ensure that you tick off the eligibility criteria before you apply. Follow the steps in our guide to what to do if your application has been refused to increase your chances of approval with the next application.
  3. Transferring to the wrong bank. If you try and get a balance transfer deal from a bank with the same owner as your current card, you'll be immediately refused. You can't transfer your debt from a Bank of Melbourne or BankSA card to a St.George card, for instance, as they're all owned by the Westpac group. Check out our full list of which banks you can transfer between before you apply.
  4. Cards in a different name. Your new balance transfer card must be in the same name as your current card. If you apply with a different name, such as your partner's name, you'll be turned down. If you need a card with multiple account holders, follow the steps in our guide to getting joint accounts.

To maximise your chances, follow our step-by-step guide to successfully applying for a balance transfer.

Can't get a balance transfer?
If you don't qualify for an interest-free balance transfer on a credit card, look at debt consolidation loans to see if they can help you pay off your debt.

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Mistakes to avoid with balance transfers

Used wisely, a 0% balance transfer credit card will reduce your interest payments and get you out of credit card debt faster. But there is a risk your debts can actually become larger. Ensure you don't get trapped in balance transfer debt by avoiding these mistakes.

MISTAKE: Forgetting you still have to make payments

Even if the promotional period gives you a 0% p.a. interest rate, you still have to make at least the minimum payment each month. You can't simply balance transfer and then stop making payments on your debt. The minimum repayment is usually stated as "3% of outstanding balance or $20, whichever is greater".

MISTAKE: Not checking the revert rate

Once your balance transfer promotion finishes, you'll be paying the revert rate on any remaining balance. When you compare credit cards with balance transfer promotions, aim to choose a card with a revert rate that's lower than your current credit card rate. Alternatively, make sure you repay the entire debt before the revert rate applies.

MISTAKE: Not making more than the minimum repayment

If you're only paying the minimum repayment each month, you won't be able to repay the entire balance by the time the 0% balance transfer offer ends. Then your debt will start to collect interest and it will grow again. Instead, you should calculate exactly how much you need to pay each month to repay the entire balance by the time the interest-free period ends. You can do this by dividing the size of your debt by the number of months in the balance transfer offer. This will give you a goal repayment to meet every statement period to clear the debt before the 0% promotion ends.

So how much should you pay each month? The table below shows what percentage you should pay off each month to fully clear your debt during the interest-free balance transfer period. We've also shown how much this would be for a $10,000 debt. For this example, we're assuming no new purchases are being made with the card.

Duration% of total to repay each month to clear debtWhat that would equal per month on a $10,000 debt
6 months16.67%$1,666.67
9 months11.11%$1,111.11
12 months8.33%$833.33
14 months7.14%$714.29
16 months6.25%$625.00
18 months5.56%$555.56
20 months5.00%$500.00
24 months4.17%$416.67

The key lesson? Budget as much as you can towards paying off your credit card debt while the promotional rate applies. If you haven't paid everything off, it's possible to apply for another balance transfer.

MISTAKE: Putting new purchases on your card

Adding new debt will slow down your ability to repay your card. Don't buy anything new on your credit card that you can't immediately pay off in full. Banks are required to allocate repayments to whichever debt is accruing the highest interest on your account. So, if your balance has a 0% interest rate and your purchases collect the standard interest rate, your repayments will go towards the purchases rather than your balance transfer. Even if your card has a 0% rate on new purchases, you should concentrate on repaying your debt rather than making more purchases.

MISTAKE: Not considering all applicable fees

While you won't be charged interest with a 0% balance transfer, you may have to pay annual fees and a balance transfer fee. Make sure you consider these when choosing a balance transfer deal. Don't dismiss cards purely on the basis of fees. Use our calculator, which compares the total costs for cards, to find the right deal for you.

MISTAKE: Keeping your old card open

It's tempting to hang on to your old card "for use in emergencies". Realistically, if you've run up debt on it before, you're likely to do so again. Cancel the card and concentrate on paying off your balance. Remember to transfer any regular payments. Ask your old bank for the final payout figure so you don't have any leftover debt.


