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.

St.George Vertigo Platinum

0% p.a. for 24 months on balance transfers
with a one-time 2% balance transfer fee

Offer ends 22 November 2017

Eligibility criteria, terms and conditions, fees and charges apply

St.George Credit Card Offer

A platinum card that features a long-term balance transfer offer, combined with a range of complimentary insurance covers and a low variable interest rate on purchases.

  • $99 p.a. annual fee.
  • 12.74% p.a. on purchases
  • 0.00% p.a. for 24 months with 2% BT fee on balance transfers
  • Cash advance rate of 21.49% p.a.
  • Up to 55 days interest free
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Compare Long-Term Balance Transfer Credit Cards

Rates last updated November 20th, 2017
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 13 December 2017.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% balance transfer fee when you apply online by 31 January 2018.
Citi Rewards Platinum Credit Card
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)
Receive a long-term BT offer, earn Citi Reward Points and receive complimentary travel insurance.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
Bankwest Breeze Classic Mastercard
0% p.a. for 13 months with 2% balance transfer fee
0% p.a. for 13 months (reverts to 12.99% p.a.)
$79 p.a.
Receive 0% interest offers on purchases & balance transfers, up to 55 days interest-free on purchases and free emergency card replacement.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you apply by 31 January 2018 and make an eligible purchase by 28 February 2018.
St.George Vertigo Visa - Online Offer
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Take advantage of 0% p.a. for 18 months on balance transfers (with no BT fee). Plus, $0 annual fee in the first year. Ends 13 December 2017.
NAB Premium Card
0% p.a. for 20 months with 2% balance transfer fee
19.74% p.a.
$90 p.a.
Offers 7 complimentary insurance covers, access to a 24/7 concierge service and special offers through Visa Entertainment.
ANZ Platinum Credit Card - Exclusive Offer
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)
Exclusive to finder, receive 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months with no balance transfer fee.
Bankwest Breeze Platinum Mastercard
0% p.a. for 13 months with 2% balance transfer fee
0% p.a. for 13 months (reverts to 12.99% p.a.)
$99 p.a.
Receive complimentary international travel insurance, extended warranty cover and 0% foreign transaction fees.
BankSA Vertigo Visa
0% p.a. for 18 months with 2% balance transfer fee
13.24% p.a.
$55 p.a.
Get up to 55 days interest-free on purchases and be protected by a 24/7 fraud monitoring service.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 44 days interest-free on purchases.
Qantas Premier Platinum
0% p.a. for 15 months
19.99% p.a.
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Fly further with 75,000 bonus Qantas points, up to 2 Qantas Points per $1 spent and 2 yearly complimentary Qantas Club lounge invitations.
Bank of Melbourne Vertigo Platinum
0% p.a. for 24 months with 2% balance transfer fee
12.74% p.a.
$99 p.a.
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.

Compare up to 4 providers

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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Annual fee

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8 Responses

  1. Default Gravatar
    doreenApril 3, 2017

    I have a bank card for 1000 of which I have spent 800 and a platinum 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
      HaroldApril 4, 2017Staff

      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
    VickiApril 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
      AnndyApril 28, 2016Staff

      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
    FrancesOctober 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
      AllyOctober 23, 2015Staff

      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
    PhuAugust 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
      JeremyAugust 31, 2011Staff

      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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