Finder makes money from featured partners, but editorial opinions are our own.

Balance Transfer Credit Cards

A balance transfer credit card helps you save on interest as you pay down debt. For example, you could save up to $1,780 on a $5,000 balance with an offer available through Finder.

Updated

Mar 7, 2024

Fact checked

1 - 10 of 114

Name	Finder Score	Purchase rate p.a.	Annual fee	Balance transfer rate p.a.	Amount Saved
St.George Vertigo Card	Finder score 9.9	Purchase rate p.a. 13.99%	Annual fee $55	Balance transfer rate p.a. 0% for 28 months with 1% balance transfer fee, then 21.49%	$1,780.59 over 28 months	Go to site More Info Compare	Get a 0% p.a. interest rate on balance transfers for 28 months (with a 1% balance transfer fee).
humm90 Platinum Mastercard	Finder score 8.3 Great	Purchase rate p.a. 25.8%	Annual fee $99	Balance transfer rate p.a. 0% for 18 months, then 25.99%	$1,137.99 over 18 months	Go to site More Info Compare	Offers 0% p.a. on balance transfers for the first 18 months (with no BT fee) when you apply using the promo code BTMARACQ. Plus, 0% foreign transaction fees and flexible instalment plan options.
NAB Low Rate Credit Card	Finder score 7.9 Great	Purchase rate p.a. 13.49%	Annual fee $0 first year ($59 after)	Balance transfer rate p.a. 0% for 28 months with 2% balance transfer fee, then 21.74%	$1,768.59 over 28 months	Go to site More Info Compare	Get a 0% p.a. interest rate on balance transfers for the first 28 months (with a 2% BT fee). Plus, save with a $0 first-year annual fee.
Citi Clear Card - Exclusive Offer Exclusive	Finder score 6.5 Standard	Purchase rate p.a. 14.99%	Annual fee $49 first year ($99 after)	Balance transfer rate p.a. 0% for 24 months with 1.5% balance transfer fee, then 22.24%	$1,563.89 over 24 months	Go to site More Info Compare	Offers 0% p.a. on balance transfers for 24 months (with 1.5% balance transfer fee) and a $49 first-year annual fee. Plus, 6-month complimentary Uber One membership valued at $9.99/month.
Kogan Money Card – Exclusive Offer ExclusiveKogan Rewards Program	Finder score 7.7 Great	Purchase rate p.a. 20.99%	Annual fee $0	Balance transfer rate p.a. 0% for 18 months with 1% balance transfer fee, then 21.74%	$1,335.99 over 18 months	Go to site More Info Compare	Get 0% p.a. on balance transfers for 18 months with a 1% balance transfer fee. Plus an ongoing $0 annual fee.
Westpac Low Rate Card	Finder score 9.7	Purchase rate p.a. 13.74%	Annual fee $59	Balance transfer rate p.a. 0% for 28 months with 2% balance transfer fee, then 21.49%	$1,768.59 over 28 months	Go to site More Info Compare	Save with a 0% p.a. interest rate on balance transfers for 28 months (with a 2% BT fee). Plus, a low 13.74% p.a. purchase interest rate.
Qantas Premier Platinum Qantas Frequent Flyer	Finder score 6.9 Great	Purchase rate p.a. 19.99%	Annual fee $349 first year ($399 after)	Balance transfer rate p.a. 0% for 12 months, then 21.99%	$578.32 over 12 months	Go to site More Info Compare	Earn up to 80,000 bonus Qantas Points. Plus, save with a reduced first-year annual fee and 0% p.a. for 12 months on balance transfers.
Bankwest Zero Platinum Mastercard Finder Award	Finder score 8.2 Great	Purchase rate p.a. 14.99%	Annual fee $0	Balance transfer rate p.a. 0% for 28 months with 3% balance transfer fee, then 14.99%	$1,945.59 over 28 months	Go to site More Info Compare	Get 0% p.a. on balance transfers for 28 months (with a 3% BT fee), an ongoing $0 annual fee and 0% foreign transaction fees.
Qantas Premier Everyday Qantas Frequent Flyer	Finder score 8.7	Purchase rate p.a. 19.99%	Annual fee $49	Balance transfer rate p.a. 0% for 12 months, then 21.99%	$878.32 over 12 months	Go to site More Info Compare	Get 2 bonus Qantas Points per $1 spent on eligible purchases in the first 4 months (up to 8,000 points), plus complimentary insurance.
St.George Amplify Signature Amplify Rewards	Finder score 6.5 Standard	Purchase rate p.a. 19.49%	Annual fee $199 first year ($295 after)	Balance transfer rate p.a. 0% for 24 months with 1% balance transfer fee, then 21.49%	$1,217.89 over 24 months	Go to site More Info Compare	150,000 bonus Amplify Points (worth $675 in gift cards) when you spend $12,000 in the first 12 months. Plus, a first-year annual fee discount.

