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Balance transfer credit cards to turn your debt frown upside down.

Over 90 offers ranked for July. Get 0% for up to 28 months.

$
% p.a.
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1 - 10 of 96
Name Finder Score Purchase rate p.a. Annual fee Balance transfer rate p.a. Amount Saved
St.George Vertigo Card
St.George Vertigo Card image
Finder score
9.9
Purchase rate p.a.
13.99%
Annual fee
$55
Balance transfer rate p.a.
0% for 28 months with 1% balance transfer fee, then 21.99%
Amount saved
$1,780.59 over 28 months
Go to siteMore Info
Get a 0% p.a. interest rate on balance transfers for 28 months (with a 1% balance transfer fee). Ends 31 July 2024.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Virgin Australia Velocity Flyer Card - Balance Transfer Offer image
Finder Award
Velocity Frequent Flyer
Finder score
9.7
Purchase rate p.a.
20.74%
Annual fee
$0 first year ($149 after)
Balance transfer rate p.a.
0% for 24 months, then 20.99%
Amount saved
$1,413.89 over 24 months
Go to siteMore Info
Get 0% p.a. on balance transfers for 24 months (with no BT fee) and a $0 annual fee in the first year.
NAB Low Rate Credit Card
NAB Low Rate Credit Card image
Finder score
9.2
Purchase rate p.a.
13.49%
Annual fee
$0 first year ($59 after)
Balance transfer rate p.a.
0% for 28 months with 2% balance transfer fee, then 21.74%
Amount saved
$1,768.59 over 28 months
Go to siteMore Info
Get a 0% p.a. interest rate on balance transfers for the first 28 months (with a 2% BT fee). Plus, save with a $0 first-year annual fee.
Westpac Low Rate Card
Westpac Low Rate Card image
Finder score
9.1
Purchase rate p.a.
13.74%
Annual fee
$59
Balance transfer rate p.a.
0% for 28 months with 2% balance transfer fee, then 21.99%
Amount saved
$1,768.59 over 28 months
Go to siteMore Info
Save with a 0% p.a. interest rate on balance transfers for 28 months (with a 2% BT fee). Plus, a low 13.74% p.a. purchase interest rate.
Kogan Money Card – Exclusive Offer
Kogan Money Card – Exclusive Offer image
Exclusive
Kogan Rewards Program
Finder score
7.1
Purchase rate p.a.
9.99% for 18 months, then 21.99%
Annual fee
$0
Balance transfer rate p.a.
0% for 18 months with 2% balance transfer fee, then 22.74%
Amount saved
$1,335.99 over 18 months
Go to siteMore Info
Save with 0% p.a. interest on balance transfers (with a 2% BT fee) and 9.99% p.a. on purchases, both for 18 months, plus, an ongoing $0 annual fee.
Bankwest Breeze Classic Mastercard
Bankwest Breeze Classic Mastercard image
Finder score
6.1
Purchase rate p.a.
0% for 12 months, then 12.99%
Annual fee
$49
Balance transfer rate p.a.
0% for 12 months with 2% balance transfer fee, then 12.99%
Amount saved
$878.32 over 12 months
Go to siteMore Info
Save with 0% p.a. on purchases and balance transfers for 12 months (with a 2% BT fee).
Virgin Money Anytime Rewards Credit Card
Virgin Money Anytime Rewards Credit Card image
Virgin Money Rewards
Finder score
7.2
Purchase rate p.a.
19.99%
Annual fee
$149
Balance transfer rate p.a.
0% for 12 months, then 20.99%
Amount saved
$778.32 over 12 months
Go to siteMore Info
Offers 80,000 bonus Virgin Money Points (worth $400 in gift cards) when you spend $3,000 or more on eligible purchases in the first 3 months.
Bankwest Breeze Platinum Mastercard
Bankwest Breeze Platinum Mastercard image
Finder score
6.1
Purchase rate p.a.
0% for 12 months, then 12.99%
Annual fee
$69
Balance transfer rate p.a.
0% for 12 months with 2% balance transfer fee, then 12.99%
Amount saved
$858.32 over 12 months
Go to siteMore Info
Get 0% p.a. interest on purchases and balance transfers for 12 months (with a 2% BT fee). Plus 0% foreign fees and complimentary overseas travel insurance.
Qantas Premier Everyday
Qantas Premier Everyday image
Qantas Frequent Flyer
Finder score
5.8
Purchase rate p.a.
19.99%
Annual fee
$99
Balance transfer rate p.a.
0% for 12 months with 2% balance transfer fee, then 21.99%
Amount saved
$828.32 over 12 months
Go to siteMore Info
Get 2 bonus Qantas Points per $1 spent on eligible purchases in the first 4 months (up to 8,000 points), plus complimentary insurance.
Qantas Premier Platinum
Qantas Premier Platinum image
Qantas Frequent Flyer
Finder score
5.3
Purchase rate p.a.
19.99%
Annual fee
$349 first year ($399 after)
Balance transfer rate p.a.
0% for 12 months with 2% balance transfer fee, then 21.99%
Amount saved
$578.32 over 12 months
Go to siteMore Info
Earn up to 100,000 bonus Qantas Points. Plus, save with a reduced first-year annual fee and 0% p.a. for 12 months on balance transfers, with a 2% BT fee.
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Our best balance transfer offers for July 2024