Answers to the most frequently asked questions about balance transfers

Applying for balance transfers

  • Q: Can I transfer my balance to my partner/spouse? A: This is usually possible if you and your partner/spouse are already using a joint-account credit card. Read our full guide and find out which banks will allow this type of balance transfer. However, you usually can't transfer a debt that is in someone else's name to a new account that is under your name.
  • Q: Which banks can I balance transfer to? A: The key rule that decides whether you can balance transfer to a bank is whether or not your existing bank belongs to the same credit provider. For example, balance transfers are not allowed between St.George, Bank of Melbourne and BankSA since Westpac is the credit provider. Find out which banks won't accept your balance transfer.
  • Q: Can I apply for another balance transfer offer with the same bank after my current promotion has ended? A: No. Existing customers are ineligible to apply for 0% interest balance transfer offers with their existing bank. However, if you balance transfer to a different bank, when this balance transfer promotion has ended you will be able to transfer to the first bank again.
  • Q: Can I transfer a credit card balance from overseas to an Australian account? A: No, you can only transfer balances from credit cards issued in Australia.
  • Q: How long will it take for the old balance to appear in my new account? A: While you could be approved for your credit card within 60 seconds, it can take between 1-2 weeks for your old balance to appear in the new account. Please note that the 0% balance transfer offer applies as soon as your card is approved rather than when your balance is in your account.

Using balance transfers

  • Q: Can I make purchases interest-free whilst repaying my balance transfer? A: Unfortunately, you can't take advantage of the standard interest-free days feature when you have an outstanding balance. However, some cards do offer promotional 0% offers on both purchases and balance transfers. You can compare credit cards with interest-free purchases and 0% balance transfers here.
  • Q: How often should I make repayments and how much should they be? A: You should make repayments by the due date detailed on your bank statement each statement period. While you're only required to pay the minimum repayment, you should always aim to pay more to clear your debt faster. This is especially important when you're using a 0% balance transfer offer that will only apply for a promotional period. To avoid paying interest on your debt, you should calculate how much you need to pay each month by dividing the size of your debt by the how the length in months of your promotional period. This will give you a goal repayment to make each month to repay your balance before the promotion ends.
  • Q: Can I repay my card before the balance transfer period ends? A: Yes, you can repay your balance as early as you'd like. In fact, it's wise to clear your debt as fast as possible to avoid the revert rates and any additional interest costs. Unlike a fixed schedule personal loan or home loan, there are no penalties for clearing your credit card debt ahead of time.
  • Q: Which transactions do my repayments go towards first, purchases, cash advances or my balance transfer? A: Banks will allocate your repayments to the highest rate of interest first. This means that with a low interest rate balance transfer promotion, repayments will usually go towards purchases and cash advances first. As a result, it is ideal not to make other transactions when repaying a balance transfer to ensure that all of your repayments are dedicated to clearing your debt.
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345 Responses

  1. Default Gravatar
    KOctober 23, 2017

    Hi. Credit cards (2) totalling $15000, paying minimum not getting anywhere, wasting money. Are there penalties if a relative can pay them both out? Thank You.

    • Staff
      ArnoldOctober 24, 2017Staff

      Hi,

      Thanks for your inquiry

      You should make repayments by the due date detailed on your bank statement each statement period. While you’re only required to pay the minimum repayment, you should always aim to pay more to clear your debt faster. This is especially important when you’re using a 0% balance transfer offer that will only apply for a promotional period. To avoid paying interest on your debt, you should calculate how much you need to pay each month by dividing the size of your debt by the how the length in months of your promotional period. This will give you a goal repayment to make each month to repay your balance before the promotion ends.

      You can repay your balance as early as you’d like. In fact, it’s wise to clear your debt as fast as possible to avoid the revert rates and any additional interest costs. Unlike a fixed schedule personal loan or home loan, there are no penalties for clearing your credit card debt ahead of time.

      Hope this information helps

      Cheers,
      Arnold

  2. Default Gravatar
    AshaAugust 16, 2017

    i have 2 credit cards $10,000 credit limit, and both of them maxed out. When I apply for balance transfer can I apply for $20,000 combining both my credit cards or do I need to appy for individual balance transfers at $10,000 each?

    • Staff
      AnndyAugust 16, 2017Staff

      Hi Asha,

      Thanks for your question.

      Generally, you can transfer multiple credit card balances into one balance transfer credit card account. However, the total amount that you can move ultimately depends on your approved credit limit on the new balance transfer card.

      For instance, you are applying for a credit card with a balance transfer limit of 80% of your approved credit limit and you want to transfer a total of $20K. You need to apply and be approved for a credit limit of at least $25K to be able to do that. It is important to check the maximum balance transfer limit of the card before processing your application so that you will have an idea of how much credit limit you’ll need to move your balances.

      Kindly note that to take advantage of the 0% balance transfer offer, you need to request the balance transfer during your application process.

      Cheers,
      Anndy

  3. Default Gravatar
    ahmedJune 9, 2017

    i have a credit card which i am using since last three years. my credit limit is $6000. and i have used $4,500. so how much i can do the balance transfer to the new card.

  4. Default Gravatar
    DarrinMay 19, 2017

    With the balance transfer fee, does it go on to the card balance or is it a fee you have to pay before the card is issued? Understand I need to meet all the criteria but just interested how they transact the balance transfer fee.