Showing 10 of 16 results

Balance transfer cards from

Open modal

What is a balance transfer credit card?

A balance transfer credit card gives you a low or 0% interest rate for an introductory period when you move your existing debt to the new credit card account. This introductory period gives you breathing room from interest charges and can allow you to pay off your debts faster.

When applying for a balance transfer card, you will be asked to give the details of your old card. Once approved, the new provider will effectively "pay off" your current card's debt. It's then up to you to close the account if you choose, and also to pay off any remaining debt if there was some that couldn't be transferred.

Our best balance transfer offers for March

EXPERTREVIEW

Updated 7 March 2024 by Finder's money editor, Richard Whitten.

Finder analysis of the latest Reserve Bank of Australia data has revealed Australians have $18.13 billion of credit card debt accruing interest. With some credit cards charging interest rates above 25%, the cost could add up fast.

But a 0% balance transfer card gives you a way to save on interest for an introductory period. Here's our pick of deals available right now:

Long interest-free period:
The St.George Vertigo Card offers 0% p.a. interest on balance transfers for 28 months with a one-time 1% balance transfer fee. 28 months is currently the longest balance transfer offer on the market and unlike other cards, you'll still get interest-free days on new purchases while you have a balance transfer.
No annual fee and balance transfer offer:
This Finder exclusive offer on the Kogan Money Credit Card gives you a way to get an ongoing $0 annual fee and 0% p.a. interest on balance transfers for the first 18 months, with a 1% balance transfer fee. Transfer debt from personal loans, lines of credit, store and credit cards from other financial institutions.
No balance transfer fee offer:
The humm90 Platinum Mastercard gives you 0% p.a. interest on balance transfers for the first 18 months with no balance transfer fee.

To determine Finder's pick of balance transfer offers, we examine over 250 cards in our database. We narrow it down to cards available through Finder that offer a 0% balance transfer rate for an introductory period. The other key factors we consider are:
- The length of the introductory period (the longer the period, the higher the ranking)
- Whether or not there is a balance transfer fee
- The annual fee, including if it is waived in the first year
- The purchase rate
- The interest rate that applies to balance transfers after the introductory period
Keep in mind: Our top picks may not always be best for you. Based on your situation, you may find certain features to be more or less important, so compare your options before you apply.

🏅 2024 Finder Credit Card Award Winner – Virgin Australia Velocity Flyer Card

The Virgin Australia Velocity Flyer Card has been named Best Balance Transfer Credit Card in the 2024 Finder Credit Card Awards. It consistently had a competitive balance transfer offer during the analysis period. This included a 0% balance transfer interest rate for 24 months, with no balance transfer fee and no annual fee in the first year (then $129 per year). This card also accepts balance transfers from personal loans as well as cards, while many other credit cards only accept card debt. Check out all the Finder Credit Card Award winners and finalists.

