Balance Transfer Credit Cards

Pay off your debt faster: balance transfer credit cards offer interest rates of 0% for up to 24 months. Here's how you can choose the right one.

Do you want to consolidate your debts and avoid high interest rates? A balance transfer credit card lets you move your existing credit card balance onto a new card with a low or 0% rate. That low promotional rate runs for a fixed number of months (usually between 12 and 24, but can vary), after which the interest reverts to a higher rate. Sometimes you'll pay a one-time balance transfer fee when you move to the new card and you'll generally pay an annual card fee. Despite that, a low or 0% interest rate means you can save significantly when repaying your debt.

This guide explains how balance transfers work and how they can dramatically lower your credit card interest payments; 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; mistakes to avoid with balance transfers; and how to make sure your application is successful. You can calculate your potential savings with a wide range of cards in Australia using the table below.

Sponsorship - Virgin Australia Velocity Flyer Card - BT - PE-28393

Balance Transfer Credit Card Offer

Virgin Money is now offering a long-term balance transfer offer, 2 bonus Velocity Points per $1 spent, an exclusive $129 Virgin Australia Gift Voucher and only half the annual fee of $64 in the first year.

  • Enjoy a 0% p.a. balance transfer offer for 18 months (reverts to cash advance rate).
  • Receive an exclusive $129 Virgin Australia Gift Voucher each year. Conditions and spend criteria apply.
  • Earn 2 bonus Velocity Points on top of the standard earn rates for every $1 spent on everyday purchases in the first 3 months from card approval (capped at 10,000 bonus Points per month).
  • Benefit from a reduced annual fee of $64 in the first year, $129 thereafter.
  • Offer available to new and approved applicants

    Balance Transfer Credit Cards Comparison

    Rates last updated April 30th, 2017
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    Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer
    Earn 2 Velocity Points on top of the standard earn rate per $1 spent within the first three months. Plus, save with a long-term balance transfer offer and a reduced annual fee in the first year.
    0% p.a. for 18 months with 1.5% balance transfer fee 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
    Citi Rewards Platinum Credit Card
    Enjoy a reduced annual fee in the first year, 0% p.a. for 24 months balance transfer offer, Citi Reward Points on eligible spend, plus a complimentary travel insurance.
    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) Go to site More info
    ANZ Platinum Credit Card - Exclusive Offer
    Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
    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) Go to site More info
    HSBC Platinum Credit Card
    Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
    0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
    NAB Low Rate Credit Card
    A low rate card which offers 0% p.a. on balance transfers for the first 18 months combined with a low annual fee.
    0% p.a. for 18 months with 3% balance transfer fee 13.99% p.a. $59 p.a. Go to site More info
    HSBC Low Rate Credit Card
    This card comes with a balance transfer offer, a low interest rate and up to 55 days interest-free on purchases.
    0% p.a. for 15 months with 2% balance transfer fee 13.25% p.a. $55 p.a. Go to site More info
    NAB Premium Card
    Benefit from premium credit card advantages including travel insurance, Platinum Concierge Service plus 0% p.a. for 24 months on balance transfers.
    0% p.a. for 24 months with 3% balance transfer fee 19.74% p.a. $90 p.a. Go to site More info
    Bankwest Breeze MasterCard
    Enjoy an introductory rate of 0% p.a. on balance transfers for 21 months (2% balance transfer fee applies). Limited time only.
    0% p.a. for 21 months with 2% balance transfer fee 12.99% p.a. $59 p.a. Go to site More info
    St.George Vertigo Visa
    Introductory offer of 0% p.a. for 12 months on balance transfers and 0% p.a. for 6 months on purchases, plus a low annual fee.
    0% p.a. for 12 months 0% p.a. for 6 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
    NAB Low Fee Card
    Enjoy a low annual fee card with a low introductory rate of 0% p.a. on balance transfers for 18 months.
    0% p.a. for 18 months with 3% balance transfer fee 19.74% p.a. $30 p.a. Go to site More info
    American Express Essential®  Credit Card
    Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
    0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
    ANZ Low Rate Platinum
    Enjoy platinum benefits with exclusive discounts, complimentary travel insurance and personal concierge. Also repay your credit card debt interest-free with 0% p.a. for 16 months on balance transfers.
    0% p.a. for 16 months with 2% balance transfer fee 11.49% p.a. $99 p.a. Go to site More info
    NAB Low Rate Platinum Card
    Offers a low introductory rate of 0% p.a. on balance transfers for 18 months plus enjoy premium benefits including international travel insurance.
    0% p.a. for 18 months with 3% balance transfer fee 13.99% p.a. $100 p.a. Go to site More info
    American Express Explorer Credit Card
    Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 3 months of card membership. Also enjoy a $400 travel voucher and two complimentary airline passes per year.
    0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $395 p.a. Go to site More info
    Woolworths Everyday Platinum Credit Card
    Receive a $100 eGift Card when you apply by 30 June 2017 and make an eligible purchase by 31 July 2017. Also, enjoy a long-term balance transfer offer and an annual fee waiver for the first year.
    0% p.a. for 14 months 19.99% p.a. $0 p.a. annual fee for the first year ($49 p.a. thereafter) Go to site More info
    Citi Simplicity Card
    Take advantage of the 0% p.a. for 15 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cash back on retail purchases.
    0% p.a. for 15 months with 1.5% balance transfer fee 19.99% p.a. $0 p.a. Go to site More info
    St.George Vertigo Platinum - Online Only Balance Transfer Offer
    Enjoy a long-term balance transfer offer of 3% p.a. for 36 months when you apply online, plus complimentary insurance covers and a personal concierge service.
    3% p.a. for 36 months 12.74% p.a. $99 p.a. Go to site More info

