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Use a balance transfer credit card to save on interest and pay off your debt faster with 0% for up to 26 months.
If you want to clear your credit card debt, you can transfer your balance to a new credit card and pay it off with a low or 0% introductory rate. Use this guide to find out more.
Balance Transfer Credit Card Offer
St.George Vertigo Platinum
0% p.a. for 26 months
on balance transfers
2% balance transfer fee
$0 first year annual fee
Eligibility criteria, terms and conditions, fees and charges apply
Balance Transfer Credit Card Offer
The St.George Vertigo Platinum credit card offers a long-term balance transfer, $0 first year annual fee combined with a low interest rate on purchases.
- 0% p.a. on balance transfers for up to 26 months with a one-time 2% BT fee. Reverts to variable cash advance rate (19.49% p.a.)
- $0 annual fee for the first year ($99 p.a. thereafter)
- A low variable interest rate of 12.74% p.a. on purchases
- Wide range of platinum features including complimentary overseas travel insurance and a 24/7 personal concierge service.
Compare Balance Transfer Credit Cards
How does a balance transfer work?
A balance transfer involves moving your debt from one or multiple credit cards to a different card with a new provider. Usually, the new card will offer an introductory low or 0% interest rate that could help you save hundreds or thousands of dollars in interest. You’re also likely to pay off your debt faster than you would if the standard rate applied to the debt.
You can watch the video below to learn more about how you can use a balance transfer to get your debt under control.
How can I compare credit card balance transfer offers?
There are lots of balance transfer credit card deals available in Australia, but some will offer you greater savings than others. To help you find a balance transfer card that suits your needs, here are the key features to compare:
- Balance transfer rate. Most balance transfer credit cards in Australia offer 0% interest for a promotional period, but others will offer a low rate (such as 2.99% p.a.). Generally the lower the interest rate, the more you’ll save, but you can use the balance transfer comparison table above to compare cards by the potential interest savings.
- Length of introductory offer. The offers vary between cards, but 0% p.a. balance transfers can generally range from 6 months to 26 months. You can also find other low rate balance transfers that last for up to 36 months. You should choose a balance transfer that gives you enough time to pay the balance in full before the higher revert rate kicks in. You can do this by dividing your debt by the number of months in the introductory period. This will show you how much you'd have to pay each statement period to clear the debt before the offer ends. If you don’t think you can pay it all in this time, you might want to look for a card with a longer balance transfer offer.
- Balance transfer revert rate. At the end of the promotional period, the low or 0% balance transfer interest rate will revert to a higher, standard rate. This is usually the standard cash advance or purchase rate. Although you should aim to pay off your debt before the revert rate applies, you should pay attention to this rate to avoid any nasty surprises when the introductory offer ends.
- Balance transfer fee. While not all credit cards charge a balance transfer fee, they have become more common in Australia. This fee typically ranges from 1% to 3% of the total balance transfer amount and is charged when your debt is transferred to the new card. This might not sound like a lot, but it can eat into the potential savings you’d get from the transfer. You can learn more about this fee and compare credit cards that don’t charge a balance transfer fee in this guide.
- Eligible debts you can transfer. You can usually transfer one or multiple debts from Australian-issued store cards or credit card accounts from a different issuer. Some cards also allow you to transfer debts from personal loans and lines of credit. See our guide to the banks you can and can't transfer between for more information.
- Balance transfer limits. Some cards impose balance transfer limits, meaning you can only transfer up to a percentage of your approved credit limit. Depending on the card, this can range from 70% to 100% of your credit limit. If you try to transfer more than the limit, the remaining amount will stay in your old account to collect interest. You can see finder’s guide to balance transfer limits for more information.
- Annual fee. You'll usually pay an annual fee on a balance transfer card, although some cards waive this cost. When this fee is charged, it is treated as a purchase and attracts the same interest rate as other purchases made with the card. If you pay the annual fee straight away you can avoid interest charges, which will help you make the most of the 0% p.a. balance transfer period. You can compare balance transfer cards with no annual fees on finder to avoid this cost altogether.
How to do a balance transfer in five steps
Whether you want to consolidate your credit cards or pay off a debt for good, here's how you can transfer your balance to a new credit card in just a few steps through finder.com.au.
- Compare credit card balance transfer offers
Use the credit card comparison table to browse balance transfer offers and click on a column to sort by feature (e.g. "Balance transfer rate"). You can also see how much value you could get from each offer by entering your debt details, clicking “Calculate” and then looking at the “Amount saved” column. - Confirm how much you owe
Check your account balance or contact your existing credit card provider and ask for your balance details, including interest charges, annual fees, direct debits or any other costs that may be applied before the balance transfer is complete. This will help you fill out the balance transfer request when you apply for a card. - Submit your application
Click the "Go to site" button next to your chosen card and you'll be taken to the bank or card company's secure online application form. Remember to include the details of your existing account and the amount of debt you want to transfer on your application. - Activate your card
Once you’re approved, you’ll need to activate the new card before the balance transfer can be processed. You can usually do this online or over the phone with your new provider. - Confirm the transfer and close your old account
The balance transfer may take 1-2 weeks to show up on your new credit card. After that, you can contact your old bank to close the previous card and avoid any further fees or charges.
Mistakes to avoid with balance transfers
Watch out for these traps to make the most of a 0% balance transfer credit card offer.
MISTAKE: Thinking 0% interest means no payments
Even if you're paying 0% p.a. on your balance transfer debt, you still have to make at least the minimum payment for each statement period. This is usually stated as "3% of outstanding balance or $30, whichever is greater", although the percentage and dollar amounts can vary between cards. You can check the minimum payment requirements by looking at review page for individual cards or by looking at the key facts sheet that credit card providers must share with you before you apply.
