Need more time to repay your debt? Compare long-term balance transfers.
0% p.a. for 18 months on balance transfers
Offer ends 26 June 2019
Eligibility criteria, terms and conditions, fees and charges apply
Westpac Credit Card Offer
The Westpac Low Rate credit card features a long-term balance transfer offer and a low variable interest rate on purchases.
- $59 p.a. annual fee.
- 13.49% p.a. on purchases
- Cash advance rate of 19.49% p.a.
- Up to 55 days interest free
- Minimum income requirement of $15,000 p.a.
Compare Long-Term Balance Transfer Credit Cards
Before you get started, you can use this guide to compare credit cards with a long interest-free balance transfer and discover the features you should consider before you apply.
What is a long-term balance transfer?
A long-term balance transfer credit card offers 0% on balance transfers for up to 24 months (although sometimes they can be as high as 25 or 26 months). Meanwhile, other cards may only charge no interest for 6 to 14 months.
Cards with long interest-free balance transfer deals are designed to help cardholders who have a high outstanding balance or want more time to repay their debt without collecting interest. At the end of the promotional period, any remaining debt will collect a higher revert rate. So even if you have a card with a long balance transfer deal, you should aim to pay off your balance before the promotional period ends.
How to compare cards with a long-term 0% balance transfer offer
Before you apply for a card with a long balance transfer deal, here are some factors you should consider first:
How long is the interest-free period?
These cards generally offer 0% on balance transfers for 18 to 26 months, but the exact promotion will vary between cards. To decide how long you’ll need, consider the size of your debt and divide it by the number of months in the promotional period. This is how much you’ll have to pay each month to clear the debt before the revert interest rate applies. If you don’t think you can afford this each month, consider a card with a longer interest-free period to reduce and spread out your monthly repayments.
Is there a balance transfer fee?
You might be charged a balance transfer fee when you first move your debt. This one-time fee can usually range between 1% and 3% of the transfer amount. This can eat into your overall savings, so it’s important to compare.
What is the revert interest rate?
At the end of the promotional period, any remaining balance will attract the revert interest rate. This is usually the standard cash advance rate, which can be more than 20% p.a. You should always aim to repay your entire balance before this interest rate applies, but it’s important to consider so you’re not hit with a nasty surprise when the introductory period ends.
Does the card charge an annual fee?
Some cards with long-term balance transfers offer $0 annual fee for life or the first year. Others charge annual fees that can range from tens to hundreds of dollars. Before you apply, you should make sure that the annual fee doesn’t offset the savings you’ll get from the interest-free period. When you use the balance transfer calculator in this guide, the amount saved column considers both the annual fee and balance transfer fee.
A long-term balance transfer credit card can help you get your debt under control without the additional cost of interest. However, it’s important that you plan ahead to ensure you can pay off your debt in full before the revert rate applies to get the most out of your 0% balance transfer card.
Want to know more? Check out our guide to 0% balance transfer credit cards.Back to top