Here are some of the best balance transfer credit cards on the market, based on their Finder Score:

Updated July 2024 by Finder's money editor, Richard Whitten.

The lowdown on Finder Score

Let's face it, the average person doesn't spend all day comparing credit cards. But we do. That's why we developed the Finder Score.

It's a quick, easy way you can see how one credit card compares to others on the market.

But a lot of work goes into that number. Every month we:

      • Analyse over 300 credit cards with balance transfer offers.
      • Assess seven features of each card and give each component a rating.
      • Combine the ratings via a weighted methodology to decide the Finder Score.

We give different scores for different categories. So one card might get a 9 in the balance transfer category but only a 7 in the rewards category.

The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.

Balance transfer credit cards - score weightings

FeatureDefinitionAssessmentWeight
Balance Transfer PeriodLength of the interest-free period on transferred balances (in months)Longer periods earn more points, up to the market maximum40%
Balance Transfer FeePercentage charged on the transferred balanceLower fees score higher. 0% fee receives the maximum points20%
Balance Transfer RateInterest rate on transferred balances after the introductory period endsLower rates score higher. 0% rate receives the maximum points15%
First-Year FeeAnnual fee charged in the first year of ownershipLower fees score higher. $0 fee receives the maximum points12%
Ongoing Annual FeeAnnual fee charged from the second year onwardsLower fees score higher. $0 fee receives the maximum points8%
Revert RateInterest rate applied to remaining balance after the introductory periodLower rates score higher2.5%
Purchase RateInterest rate on new purchasesLower rates score higher2.5%

Finder Scores: What they mean

  • 9+ Excellent - These cards offer the longest 0% interest periods, lowest balance transfer fees, and competitive revert rates for maximum savings.
  • 7+ Great - Tackle debt with generous interest-free periods, reasonable balance transfer fees, and potential for additional perks.
  • 5+ Standard - Reduce interest costs with reasonable interest-free periods and balance transfer fees.
  • Less than 5 – Basic - These are generally cards aimed as general audiences which include a balance transfer feature.

Best low rate balance transfer card - NAB Low Rate Card

NAB Low Rate Credit Card

  • 0% Balance Transfer Offer
  • $0 Annual fee
  • 13.49% Purchase rate

Pros & cons

  • 0% p.a. on balance transfers for 28 months
  • $0 annual fee for the first year ($59 p.a. thereafter)
  • Free additional cardholder
  • Charges a one-time 2% balance transfer fee
  • No rewards program or travel insurance

Why we like it

  • Offers a long 0% p.a. interest rate on balance transfers for 28 months, with a 2% balance transfer fee.
  • Also has a $0 annual fee in the first year and the $59 p.a. annual fee that applies after that is still relatively low.
  • If you need to make new purchases when you're paying off a balance transfer debt, you can still get interest-free days on new purchases if you pay the "interest-free days payment" (listed on your statement) in full by the due date.
  • The 13.49% p.a. interest rate for purchases is 6.67 percentage points lower than the average standard credit card rate of 20.16% (based on RBA data).

Best no fee balance transfer - Virgin Australia Velocity Flyer Card

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

  • 0% Balance Transfer Offer
  • $0 Annual fee
  • 20.74% Purchase rate

Pros & cons

  • 0% p.a. interest on balance transfers for the first 24 months, with no BT fee
  • $0 first-year annual fee ($149 p.a. after that)
  • $129 Virgin Australia Gift Voucher each year
  • Velocity Points per $1 spent on eligible purchases
  • High 20.74% p.a. interest rate for purchases
  • No interest-free days on purchases if you have a balance transfer
  • 3.3% international transaction fee

