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Balance Transfer Credit Cards

A balance transfer credit card helps you save on interest as you pay down debt. For example, you could save up to $1,768.59 on a $5,000 balance with an offer available through Finder.

Amy Bradney-George

Reviewed by

Alanna Glenn

Updated

Nov 24, 2023

Fact checked

1 - 7 of 10

Name	Purchase rate p.a.	Annual fee	Balance transfer rate p.a.	Amount Saved
Westpac Low Rate Card	Purchase rate p.a. 13.74%	Annual fee $59	Balance transfer rate p.a. 0% for 28 months, then 21.49%	Amount Saved $1,768.59 over 28 months	Go to site More Info Compare	Save with a 0% p.a. interest rate on balance transfers for 28 months. Plus, a low 13.74% p.a. purchase interest rate.
Kogan Money Card – Exclusive Offer ExclusiveKogan Rewards Program	Purchase rate p.a. 20.99%	Annual fee $0	Balance transfer rate p.a. 0% for 18 months with 1% balance transfer fee, then 21.74%	Amount Saved $1,335.99 over 18 months	Go to site More Info Compare	Get 0% p.a. on balance transfers for 18 months with a 1% balance transfer fee. Plus an ongoing $0 annual fee. Ends 30 November 2023.
Bankwest Breeze Classic Mastercard	Purchase rate p.a. 0% for 12 months, then 12.99%	Annual fee $49	Balance transfer rate p.a. 0% for 12 months with 2% balance transfer fee, then 12.99%	Amount Saved $878.32 over 12 months	Go to site More Info Compare	Save with 0% p.a. on purchases and balance transfers for 12 months (with a 2% BT fee).
NAB Low Rate Credit Card	Purchase rate p.a. 12.49%	Annual fee $0 first year ($59 after)	Balance transfer rate p.a. 0% for 28 months with 2% balance transfer fee, then 21.74%	Amount Saved $1,768.59 over 28 months	Go to site More Info Compare	Get a 0% p.a. interest rate on balance transfers for the first 28 months (with a 2% BT fee). Plus, save with a $0 first-year annual fee.
Bankwest Breeze Platinum Mastercard	Purchase rate p.a. 0% for 12 months, then 12.99%	Annual fee $69	Balance transfer rate p.a. 0% for 12 months with 2% balance transfer fee, then 12.99%	Amount Saved $858.32 over 12 months	Go to site More Info Compare	Get 0% p.a. interest on purchases and balance transfers for 12 months (with a 2% BT fee). Plus 0% foreign fees and complimentary overseas travel insurance.
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%	Amount Saved $1,217.89 over 24 months	Go to site More Info Compare	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.
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, then 21.99%	Amount Saved $578.32 over 12 months	Go to site More Info Compare	Earn up to 80,000 bonus Qantas Points. Plus, save with a reduced first-year annual fee and 0% p.a. for 12 months on balance transfers.

Showing 7 of 10 results

What is a balance transfer credit card?

A balance transfer credit card gives you a low or 0% interest rate for an introductory period when you move your existing debt to the new credit card account. This introductory period gives you breathing room from interest charges and can allow you to pay off your debts faster.

When applying for a balance transfer card, you will be asked to give the details of your old card. Once approved, the new provider will effectively "pay off" your current card's debt. It's then up to you to close the account if you choose, and also to pay off any remaining debt if there was some that couldn't be transferred.

Our best balance transfer offers for November

EXPERTREVIEW

Updated 1 November 2023 by Finder's senior credit card writer, Amy Bradney-George.

Rising costs have seen Australians spend a record amount on credit cards this year, with Reserve Bank of Australia data showing spending reached $34.3 billion in August. But if you're already paying interest on a credit card, new purchases will usually attract interest straight away – adding to the costs.

A 0% balance transfer card gives you a way to save on interest during the introductory period. Here's our pick of offers available right now:

Long interest-free period:
The St.George Amplify Signature Credit Card offers 0% p.a. interest on balance transfers for 24 months, with a one-time 1% balance transfer fee and a discounted $199 annual fee for the first year (which goes to $295 p.a. after that).
No annual fee and balance transfer offer:
This Finder exclusive deal on the Kogan Money Credit Card gives you a way to get an ongoing $0 annual fee and 0% p.a. interest on balance transfers for the first 18 months, with a 1% balance transfer fee. Transfer debt from personal loans, lines of credit, store and credit cards from other financial institutions.
No balance transfer fee offer:
The Westpac Low Rate Credit Card has 0% p.a. interest on balance transfers for the first 28 months and no balance transfer fee when you apply by 30 April 2024. Once the introductory period ends, you'll pay an interest rate of 21.49% p.a. on any remaining debt.

