Compare 75+ balance transfer credit cards and find 0% interest offers for up to 20 months - based on hours of expert analysis and number crunching to help you save.
This card has one of the market's longer balance transfer offers of 0% p.a. balance transfer offer for 20 months (with a 3% balance transfer fee). You could transfer debt to this card and repay it with no interest for the first 1 year and 8 months. The low $59 annual fee also helps keep your account costs down.
This card has a Finder Score of 9.48 in the balance transfer category.
Pros & cons
0% p.a. for the first 20 months on balance transfers
Low 13.74% p.a. interest rate on purchases
$0 first-year annual fee for existing customers
Charges a one-time 3% balance transfer fee
Balance transfer reverts to the high cash advance rate of 21.99% p.a. after the introductory period
Best 24-month balance transfer - Bankwest Breeze Classic Mastercard
The Bankwest Breeze Classic Mastercard offers a 0% balance transfer offer for 24 months, which is on the longer side. The 3% balance transfer fee can cost you a couple of hundred dollars depending on how much you're transferring. The card's $49 annual fee is quite low.
This card has a Finder Score of 9.13 in the Low Rate category.
Video: the 3 best credit balance transfer credit cards right now
2:34
0:00 Are you juggling too many credit cards? Are interest charges piling up? Well, you could use a balance transfer offer to get yourself out of debt faster. 0:09 In short, a balance transfer offer is a card that gives you 0% interest for a certain period of time on your unpaid card balance. This lets you pay off your card debt without having interest charges piling up on top. 0:23 And you can even combine multiple card balances onto one new card. The main thing with a balance transfer is to make sure you pay off that debt during the balance transfer period because once that 0% offer ends, you start getting charged interest again. 0:37 Here are the three best balance transfer offers on the market right now. 0:42 First up, we have the ANZ low rate credit card. This currently has the longest balance transfer offer on the market. You can get 0% on your unpaid card balance for 26 months, which is over 2 years. And the card has no annual fee, which makes it a pretty cheap option. 1:00 The only thing to watch out for is the 3% balance transfer fee. This is a one-off fee that is charged as a percentage of your balance. So, if you had a balance of $5,000 you were paying off, that would be a fee of $150. So, make sure you factor that in. 1:15 And number two, we have two cards from Bank West. The Breeze Classic and the Breeze Platinum Mastercards. Both have the same balance transfer offer of 0% for 24 months with a 3% balance transfer fee. So, very similar to the ANZ card 1:29 Just a slightly shorter period with 0% interest. These cards do have annual fees. The Breeze Classic has a $49 annual fee and the Platinum card has a $59 annual fee, but the Platinum card also comes with free travel insurance. 1:43 And last, we have the Heritage Bank Gold Low Rate Card. This has a very cheap balance transfer offer of 0% for 12 months with no annual fee and no balance transfer fee. So, it's effectively a fee-free way of handling your credit card debt. 1:57 The only downside is that shorter offer period of just 12 months at 0% interest. So, you got 1 year to pay off that debt and no fees for doing so, which is a pretty good deal. 2:07 If you're thinking about doing a balance transfer, make sure you cancel your old cards once you transfer your balance to the new card. Stick to one credit card and make a plan to pay off that debt within the balance transfer period. 2:19 Because once that period ends, you'll start getting charged interest again and the whole cycle continues. Pay it off and be debt free instead.
You can move the debt onto a new credit card via a balance transfer offer. The strongest balance transfer offers give you 0% interest for up to 20 months, letting you pay off your debt without having to worry about super high interest charges.
A balance transfer offer is a debt-busting lifeline for people with big credit card debts. The key thing is to make sure you pay it off and avoid spending too much on the new card.
The average Australian credit cardholder with credit card debt carries an interest accruing balance of $1,569, based on RBA data.
Sounds great! What's the catch?
There's no catch. But...
Your new card provider may charge a one-off balance transfer fee of 1–3% of your balance.
