{"visibility":"visibilityMasthead","ctaLabel":"Calculate","tableCode":"balance_transfer_comp_v2","nicheCode":"AUCCF","fields":[{"name":"TRANSFER_AMOUNT","value":"5000","options":"","label":"Transfer Amount","suffix":"$","useSuffixAsPrefix":true,"useDropDownOption":false,"tooltip":""},{"name":"PURCHASE_RATE","value":"20.00","options":"","label":"Current Interest Rate","suffix":"% p.a.","useSuffixAsPrefix":false,"useDropDownOption":false,"tooltip":""}]}
Finder makes money from featured partners, but editorial opinions are our own.

How does a balance transfer help you save money?

Clear your debt and cut your interest costs with a 0% balance transfer credit card.

$
% p.a.
{"visibility":"visibilityMasthead","ctaLabel":"Calculate","tableCode":"balance_transfer_comp_v2","nicheCode":"AUCCF","fields":[{"name":"TRANSFER_AMOUNT","value":"5000","options":"","label":"Transfer Amount","suffix":"$","useSuffixAsPrefix":true,"useDropDownOption":false,"tooltip":""},{"name":"PURCHASE_RATE","value":"20.00","options":"","label":"Current Interest Rate","suffix":"% p.a.","useSuffixAsPrefix":false,"useDropDownOption":false,"tooltip":""}]}
1 - 14 of 109
Name Purchase rate p.a. Annual fee Balance transfer rate p.a. Amount Saved
St.George Vertigo Card
St.George Vertigo Card image
Purchase rate p.a.
13.99%
Annual fee
$55
Balance transfer rate p.a.
0% for 28 months with 1% balance transfer fee, then 21.49%
$1,780.59 over 28 months
Go to siteMore Info
Get a 0% p.a. interest rate on balance transfers for 28 months (with a 1% balance transfer fee).
Westpac Low Rate Card
Westpac Low Rate Card image
Purchase rate p.a.
13.74%
Annual fee
$59
Balance transfer rate p.a.
0% for 28 months with 2% balance transfer fee, then 21.49%
$1,768.59 over 28 months
Go to siteMore Info
Save with a 0% p.a. interest rate on balance transfers for 28 months (with a 2% BT fee). Plus, a low 13.74% p.a. purchase interest rate.
NAB Low Rate Credit Card
NAB Low Rate Credit Card image
Purchase rate p.a.
13.49%
Annual fee
$0 first year ($59 after)
Balance transfer rate p.a.
0% for 28 months with 2% balance transfer fee, then 21.74%
$1,768.59 over 28 months
Go to siteMore Info
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.
Kogan Money Card – Exclusive Offer
Kogan Money Card – Exclusive Offer image
Exclusive
Kogan Rewards Program
Purchase rate p.a.
9.99% for 18 months, then 20.99%
Annual fee
$0
Balance transfer rate p.a.
0% for 18 months with 2% balance transfer fee, then 21.74%
$1,335.99 over 18 months
Go to siteMore Info
Save with 0% p.a. interest on balance transfers (with a 2% BT fee) and 9.99% p.a. on purchases, both for 18 months, plus, an ongoing $0 annual fee.
Qantas Premier Platinum
Qantas Premier Platinum image
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 with 2% balance transfer fee, then 21.99%
$578.32 over 12 months
Go to siteMore Info
Earn up to 100,000 bonus Qantas Points. Plus, save with a reduced first-year annual fee and 0% p.a. for 12 months on balance transfers, with a 2% BT fee.
Qantas Premier Everyday
Qantas Premier Everyday image
Qantas Frequent Flyer
Purchase rate p.a.
19.99%
Annual fee
$99
Balance transfer rate p.a.
0% for 12 months with 2% balance transfer fee, then 21.99%
$828.32 over 12 months
Go to siteMore Info
Get 2 bonus Qantas Points per $1 spent on eligible purchases in the first 4 months (up to 8,000 points), plus complimentary insurance.
St.George Amplify Signature
St.George Amplify Signature image
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%
$1,217.89 over 24 months
Go to siteMore Info
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.
St.George Vertigo Card - Cashback Offer
St.George Vertigo Card - Cashback Offer image
Purchase rate p.a.
13.99%
Annual fee
$55
Balance transfer rate p.a.
6.99% for 12 months, then 21.49%
$562.66 over 12 months
Go to siteMore Info
Get up to $400 cashback at eligible supermarkets and petrol stations in the first 180 days. Plus, a low interest rate for purchases.
Citi Premier Card - Cashback Offer
Citi Premier Card - Cashback Offer image
Citi Rewards Program
Purchase rate p.a.
21.49%
Annual fee
$300
Balance transfer rate p.a.
0% for 6 months, then 22.24%
$183.02 over 6 months
More Info
Receive $600 cashback when you spend $2,000 through Apple Pay, Google Pay or Samsung Pay in the first 3 months.
Credit Union SA Education Community Credit Card
Credit Union SA Education Community Credit Card image
Purchase rate p.a.
0% for 6 months, then 11.49%
Annual fee
$0
Balance transfer rate p.a.
0% for 6 months, then 11.49%
$483.02 over 6 months
More Info
Save with an ongoing $0 annual fee and 0% p.a. interest on purchases, balance transfers and cash advances.
Bankwest Breeze Platinum Mastercard
Bankwest Breeze Platinum Mastercard image
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%
$858.32 over 12 months
Go to siteMore Info
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.
Bankwest Breeze Classic Mastercard
Bankwest Breeze Classic Mastercard image
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%
$878.32 over 12 months
Go to siteMore Info
Save with 0% p.a. on purchases and balance transfers for 12 months (with a 2% BT fee).
Citi Simplicity Card
Citi Simplicity Card image
Purchase rate p.a.
0% for 6 months, then 21.49%
Annual fee
$0
Balance transfer rate p.a.
0% for 6 months, then 22.24%
$483.02 over 6 months
More Info
Get 0% p.a. interest on purchases and balance transfers for 6 months and an ongoing $0 annual fee.
NAB Rewards Platinum Card – Velocity Points
NAB Rewards Platinum Card – Velocity Points image
Velocity Frequent Flyer
Purchase rate p.a.
20.99%
Annual fee
$95 first year ($195 after)
Balance transfer rate p.a.
0% for 12 months with 3% balance transfer fee, then 21.74%
$832.32 over 12 months
Go to siteMore Info
Get up to 80,000 bonus Velocity Points: 60k points when you spend $1,000 in the first 60 days and 20k after 12 months.
loading
Showing 14 of 14 results