Why we like it

  • Offers 0% p.a. interest on balance transfers for 24 months with no balance transfer fee, giving you up to 2 years interest-free to pay off existing card or loan balances.
  • The $0 first-year annual fee also gives you a way to save on account costs, with a $149 p.a. annual fee after that.
  • It also offers a $129 Virgin Australia gift voucher each year and Velocity Points on new purchases (but no interest-free days on purchases when you're paying off a balance transfer)

Best 28-month balance transfer - St.George Vertigo Card

St.George Vertigo Card

  • 0% Balance Transfer Offer
  • $55 Annual fee
  • 13.99% Purchase rate
Ends on 31 July 2024

Pros & cons

  • Balance transfer rate of 0% p.a. for the first 28 months
  • A low ongoing annual fee
  • Shopping cashbacks through ShopBack
  • Competitive purchase interest rate of 13.99% p.a.
  • Additional cardholder at no extra cost
  • Charges a one-time 1% balance transfer fee
  • Balance transfer rate reverts to 21.99% p.a. at the end of the introductory period
  • No rewards program, travel perks and insurance covers

Why we like it

The St.George Vertigo card has one of the longest balance transfer offers on the market, plus a low annual fee and a low purchase rate. This is a card that is designed for helping people deal with mounting credit card debt. Note that there is a 1% balance transfer fee.
This card has a Finder Score of 9.9 in the balance transfer category.

Want more great credit cards? Check out all the 2024 Finder Credit Card Award Winners.

Best Balance transfer credit cards 2024 (video)

What is a balance transfer credit card?

Struggling to pay off your credit card balance? Those high monthly interest charges don't help. Sounds like you could use a balance transfer credit card.

If you switch to a new credit card with a 0% balance transfer offer, you can move the debt to the new card and pay no interest. The best cards have a 0% offer for up to 28 months. We can help you compare balance transfer offers from 43 card providers.

Sounds great! What's the catch?

There's no catch. But...

  • Your new card provider may charge a one-off balance transfer fee of 1–3% of your balance.
  • At the end of the balance transfer period the 0% interest rate reverts to a much higher rate (often above 20%). Pay it off before this happens.
  • You will get charged interest on any new spending you do on the card. This is called the purchase rate.
Key

The key to making a balance transfer work

1. Once the balance transfer is complete, start paying the debt off.
2. Figure out a realistic amount you repay each month (and stick to it).
3. Close the old credit card (the one you used to rack up the debt). That way it won't get you into any future trouble.
4. Look at your past spending. Figure out where you went wrong with the old card. You have to avoid making the same mistakes with your new card.

Does transferring credit card balances affect your credit score?

When used correctly, a balance transfer credit card can help you repay your debt and improve your credit score in the long-term. But applying for a new credit card leaves a hard enquiry on your credit report (and may decrease your score for a month or two).

Try to avoid applying for multiple cards. This will lower your credit score. Missing repayments on the balance transfer card will also hurt your credit score.

How to compare balance transfer credit cards

Many Australian credit cards let you make a balance transfer when you apply. Here's how you know you've found a good one.

  • 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. Make sure the first thing you do is compare credit cards.
  • Watch out for the transfer fee. Some cards charge a balance transfer fee. This one-off fee is 1% to 3% of the amount you transfer.
  • Find a 0% balance transfer rate. The best balance transfer credit cards in Australia offer 0% interest for the promotional period.
  • Take note of the revert rate. If you haven't paid off the balance transfer by the end of the offer 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.
  • Know your limits. On some cards you can only transfer up to a percentage of your approved credit limit (usually 70% - 100%). You can see Finder's guide to balance transfer limits for more information.

How much can I save with a balance transfer credit card?

The amount you'll save with a balance transfer credit card depends on how much you owe, your current interest rate, the balance transfer offer and your monthly repayments (among other things).

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

We've compared a hypothetical balance transfer offer with monthly repayments on a standard credit card. The current balance and interest rates are based on Australian credit card statistics and data in 2024.

0% balance transfer cardStandard credit card
Current balance$2,978$2,978
Interest rate0% p.a.20.16% p.a.
Period or term12 monthsOngoing
Balance transfer fee1% (29.78)N/A
Monthly repayment$248.17$276.09
Time to pay off12 months12 months
Interest paid$0$335.12

Even if you take into account the one-off balance transfer fee of $29.78, this 12-month balance transfer example saves you $300.

Want to see how much you could save? Put your balance and interest rate into the balance transfer table's calculator, or use Finder's credit card repayment calculator to help set your repayment goals.

Pros and cons of balance transfer credit cards

Pros

  • 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.
  • Pay off debt faster. By not paying interest you should be able to get rid of your balance a lot faster.
  • Simplify your payments. If you have several 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 card fees.
  • Perks and extras. If you want to use the card after you have paid off your balance, perks like credit card travel insurance or rewards could help you get more value out of the card in the long run.