MISTAKE: Only making the minimum repayment each month
Although you’re required to pay a minimum amount each month, it could take years to pay off your entire debt if you only pay this amount. Instead, it's wise to make bigger payments and clear the entire debt before the 0% introductory period ends. How much you’ll have to pay each statement period will depend on the size of your debt and the length of the promotional period. As an example, below we’ve outlined how much you’d have to pay each month to clear a $10,000 debt within 6 to 24 months if you had a 0% p.a. interest rate.
| Duration | % of total to repay each month to clear debt | What that would equal per month on a $10,000 debt |
|---|---|---|
| 6 months | 16.67% | $1,666.67 |
| 9 months | 11.11% | $1,111.11 |
| 12 months | 8.33% | $833.33 |
| 14 months | 7.14% | $714.29 |
| 16 months | 6.25% | $625.00 |
| 18 months | 5.56% | $555.56 |
| 20 months | 5.00% | $500.00 |
| 24 months | 4.17% | $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 can’t repay the entire debt in time, it's possible to apply for another balance transfer.
MISTAKE: Making new purchases with your card
If you use your card to make purchases, it will collect the standard purchase interest rate and could make it harder to pay off your debt. Credit card issuers are also required to allocate repayments to the debt that is charged the highest rate of interest on your account. So, if your balance transfer has a 0% interest rate and your purchases collect 19.99% p.a., your repayments will go towards the purchases first rather than your balance transfer. Even if your card has an introductory 0% rate on new purchases, you should concentrate on repaying your debt rather than making more purchases.
MISTAKE: Keeping your old card open
When you get a balance transfer, it’s your responsibility to contact your current credit card provider and close the old account. If you don’t, you could end up paying account costs for a card you’re not using. Before you close the card, make sure the balance is completely transferred or paid in full and move any regular payments (such as direct debits) to another account.
If a balance transfer can help me save money, what's in it for the bank?
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:
- The interest rate will eventually revert to a higher rate. As mentioned above, 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 usually ranges between 12% and 21% or more. Once that happens, your new credit card issuer can potentially make hundreds or even thousands of dollars from you through 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 a way for banks to attract potential customers.
- You'll still have to pay interest on new purchases. While you’ll 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.
Balance transfer credit cards can help you save on interest costs and get your debt under control. As there are so many different balance transfer cards on the market, there is no one best option that works for everyone. Instead, look at the size of your debt, what you can afford to pay each month and the card’s features to find the right balance transfer card for you.
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Is there an Australia bank that will allow balance transfer from a relative to me if I apply for one of those balance transfer credit cards?
Hi Ari,
Thanks for leaving a question.
Though we are unable to provide you specifics on your query and can only provide you general information. There are banks that do allow balance transfer between partners. You may click here for you to be routed to our article regarding this. As well, it is highly advisable to reach out to the bank or a representative to better answer your query. Hope this helps!
Cheers,
Reggie
Can I apply for a credit card balance transfer if I am an existing bank customer. I dont want to transfer from that banks credit card but another bank.
Hello David,
Thank you for your comment.
Generally, most 0% balance transfer credit card are an introductory offer and are specifically offered to new customers who want to move their debt from an existing credit card that’s issued by a different provider.
It’s important to check the terms and conditions of the product since this will vary per provider.
Regards,
Jhezelyn
I have 2 credit cards with a combined debt of 17000.00 on one that was a business card , and $12000.00 on the personal one. I want to combine these so that we are only making one payment & we can get rid of them ASAP. All we are doing at the moment is paying minimum p/ments and getting nowhere. Can they be combined?
Hi Melissa,
Thank you for getting in touch with finder.
Yes you can consolidate your debts from your 2 credit cards as long the total amount of balance transfer amount from your cards are within the balance transfer limit of your new card. It will be processed separately since you have 2 different cards and make sure that the new card is from a different credit card company to successfully complete the BT process.
I hope this helps.
Have a great day!
Cheers,
Jeni
If you use the 0% balance transfer and do not pay off the total debt, can you then go to another bank offering 0% or are you stuck with the original bank?
Hi Susan,
Thanks for your inquiry.
It may not be ideal to do a second balance transfer for a short period of time as that could affect your credit history. With BT, you’d usually go with the standard process in applying for a new credit card, thus a new application in just a short time would mean credit enquiries and several enquiries on the file have negative effect on your future approval.
Furthermore, banks can actually find out that you’re not able to pay off your first balance transfer so that may cause them to reject second BT application.
Best regards,
Rench
i want to transfer credit cards to a 0% balance credit card for 24 months with little or no fees, and 100% of monies transferred , can you tell me which bank will do this <
Hi Robert,
Thanks for your question.
On this page, you may compare credit cards with up to 24 months 0% balance transfer offer. Most of these cards have an annual fee. We can’t guarantee that you will be able to move 100% of your old debts to any of these cards as this will depend on your approved credit limit. Typically, you can only transfer between 80 to 95% of your approved credit limit.
Cheers,
Anndy
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.
Hi K,
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. there are no penalties for clearing your credit card debt ahead of time.
Hope this information helps
Cheers,
Arnold
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?
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
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.
Hi Ahmed,
Thank you for your inquiry.
Generally, the total amount you can transfer should not exceed the credit limit you’re approved for the new card. Depending on the card, you can transfer 70%-95% of the available credit limit. Furthermore, you should transfer your balance to a new credit card that is not underwritten by the same brand/institution as your old card.
Meantime, if you would like to apply for a balance transfer credit card, you may compare your options on the following pages:
1. Balance Transfer cards without BT fee
2. Balance Transfer cards without Annual fee
3. Other balance transfer credit cards
Hope this helps.
Cheers,
May
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.
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
I have 2 credit card debts. Am i able to do 1 balance transfer for both cards on the one application?
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