How can a balance transfer help me save money?

A balance transfer credit card is designed to give you more breathing room to pay off your debt without any interest for a promotional period. Depending on the size of your debt and the interest rate you're currently paying, this could save you tens, hundreds or thousands of dollars. Below we've explained how balance transfers work and how the different features can help you save.

Promotional balance transfer rate

Most balance transfer credit cards in Australia boast a 0% interest rate for a promotional period. Compared to the standard purchase rate (which can range from 8.99% on a low rate card to around 22% on a premium card), you can take advantage of the interest-free period to clear your debt without the burden of compounding costs. At the end of the promotional period, a higher revert rate will apply to any remaining debt from the transfer. To make the most of your balance transfer card, you should aim to pay your debt in full before this revert rate kicks in.

Length of introductory period

The length of the 0% balance transfer offer will vary from around 6 to 24 months. The longer the interest-free period, the more you can space out your repayments and generally the more you can save on interest costs. You should also consider other factors like the annual fee, any balance transfer fee and revert rate to decide which option is right for you.

Ideally, you should pick a balance transfer card that gives you enough time to pay off your entire balance in full before the revert interest rate applies. For example, let's say you have a debt of $5,000 and are looking at a card with 0% p.a. on balance transfers for 18 months. You'd need to allocate $278 each month to clear your debt in the first 18 months. If you don't think you can afford this much each month, look for a card with a longer interest-free period to spread out and reduce your monthly repayments.

How to use the balance transfer calculator in 3 easy steps

Now that you know how a balance transfer can help you save money, you can use the table above to compare which credit cards offer you the biggest savings in 3 easy steps:

  • Step 1. Enter the total debt/outstanding amount you would like to transfer
  • Step 2. Provide the interest rate that you are paying on your existing debt (if you don't have your interest rate on you, the average is around 18-20%)
  • Step 3. See the 'Interest Saved' column to find out which credit cards will save you the most money

If you want to find out more about a particular credit card, click the ‘More info’ link for a full review on the features and benefits.

balance-transfer-calculator

Example of table taken from 2 June 2020.

A balance transfer credit card can be a useful debt consolidation tool when you pick the right card and pay off your balance in full. As there are many 0% balance transfer credit cards on the market, make sure to compare your options before you apply.

Image: Shutterstock

Back to top

More guides on Finder

Ask a Question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au 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, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

13 Responses

    Default Gravatar
    JadeFebruary 12, 2024

    Can you transfer more than one credit card balance to a new card?

      AvatarFinder
      SarahFebruary 15, 2024Finder

      Hi Jade,

      It depends on the card you transfer to. Some card issuers will allow you to transfer from 2 or 3 cards into one new card, provided the total amount transferred is no more than 90% of your new credit limit.

      Hope this helps!

    Default Gravatar
    KersiJuly 27, 2019

    Have booked a trip to India; can you pls advise which travel card from Australia I should obtain? Thanks.

      AvatarFinder
      JoshuaJuly 28, 2019Finder

      Hi Kersi,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      We do have a list of travel money cards for India. You may refer to our comparison table to help you find the card that suits you. You can compare based on fees, features, and descriptions. When you are ready, press the ‘Go to site’ button to apply.

      Please make sure though to read the eligibility criteria, features, and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    RachaelFebruary 23, 2015

    Myself and my partner have had an application denied and we didn’t even get to submit any of our personal financial details so we requested that re-assessment of the application with the payment details and we can’t work out why we have been denied. All they told us is we don’t meet their requirements. We currently have a credit card that we want to transfer the balance to a period of interest free. We have only applied the once. Do you have any suggestions on how we go about getting a credit card, without getting marks against our credit rating if we were to get further denials ?

      AvatarFinder
      JonathanFebruary 24, 2015Finder

      Hi Rachael,

      Thanks for your inquiry.

      It would be best to directly visit a bank branch for credit inquiries. Please see our guide credit card application tips and recommendations on improving your chances on main credit criteria. It may also be beneficial to request a copy of your credit file.

      Cheers,
      Jonathan

    Default Gravatar
    NickDecember 5, 2014

    If you balance transfer from an existing credit card do you have to close it down or can you continue to use that card?

    Thanks

    nick

      AvatarFinder
      ElizabethDecember 5, 2014Finder

      Hi Nick,

      Thanks for your question.

      You aren’t required to close your previous credit card account, whether or not you close it will be up to you.

      I hope this has helped.

      Thanks,

      Elizabeth

    Default Gravatar
    phantommJune 5, 2014

    People need to remember that if they take a balance transfer from a card that also has normal purchases on it and they are unpaid, the lender credits payments to the interest free amount first while the balance of purchasers continue to accrue interest.

    So the benefits may not be as much as they would hope for.

Go to site