Tips for making the most of your balance transfer:

Make sure you can transfer enough of your balance
Pay off the full balance before the end of the promotional period (auto-payments can help)
Don't spend on the new card

How to compare balance transfer credit cards

There are lots of balance transfer credit card deals available in Australia and there isn't one that is the "best", but some will offer you better savings than others. These tips will help you find a balance transfer card that suits you best:

Look for a long offer. The longer the offer term, the more time you'll have to pay off your debt for a low or 0% rate. Make sure the first thing you do is compare credit cards.
Watch out for the transfer fee. Cards that charge a balance transfer fee can affect your potential savings by adding an upfront cost worth between 1% to 3% of the amount you transfer.
Find a low rate. Most balance transfer credit cards in Australia offer 0% interest for the promotional period. Typically, the lower the rate, the more you'll save.
Take note of the revert rate. If you haven't paid off the balance transfer by the end of the offer period, the higher revert interest rate will be charged on your leftover debt.
Check the eligibility. You can usually transfer a balance from Australian-issued cards or accounts, as long as they are from a different issuer. Some cards also allow you to transfer debts from personal loans and lines of credit. See our guide to the banks you can and can't transfer between for more information.
Know your limits. On some cards you can only transfer up to a percentage of your approved credit limit (usually 70% - 100%). You can see Finder's guide to balance transfer limits for more information.

How does a credit card balance transfer work?

balance transfer credit cards

Most balance transfer credit cards let you move debt from existing credit cards or store cards. A few cards also accept debt from personal loans.

The actual balance transfer process is simple: when you apply for a balance transfer credit card, you need to include details of the existing account and the amount of money you want transferred. If your application and balance transfer are approved, then your new credit card provider will move the balance to your new account.

After the balance is transferred, you can pay it off without having to pay interest (or with a very low rate of interest) for a set period of time. At the end of the introductory period, any remaining debt from your balance transfer will attract a higher, ongoing interest rate.

Is there risk when transferring credit card balances?

As with any credit card application, there is some risk to consider when transferring a credit card balance. Your credit score will be impacted if your application is rejected. This will lower your chance of approval for a different card, at least in the short-term.

The other risk is "putting off" paying down the debt. While you're only required to make the minimum payment on a card, it's wise to pay off the whole debt when you have the low or 0% balance transfer rate. Otherwise, you could end up paying more interest when the introductory period ends – even if that's 3 years from now.

How much can I save with a balance transfer credit card?

The amount you'll save with a balance transfer credit card depends on how much you owe, your current interest rate, the balance transfer offer and your monthly repayments (among other things). Using the calculator at the top of the comparison table above will show you how much you could save with each current offer.

Example: A 0% balance transfer card vs paying off your current card

We've compared a common balance transfer offer with monthly repayments on a standard credit card. The current balance and interest rates are based on Australian credit card statistics and data in 2024. We assume that the annual fee on both cards is the same and no new purchases are being made, and the result is savings over $350.

	0% balance transfer card	Standard credit card
Current balance	$2,907	$2,907
Interest rate	0% p.a.	20.07% p.a.
Period or term	12 months	Ongoing
Balance transfer fee	1.5%	N/A
Monthly repayment	$242.25	$242.25
Time to pay off	12 months	13.50 months
Interest paid	$0	$364.66

These savings are based on making the same repayments for either card and paying the one-off balance transfer fee separately (which would cost $43.61 in this example).

Want to see how much you could save? Put your balance and interest rate into the balance transfer table's calculator, or use Finder's credit card repayment calculator to help set your repayment goals.

Pros and cons of balance transfer credit cards

Pros

Save on interest costs. You can transfer your existing balance to a new card and get a low or 0% interest rate for a while. This will almost always be lower than the interest rate you're currently paying and will save you money on interest charges.
Pay off debt faster. By not paying interest (or paying a much lower rate), you should be able to get rid of your balance a lot faster.
Simplify your payments. If you have several debts, you can use a balance transfer card to combine them so you only have to keep track of one credit card bill. Not only will this help you manage your debt, it can also save you money on annual fees and other card costs.
Complimentary extras. If you want to use the card after you have paid off your balance, perks like credit card travel insurance or rewards could help you get more value out of the card in the long run.

