Balance Transfer Credit Cards

Pay off your debt faster with 0% interest for up to 24 months on a balance transfer credit card. Here's how to choose the right one.

Do you want to consolidate your debts and save on interest costs? A balance transfer credit card offers you an introductory low or 0% interest rate when you move your existing debt from a different institution or network onto the new card. This promotional interest rate runs for a fixed number of months (usually between 12 and 24 but it can vary) and then reverts to a higher standard variable rate. Sometimes you'll also pay a one-time balance transfer fee when you move your balance to the new card and you'll generally pay an annual card fee. Even with these costs, a low or 0% interest rate means you can save a lot when repaying your debt. Use this guide to learn how balance transfers work and how they can save you money on credit card interest payments. We also look at 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 increase the chances of your application is successful. You can calculate your potential savings with a wide range of cards in Australia using the table below.

St.George Vertigo Platinum

0% p.a. for 20 months on
balance transfers

Offer ends 20th September 2017

Eligibility criteria, terms and conditions, fees and charges apply

Balance Transfer Credit Card Offer

The St.George Vertigo Platinum credit card features a long-term balance transfer offer, combined with a low variable interest rate on purchases and platinum card privileges.

  • Take advantage of 0% p.a. for 20 months on balance transfers (reverts to the variable purchase rate).
  • A low variable interest rate of 12.74% p.a. on purchases (variable cash advance rate of 21.49% p.a.)
  • Receive up to 55 days interest-free on purchases.
  • Benefit from a wide range of premium services including complimentary travel insurance and the Visa Platinum Concierge Service.
  • New card applications only.
Go to site

Balance Transfer Credit Cards Comparison

Rates last updated July 22nd, 2017
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved Product Description
St.George Vertigo Platinum
0% p.a. for 20 months
12.74% p.a.
$99 p.a.
A low rate Platinum card with up to 55 interest-free days on purchases and access to Visa's Platinum Concierge service.
St.George Vertigo Visa
0% p.a. for 14 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Save with a low ongoing purchase rate and up to 55 interest-free days.
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Apply by 31 July 2017 to receive an exclusive long-term, no fee balance transfer offer, plus a $129 Virgin Australia Gift Voucher each year.
Citi Rewards Platinum Credit Card
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn Citi Reward Points on everyday spend and receive complimentary travel insurance.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 12 months
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
An exclusive credit card offer through that includes complimentary insurance covers.
NAB Premium Card - Exclusive Offer
0% p.a. for 24 months
19.74% p.a.
$90 p.a.
Benefit from premium credit card advantages including travel insurance, Platinum Concierge Service plus 0% p.a. for 24 months on balance transfers.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$99 p.a.
Offers an annual fee refund with a yearly minimum spend of $6,000.
Bank of Melbourne Vertigo Platinum
0% p.a. for 20 months
12.74% p.a.
$99 p.a.
Receive a range of complimentary insurances and access to a 24/7 Visa Platinum Concierge.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive up to 44 interest-free days on purchases and complimentary Purchase Protection Insurance.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
0% p.a. for 18 months
20.74% p.a.
$99 p.a. annual fee for the first year ($169 p.a. thereafter)
Receive a discounted annual fee in the first year and earn 1.25 Suncorp Rewards Points per $1 spent.
HSBC Low Rate Credit Card
0% p.a. for 15 months with 2% balance transfer fee
13.25% p.a.
$55 p.a.
Enjoy the benefits of the home&Away Privilege Program and the ability to pay using Apple Pay.
NAB Low Rate Platinum Card
0% p.a. for 16 months with 2% balance transfer fee
13.99% p.a.
$100 p.a.
Receive 7 complimentary insurance covers and Visa Front Line Access on a platinum card.
BankSA Vertigo Visa
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Save with a low ongoing purchase rate and enjoy up to 55 days interest-free.
American Express Essential®  Credit Card
0% p.a. for 12 months with 1% balance transfer fee
14.99% p.a.
$0 p.a.
Earn 1.00 Membership Rewards point per $1 spent on eligible purchases.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.
ANZ Low Rate Platinum
0% p.a. for 16 months with 2% balance transfer fee
11.49% p.a.
$99 p.a.
A platinum card with a competitive low rate and a range of complimentary insurances.
NAB Low Rate Credit Card
0% p.a. for 16 months with 2% balance transfer fee
13.99% p.a.
$59 p.a.
Receive up to 55 days interest-free on purchases and access to Visa Global Customer Assistance Services.
Virgin Money Low Rate Credit Card
0% p.a. for 12 months
11.99% p.a.
$99 p.a.
Enjoy a low ongoing purchase rate and the optional protection of CreditShield Edge.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Offers a low introductory rate on purchases and up to 55 interest-free days.
American Express Explorer® Credit Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$395 p.a.
Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 3 months of card membership.
Qantas American Express Ultimate Card - Online Offer
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$450 p.a.
Apply by 31 July 2017 to earn 100,000 bonus Qantas Points and get 2 American Express Airport Lounge entries each calendar year.

