Transfer your credit card debt and repay it over 30 months with 0% interest. Compare some of the longest balance transfer offers available today.
One way to tackle your credit card debt is to apply for a balance transfer credit card and transfer your balance at a low interest rate for a set period of time. The longer the term of the balance transfer offer, the more time you’ll have to pay off your debt. Learn about longer-term balance transfer offers in this guide and find answers to some of the questions most commonly asked when applying for them.
0% p.a. for 25 months
on balance transfers
Exclusive to finder.com.au
Eligibility criteria, terms and conditions, fees and charges apply
Exclusive to finder.com.au - 0% Balance Transfer Offer
The NAB Low Fee Platinum Card features a range of platinum benefits and a long-term balance transfer offer exclusive to finder.com.au.
- 0% p.a. on balance transfers for 25 months on a new NAB Low Fee Platinum Card. BT reverts to cash advance rate thereafter.
- No balance transfer fee when BT requested upon application.
- Receive seven complimentary insurance covers when you make an eligible purchase. Plus, access to the 24/7 NAB Concierge Service.
- Request an additional cardholder at no extra cost.
- Must apply through finder.com.au to take advantage of this offer. Offer may be withdrawn at any time.
Long-term balance transfer credit card comparison
How to use a 0% balance transfer to manage post-Christmas debt
How to use the Balance Transfer Calculator in 4 easy steps: Learn how much you can save with a long-term balance transfer today
You can find the Balance Transfer Calculator at the top of the comparison table above.
Step 1. Enter your total debt/the outstanding amount that you would like to transfer.
Step 2. Provide the interest rate that you are currently paying on your existing debt (if you don't know your interest rate right now, the average is around 18-20%).
Step 3. Check out the "Amount Saved" column to find out which credit card will save you the most money. The calculator automatically includes any balance transfer fees and annual fees associated with each card. Click on the "Amount Saved" header to sort the cards in ascending or descending order of money saved.
Step 4. Compare the credit cards available in the table provided to find the card that best suits your needs. If you want to find out more about a particular credit card, click the "More info" link for a full review of the features and benefits.
What is a long-term balance transfer offer?A balance transfer offer on a credit card allows you to transfer your current credit card balance to a new card and repay it at a lower interest rate for a set period of time. Longer-term balance transfers offer the lower rate for a longer period of time, typically 9, 12 or 18 months or more. Balance transfer offers charge a lower interest rate over the promotional period so that you can save money and repay your debt with ease.
What is the process of transferring a credit card balance?
Customers can apply for a long-term balance transfer credit card by requesting it during the online application process (or after credit card approval with some specific banks). Once the balance transfer credit card has been requested, the new banking institution submits a request payout for the existing debt and transfers that amount to the new balance transfer credit card.
Credit card issuers essentially provide this offer as an incentive to attract new customers. However, it's important to pay off your debt during the promotional period because after this period has ended, the interest rate reverts to the much higher standard interest rate or cash advance rate.
What types of long-term balance transfer credit cards are available?
- No-frills balance transfers. You can choose to transfer your debt onto a standard credit card that doesn't have any features that you won't use. If you're seriously dedicated to paying off your debt, then these types of credit cards won't motivate you to spend any more money because of the lack of rewards and features. The interest rate is typically either:
- 0% on balance transfers for up to 9 months (sometimes more)
- A low interest rate on balance transfers (eg, 0.99%, 1.9%, 3.9%) for a longer period of time (eg, 12, 15, 18 or even 30 months)
- Platinum balance transfers. If you have a high credit limit, you may want to transfer your debt onto a Platinum credit card. These types of cards often offer complimentary travel insurance as well as a range of features to motivate you to spend more. They are often linked to a reward system as well, so they're not a great idea if you want to remain dedicated to paying your debt back quickly without using the card to make any more purchases.
- Reward and frequent flyer balance transfers. These types of credit cards allow you to earn points on eligible purchases. While you won't earn points for transferring your balance, you still get more value out of any purchases made with the card. Be mindful that if you carry a balance on a reward credit card, the interest charges will often negate the benefits that the reward points provide.
How to compare credit cards that offer a long-term balance transfer deal
- Promotional period. This is the time in which the balance transfer interest rate will apply. A longer-term promotional period is usually considered to be 9 months or longer, though some offers have a promotional period of just 4 or 6 months.
- The balance transfer interest rate. This is the interest rate that the balance that you've transferred is charged for the promotional period. Some of the better offers have a 0% balance transfer rate, but you'll find that for a longer promotional period, the balance transfer interest rate is usually between 1.5% and 5%. This is when you should use your judgement to determine how long you'll need to repay your credit card debt.
- Balance transfer limit. This determines the maximum amount that you can transfer to your new credit card. The rule for long-term balance transfers is that you can't transfer more than your approved credit limit. A common industry standard is a limit of 95% of your approved credit limit. So for an approved credit limit of $10,000, the maximum amount that you can transfer to the new card is $9,500. A few balance transfer credit cards have minimum and maximum amounts that can be transferred.
- Balance transfer fee. Banks may charge a fee of 1-3% of the entire balance transfer amount, so it's important to read the terms and conditions before applying.
- Revert rate. Have a look at whether the balance transfer interest rate reverts to the purchase rate or cash advance rate after the promotional period is over. The purchase rate is generally lower than the cash advance rate, but for balance transfer credit cards, both rates tend to be quite high.
Pros and cons of a long-term balance transfer
- More time to pay off your debt. Two years allows more time for customers to get on top of their finances and pay down their debt at a lower interest rate.
- Pay less interest. With a lower (or no) interest rate, customers with a sizeable credit card debt can save money in interest and pay down their debt sooner.
- Revert rate. The revert rate of your balance transfer credit card is either the purchase rate or cash advance rate, so it's important to have your balance paid off before the promotional period ends. If this is not possible, consider performing another balance transfer if you are in a position to apply for another balance transfer credit card.
Things to avoid when transferring your balance for a longer term
- Making extra purchases. If you make a purchase on a credit card with an outstanding balance, interest is charged from the day of the purchase. Purchases won't be covered under the promotional balance transfer interest rate and this defeats the purpose of trying to pay back your original debt.
- Leaving an unpaid balance after the promotional period. The balance transfer interest rate will revert to either the purchase rate or, more commonly, the cash advance rate after the promotional period has finished. These rates can vary from card to card, but usually, the interest will revert to an excess of 20% p.a.
- Transferring to the same bank. Most banks won't allow you to perform a balance transfer from one of their cards to another of their cards (or one of their affiliates' card), unless specifically stated in their terms and conditions.