Cons

  • Balance transfer fee. This one-time fee can range from 1% to 3% of your balance transfer amount, when it applies. That would mean a fee of $100 to $300 on a $10,000 debt.
  • Revert rate. If you don't pay off your whole balance transfer during the introductory period, this is the interest rate you'll pay on the remaining balance.
  • 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 lower it further and you may not be approved.
Tim Bennett

I got into some credit card trouble in my early twenties. I was stuck with over $5000 of debt on a Commonwealth Bank credit card that I should never have taken out. That might not seem like a lot to some people, but I was struggling financially at the time, and the interest was crippling. I took out an ANZ balance transfer card and was able to get zero interest for 18 months, which gave me a lot more space to pay the thing off.
— Tim Bennett, Lead publisher

Is a balance transfer credit card right for me?

A balance transfer credit card is really useful if you are struggling with unpaid credit card debt - and interest - from one or multiple cards.

Still not sure if a balance transfer card is right for you? Ask yourself these questions first.

      1. Is there a way I can pay off my balance without getting a new card?
      2. Can I afford the fees that come with the new card?
      3. Will I be able to pay my balance off before the 0% period ends?
      4. Am I eligible for this credit card? Is my application likely to be rejected?

Check your credit score before you apply for a card.

What's the best way to pay off a balance transfer credit card?

      1. Make a plan. Look at your budget and see how much you spend and save each month. Figure out how much you can use to pay off the balance. If there's not much money, try to find ways to cut back, like cutting out subscriptions or unnecessary expenses. Use the savings to pay down your balance.
      2. Do the maths. Take your unpaid balance and divide it by the number of months on your 0% balance transfer offer. Let's say you have a $4,000 balance to repay and a 28 month balance transfer offer. You need to repay $143 a month.

Set yourself up for success by setting up direct debit payments from your bank account each month. Watch as your balance goes down, and make sure it's paid off before the balance transfer period ends.

How long does a balance transfer take?

The balance transfer process typically takes between 5 and 14 days from when you activate the new card, although it does depend on the credit card provider.

If you want to know how long a balance transfer can take with a particular bank or credit card brand, we've also summarised how Australian card issuers manage balance transfers and the processing times you can expect in a table.

How long does it take for a card company to complete a balance transfer?

It will take more than a week to complete a balance transfer, from application to approval and then the actual transfer of your balance.

InstitutionHow long to complete a balance transferBalance transfer notes
American ExpressNormally within 10 business daysOnce approved, American Express balance transfers are normally completed within 10 working days. During this time, you'll need to continue making any payments that are due on your existing accounts.
Bank of MelbourneUp to 14 daysIf you apply for a Bank of Melbourne card and are approved, it can take up to a week for your balance transfer to go through. Once it's complete, it's your responsibility to contact your old bank to close your account. If you don't, then you'll continue to be charged any account maintenance fees (like annual fees) that come with your card.
BankSAUp to 14 daysIf you apply as a new BankSA customer, the balance transfer request will only be processed after you have completed an identification check and activated the card.
Bendigo BankVariesOnce your application is approved, Bendigo Bank staff will contact you for details needed for the balance transfer. Once they have them, the balance transfer will be processed. Depending on your existing provider's processes, it could take up to 48 hours for the balance to be moved once Bendigo Bank has paid out your old card.
CitiUp to 10 business daysBalance Transfers can take up to 10 business days to process. Within that period, you need to continue making payments until there is no outstanding balance on your existing accounts.
ColesUp to 10 daysAs Coles credit cards are issued under the Citi brand, you won't be able to transfer balances from other Citi branded accounts. This includes cards from Citi, Suncorp Bank, IMB, Qantas Money and Virgin Money.
HSBCUp to 7 business daysWith HSBC, the balance transfer process is started once your application is approved. However, you should still allow around 7 working days for the balance to be added to your new account. You'll still need to make any payments due on your existing accounts.
Macquarie BankUp to 5 daysNote that balance transfers are not allowed from any account issued by Macquarie Bank. This includes other Macquarie or Card Services accounts.
NAB5 to 10 business daysNAB will begin the balance transfer process around five days after your card is approved, even if you have not yet used the card. When this happens and the balance transfer is processed, NAB will consider it as your agreement to the card's terms and conditions.
VirginUp to 10 business daysMost Virgin Money balance transfers are processed within 10 working days from when you activate your card, although you should allow more time if Virgin Money sends a cheque to your old provider. Make sure you check the balance of your old and new accounts to see when the transfer is completed.
WestpacUp to 10 daysWith Westpac, you typically request the balance transfer during the application process. Once you activate the card, any approved balance transfers will occur.