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

    Compare the features of the balance transfer cards below.

    Credit Card
    Balance transferFeature
    Citi Rewards Platinum Credit Card0% p.a. for 24 months with 1.5% balance transfer feeA reduced annual fee of  $49 for the first year ($149 p.a. thereafter) and Citi Rewards Points per dollar spent.
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer0% p.a. for 18 months with 1.5% balance transfer feeGet an exclusive $129 Virgin Australia Gift Voucher each year, earn bonus Velocity Points per $1 spent and pay half the annual fee for the first year.
    HSBC Platinum Credit Card0% p.a. for 15 monthsA balance transfer credit card that offers all the perks of platinum. Earn HSBC Rewards Points per $1 spent.
    NAB Low Rate Credit Card0% p.a. for 18 months with 3% balance transfer feeA low interest rate card with a 0% p.a. for 18 months balance transfer offer.
    St.George Vertigo Visa0% p.a. for 12 monthsA low annual fee credit card with 0% interest on purchases for 6 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

    Look at balance transfer credit cards with rewards programs.

    I want to calculate my repayments first

    Use our Balance Transfer Calculator.

    What is a balance transfer?

    A balance transfer refers to the process where you transfer your existing credit card debt to a new credit card with a different bank that offers a lower interest rate for an introductory period. Generally, this promotional interest rate is 0% for a set period that can vary from 12 to 24 months. This allows you to repay your credit card with low or no interest charges, letting you clear your debt faster and save hundreds to thousands of dollars. Once the promotional balance transfer period ends, a higher revert rate will apply to any remaining debts.

    Click for transcript

    Hi, I’m Michelle Hutchison, money expert at one of Australia’s biggest financial comparison websites, finder.com.au. Today I’m going to talk about balance transfer credit cards.

    So what is a balance transfer? It’s essentially when you have a debt from one card, say it’s at seventeen per cent, and you move that debt over to a new card offering a balance transfer rate of say, zero per cent.

    Unfortunately, these low rates won’t last forever and they generally expire and revert to a much higher rate. One consideration is that you can’t generally transfer that balance to a balance transfer credit card in the same institution. For example, say you have an ANZ credit card with a debt on it, you can’t transfer that debt to another ANZ credit card but you may be able to transfer it to another bank or institution.

    You can transfer a debt from a credit card, store card, charge card, it’s a really good way of consolidating all your debts into one line of credit.

    Balance transfers can be a great way to save loads in interest and pay off your credit card debts, and while you can apply for as many as you like, keep in mind that applying for too many in a short space of time can impact your credit file.

    Answers to the most common balance transfer questions and concerns

    A balance transfer involves transferring your existing credit card debt with one bank to another bank which is offering a low or 0% interest rate on balance transfers. This allows you to repay your credit card debt without the cost of interest for the length of the promotional period, which can be between 12 to 24 months. This usually allows you to repay your debt faster while you also save on interest costs. If you're unable to repay your entire debt before the promotional period ends, you'll usually collect a higher interest rate of the standard purchase or cash advance rate.

    How do I apply for a balance transfer credit card?