At the end of the balance transfer period the 0% interest rate reverts to a much higher rate (often above 20%). Pay it off before this happens.
You will get charged interest on any new spending you do on the card. This is called the purchase rate.
The key to making a balance transfer work
1. Once the balance transfer is complete, start paying the debt off. 2. Figure out a realistic amount you repay each month (and stick to it). 3. Close the old credit card (the one you used to rack up the debt). That way it won't get you into any future trouble. 4. Look at your past spending. Figure out where you went wrong with the old card. You have to avoid making the same mistakes with your new card.
Does transferring credit card balances affect your credit score?
When used correctly, a balance transfer credit card can help you repay your debt and improve your credit score in the long-term. But applying for a new credit card leaves a hard enquiry on your credit report (and may decrease your score for a month or two).
Try to avoid applying for multiple cards. This will lower your credit score. Missing repayments on the balance transfer card will also hurt your credit score.
How to compare balance transfer credit cards
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. Most cards charge a balance transfer fee. This one-off fee is 1% to 3% of the amount you transfer.
Find a 0% balance transfer rate. The best balance transfer credit cards in Australia offer 0% interest for the promotional period.
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.
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.
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.
Pay off debt faster. By not paying interest 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. This also saves you money on card fees.
Perks and 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 1% to 3% of your balance transfer amount, when it applies. That would mean a fee of $100 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.
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 lower it further and you may not be approved.
"I got into some credit card trouble in my early twenties. I was stuck with over $5,000 of debt on a Commonwealth Bank credit card that I should never have taken out. That might not seem like a lot to some people, but I was struggling financially at the time, and the interest was crippling. I took out an ANZ balance transfer card and was able to get zero interest for 18 months, which gave me a lot more space to pay the thing off."
What's the best way to pay off a balance transfer credit card?
Make a plan. Look at your budget and see how much you spend and save each month. Figure out how much you can use to pay off the balance. If there's not much money, try to find ways to cut back, like cutting out subscriptions or unnecessary expenses. Use the savings to pay down your balance.
Set up auto-pay. Your bank should offer you a way to automatically set up a monthly card payment. This means you'll never miss a card payment, as long as there's money in your account.
Do the maths. Take your unpaid balance and divide it by the number of months on your 0% balance transfer offer. Let's say you have a $4,000 balance to repay and a 26-month balance transfer offer. You need to repay $154 a month.
Avoid getting into further debt. Recognise the money mistakes that got you into trouble in the first place. Try not to spend wildly on the new credit card (if possible, don't use it for new spending it all and just pay off the balance).
Set yourself up for success by setting up direct debit payments from your bank account each month. Watch as your balance goes down, and make sure it's paid off before the balance transfer period ends.
Struggling with debt? Help is available
It's easy to get into trouble with a credit card. Sometimes it's easy to sort this out with some careful budgeting and a balance transfer.
But if you've got multiple, serious debts, bad credit history, or other issues that seem to make it impossible to get back on track financially, it's much harder.
Hardship support is available. If you're struggling, talk to your bank, card company, utility or other service provider. These companies have hardship support schemes in place. You might be able to get extra time to pay a bill, or a pause on loan repayment.
Free financial counselling. You can also call the National Debt Helpline on 1800 007 007 and get free financial counselling and support.
Frequently asked questions
Right now, the longest balance transfer offer is 0% for 26 months. With the cards listed below, you can transfer your balance and get charged no interest while you pay it off for over 2 years.
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 St.George Vertigo Card won this year's balance transfer credit card award. This card combines a long 24-month balance transfer offer at 0%, with a low 1% balance transfer fee and a very competitive annual fee. This card won alongside the Bank of Melbourne and BankSA Vertigo Cards, which have identical details and features.
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.
Unfortunately, no. Balance transfer offers are only for new customers, meaning you'll have to open a card with a different bank or card company. 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, it will start to be charged interest at the revert rate.