    • Staff
      LiezlMay 19, 2017Staff

      Hi Darrin,

      Thanks for your question.

      Balance transfer fee, which is usually between 1% to 3% of the total balance being transferred, will be charged against your credit limit. In most cases, it becomes part of the total balance owed. For example, if your credit limit is $5,000 on the new card and you want to transfer a balance of $6,000, you will only be able to transfer up to $5,000 including any balance transfer fee. It’s important to make sure to account for this fee when doing a balance transfer. To know more about balance transfer fee works, you may refer to this page.

      In addition, balance transfer fee details can usually be found under the “rates and fees” section of the product disclosure statement (PDS). In case the information is unclear, you may call the credit card company’s customer service team for clarification.

      I hope this helps.

      Cheers,
      Liezl

  5. Default Gravatar
    February 26, 2017

    I have 2 credit card debts. Am i able to do 1 balance transfer for both cards on the one application?

    • Staff
      AnndyFebruary 26, 2017Staff

      Hi Niv,

      Thanks for your question.

      Yes, you can transfer your balance from multiple cards into one credit card account. However, the total amount that you can move ultimately depends on your approved credit limit on the new card.

      You may also want to check this page to see where you can balance transfer to.

      Cheers,
      Anndy

  6. Default Gravatar
    McmanastanJanuary 11, 2017

    Hi,

    So if you do a balance transfer for 15 months and get 15 months interest free on purchases also and you have a mortgage offset account essentially you can use the card for everyday groceries, petrol etc and pay the minimum of that spend plus the balance transfer each month (3%). Then at the end of 15 months pay the balance in full and you reap the interest savings on your mortgage during that 15 month period as you have retained those funds in your offset you would otherwise have spent?

    • Staff
      MayJanuary 12, 2017Staff

      Hi Mcmanastan,

      Thanks for your question.

      Just to confirm, are you planning on linking your new balance transfer credit card to your mortgage as an offset account? Not sure if I got your question right. Nevertheless, when making a balance transfer, this means that you’ve transferred your debts from your old credit card over to a new card so that you can take advantage of the 0% interest on balance transfer. Please note though that the balance transfer will not last long. For instance, the 0% interest offer on BT is offered for 15 months, you have that period to pay off your debt without interest, after that, an interest will be charged on the remaining balance. The same scenario when the promo for the 0% interest on purchases is over, your card will start attracting interest for all your future purchases/charges.

      Furthermore, when your interest-free for the 15-month period for BT and purchases is over and you still have mortgage offset account debited from your credit card, your charges for the mortgage may attract interest in case you’re not able to fully pay your balance every payment due date.

      Cheers,
      May

  7. Default Gravatar
    LaurenAugust 23, 2016

    I’m moving from NZ to Australia. Are there any banks that will transfer an international balance of approx. $5k?

  8. Default Gravatar
    KellieJuly 13, 2016

    Hi
    Would direct debits from a credit card be classes as purchases if a bal tfr was undertaken therefore attracting the higher int rate
    Thank you

    • Staff
      MayJuly 15, 2016Staff

      Hi Kellie,

      Thanks for your question and I apologise for the delayed reply.

      When you use your card for a direct debit, that transaction may or may not be considered as a purchase, depending on the merchant on how they treat your direct debit (whether this could be a purchase or a cash advance). You may also have to consult your card issuer for their advice on this.

      So, whatever is the classification of your direct debit (a purchase or a cash advance), a corresponding interest will apply. The interest that applies will not depend whether or not you have a balance transfer (during a promotional period) on the card.

      Hope this has answered your question.

      Cheers,
      May

  9. Default Gravatar
    RayJune 21, 2016

    I think you should notify everyone near the “Go To Site” button that it doesn’t work in “Mozilla Firefox”. As in nothing happens. It is the only thing I have to use IE for.

    • Staff
      AnndyJune 21, 2016Staff

      Hi Ray,

      Thanks for your comment.

      I used Mozilla Firefox to check our “Go to site” button and it is working fine on my end.

      Cheers,
      Anndy

  10. Default Gravatar
    ScottMay 30, 2016

    Does your comparison chart take into account balance transfer fees when calculating interest saved for balance transfers?

    • Staff
      AnndyJune 1, 2016Staff

      Hi Scott,

      Thanks for your comment.

      The interest saved in our comparison table is computed without considering the one-time balance transfer fee. If you want to know your net savings for a particular balance transfer credit card, you could subtract this amount from the interest saved.

      Cheers,
      Anndy

Credit Cards Comparison

Rates last updated December 11th, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
Woolworths Everyday Platinum Credit Card
19.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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