    You can request a balance transfer when applying for a new credit card online or in-store. Generally, there is a section in the application dedicated to conducting a balance transfer. You'll need to include the details of your existing credit card debt on the application, including where it's from and how much you're transferring, and ask to have the balance transferred to the new card. If you're successful, your debt is automatically moved over to your new account (that process typically takes a few days). You may have to pay a balance transfer fee and an annual fee for your new card. Please note that you'll be required to meet eligibility requirements to receive approval.

    What is a balance transfer fee?

    Some balance transfer cards, particularly those with longer promotional periods, charge a balance transfer fee. This is a one-time fee that's a percentage of the debt you transfer to the new card. Typically this is between 1% and 3%. For example, if you had a $20,000 debt, a 3% transfer fee would cost you $600.

    How much money can I save with a balance transfer?

    You can compare how much you'll save in interest with the different 0% balance transfer credit cards on the market with our comparison table 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 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 offer and your repayments, but you could save hundreds or thousands of dollars in interest while you clear your debt.

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

    Your new card issuer can automatically handle transferring your balance. You just need to provide details of your existing card when you apply. 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'll 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 at the 0% rate, 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 13% 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 the cost of acquiring a new customer is hundreds of dollars. 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.

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

    No, you 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, or from Commonwealth Bank to Bankwest because they're both under CommBank. 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?

    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.

    Even if the card offers a 0% balance transfer rate, you will still have to make the minimum payment each month. If you only pay the minimum repayment, though, you 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. However, you can 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 save with 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 options, but you can compare some of the banks processes below:

    • Citi. You can apply for a balance transfer within up to 3 months after approval and will still be able to take advantage of the promotional offer.
    • NAB. NAB allows cardholders to apply for a promotional balance transfer offer within 30 days of being approved. Any time after this and you'll receive the standard balance transfer offer for existing customers, which is usually much less competitive.
    • Virgin. You can apply for a balance transfer offer within up to 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 is an example of a bank that 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. We've rounded up the banks 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 a range of cards and see how much you could save.
    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. Contact your existing bank to get an accurate payout figure for the account. It's important to note that the final payout figure might not be the balance that currently appears in your account. Interest payments, annual fees and direct debits could impact this final balance, so it's best to contact your issuer to get an estimate of what the final payout figure will be before you apply for your new card. 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. 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 can take between 5-7 days. If you haven't heard from the bank after this time, contact them to find out if there's an issue.
    5. Confirm transfer and close your old account 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.

    What you need to know to compare 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. Most 2017 balance transfer offer 0% interest rates for a promotional period, but some may be higher. This is often referred to as the "promotional rate" or "introductory offer".
    • Promotional period. The promotional period refers to how long the low-interest rate applies. Depending on the card, this can usually range between 12 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.
    • 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 20%. 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.
    • Balance transfer fee. This is a one-time fee, 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. 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.
    • Annual fee. Most balance transfer offers charge an annual fee in advance, typically around $100. 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.

    These card features are less important, but potentially 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.
    • 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 Reject 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. Applying 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 both 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 intelligently, a 0% balance transfer card will reduce your interest payments and get you out of credit card debt faster. Used the wrong way, your debts can actually become bigger. Ensure you don't get trapped in balance transfer debt by avoiding these mistakes.

    MISTAKE: Forgetting you still have to make payments

    Despite the promotional period with interest at 0%, you still have a debt, and you still have to pay at least 3% of the total each month. You can't simply balance transfer and then stop making payments.

    MISTAKE: Not checking the revert rate

    Once your balance transfer promotion finishes, you'll be paying the revert rate on any remaining balance. Choose a card with a revert rate that's lower than your current credit card rate if possible or 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 3% 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 your debt 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. Also, banks are required to allocate repayments to whichever debt is accruing the highest interest on your account. So, if your balance accrues 0% interest and your purchase collect the standard interest rate, your repayments will go to 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:  Yes. Providing that both 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 which 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 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 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 monthly length 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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    337 Responses to Balance Transfer Credit Cards

    1. 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
        Anndy | February 26, 2017

        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

    2. Default Gravatar
      Mcmanastan | January 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
        May | January 12, 2017

        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

    3. Default Gravatar
      Lauren | August 23, 2016

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

    4. Default Gravatar
      Kellie | July 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
        May | July 15, 2016

        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

    5. Default Gravatar
      Ray | June 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
        Anndy | June 21, 2016

        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

    6. Default Gravatar
      Scott | May 30, 2016

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

      • Staff
        Anndy | June 1, 2016

        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

    7. Default Gravatar
      | May 24, 2016

      Hi,

      Will the 20 months zero 0% balance transfer for a Bank of Melbourne amplify signature card have to be applied at the time when I apply for the card( ie at the point of card application)? Or can I request 0% Balance transfer and enjoy 0% the balance transfer later after card approval (ie) I did not request for a balance transfer at point of application but after card approval for a few weeks, I changed my mind using the current limit to request 0% balance transfer for 20 months? How long will the period within card approval of 30 days? 2 weeks? 4 weeks?