Compare up to 4 providers

Compare's 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 - Exclusive Offer0% p.a. for 18 monthsGet a $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 22 months with 2% balance transfer feeA 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 16 months with 2% balance transfer feeA low interest rate card with a long-term balance transfer offer
St.George Vertigo Visa0% p.a. for 14 monthsA low annual fee credit card with a long-term balance transfer offer

What is a balance transfer?

A balance transfer refers to the process where you transfer your existing 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 varies from from 6 to 24 months. Most balance transfer credit cards accept debts from other credit cards or store cards when they are issued by different financial institutions. Some balance transfer cards also allow you to move debt from existing personal loans and lines of credit.

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.


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 offers 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 is usually between 6 to 24 months. This allows you to save on interest costs, which can help you repay your debt faster. 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 usually need to request a balance transfer when you apply for a new credit card if you want to take advantage of a promotional 0% interest rate. Generally, there is a section on the application that asks if you'd like to transfer existing debt to the new account. You'll 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 will be automatically moved over to your new account after you have activated the new card. Remember to check for additional fees and 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 is calculated as a percentage of the debt you transfer to the new card. Typically the balance transfer fee 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 on interest charges by using our balance transfer comparison tables on this page. Simply enter the amount of debt you're transferring and the current interest rate you're paying on your existing card and the calculator that's built into the table will show you how much you'll save over the promotional period in the "interest saved" column. Exactly how much you'll save will depend on the size of your debt, the length of the 0% balance transfer 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 manages this process after both your card and the balance transfer are approved. You just need to provide details of your existing card when you apply. But if you want to close your old card, you'll need to do that yourself by contacting your bank. If you don't close your old account, you could be stuck with annual fees and any other maintenance costs that come with your existing account.

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

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

  • You'll eventually revert to a higher rate. If you don't pay off your entire debt 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 9% and 22%. Once that happens, your new credit card issuer can potentially make hundreds or even thousands of dollars from you in interest charges.
  • Persuading you to switch is tough. Australians are reluctant to switch banks, and it's expensive to acquire a new customer. 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 typically can't perform a balance transfer while staying with the same institution. You also can't perform a balance transfer to other banks within the same group or owned by the same organisation. For instance, you can't transfer from St.George to BankSA and Bank of Melbourne as they're owned by Westpac. Check our complete list of which credit card issuers won't allow transfers between each other to discover which issuers will accept your balance transfer.

Are there any hidden catches involved in a balance transfer?

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

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

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

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

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

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

While most balance transfer deals are for credit card debt, some credit card issuers will let you transfer debt from a personal loan or store card as well. We've rounded up the banks that offer personal loan balance transfers.

Back to top

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, you may 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.

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

  1. Poor credit history. You'll need a good credit history to obtain a balance transfer deal. If haven't checked your credit history in a while, you can order a free copy of your credit score here. However, if you have a poor credit history due to missed payments, defaults on your account or significant levels of debt, you might need to repay more of your debt and demonstrate your ability to make regular repayments before you apply.
  2. 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 all owned by the Westpac group. Check out our full list of which banks you can transfer between before you apply.
  4. Cards in a different name. Your new balance transfer card must be in the same name as your current card. If you apply with a different name, such as your partner's name, you'll be turned down. If you need a card with multiple account holders, follow the steps in our guide to getting joint accounts.

