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Balance transfer credit cards to turn your debt frown upside down

Bring high interest to a halt with a balance transfer offer (updated daily.)

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Name Purchase rate p.a. Annual fee Balance transfer rate p.a. Amount Saved
St.George Vertigo Card
Purchase rate p.a.
13.99%
Annual fee
$55
Balance transfer rate p.a.
0% for 28 months with 1% balance transfer fee, then 21.49%
$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).
Westpac Low Rate Card
Purchase rate p.a.
13.74%
Annual fee
$59
Balance transfer rate p.a.
0% for 28 months with 2% balance transfer fee, then 21.49%
$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.
Qantas Premier Platinum
Qantas Frequent Flyer
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%
$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.
St.George Amplify Signature
Amplify Rewards
Purchase rate p.a.
19.49%
Annual fee
$199 first year ($295 after)
Balance transfer rate p.a.
0% for 24 months with 1% balance transfer fee, then 21.49%
$1,217.89 over 24 months
Go to siteMore Info
150,000 bonus Amplify Points (worth $675 in gift cards) when you spend $12,000 in the first 12 months. Plus, a first-year annual fee discount.
St.George Vertigo Card - Cashback Offer
Purchase rate p.a.
13.99%
Annual fee
$55
Balance transfer rate p.a.
6.99% for 12 months, then 21.49%
$562.66 over 12 months
Go to siteMore Info
Get up to $400 cashback at eligible supermarkets and petrol stations in the first 180 days. Plus, a low interest rate for purchases.
Kogan Money Card – Exclusive Offer
Exclusive
Kogan Rewards Program
Purchase rate p.a.
9.99% for 18 months, then 20.99%
Annual fee
$0
Balance transfer rate p.a.
0% for 18 months with 2% balance transfer fee, then 21.74%
$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.
Citi Premier Card - Cashback Offer
Citi Rewards Program
Purchase rate p.a.
21.49%
Annual fee
$300
Balance transfer rate p.a.
0% for 6 months, then 22.24%
$183.02 over 6 months
More Info
Receive $600 cashback when you spend $2,000 through Apple Pay, Google Pay or Samsung Pay in the first 3 months.
Credit Union SA Education Community Credit Card
Purchase rate p.a.
0% for 6 months, then 11.49%
Annual fee
$0
Balance transfer rate p.a.
0% for 6 months, then 11.49%
$483.02 over 6 months
More Info
Save with an ongoing $0 annual fee and 0% p.a. interest on purchases, balance transfers and cash advances.
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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.

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 when applying for a credit card, it leaves a hard enquiry on your credit report (and may decrease your score). This means applying for a few balance transfer cards in a short period could hurt your credit score. Missing repayments on the balance transfer card will also hurt your credit score.

key
The key to making a balance transfer work
  1. Close out the old credit card account so you don't get into more debt.
  2. Pay off your card balance before the 0% period ends.
  3. Avoid the spending habits that got you into debt in the first place.

Our best balance transfer offers for May 2024

EXPERTREVIEW

Updated 16 May 2024 by Finder's money editor, Richard Whitten.

Best 0% balance transfer card deals for May 2024:

  • Best long interest-free period. The St.George Vertigo Card offers 0% p.a. interest on balance transfers for 28 months with a one-time 1% balance transfer fee.
  • Best frequent flyer balance transfer offer. The Qantas Premier Platinum Card offers 0% p.a. interest on balance transfers for 12 months and a 2% balance transfer fee. You can earn up to 100,000 Qantas Points with this card.
  • Best no annual fee and balance transfer offer. This Finder exclusive offer on the Kogan Money Credit Card gives you an ongoing $0 annual fee and 0% p.a. interest on balance transfers for the first 18 months, with a 2% balance transfer fee.
  • Best low rate balance transfer offer. The NAB Low Rate Card has a low purchase rate of 13.49% p.a. It also offers 0% p.a. interest on balance transfers for the first 28 months with a 2% balance transfer fee.

Finder analysis of the latest Reserve Bank of Australia data has revealed Australians have $18.46 billion of credit card debt accruing interest. With some credit cards charging interest rates above 25%, those interest charges add up fast.

🏅 2024 Finder Best Balance Transfer Credit Card Award Winner – Virgin Australia Velocity Flyer Card

The Virgin Australia Velocity Flyer Card has been named Best Balance Transfer Credit Card in the 2024 Finder Credit Card Awards. It consistently had a competitive balance transfer offer during the analysis period. This included a 0% balance transfer interest rate for 24 months, with no balance transfer fee and no annual fee in the first year (then $129 per year).

This card also accepts balance transfers from personal loan debt. Most balance transfer cards only accept card debts, so this is very useful for some borrowers.

Check out all the Finder Credit Card Award winners and finalists.

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.20.07% p.a.
Period or term12 monthsOngoing
Balance transfer fee1% (29.78)N/A
Monthly repayment$248.16$275.97
Time to pay off12 months12 months
Interest paid$0$333.58

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.

Frequently asked questions

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33 Responses

    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

    Default Gravatar
    catchMay 24, 2023

    Hi there,

    I was just wondering if there is any Banks/ financial institutions that would issue a balance transfer credit card to international students (subclass 500 visa) although holding permanent residency bridging visa.

      AvatarFinder
      AmyMay 29, 2023Finder

      Hi Catch,
      Every financial institution in Australia has a different approach to credit cards for temporary residents, although Finder’s guide does have some specific visa details and information. If there is a credit card you are interested in, you may want to call the financial institution directly to discuss your situation and whether you’re eligible to apply. If you have further questions about debt or your money situation, you can also speak to a financial counsellor for free by calling 1800 007 007 or using the chat service on the National Debt Helpline website. I hope that helps.

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