Cons

Balance transfer fee. This one-time fee can range from 0% to 3% of your balance transfer amount, when it applies. That would mean a fee of $0 to $300 on a $10,000 debt.
Revert rate. If you don't pay off your whole balance transfer during the introductory period, this is the interest rate you'll pay on the remaining balance. Typically, it is higher than the purchase interest rate.
Balance transfer limits. Depending on the card and how much debt you want to transfer, you may not be able to move it all onto the new card. You could still be saving money, but you'll also have to manage your existing card.
Credit score impact. Every time you apply for a new credit card, an enquiry is recorded on your credit report. If you already have a weak credit score, this could decrease it further and you may not be approved.

I got into some credit card trouble in my early twenties. I was stuck with over $5000 of debt on a Commonwealth Bank credit card that I should never have taken out. That might not seem like a lot to some people, but I was struggling financially at the time, and the interest was crippling. I took out an ANZ balance transfer card and was able to get zero interest for 18 months, which gave me a lot more space to pay the thing off.

— Tim Bennett, Lead Publisher

How long does a balance transfer take?

The balance transfer process typically takes between 5 and 14 days from when you activate the new card, although it does depend on the credit card provider.

If you want to know how long a balance transfer can take with a particular bank or credit card brand, we've also summarised how Australian card issuers manage balance transfers and the processing times you can expect in a table.

Search by provider

Institution	Number of days	Balance transfer notes
American Express	Normally within 10 business days	Once approved, American Express balance transfers are normally completed within 10 working days. During this time, you'll need to continue making any payments that are due on your existing accounts.
Bank of Melbourne	Up to 14 days	If you apply for a Bank of Melbourne card and are approved, it can take up to a week for your balance transfer to go through. Once it's complete, it's your responsibility to contact your old bank to close your account. If you don't, then you'll continue to be charged any account maintenance fees (like annual fees) that come with your card.
BankSA	Up to 14 days	If you apply as a new BankSA customer, the balance transfer request will only be processed after you have completed an identification check and activated the card.
Bendigo Bank	Varies	Once your application is approved, Bendigo Bank staff will contact you for details needed for the balance transfer. Once they have them, the balance transfer will be processed. Depending on your existing provider's processes, it could take up to 48 hours for the balance to be moved once Bendigo Bank has paid out your old card.
Citi	Up to 10 business days	Balance Transfers can take up to 10 business days to process. Within that period, you need to continue making payments until there is no outstanding balance on your existing accounts.
Coles	Up to 10 days	As Coles credit cards are issued under the Citi brand, you won't be able to transfer balances from other Citi branded accounts. This includes cards from Citi, Suncorp Bank, IMB, Qantas Money and Virgin Money.
HSBC	Up to 7 business days	With HSBC, the balance transfer process is started once your application is approved. However, you should still allow around 7 working days for the balance to be added to your new account. You'll still need to make any payments due on your existing accounts.
Macquarie Bank	Up to 5 days	Note that balance transfers are not allowed from any account issued by Macquarie Bank. This includes other Macquarie or Card Services accounts.
NAB	5 to 10 business days	NAB will begin the balance transfer process around five days after your card is approved, even if you have not yet used the card. When this happens and the balance transfer is processed, NAB will consider it as your agreement to the card's terms and conditions.
Virgin	Up to 10 business days	Most Virgin Money balance transfers are processed within 10 working days from when you activate your card, although you should allow more time if Virgin Money sends a cheque to your old provider. Make sure you check the balance of your old and new accounts to see when the transfer is completed.
Westpac	Up to 10 days	With Westpac, you typically request the balance transfer during the application process. Once you activate the card, any approved balance transfers will occur.

