Balance Transfer Credit Cards

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A balance transfer credit card helps you save on interest and pay off your debt faster with 0% p.a. for up to 26 months.

Your new provider pays for your old credit card debt with a low or 0% introductory rate on your new card. Use this guide to find out more.

Exclusive to finder.com.au - NAB Credit Card Offer

NAB Low Fee Platinum Card - Exclusive Offer

0% p.a. for 25 months
on balance transfers
Exclusive to finder.com.au

Offer ends 16 December 2018

Eligibility criteria, terms and conditions, fees and charges apply

Exclusive to finder.com.au - NAB Credit Card Offer

The NAB Low Fee Platinum Card features a range of platinum benefits and a long-term, no fee balance transfer offer exclusive to finder.com.au.

  • 0% p.a. on balance transfers for 25 months on a new NAB Low Fee Platinum Card. Reverts to cash advance rate (currently 21.74% p.a.)
  • No balance transfer fee
  • Receive seven complimentary insurance covers including overseas travel insurance, plus, access to the 24/7 NAB Concierge Service.
  • Must apply through finder.com.au to take advantage of this offer. BT must be requested upon application.
Finder Member Offer
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Compare Balance Transfer Credit Cards

Rates last updated December 14th, 2018
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
NAB Low Fee Platinum Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
finder Exclusive: Take advantage of 0% p.a. interest for 25 months on balance transfers with no balance transfer fee. Ends 16 December 2018
More info
Citi Clear Platinum Credit Card
0% p.a. for 14 months
12.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
ANZ Low Rate
0% p.a. for 15 months
12.49% p.a.
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Citi Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months
0% p.a. for 13 months (reverts to 20.99% p.a.)
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
More info
Suncorp Clear Options Platinum Credit Card - Online Offer
0% p.a. for 18 months
20.74% p.a.
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% balance transfer offer and earn up to 60,000 Bonus Rewards Points. Plus, a discounted first year annual fee when you apply online.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus points in the first 3 months and save with a $64 first year annual fee. Plus, a long-term balance transfer offer.
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months
12.74% p.a.
$99 p.a.
Save with 0% p.a. interest for up to 24 months on balance transfers with no BT fee. Plus, platinum perks. Ends 17 December 2018.
Citi Rewards Platinum Credit Card - Online Offer
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 reward Points per $1 spent, take advantage of a 0% p.a. for 24 month balance transfer offer, plus complimentary international travel insurance.
ANZ First Visa Credit Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Get up to 18 months interest-free on balance transfers and save with a low $30 annual fee. Plus, up to 44 days interest-free on purchases.
Westpac Low Rate Card
0% p.a. for 24 months with 1% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and 0% p.a. for 14 months on balance transfers.
Citi Simplicity Card
0% p.a. for 6 months
19.99% p.a.
$0 p.a.
Get 0% p.a. interest for up to 6 months on balance transfers with no BT fee. Plus, a $0 annual fee for life.
Qantas Premier Everyday
0% p.a. for 9 months
0% p.a. for 9 months (reverts to 19.99% p.a.)
$49 p.a.
Take advantage of 20,000 bonus Qantas Points, a 0% p.a. purchase and balance transfer offers. Plus, complimentary overseas travel insurance.
ANZ Platinum Credit Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Receive a 0% p.a. for 18 month balance transfer offer and a $0 first year annual fee. Plus, complimentary overseas travel and medical insurance.
Qantas Premier Platinum
0% p.a. for 18 months
19.99% p.a.
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Get 70,000 bonus Qantas points when you meet the spend criteria and 30,000 more when you pay the second year's annual fee (100,000 total).
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 6 months
0% p.a. for 14 months (reverts to 20.74% p.a.)
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Save on credit card costs with half the annual fee for the first year and a 0% p.a. interest rate on purchases for 14 months.
St.George Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a $64 first year annual fee and 0% p.a. balance transfer offer. Plus, receive a $129 Virgin Australia Gift Voucher each year.
Bank of Melbourne Vertigo Platinum
0% p.a. for 26 months with 2% balance transfer fee
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers 26-month balance transfer, $0 annual fee for the first year, complimentary travel insurance and access to a 24/7 personal concierge service.
Bank of Melbourne Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Enjoy 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
BankSA Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Enjoy a 0% p.a. interest rate for up to 16 months on balance transfers with no balance transfer fee. Plus, a low variable purchase rate.