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

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

Back to top

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 larger. 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 make at least the minimum payment each month. You can't simply balance transfer and then stop making payments. The minimum repayment is usually stated as "3% of outstanding balance or $20, whichever is greater".

MISTAKE: Not checking the revert rate

Once your balance transfer promotion finishes, you'll be paying the revert rate on any remaining balance. 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 repayment each month, you won't be able to repay the entire balance by the time the 0% balance transfer offer ends. Then your debt will start to collect interest and it will grow again. Instead, you should calculate exactly how much you need to pay each month to repay the entire balance by the time the interest-free period ends. You can do this by dividing the size of your debt by the number of months in the balance transfer offer. This will give you a goal repayment to meet every statement period to clear the debt before the 0% promotion ends. So how much should you pay each month? The table below shows what percentage you should pay off each month to fully clear your debt during the interest-free balance transfer period. We've also shown how much this would be for a $10,000 debt. For this example, we're assuming no new purchases are being made with the card.

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

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

MISTAKE: Putting new purchases on your card

Adding new debt will slow down your ability to repay your card. Don't buy anything new on your credit card that you can't immediately pay off in full. 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 that decides whether you can balance transfer to a bank is whether or not your existing bank belongs to the same credit provider. For example, balance transfers are not allowed between St.George, Bank of Melbourne and BankSA since Westpac is the credit provider. Find out which banks won't accept your balance transfer.
  • Q: Can I apply for another balance transfer offer with the same bank after my current promotion has ended? A: No. Existing customers are ineligible to apply for balance transfer offers with their existing bank. However, if you balance transfer to a different bank, when this balance transfer promotion has ended you will be able to transfer to the first bank again.
  • Q: Can I transfer a credit card balance from overseas to an Australian account? A: No, you can only transfer balances from credit cards issued in Australia.
  • Q: How long will it take for the old balance to appear in my new account? A: While you could be approved for your credit card within 60 seconds, it can take between 1-2 weeks for your old balance to appear in the new account. Please note that the 0% balance transfer offer applies as soon as your card is approved rather than when your balance is in your account.

Using balance transfers

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

Read more on this topic

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

341 Responses

  1. Default Gravatar
    ahmedJune 9, 2017

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

  2. Default Gravatar
    DarrinMay 19, 2017

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

    • Staff
      LiezlMay 19, 2017Staff

      Hi Darrin,

      Thanks for your question.

      Balance transfer fee, which is usually between 1% to 3%, will be charged against your credit limit. 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 of that existing balance including any balance transfer fee. It’s important to make sure to account for this fee when doing a balance transfer.

      I hope this helps.


  3. Default Gravatar
    February 26, 2017

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

    • Staff
      AnndyFebruary 26, 2017Staff

      Hi Niv,

      Thanks for your question.

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

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


  4. Default Gravatar
    McmanastanJanuary 11, 2017


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

    • Staff
      MayJanuary 12, 2017Staff

      Hi Mcmanastan,

      Thanks for your question.

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

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


  5. Default Gravatar
    LaurenAugust 23, 2016

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

  6. Default Gravatar
    KellieJuly 13, 2016

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

    • Staff
      MayJuly 15, 2016Staff

      Hi Kellie,

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

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

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

      Hope this has answered your question.


  7. Default Gravatar
    RayJune 21, 2016

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

    • Staff
      AnndyJune 21, 2016Staff

      Hi Ray,

      Thanks for your comment.

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


  8. Default Gravatar
    ScottMay 30, 2016

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

    • Staff
      AnndyJune 1, 2016Staff

      Hi Scott,

      Thanks for your comment.

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


  9. Default Gravatar
    May 24, 2016


    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
      MayMay 24, 2016Staff

      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.


  10. Default Gravatar
    PeterMay 21, 2016


    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
      MayMay 23, 2016Staff

      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.


Credit Cards Comparison

Rates last updated July 22nd, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Visa
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
13.24% p.a. 0% p.a. for 14 months $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - Exclusive Offer
Apply by 31 July 2017 to earn bonus Velocity Points for the first three months and a $129 Virgin Australia Gift Voucher each year.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 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.
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

* The credit card offers compared on this page are chosen from a range of credit cards 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.

Ask a question