To determine Finder's pick of balance transfer offers, we examine over 250 cards in our database. We narrow it down to cards available through Finder that offer a 0% balance transfer rate for an introductory period. The other key factors we consider are:
- The length of the introductory period (the longer the period, the higher the ranking)
- Whether or not there is a balance transfer fee
- The annual fee, including if it is waived in the first year
- The purchase rate
- The interest rate that applies to balance transfers after the introductory period
Keep in mind: Our top picks may not always be best for you. Based on your situation, you may find certain features to be more or less important, so compare your options before you apply.

🏅 Finder Credit Card Award Winner – NAB Low Rate Credit Card

The NAB Low Rate Credit Card won Finder's Award for Best Balance Transfer Credit Card in 2023. The card has a 0% interest on balance transfers for 32 months (now 28 months) with no balance transfer fee during the 12-month period analysed. The $59 annual fee is waived in the first year.

Tips for making the most of your balance transfer:

Make sure you can transfer enough of your balance
Pay off the full balance before the end of the promotional period (auto-payments can help)
Don't spend on the new card

How to compare balance transfer credit cards

There are lots of balance transfer credit card deals available in Australia and there isn't one that is the "best", but some will offer you better savings than others. These tips will help you find a balance transfer card that suits you best:

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. Cards that charge a balance transfer fee can affect your potential savings by adding an upfront cost worth between 1% to 3% of the amount you transfer.
Find a low rate. Most balance transfer credit cards in Australia offer 0% interest for the promotional period. Typically, the lower the rate, the more you'll save.
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. See our guide to the banks you can and can't transfer between for more information.
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 does a credit card balance transfer work?

balance transfer credit cards

Most balance transfer credit cards let you move debt from existing credit cards or store cards. A few cards also accept debt from personal loans.

The actual balance transfer process is simple: when you apply for a balance transfer credit card, you need to include details of the existing account and the amount of money you want transferred. If your application and balance transfer are approved, then your new credit card provider will move the balance to your new account.

After the balance is transferred, you can pay it off without having to pay interest (or with a very low rate of interest) for a set period of time. At the end of the introductory period, any remaining debt from your balance transfer will attract a higher, ongoing interest rate.

Is there risk when transferring credit card balances?

As with any credit card application, there is some risk to consider when transferring a credit card balance. Your credit score will be impacted if your application is rejected. This will lower your chance of approval for a different card, at least in the short-term.

The other risk is "putting off" paying down the debt. While you're only required to make the minimum payment on a card, it's wise to pay off the whole debt when you have the low or 0% balance transfer rate. Otherwise, you could end up paying more interest when the introductory period ends – even if that's 3 years from now.

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). Using the calculator at the top of the comparison table above will show you how much you could save with each current offer.

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

We've compared a common 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 2023. We assume that the annual fee on both cards is the same and no new purchases are being made, and the result is savings over $300.

	0% balance transfer card	Standard credit card
Current balance	$2,907	$2,907
Interest rate	0% p.a.	19.82% p.a.
Period or term	12 months	Ongoing
Balance transfer fee	1.5%	N/A
Monthly repayment	$242.25	$242.25
Time to pay off	12 months	13.48 months
Interest paid	$0	$359.46

These savings are based on making the same repayments for either card and paying the one-off balance transfer fee separately (which would cost $43.61 in this example).

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 and will save you money on interest charges.
Pay off debt faster. By not paying interest (or paying a much lower rate), 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 annual fees and other card costs.
Complimentary 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 0% to 3% of your balance transfer amount, when it applies. That would mean a fee of $0 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. Typically, it is higher than the purchase interest rate.
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 decrease it further and you may not be approved.

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.

Search by provider

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

Frequently asked questions

- St.George Vertigo Card - 32 months (with no BT fee)
- Bank of Melbourne Vertigo Card - 32 months (with no BT fee)
- BankSA Vertigo Card - 32 months (with no BT fee)
- Westpac Low Rate Credit Card - 28 months (with no BT fee)
- NAB Low Rate Credit Card - 28 months (2% BT fee)
- Bankwest Zero Mastercard or Zero Platinum Mastercard - 28 months (3% BT fee)
There is no set maximum amount of times you can transfer a balance between credit cards. However, you should factor in any balance transfer fees, the enquiries on your credit report and your chance of being approved for new cards with different banks. Ideally, you should focus on paying it back in full and eliminating the need for multiple transfers.
The number of balances you can transfer depends on the provider and the offer but typically you'll be able to move debt from 1 to 3 eligible accounts. If you want to use a balance transfer credit card to consolidate debts, check the offer details or contact the provider to find out exactly how many balances you'll be able to transfer.
A balance transfer fee is a one-time charge that may apply when you move your debt to a new card. It's typically worth 1-3% of the balance transfer amount, but not all providers charge a balance transfer fee.
To give you an idea of the cost, transferring $5,000 onto a card with a 1.5% balance transfer fee would add $75 to the balance.
Unfortunately, no. Balance transfer offers are only for new customers, meaning you'll have to open a card with a different bank or lender. This also goes for cards within the same group. For example, St.George, Bank of Melbourne and BankSA are all part of Westpac group, so you couldn't transfer a balance between any of these institutions.
After the introductory period ends, the 0% interest rate ends too. If there's any debt left over that you haven't paid, it will start to be charged interest at the "revert rate". This is usually, though not always, the cash advance rate. The cash advance rate is higher than the purchase rate, so if you haven't paid off your balance in time, it could end up costing you more in interest than your old card. This is why it's so important to plan your repayments and pay off as much of your debt as possible during the introductory period
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 you apply 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 amount of time could hurt your credit score. Missing repayments on the balance transfer credit card will also hurt your credit score, so be sure to weigh up what's best for keeping your credit healthy.
When you transfer an existing balance to a new card, it's your responsibility to contact your current credit card or loan provider and close the old account. If you don't, you could end up paying account costs for a card you're not using - or worse, rack up debts on both cards. 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.

