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Balance transfer credit cards with rewards programs

Save on interest as you pay off your debt and earn points on new purchases with a balance transfer credit card that also offers rewards.

A range of credit cards with introductory low or 0% p.a. balance transfer rates also come with reward programs. While the balance transfer rate can help you pay off your debt faster, the rewards program offers you points per $1 spent on your eligible, everyday spending. Use this guide to compare balance transfer credit cards with reward programs and learn about the key factors to consider so that you can decide if this type of card is right for you.

Compare rewards credit cards with balance transfer offers

Rates last updated November 16th, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Velocity Frequent Flyer
0.66
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.
NAB Qantas Rewards Card
Qantas Frequent Flyer
0.5
19.99% p.a.
$95 p.a.
A Visa card that offers 0.5 Qantas points per $1 spent, complimentary purchase protection insurance and up to 44 interest-free days on purchases.
American Express Platinum Edge Credit Card
Membership Rewards Ascent
1
20.74% p.a.
$195 p.a.
Receive a yearly $200 Travel Credit and complimentary domestic and international travel insurance, plus 0% p.a. for 12 months on balance transfers.
American Express Explorer Credit Card
100,000 bonus points
Membership Rewards Gateway
2
20.74% p.a.
$395 p.a.
Get 100,000 bonus Membership Rewards points, a yearly $400 Travel Credit and 2 entries per year to the American Express Lounge.
NAB Qantas Rewards Signature Card
90,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.
Citi Rewards Classic Credit Card
Citi Rewards Program
1
20.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Receive 1 point per $1 spent on eligible purchases, up to $50 cashback when you meet the minimum spend and a 15 month balance transfer offer.
Virgin Australia Velocity Flyer Card - Exclusive Offer
Velocity Frequent Flyer
0.66
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.
NAB Rewards Classic Card
30,000 bonus points
NAB Rewards
0.75
19.99% p.a.
$95 p.a.
Get 30,000 bonus points when you meet the spend requirement, 0.75 NAB Rewards Points per $1 spent and a 0% p.a. balance transfer offer.
NAB Rewards Platinum Card
60,000 bonus points
NAB Rewards
1
19.99% p.a.
$195 p.a.
Collect 60,000 bonus points when you spend $1,000 within 60 days of account opening. Plus, receive complimentary travel and purchase insurances.
NAB Rewards Signature Card
90,000 bonus points
NAB Rewards
1.25
19.99% p.a.
$295 p.a.
Receive 90,000 bonus NAB Rewards points, worth over $450 in gift cards or 45,000 Velocity points when you meet the spend requirement.
Citi Rewards Platinum Credit Card - Online Offer
Citi Rewards Program
1
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.
Citi Signature Credit Card
300,000 bonus points
Citi Rewards Program
1
20.99% p.a.
$195 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn 15,000 monthly bonus reward Points for 20 months (300,000 total), enjoy a 0% p.a. balance transfer offer, plus, a $195 first year annual fee.
Citi Platinum Credit Card - Exclusive Offer
Citi Rewards Program
1
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.

Compare up to 4 providers

What are the pros and cons of using a balance transfer credit card with rewards?

Pros

  • Save money on existing debt. By paying little to no interest on balance transfers for a given time period, you can save considerably in the form of interest, especially if you manage to pay off the entire transferred balance before the introductory period comes to a close.
  • Earn rewards. If you use your credit card frequently, you can benefit by earning rewards for your spending.
  • Make use of extras. Many of these credit cards come with insurance covers, a concierge service, airport lounge passes and more.

Cons

  • Temptation to spend. If you've got credit card debt that you're struggling to pay off, it may not be wise to get a rewards card that promises points for more spending. Consider focusing on paying off your debt before making new purchases on your credit card.
  • High-interest rate. You can expect a balance transfer card with rewards to charge a high interest rate on purchases, as the introductory balance transfer rate only applies to your existing debt.
  • Annual fee. Most of these credit cards charge an ongoing annual fee, and how much you have to pay in annual fees depends on the extras any given card offers.

What else will I need to consider when comparing balance transfer credit cards with rewards?

Keep the following factors in mind to help you decide if this type of card will work for you:

  • Balance transfers don’t earn rewards. There are no Australian credit cards that offer rewards points on balance transfer debts.
  • No interest-free days on purchases. Interest-free periods for purchases are usually only available if you pay your balance in full by the due date on each statement. So, if you have a balance transfer, this means you'll be charged the purchase interest rate on each new purchase you make.
  • Repayments. Your repayments will be allocated based on the part of your balance with the highest interest rate. So, if you're making purchases to earn points and also have a balance transfer, your repayments will go towards your new purchases first. This increases your risk of paying a higher interest rate on your balance transfer debt once the introductory period ends.
  • Bonus point spend requirements. You'll usually need to spend a set amount of money in the first few months to be eligible for any introductory bonus points. If you already have a balance transfer debt, meeting this spend requirement increases the risk of having to pay a higher interest rate on it when the introductory period ends.

Getting a balance transfer credit card with rewards can be a good idea if you have a roadmap in place. Ideally, you should plan to pay off the entire balance transfer debt within the introductory period. After that, you can look forward to earning rewards on new purchases. With so many different offers available, make sure you compare a variety of credit cards so you can find one that suits your circumstances and goals.

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Credit Card Offers

Important Information*
Citi Platinum Credit Card - Exclusive...

Interest rate

20.99

Annual fee

49*

*$149 p.a. after first year

Virgin Australia Velocity Flyer Card ...

Interest rate

20.74

Annual fee

64*

*$129 p.a. after first year

American Express Westpac Altitude Pla...

Interest rate

20.24

Annual fee

50*

*$249 p.a. after first year

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5 Responses

  1. Default Gravatar
    harryFebruary 21, 2016

    Hi there I am interested in transferring from Westpac Altitude. I have 600,000 points do you lose them when I transfer? cheers H

    • finder Customer Care
      SallyFebruary 22, 2016Staff

      Hi Harry,

      Thanks for your question.

      If you transfer your balance to another card and close your Westpac Altitude card (and don’t have another card open with Westpac), you’ll lose your rewards points.

      You can convert your Westpac Altitude Points to other rewards programs, such as Velocity Frequent Flyer or Singapore Airlines KrisFlyer if you have an account with them. Transferring your points to another rewards program before closing the account is one way you can still get value from your Altitude points after you’ve closed your Westpac credit card.

      I hope this has helped.

      Cheers,

      Sally

    • finder Customer Care
      JonathanFebruary 22, 2016Staff

      Hi Harry, thanks for your inquiry!

      If you are transferring from your Westpac Altitude card you can still keep it active so your points are not lost. Transferring does not cancel the card.

      Cheers,

      Jonathan

  2. Default Gravatar
    LukeMay 18, 2015

    With the balance transfer rate of 0% for 16 months on the ANZ platinum card does that also include future balance transfers or only the initial one on application for the card

    • finder Customer Care
      JonathanMay 18, 2015Staff

      Hi Luke, thanks for your inquiry!

      The balance transfer promotional rate of 0% for 16 months is only available at the time of application. As per the terms and conditions “The offer must be requested at the time of applying for the credit card.” ANZ allows 95% of the available credit limit for balance transfers.

      Cheers,

      Jonathan

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