Discover how much you could save on interest with a 0% balance transfer credit card.
If you're struggling to repay a credit card debt that's collecting a high-interest rate, a 0% balance transfer credit card can help you clear your debt faster while minimising your interest costs. This is why you should compare your options and consider how much you could save on interest before applying. You can use the calculator built into the comparison table below to see how much interest you can save across a variety of balance transfer deals based on the size of your debt and how much interest you're currently paying.
Long-Term Balance Transfer Credit Card Offer
The NAB Premium Card features a balance transfer promotion with a range of platinum benefits.
- 0% p.a. on balance transfers for 24 months on a new NAB Premium Card. BT reverts to cash advance rate after promotional period.
- A one off 3% BT fee applies.
- Receive a range of complimentary insurance covers including overseas travel insurance and 24/7 NAB Platinum Concierge Service.
- Request an additional cardholder at no extra cost.
Use our balance transfer calculator to see how much you can save
How to use the balance transfer calculator in 4 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. Click on the 'Interest Saved' title to sort the cards in ascending or descending order of money saved.
Step 4. 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.
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Which balance transfer credit card should I apply for?
There is no one right balance transfer credit card. Instead, you should complete your comparison based on your individual needs including the size of your debt, your ability to repay and how long you need to clear the entire debt. You should also consider other factors including the annual fee and revert rate to ensure that the card is an affordable option for you. For a more comprehensive comparison, please see our guide on balance transfer credit cards.
How much money will I save by doing a balance transfer?
Exactly how much you will save will also vary depending on the size of your debt, your repayments and the promotional offer you apply for. However, the interest you save will depend on the difference between the interest you would have paid on your current credit card account and the interest you'll avoid with the 0% balance transfer offer. If you use the balance transfer calculator in the tables above, the "interest saved" column will indicate how much you can save if you repay your entire balance before the interest-free promotion ends.
Mistakes to avoid with a balance transfer credit card
Don’t spend on your new balance transfer credit card
While you can use a balance transfer credit card to make purchases, it's important to remember that interest-free days won't apply if you're paying off a balance. So, if you want to concentrate on clearing your debt and avoiding interest, you might want to refrain from using your card for purchases. Watch our video of finder.com.au founder Fred Schebesta explaining how interest-free days work for more information.
Your repayments will also automatically go to the amount that is collecting the highest interest. So, if your purchases are collecting the standard interest rate, repayments will go to those rather than your balance transfer.
Don't ignore the balance transfer revert rate
If you have a remaining balance once the promotional period ends, your debt will begin to collect either the standard purchase interest rate or cash advance interest rate. The revert rates will vary from card to card, so you can visit our product reviews to confirm the relevant standard rate for the card you're interested in. If you want to avoid paying interest on your balance, it's wise to repay your entire debt before the promotional offer ends. See our guide on "What does my balance transfer rate revert to?" for more information.
Don't try to conduct a balance transfer between cards from the same bank
You can't balance transfer credit cards that are issued by the same bank. This often means you also can't transfer between banks that are owned by the same company. See this guide for a list of the banks you can and can't transfer between.
Balance transfer credit cards can be a useful debt consolidation tool that can help you save on interest costs. The balance transfer calculator above can help you make your comparison based on maximising your interest savings, but it's important to compare your options before you apply to ensure you're applying for the right card for you.Back to top