Compare up to 4 providers

diagram explaining how a balance transfer works

How does a balance transfer work?

A balance transfer is where you move your debt from one credit card to another with a new provider at a lower or 0% interest rate. Check out this video to learn how balance transfer credit cards work.

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How can I compare credit card balance transfer offers?

There are lots of balance transfer credit card deals available in Australia and each one offers you some potential savings on your debt. To help you find a balance transfer card that suits your needs, here are the key features to include in your comparison:

  • Introductory offer. Look at the length of the introductory interest rate period and make sure you can pay off your balance transfer debt before the higher, standard 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 0% balance transfer offer.
  • Balance transfer fee. While not all credit cards charge a balance transfer fee, they have become more common in Australia since 2017. Typically, this fee ranges from 1% to 3% of the total balance transfer amount and is charged when your debt is transferred to the new card.
  • Eligible debts. Most balance transfer credit cards only accept debts from store card or credit card accounts you hold with a different issuer. Some cards also allow you to transfer debts from personal loans and lines of credit. Usually there is a maximum balance transfer amount that's based on your approved credit limit for the card. Check out the section on how the balance transfer process works for more details on these requirements.
  • Annual fee. You'll usually pay an annual fee on a balance transfer card, although some cards waive this cost in the first year. 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.
  • Revert rate. At the end of the promotional period, the 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, factor it in when comparing your options to avoid any nasty surprises.

The following card features are less important when you're paying off a balance transfer debt. But they are still worth factoring into your credit card comparison:

  • Purchase rate. This rate applies to any new purchases made on the card and usually ranges from 12% p.a. to 21% p.a. or more. Some credit cards offer a promotional 0% rate on purchases as well. While it's best practice not to use your card for purchases while you're consolidating your debt, you'll want to pay attention to the purchase rate if you plan to use the card for purchases once you’ve repaid your debts.
  • Other benefits. Credit cards may offer additional benefits, such as complimentary travel insurance or the ability to earn reward points. You may not be able to use these features when you’re paying off a debt but they could help you make a decision if you plan to use the card beyond the balance transfer.

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

How does the balance transfer process work?

Understanding the following factors will help you find a balance transfer credit card that works for you.

  • What debts can I move to a balance transfer credit card?

Most 0% balance transfer credit card offers are designed specifically for new customers who want to move debt from an existing Australian store card or credit card that’s issued by a different provider. A small selection of credit card providers let you transfer debts from personal loans, or offer a “cheque to self” option where the balance transfer amount is provided to you as a cheque.

In most cases, you can only move debt from an account that’s in your name. But there may be some exceptions for joint accounts, so check the terms and conditions or contact the new credit card provider if you have questions about transferring a debt that is shared or in someone else’s name (e.g. debt that’s in your partner’s name).

  • Balance transfers and credit limits

Credit card providers generally allow you to balance transfer between 80% and 100% of your approved credit limit. But because you usually need to request the balance transfer at the time of your application, you won’t know what your credit limit is until after the card is approved.

This means in some cases, you could be approved for a card with a credit limit that is worth less than your balance transfer amount. If that happens, the credit card provider may only transfer part of the debt.

Mistakes to avoid with balance transfers

Watching out for these traps can help you make the most of a 0% balance transfer credit card offer.

MISTAKE: Not considering the balance transfer fee

The balance transfer fee can be worth up to 3% of your debt, which quickly adds up for larger balance transfers. If you want to avoid this extra cost, look for cards with no balance transfer fee in the comparison table above.