      • Staff
        May | May 24, 2016

        Hi Peter,

        Thanks for your questions.

        If this is your first time to apply for a Bank of Melbourne credit card, the balance transfer should be requested upon your credit card application and then they will arrange to transfer the balance for you. You should have your card activated so the balance transfer will take place. As for the promotional balance transfer rate offer, it will start by the time that your balance has been transferred.

        Now if you don’t want to do the balance transfer right after your card is activated, you must contact BoM if they could allow you to do that. I’ve forwarded their contact details to your email for your reference.

        Meanwhile, for the status of your credit card application, normally, credit card companies would process your application between one to two weeks.

        I hope this is helpful.

        Cheers,
        May

    8. Default Gravatar
      Peter | May 21, 2016

      Hi,

      Would you please tell me and list out which banks platinum card and bank black card will have their minimum credit limit offer more than the normal bank platinum card credit limit of $6000?

      • Staff
        May | May 23, 2016

        Hi Peter,

        Thanks for your question.

        Generally, the credit limit on your card is determined by the credit card issuer based on their assessment of your financial situation, ability to repay and most importantly, your credit score. The higher score you get, the higher credit limit you’ll be approved for.

        Though I can’t give you a separate list of platinum and black credit cards with a high credit limit, you’ll be able to compare on this page the cards with a high credit limit. As for BT cards, you can find them here.

        I hope this helps.

        Cheers,
        May

    9. Default Gravatar
      Sophia | April 21, 2016

      Is it a good idea? I want to change my old credit card to new credit card. Will I be able to know how much money I can transfer to a new credit card?

      • Staff
        May | April 22, 2016

        Hi Sophia,

        Thanks for your question.

        To reckon in getting a new credit card or not would depend entirely on your own financial needs and situation. If you’re planning to do a balance transfer today, you can compare your options here. The amount you can transfer to your new card will depend on the credit limit you’re approved for and your ability to repay. Depending on the card and institution, this limit could be 70% to 90% of the credit limit.

        I hope this has helped.

        Cheers,
        May

    10. Default Gravatar
      Damien | April 18, 2016

      I have $95,000 in credit card debt. Which lender will accept that debt as I have looked and some don’t specify maximum amounts? Can you suggest the best card with a long 0% interest period?

      • Default Gravatar
        S | April 20, 2016

        I have 50000 dollar debt can I apply for a credit? I am a pensioner.

      • Staff
        May | April 20, 2016

        Hi S H Shah,

        Thanks for getting in touch,

        Although you are on a pension, you can still access credit. On this page, you can find a list of brands and the documents you’ll need to increase your chances of approval.

        Hope this is helpful.

        Cheers,
        May

      • Staff
        May | April 18, 2016

        Hi Damien,

        Thanks for your inquiry.

        As finder.com.au is a comparative financial service, we can’t actually recommend one specific card to our users as the best option depends entirely on your own financial situation. However, you can compare your balance transfer credit card options here. These brands offer long term-term 0% interest from 18 to 24 months.

        Please also note that with the balance transfer, depending on the card and institution, the card company would allow you to transfer an amount limited to the percentage of the credit limit you’re approved for – sometimes 70%-90% of the credit limit.

        I hope this is helpful.

        Cheers,
        May

    Credit Cards Comparison

    Rates last updated April 30th, 2017
    Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer
    Earn 2 Velocity Points on top of the standard earn rate per $1 spent within the first three months. Plus, save with a long-term balance transfer offer and a reduced annual fee in the first year.
    20.74% p.a. 0% p.a. for 18 months with 1.5% balance transfer fee $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
    HSBC Platinum Credit Card
    Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
    19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
    ANZ Platinum Credit Card - Exclusive Offer
    Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
    0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
    NAB Premium Card
    An introductory rate of 0% p.a. for 24 months on balance transfers combined with premium benefits such as travel insurance covers.
    19.74% p.a. 0% p.a. for 24 months with 3% balance transfer fee $90 p.a. Go to site More info

    * 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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