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.

NAB Premium Card

NAB Credit Card Offer

Apply for a NAB Premium Credit Card and enjoy a long-term balance transfer promotion and platinum card benefits including concierge services and complimentary insurance covers.

  • $90 p.a. annual fee
  • 19.74% p.a. on purchases
  • 0% p.a. for 24 months with 3% balance transfer fee on balance transfers
  • Cash Advance Rate of 21.74% p.a.
  • Up to 44 days interest free

Compare Long-Term Balance Transfer Credit Cards

Rates last updated May 27th, 2017.

HSBC Platinum Credit Card

Balance transfer offer has been changed to 0% p.a. for 22 months and is valid until 31 August 2017.

May 8th, 2017

Citi Rewards Platinum Credit Card

Balance transfer offer has been extended until 30 June 2017.

May 12th, 2017

American Express Velocity Platinum Card

Bonus points offer has changed from 50,000 to 100,000 which is valid until 31 July 2017.

May 16th, 2017

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
NAB Premium Card
Enjoy Platinum benefits including complimentary travel insurance, a 24/7 concierge and Visa Front Line Access.
0% p.a. for 24 months with 3% balance transfer fee 19.74% p.a. $90 p.a. Go to site More info
St.George Vertigo Visa
Save with a low ongoing purchase rate and up to 55 interest-free days.
0% p.a. for 14 months 13.24% p.a. $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
Citi Rewards Platinum Credit Card
Earn Citi Reward Points on everyday spend and receive complimentary travel insurance.
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
A low rate Platinum card with up to 55 interest-free days on purchases and access to Visa's Platinum Concierge service.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Exclusive Offer
Earn 2 Velocity Points on top of the standard earn rate per $1 spent within the first 3 months, plus a $129 Virgin Australia Gift Voucher each year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
An exclusive credit card offer through finder.com.au that includes complimentary insurance covers.
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 Platinum Credit Card
Offers an annual fee refund with a yearly minimum spend of $6,000.
0% p.a. for 22 months with 2% balance transfer fee 19.99% p.a. $99 p.a. Go to site More info
NAB Low Fee Card
Receive up to 44 interest-free days on purchases and complimentary Purchase Protection Insurance.
0% p.a. for 18 months with 3% balance transfer fee 19.74% p.a. $30 p.a. Go to site More info
HSBC Low Rate Credit Card
Enjoy the benefits of the home&Away Privilege Program and the ability to pay using Apple Pay.
0% p.a. for 15 months with 2% balance transfer fee 13.25% p.a. $55 p.a. Go to site More info
Westpac Low Rate Card - Online Only Balance Transfer Offer
Offers a low introductory rate on purchases and up to 55 interest-free days.
0% p.a. for 24 months with 2% balance transfer fee 13.49% p.a. $59 p.a. Go to site More info
NAB Low Rate Credit Card
Receive up to 55 days interest-free on purchases and access to Visa Global Customer Assistance Services.
0% p.a. for 18 months with 3% balance transfer fee 13.99% p.a. $59 p.a. Go to site More info
American Express Essential®  Credit Card
Earn 1.00 Membership Rewards point per $1 spent on eligible purchases.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
Earn Suncorp Rewards Points per $1 spent and enjoy complimentary international travel insurances.
0% p.a. for 18 months 20.74% p.a. $99 p.a. annual fee for the first year ($169 p.a. thereafter) Go to site More info
Bank of Melbourne Vertigo Platinum
Receive a range of complimentary insurances and access to a 24/7 Visa Platinum Concierge.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
ANZ Low Rate Platinum
A platinum card with a competitive low rate and a range of complimentary insurances.
0% p.a. for 16 months with 2% balance transfer fee 11.49% 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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