Frequently asked questions

- St.George Vertigo Card - 28 months (with 1% BT fee)
- Bank of Melbourne Vertigo Card - 28 months (with 1% BT fee)
- BankSA Vertigo Card - 28 months (with 1% BT fee)
- Westpac Low Rate Credit Card - 28 months (with 2% BT fee)
- NAB Low Rate Credit Card - 28 months (2% BT fee)
- Bankwest Zero Mastercard or Zero Platinum Mastercard - 28 months (3% BT fee)
There is no set maximum amount of times you can transfer a balance between credit cards. However, you should factor in any balance transfer fees, the enquiries on your credit report and your chance of being approved for new cards with different banks. Ideally, you should focus on paying it back in full and eliminating the need for multiple transfers.
The number of balances you can transfer depends on the provider and the offer but typically you'll be able to move debt from 1 to 3 eligible accounts. If you want to use a balance transfer credit card to consolidate debts, check the offer details or contact the provider to find out exactly how many balances you'll be able to transfer.
Unfortunately, no. Balance transfer offers are only for new customers, meaning you'll have to open a card with a different bank or lender. This also goes for cards within the same group. For example, St.George, Bank of Melbourne and BankSA are all part of Westpac group, so you couldn't transfer a balance between any of these institutions.
After the introductory period ends, the 0% interest rate ends too. If there's any debt left over, it will start to be charged interest at the "revert rate". This is usually, though not always, the cash advance rate. The cash advance rate is higher than the purchase rate, so if you haven't paid off your balance, it could end up costing you more in interest than your old card. This is why it's so important to plan your repayments and pay off as much of your debt as possible during the introductory period
A balance transfer fee is a one-time charge that may apply when you move your debt to a new card. It's typically worth 1-3% of the balance transfer amount, but not all providers charge a balance transfer fee.
To give you an idea of the cost, transferring $5,000 onto a card with a 1.5% balance transfer fee would add $75 to the balance.
When used correctly, a balance transfer credit card can help you repay your debt and improve your credit score in the long-term. But when applying for a credit card, it leaves a hard enquiry on your credit report (and may decrease your score). This means applying for a few balance transfer cards in a short period could hurt your credit score. Missing repayments on the balance transfer card will also hurt your credit score.
When transfering an existing balance to a new card, it's your responsibility to contact your provider and close the old account. If you don't, you could end up paying account costs for a card you're not using - or worse, rack up debts on both cards. Before you close the card, make sure the balance is completely transferred or paid in full and move any regular payments such as (direct debits) to another account.

Why you can trust Finder's credit card experts

We're free

Our comparison tables are completely free to use. We link you directly to the lender's secure application page. Better still, we regularly have exclusive offers that you won't find on any other site.

We're experts

We've researched and rated hundreds of cards as part of our Finder Awards. We've published 200+ guides and our in-house experts regularly appear on Sunrise, 7News and SBS News.

We're independent

Unlike other comparison sites, we're not owned by a bank or lender. That means our opinions are our own and you can compare nearly every credit card in Australia on Finder.

Amy Bradney-George

Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald.

More guides on Finder

Stop paying interest in 2023
Can I transfer Zip Money or Zip Pay funds to other accounts?
Find out what balance transfer credit card options you can use to consolidate debts from Zip Money, Zip Pay and other interest-free accounts.
Can I transfer my credit card debt to another bank?
Balance transfers are not allowed between certain credit card brands. Read on for a list of lenders that do and don’t allow a balance transfers between them.
Can I balance transfer a personal loan to a credit card?
Use this guide to see which providers accept balance transfers from a personal loan to a credit card and discover how you can repay your debt faster with 0% balance transfer offers.
Balance transfers for existing customers
Here's how to get more value out of your credit card with exclusive promotions, offers and perks available to existing customers.
Credit card debt settlement
Is it worth paying a debt settlement company to help you deal with credit card debt, or can you do it on your own?
Balance transfer limit
If you're considering a balance transfer, compare which credit cards can accept your debt based on the balance transfer limits.
Can you do a balance transfer to someone else’s credit card?
Get details of what credit cards may be available when you and your partner are looking for a way to balance transfer debt between you.

Ask an Expert

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

31 Responses

DougFebruary 6, 2024

Hi Amy
So we have recently had a balance transfer approved for the full amount of debt on a selected card. Now we are looking at replicating for another card however we will not be able to manage the full amount.