Struggling with debt? Help is available

It's easy to get into trouble with a credit card. Sometimes it's easy to sort this out with some careful budgeting and a balance transfer.

But if you've got multiple, serious debts, bad credit history, or other issues that seem to make it impossible to get back on track financially, it's much harder.

Hardship support is available

If you're struggling, talk to your bank, card company, utility or other service provider. These companies have hardship support schemes in place. You might be able to get extra time to pay a bill, or a pause on loan repayment.

It's always better to have a tough conversation before you start missing payments.

Free financial counselling

You can also call the National Debt Helpline on 1800 007 007 and get free financial counselling and support.

Why you can trust Finder's credit card experts

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
expert adviceYou save time. We spend 100s of hours researching credit cards so you can sort the gold from the junk faster.
independentYou compare more. Our comparison tools bring you more credit cards from across the market.

Frequently asked questions

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Sarah Megginson's headshot
To make sure you get accurate and helpful information, this guide has been edited by Sarah Megginson as part of our fact-checking process.
Richard Whitten's headshot
Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise
Richard has written 526 Finder guides across topics including:
  • Home loans
  • Property
  • Personal finance
  • Money-saving tips

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35 Responses

    Default Gravatar
    DanielJune 20, 2024

    Which is the best balance transfer card for June 2024 that has the lowest interest rate and longest promotion period?

      AvatarFinder
      SarahJune 28, 2024Finder

      Hi Daniel,

      The longest offer right now is 28 months and the interest rate is 0%, although note that with this particular offer, a 1% balance transfer fee applies. So if you transferred $5,000, you’d pay a fee of $50.

      Hope this helps!

    Default Gravatar
    FraserMarch 21, 2024

    Can I please have the existing balance on my account 456457106191****

      AvatarFinder
      SarahMarch 25, 2024Finder

      Hi Fraser,

      We are a review and comparison site, you’ll need to contact your bank directly for customer service.

    Default Gravatar
    DougFebruary 6, 2024

    Hi Amy
    So we have recently had a balance transfer approved for the full amount of debt on a selected card. Now we are looking at replicating for another card however we will not be able to manage the full amount.

    Meaning are strategy is to pay off the amount within the interest free period and then cancel the card

    Will the lenders allow you to select the amount and keep the other card open????

      AvatarFinder
      SarahFebruary 14, 2024Finder

      Hi Doug,

      It depends on your overall amount of debt compared to your income levels. When you apply for any credit card, the lender will assess your ability to repay not just that credit card, but all of the cards you have.

      Many people don’t realise that when assessing your application, the lender will assume that all of your credit cards are “maxed out”. This is because you have ready access to that credit and could make purchases up to the full limit at any stage, so they have to be prudent and ensure you can afford your new card AND your existing debts, assuming they are at their limits.

      For instance, if you have 3 cards that total $50,000 in credit limits, the bank will assume you have a debt of $50,000 and a minimum repayment of 3% per month, or $1,500.

      What this means for you is that the lower your overall limits are, the greater your chance of being approved for an additional credit card.

      Hope this helps and best of luck!

    Default Gravatar
    LeanneJanuary 3, 2024

    Hi,
    I am considering moving 2 x Credit Cards into a Bankwest Zero Platinum Mastercard.
    Will the actual application for a consolidation of 2 credit cards to one affect my score? Or leave a print?
    Also, why won’t any of the financial institutions consolidate 100% of the current balance on the existing cards? Thanks. L

      AvatarFinder
      AmyJanuary 15, 2024Finder

      Hi Leanne,
      If you requested the balance transfer for both credit cards at the same time, it would typically be considered a single application that requires 1 credit check. So it may depend on factors including whether you request the balance transfers at the time of your credit card application or later, and on the bank or credit card brand.

      In regards to balance transfer amounts, the percentage limit is based on the approved, available credit limit for the new credit card – not your existing cards. For example, if you applied for a credit card that accepted balance transfers worth up to 95% of the available credit limit and were approved for a $5,000 credit limit, you could balance transfer a total of $4,750 from existing cards.

      You can factor this in when you apply for a balance transfer credit card, and may be able to request a credit limit that would be sufficient to allow you to transfer the total balances on your current cards. Just keep in mind the credit limit request, balance transfer request and credit card account are all subject to lending criteria and approval. I hope this helps.

    Default Gravatar
    ShaggyJune 12, 2023

    G’day
    Can I transfer a personal loan onto a 0% credit card

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