Long-Term Balance Transfer Credit Cards

Need more time to repay your debt? Move your debt to a new credit card at 0% interest for up to 18-24 months with long-term balance transfers. 

If you feel as though you might never have your debt under control, then a long-term balance might be your solution. With a longer interest-free period of up to 20 months, you can repay your debt without the burden of high interest rates.

Compare the benefits, features and restrictions of a long-term balance transfer to see whether it’s the key to your debt consolidation.

Compare Long-Term Balance Transfer Credit Cards

Rates last updated April 26th, 2017.

American Express Explorer Credit Card

Bonus points offer has been changed from 50,000 to 100,000 points and is valid until 15 May 2017.

March 28th, 2017

Woolworths Everyday Platinum Credit Card

$100 has replaced $50 eGift Card plus BT & annual fee offers have been extended until 30 June 2017.

April 1st, 2017

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

1.5% BT fee has been added to the existing balance transfer offer which is valid until 15 June 2017.

April 3rd, 2017

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
NAB Premium Card
Benefit from premium credit card advantages including travel insurance, Platinum Concierge Service plus 0% p.a. for 24 months on balance transfers.
0% p.a. for 24 months with 3% balance transfer fee 19.74% p.a. $90 p.a. Go to site More info
Citi Rewards Platinum Credit Card
Take advantage of the introductory long-term balance transfer offer and reduced annual fee in the first year.
0% p.a. for 24 months with 1.5% balance transfer fee 20.99% p.a. $49 p.a. annual fee for the first year ($149 p.a. thereafter) Go to site More info
St.George Vertigo Platinum - Online Only Balance Transfer Offer
Enjoy a long-term balance transfer offer of 3% p.a. for 36 months when you apply online, plus complimentary insurance covers and a personal concierge service.
3% p.a. for 36 months 12.74% p.a. $99 p.a. Go to site More info
NAB Low Rate Credit Card
A low rate card which offers 0% p.a. on balance transfers for the first 18 months combined with a low annual fee.
0% p.a. for 18 months with 3% balance transfer fee 13.99% p.a. $59 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 2 Velocity Points on top of the standard earn rate per $1 spent within the first three months. Plus, save with a long-term balance transfer offer and a reduced annual fee in the first year.
0% p.a. for 18 months with 1.5% balance transfer fee 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
NAB Low Fee Card
Enjoy a low annual fee card with a low introductory rate of 0% p.a. on balance transfers for 18 months.
0% p.a. for 18 months with 3% balance transfer fee 19.74% p.a. $30 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 12 months on balance transfers and 0% p.a. for 6 months on purchases, plus a low annual fee.
0% p.a. for 12 months 0% p.a. for 6 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
HSBC Low Rate Credit Card
This card comes with a balance transfer offer, a low interest rate and up to 55 days interest-free on purchases.
0% p.a. for 15 months with 2% balance transfer fee 13.25% p.a. $55 p.a. Go to site More info
American Express Essential®  Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
ANZ Low Rate Platinum
Enjoy platinum benefits with exclusive discounts, complimentary travel insurance and personal concierge. Also repay your credit card debt interest-free with 0% p.a. for 16 months on balance transfers.
0% p.a. for 16 months with 2% balance transfer fee 11.49% p.a. $99 p.a. Go to site More info
ANZ Low Rate
Take advantage of 0% p.a. for 16 months on balance transfers and a low ongoing interest rate on purchases.
0% p.a. for 16 months with 2% balance transfer fee 12.49% p.a. $58 p.a. Go to site More info
Bankwest Breeze MasterCard
Enjoy an introductory rate of 0% p.a. on balance transfers for 21 months (2% balance transfer fee applies). Limited time only.
0% p.a. for 21 months with 2% balance transfer fee 12.99% p.a. $59 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 12 months and an introductory purchase offer of 0% p.a. for 6 months.
0% p.a. for 12 months 0% p.a. for 6 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info

How to use a 0% balance transfer to manage post-Christmas debt

 

What is a long-term balance transfer?

A long-term balance transfer allows you to transfer your debt from a high interest credit card to a new credit card under a longer low interest period. While most balance transfer offers only last for six months, long balance transfer offers generally give you between 12 and 24 months to pay off your debt. Long-term balance transfer credit cards are designed for cardholders with a high outstanding balance, meaning they need a longer period to repay their balance. If you’re struggling to repay your large credit card debt, a long-term balance transfer will give you more time to repay your debt at a low or 0% interest rate before the offer ends and reverts to the standard high rates.

How much am I allowed to transfer?

