How does a balance transfer credit card help you save money?

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Finder Score	Balance transfer rate p.a.	Purchase rate	Annual fee	Amount Saved
Finder score 9.6 Excellent Kogan Money Credit Card - Balance Transfer Exclusive Offer Exclusive $1,235.99 over 18 months	Finder score 9.6 Excellent	Balance transfer rate p.a. 0% for 18 months with 2% balance transfer fee, then 22.74%	21.99%	$0	$1,235.99 over 18 months	Finder Exclusive: Save with 0% p.a. for the first 18 months on balance transfers (with a one-time 2% balance transfer fee).	Go to site More info Compare product selectionCompare	loading
Finder score 9.5 Excellent Westpac Low Rate Card $1,196.8 over 20 months	Finder score 9.5 Excellent	Balance transfer rate p.a. 0% for 20 months with 3% balance transfer fee, then 21.99%	13.74%	$59	$1,196.8 over 20 months	Save with a 0% p.a. interest rate on balance transfers for 20 months (with a 3% balance transfer fee). Plus, a low 13.74% p.a. purchase interest rate.	Go to site More info Compare product selectionCompare	loading
Finder score 8.7 Great Qantas Money Everyday $678.32 over 12 months	Finder score 8.7 Great	Balance transfer rate p.a. 0% for 12 months with 3% balance transfer fee, then 21.99%	20.99%	$99	$678.32 over 12 months	Offers 8,000 bonus Qantas Points when you spend at least $3,000 on eligible purchases within the first 90 days, plus a 0% p.a. balance transfer offer, with 3% balance transfer fee.	Go to site More info Compare product selectionCompare	loading
Finder score 6.8 Standard Latitude 28° Global Platinum Mastercard $359.96 over 12 months	Finder score 6.8 Standard	Balance transfer rate p.a. 6.99% for 12 months with 3% balance transfer fee, then 29.99%	27.99%	$0 first year ($96 after)	$359.96 over 12 months	$260 bonus Latitude Rewards if you spend $2,000+ in the first 3 months & reward of up to $240 each year on eligible international transactions. $0 first-year annual fee. T&Cs apply. New customers only, must be approved by 26 February 2026.	Go to site More info Compare product selectionCompare	loading
Finder score 9.2 Excellent NAB Low Rate - Cashback Offer Most Loved $718.32 over 12 months	Finder score 9.2 Excellent	Balance transfer rate p.a. 0% for 12 months with 3% balance transfer fee, then 21.74%	13.49%	$59	$718.32 over 12 months	Offers $400 cashback when you spend $5,000 on everyday purchases within the first 150 days.	Go to site More info Compare product selectionCompare	loading
Finder score 8.1 Great Qantas Money Platinum $428.32 over 12 months	Finder score 8.1 Great	Balance transfer rate p.a. 0% for 12 months with 3% balance transfer fee, then 21.99%	20.99%	$349 first year ($399 after)	$428.32 over 12 months	Earn up to 100,000 bonus Qantas Points when you spend $5,000 in the first 90 days. Plus, save with a reduced first-year annual fee.	Go to site More info Compare product selectionCompare	loading
Finder score 6.6 Standard Latitude Low Rate Mastercard - Purchase Offer $388.61 over 12 months	Finder score 6.6 Standard	Balance transfer rate p.a. 6.99% for 12 months with 3% balance transfer fee, then 29.99%	0% for 9 months, then 13.99%	$69	$388.61 over 12 months	Enjoy 0% p.a. on purchases for the first 9 months and 3% back in Latitude Rewards. T&Cs, annual card fee and other charges apply. Applies to general purchases only. Excludes any other offers. New customers only approved by 12 January 2026.	Go to site More info Compare product selectionCompare	loading
Finder score 8.5 Great NAB Rewards Platinum Card – Velocity Points Most Loved $582.32 over 12 months	Finder score 8.5 Great	Balance transfer rate p.a. 0% for 12 months with 3% balance transfer fee, then 21.74%	20.99%	$195	$582.32 over 12 months	Get up to 80,000 bonus Velocity Points: 60,000 points when you spend $4,000 in the first 90 days and 20,000 after 12 months.	Go to site More info Compare product selectionCompare	loading

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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
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.

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Written by

Richard Whitten

Senior Money Editor

Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

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Richard has written 688 Finder guides across topics including:

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