This rate is high, often around 20%. It's higher than the purchase rate you get charged on new card spending.
If you haven't paid your balance off by the end of balance transfer period you could end up getting charged more interest than you were on 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
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.
Unless the card offers an interest-free period for the purchases, you'll be charged interest on them. So, you'd need to make sure you could repay your purchases and the balance transfer debt. Otherwise, you'll waste your 0% balance transfer offer.
When transfering an existing balance to a new card, it's your responsibility to contact your 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.
The Commonwealth Bank stopped accepting balance transfer applications in December 2023. This means you can no longer move an unpaid balance from another card onto a new Commonwealth Bank credit card.
However, you can still transfer your Commonwealth Bank credit card balance to another bank.
Finder Scores: What they mean
9+ Excellent - These cards offer the longest 0% interest periods, lowest balance transfer fees, and competitive revert rates for maximum savings.
7+ Great - Tackle debt with generous interest-free periods, reasonable balance transfer fees, and potential for additional perks.
5+ Standard - Reduce interest costs with reasonable interest-free periods and balance transfer fees.
Less than 5 – Basic - These are generally cards aimed as general audiences which include a balance transfer feature.
Let's face it, the average person doesn't spend all day comparing credit cards. But we do. That's why we developed the Finder Score.
It's a quick, easy way you can see how one credit card compares to others on the market.
Every month we:
Analyse 90+ credit cards with balance transfer offers.
Assess seven features of each card and give each component a rating.
Combine the ratings via a weighted methodology to decide the Finder Score.
The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.
Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.
Feature
Definition
Assessment
Weight
Balance Transfer Period
Length of the interest-free period on transferred balances (in months)
Longer periods earn more points, up to the market maximum
40%
Balance Transfer Fee
Percentage charged on the transferred balance
Lower fees score higher. 0% fee receives the maximum points
20%
Balance Transfer Rate
Interest rate on transferred balances during the introductory period
Lower rates score higher. 0% rate receives the maximum points
15%
First-Year Fee
Annual fee charged in the first year of ownership
Lower fees score higher. $0 fee receives the maximum points
12%
Ongoing Annual Fee
Annual fee charged from the second year onwards
Lower fees score higher. $0 fee receives the maximum points
8%
Revert Rate
Interest rate applied to remaining balance after the introductory period
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.
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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.
MonicaMarch 21, 2019
Hi there,
Just curious if I transfer my balance to a new bank and card and close my old one, can I still use the new one for purchases?
Finder
JeniMarch 23, 2019Finder
Hi Monica,
Yes, you may still use your balance transfer credit card for new purchases. Note that your repayments will go towards your purchase debt before your balance transfer debt because credit card payments are allocated to the balance with the highest interest rate first. So if you’re making and paying off purchases, you might not be making as big a dent in the debt you’ve transferred.
AydinMarch 7, 2019
I am looking for to transfer my Credit Card to another bank, but want to earn Qantas Frequent flyer points as well, no interest for min 12 months with a decent interest rate can you let me know which is best??
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.
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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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.
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.
Do you have to have good credit rating to transfer balance?
Hello Karma,
Yes, you’ll usually need to have at least a good credit rating to be approved for a balance transfer credit card.
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.
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.
Hi there,
Just curious if I transfer my balance to a new bank and card and close my old one, can I still use the new one for purchases?
Hi Monica,
Yes, you may still use your balance transfer credit card for new purchases. Note that your repayments will go towards your purchase debt before your balance transfer debt because credit card payments are allocated to the balance with the highest interest rate first. So if you’re making and paying off purchases, you might not be making as big a dent in the debt you’ve transferred.
I am looking for to transfer my Credit Card to another bank, but want to earn Qantas Frequent flyer points as well, no interest for min 12 months with a decent interest rate can you let me know which is best??
Hi Aydin,
You may like to refer to our list of Qantas Frequent Flyer Credit Cards, many of which offer a balance transfer.