Meaning are strategy is to pay off the amount within the interest free period and then cancel the card

Will the lenders allow you to select the amount and keep the other card open????

Finder

SarahFebruary 14, 2024Finder

Hi Doug,

It depends on your overall amount of debt compared to your income levels. When you apply for any credit card, the lender will assess your ability to repay not just that credit card, but all of the cards you have.

Many people don’t realise that when assessing your application, the lender will assume that all of your credit cards are “maxed out”. This is because you have ready access to that credit and could make purchases up to the full limit at any stage, so they have to be prudent and ensure you can afford your new card AND your existing debts, assuming they are at their limits.

For instance, if you have 3 cards that total $50,000 in credit limits, the bank will assume you have a debt of $50,000 and a minimum repayment of 3% per month, or $1,500.

What this means for you is that the lower your overall limits are, the greater your chance of being approved for an additional credit card.

Hope this helps and best of luck!

LeanneJanuary 3, 2024

Hi,
I am considering moving 2 x Credit Cards into a Bankwest Zero Platinum Mastercard.
Will the actual application for a consolidation of 2 credit cards to one affect my score? Or leave a print?
Also, why won’t any of the financial institutions consolidate 100% of the current balance on the existing cards? Thanks. L

Finder

AmyJanuary 15, 2024Finder

Hi Leanne,
If you requested the balance transfer for both credit cards at the same time, it would typically be considered a single application that requires 1 credit check. So it may depend on factors including whether you request the balance transfers at the time of your credit card application or later, and on the bank or credit card brand.

In regards to balance transfer amounts, the percentage limit is based on the approved, available credit limit for the new credit card – not your existing cards. For example, if you applied for a credit card that accepted balance transfers worth up to 95% of the available credit limit and were approved for a $5,000 credit limit, you could balance transfer a total of $4,750 from existing cards.

You can factor this in when you apply for a balance transfer credit card, and may be able to request a credit limit that would be sufficient to allow you to transfer the total balances on your current cards. Just keep in mind the credit limit request, balance transfer request and credit card account are all subject to lending criteria and approval. I hope this helps.

ShaggyJune 12, 2023

G’day
Can I transfer a personal loan onto a 0% credit card

Finder

AmyJune 15, 2023Finder

Hi Shaggy,
Yes, Finder has a guide for balance transfer credit cards that accept personal loan balances, as well as more details and insights on the process. I hope that helps.

catchMay 24, 2023

Hi there,

I was just wondering if there is any Banks/ financial institutions that would issue a balance transfer credit card to international students (subclass 500 visa) although holding permanent residency bridging visa.

Finder

AmyMay 29, 2023Finder

Hi Catch,
Every financial institution in Australia has a different approach to credit cards for temporary residents, although Finder’s guide does have some specific visa details and information. If there is a credit card you are interested in, you may want to call the financial institution directly to discuss your situation and whether you’re eligible to apply. If you have further questions about debt or your money situation, you can also speak to a financial counsellor for free by calling 1800 007 007 or using the chat service on the National Debt Helpline website. I hope that helps.

sueAugust 2, 2019

What are the hidden costs paying off a credit card this way. I have a $4500.00 balance on my credit card. About a quarter of what I pay goes on on charges, a payment of $45.50 plus goes in charges just to make the payment. I got into this card with the whole own it now and now with no interest on purchases. And when I got it I realized it was just a credit card, with huge interest on purchases. Silly me I guess. But how many people actually read the terms, they seem like a whole lot of words nobody has heard of .. I will be reading them with a magnifying glass from now on.

NikkiAugust 3, 2019

Hi Sue,

There aren’t really any hidden costs. But when it comes to interest on new purchases, a lot of cards don’t offer interest-free days when you have a balance transfer. This should be clearly disclosed by the bank. For now, if you can, you should focus on paying back that money as quickly as you can and then avoiding any new purchases on the card until the balance transfer is paid off.

Balance Transfer Credit Cards