MISTAKE: Thinking 0% interest means no payments

Even if you're paying 0% p.a. on your balance transfer debt, you will 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 paid 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: Not checking the revert rate

Once your balance transfer promotion finishes, the 0% interest rate will revert to a higher standard interest rate. This higher rate will be charged for any remaining debt from the balance transfer. If you don’t think you can repay your debt during the introductory period, look for a card with a revert rate that's lower than your current credit card’s interest rate. That way, if you have debt left over after the 0% balance transfer period ends, you’ll still be saving on interest charges compared to what you would have paid on your old card.

MISTAKE: Making new purchases with your card

Adding new debt to the account means it will take longer for you to pay off your card. Credit card providers must 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 the standard interest rate, your repayments will go towards the purchases 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: Ignoring the annual fee

While you won't be charged interest for debt you move onto a 0% balance transfer credit card, you may have to pay an annual fee. This is usually charged from the date your account is approved or activated, so make sure you consider the annual fee when choosing a balance transfer card. But don't dismiss cards purely on the basis of fees, because sometimes the introductory offer could still be worth it depending on your circumstances and the card. You can compare the total costs for different cards by entering your debt and current interest rate in the balance transfer calculator. You'll then see how much you can potentially save, so you can choose the right balance transfer card for you.

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.


Frequently asked questions about balance transfers

If you want to know more about 0% balance transfer credit card offers, here you'll find answers to some of the most common questions. You can also get in touch with us by using the comment box below if there's another question you'd like us to answer.

Do I have to contact my old bank and new bank to get a balance transfer?

No, you just need to provide details of the debts you want to transfer when you apply for the new card. Once the new card and balance transfer are approved, your new card issuer will manage the balance transfer process.

But if you want to cancel your old card, you will need to contacting your old bank to arrange it. 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.

A balance transfer means I can save money, so 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 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 one of the cheapest ways 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.

How can I find the best balance transfer credit card?

With so many different balance transfer offers and cards, there is not one single "best" option that works for everyone. But looking at the amount of debt you have, how much you can afford to pay off it each month, as well as card features such as the length of the balance transfer offer, eligible debts and any balance transfer or annual fees can help you find and compare cards that could suit your circumstances.

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4 Responses

  1. Default Gravatar
    RonAugust 17, 2018

    Does this apply to overseas cards?

    Thanks.

    • finder Customer Care
      JeniAugust 17, 2018Staff

      Hi Ron,

      Thank you for getting in touch with finder.

      Balance transfers cannot be done with a credit card issued overseas or from other countries however you can use your credit card to transfer money overseas from your bank account either online, over the phone or by visiting a branch.

      If you want to know some cheap options to pay off debt on an overseas credit card, please check out this page.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    AndreAugust 16, 2018

    How long do I need to be in a casual job for before I can apply for a balance transfer?

    • Default Gravatar
      JoelAugust 16, 2018

      Hi Andre,

      Thanks for leaving a question on finder.

      As long as you have steady income and proof of it, you may be eligible for a balance transfer regardless of how long you have been a casual employee. Before you apply for a balance transfer credit card, you can look at the eligibility requirements to determine your chances of approval. This eligibility criteria may include a minimum income requirement and good credit history. There are also eligibility requirements pertaining to the balance transfer as well. For example, you may only be able to transfer debts from another institution up to a percentage of the approved credit limit (for example, up to 80% of the credit limit).

      We have an article on how to ensure a successful balance transfer application if you click HERE. Good luck! :)

      Cheers,
      Joel

Credit Cards Comparison

Rates last updated December 14th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Low Fee Platinum Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
finder Exclusive: Take advantage of 0% p.a. interest for 25 months on balance transfers with no balance transfer fee. Ends 16 December 2018
More info
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Suncorp Clear Options Platinum Credit Card - Online Offer
20.74% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% balance transfer offer and earn up to 60,000 Bonus Rewards Points. Plus, a discounted first year annual fee when you apply online.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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