Why you can trust Finder's credit card experts

We're freeOur comparison tables are completely free to use. We link you directly to the lender's secure application page. Better still, we regularly have exclusive offers that you won't find on any other site.

We're expertsWe've researched and rated hundreds of cards as part of our Finder Awards. We've published 200+ guides and our in-house experts regularly appear on Sunrise, 7News and SBS News.

We're independentUnlike other comparison sites, we're not owned by a bank or lender. That means our opinions are our own and you can compare nearly every credit card in Australia on Finder.

We're here to helpSince 2012, we've helped almost 6 million people find a credit card by comprehensively comparing offers. We'll never ask for your personal information. We're here to help you make a decision.

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Amy Bradney-George

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Amy Bradney-George is the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 14 years’ experience as a journalist, with a particular focus on personal finance, and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald.

More guides on Finder

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Can I transfer my credit card debt to another bank?
Balance transfers are not allowed between certain credit card brands. Read on for a list of lenders that do and don’t allow a balance transfers between them.
Can I balance transfer a personal loan to a credit card?
Use this guide to see which providers accept balance transfers from a personal loan to a credit card and discover how you can repay your debt faster with 0% balance transfer offers.
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Can you do a balance transfer to someone else’s credit card?
Get details of what credit cards may be available when you and your partner are looking for a way to balance transfer debt between you.

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27 Responses

ShaggyJune 12, 2023

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

Finder

AmyJune 15, 2023Finder

Hi Shaggy,
Yes, Finder has a guide for balance transfer credit cards that accept personal loan balances, as well as more details and insights on the process. I hope that helps.

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.

Finder

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.

sueAugust 2, 2019

What are the hidden costs paying off a credit card this way. I have a $4500.00 balance on my credit card. About a quarter of what I pay goes on on charges, a payment of $45.50 plus goes in charges just to make the payment. I got into this card with the whole own it now and now with no interest on purchases. And when I got it I realized it was just a credit card, with huge interest on purchases. Silly me I guess. But how many people actually read the terms, they seem like a whole lot of words nobody has heard of .. I will be reading them with a magnifying glass from now on.

NikkiAugust 3, 2019

Hi Sue,

There aren’t really any hidden costs. But when it comes to interest on new purchases, a lot of cards don’t offer interest-free days when you have a balance transfer. This should be clearly disclosed by the bank. For now, if you can, you should focus on paying back that money as quickly as you can and then avoiding any new purchases on the card until the balance transfer is paid off.

KarmaJune 5, 2019

Do you have to have good credit rating to transfer balance?

Finder

JhezJune 5, 2019Finder

Hello Karma,

Yes, you’ll usually need to have at least a good credit rating to be approved for a balance transfer credit card.

LizApril 24, 2019

HI! I have a joint credit card with my ex husband. He is not making payments. We owe $23k on the card. Looking at doing a balance transfer. Will any banks allow a 100% balance transfer? How easy is it to transfer the balance? My credit score is not great due to missing some payments, will this be a factor in getting approved? Thanks, Liz.

Finder

MaiApril 25, 2019Finder

Hi Liz,

There are banks that will allow you to transfer the whole balance from your old card, but it may be tricky to transfer such a large amount if your credit score isn’t very good. Say the new card allows you to balance transfer 80% of the available credit limit, you’d need to be approved for a limit of at least of $28,750 to cover the full $23,000 balance from the old card.

If you’re concerned about being approved, you should work to improve your credit score before you apply for another card. I would also suggest to get in touch with your current bank and see if there is anything they can do to help. All financial institutions have hardship policies and they may be willing to work with you.

Balance Transfer Credit Cards

A balance transfer credit card helps you save on interest as you pay down debt. For example, you could save up to $1,768.59 on a $5,000 balance with an offer available through Finder.