The total amount you can transfer will depend on the conditions outlined by the bank you complete the balance transfer with. While some may let you transfer up to 95% of your credit limit, others may only allow you to transfer 80% of your total credit limit. Your maximum credit limit will be decided based on your financial circumstances and credit history.

If you’re carrying a large debt, it’s especially important to consider whether you can transfer the entire amount before applying for the card.

Mistakes to avoid with long-term balance transfers

To ensure you make the most of the long-term balance transfer offer, you should avoid the following mistakes:

  • Only meeting your minimum repayments. Only paying the minimum is unlikely to  cover your entire debt by the end of the promotional period.If you have the opportunity to put more towards your debt than the monthly minimum requirement, you’ll clear your debt faster. For example, if you have a debt of $5,000 and only paid the minimum each month, it could take you up to 10 years to pay it off in full. Alternatively, if you paid $208 each month, you could have your debt fully repaid over a two-year period, which could be the length of your long-term balance transfer card.
  • Making purchases on your new credit card. The purpose of a balance transfer is to repay your debt in full during the promotional interest period and get your finances in line. Using your balance transfer card for purchases isn’t recommended, as it will only add to your debt. Plus, your repayments will automatically go to the debt that’s accruing the highest amount of interest (which is most likely going to be the purchases). This means that you’ll be wasting time and money repaying your purchases when you should be taking advantage of the low or no interest balance transfer period.

A long-term balance transfer could be your solution to clearing your debt and having a healthy credit report. By designing a realistic budget and working hard to stick to it, you can have your debt cleared before the end of the promotional period.

How to use the Balance Transfer Calculator in 4 easy steps and learn how much you can save today

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. Compare the credit cards available in the table provided to find the card that suits your needs. If you still want to find out more about a particular credit card, click the ‘More info’ link for a full review on the features and benefits.

BT calculator steps

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8 Responses to Long-Term Balance Transfer Credit Cards

  1. Default Gravatar
    doreen | April 3, 2017

    I have a bank card for 1000 of which I have spent 800 and a platignum new card for 6000 on which I owe 1000 could these go for balance transfer and what would be interest rate at the finish of 12 months?
    Thanks

    • Staff
      Harold | April 4, 2017

      Hi Doreen,

      Thank you for your inquiry.

      To check your available options regarding balance transfer it would be nice to contact your provider directly. Also, you may want to consider this page for further information.

      I hope this information has helped.

      Cheers,
      Harold

  2. Default Gravatar
    Vicki | April 25, 2016

    Hi
    I am a commonwealth bank customer and recently had a $10k limit with over 20% interest rate and got to over $5000 and wasn’t getting ahead so transferred it over to St George with 20 months interest free so have been paying the right amount each month so the debt is paid off within that period and not using the card for purchases.
    I have another lower rate credit card with Commonwealth for around 14% but it is around $5,000 and still paying around $70 interest a month.
    My question is this – would I be better to transfer this second balance and pay off with no interest or stick with what I’m doing?
    Cheers

    • Staff
      Anndy | April 28, 2016

      Hi Vicki,

      Thanks for your question.

      This will depend on your personal and financial situation. You can balance transfer the existing $5,000 debt but there’s the risk that it won’t be approved. This will also depend on how recent your last balance transfer was.

      If you don’t intend to add the $5k debt and can pay off the balance and interest payments comfortably, a balance transfer may not be necessary.

      If you’d like to discuss your options further, you may want to consider the services of a financial planner. finder.com.au is a third party comparison service and can only provide general advice.

      I hope this helps.

      Cheers,
      Anndy

  3. Default Gravatar
    Frances | October 23, 2015

    Hi there,
    I have incurred some debt from my line of credit recently and would like to know if it is possible to transfer the debt to one of the 0% for 15-25mths free cards? Which ones would offer this?
    Thanking you

    • Staff
      Ally | October 23, 2015

      Hi Frances,

      Thanks for your inquiry.

      Kindly check with your preferred bank directly as the amount they can approve you of will greatly depend on your credit situation and income.

      Cheers,
      Ally

  4. Default Gravatar
    Phu | August 29, 2011

    Dear sir/madam
    I have got a debt 35.000 from credit card , now I would like to transfer to your bank with l.9% for 15 months . can you tell me what conditions to approve that . thanks

    • Staff
      Jeremy | August 31, 2011

      Hi Phu

      Thanks for your question.

      The banks don’t state the requirements to be able to receive a credit limit of $35,000+ in order to do a balance transfer for $35,000.

      Standard Citibank credit card application criteria applies. They will approve you up to a certain amount which will be largely determined by your credit situation and income.

      Cheers

      Jeremy

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