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Interest Free Balance Transfers

Information verified correct on May 23rd, 2017

Interest-free balance transfers allow you to repay your existing credit card debt with no interest. Learn how to use interest-free balance transfers so you can save the most money.

Whether you have a small or large amount of credit card debt, if it is accumulating interest at a high rate then you are losing a lot of money. If you transfer the debt to a card that has low or no interest, it will make it possible for you to pay that debt down at a faster rate.

How do interest-free balance transfers work?

A balance transfer is the process of moving your outstanding credit card debt to a new credit card to save money on interest charges.

Interest-free balance transfers allow you to pay down the debt while paying absolutely no interest. For example, if you have a balance of $1000 on one card that is accumulating interest charges at 20% then at the end of 6 months you will have paid over $100 in just interest charges. That is a lot of money that is just thrown away!

If you switch that balance over to a zero interest balance transfer card then you are saving over $100 in that amount of time. Of course, if your balance is much more you will also be saving much more money.

Things you need to know before balance transferring your debt

  • Revert rate. After the balance transfer period has passed then the rate will revert back to the standard interest rate in some cases, but in other cases, it will revert to the cash advance rate.
  • No interest-free days. When you have completed a balance transfer and have an outstanding balance you will not receive any interest-free days on your credit card until you have repaid your outstanding balance in full. If you would like to make purchases whilst repaying your credit card debt, compare credit cards with 0% balance transfers and purchases.
  • Balance transfer fees. Interest-free balance transfer offers may charge a 1-2% fee of the entire balance transfer amount when you sign up for the card. Check for hidden fees and charges by reading our credit card reviews and the terms and conditions before applying.

Comparison of Interest-Free Balance Transfer Offers

Rates last updated May 23rd, 2017
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
St.George Vertigo Platinum
Save with 12.74% p.a. on purchases. Also enjoy Visa Platinum Concierge service.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
Citi Rewards Platinum Credit Card
A long-term balance transfer offer with a range of platinum rewards and benefits.
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 Visa
Save with 13.24% p.a. on purchases. Also enjoy up to 55 days interest-free.
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
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 Platinum Credit Card
Earn 1 Reward Point per $1 spent and receive an annual fee refund with minimum spend.
0% p.a. for 22 months with 2% balance transfer fee 19.99% p.a. $99 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Take advantage of 0% p.a. for 18 months on balance transfers with a 1.5% BT fee. Plus, receive an exclusive $129 Virgin Australia Gift Voucher each 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
A low annual fee card with 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
HSBC Low Rate Credit Card
A competitive offer from HSBC featuring a long term balance transfer deal and low ongoing interest rate 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
NAB Premium Card
Benefit from platinum perks plus take advantage of a low interest rate 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
Westpac Low Rate Card - Online Only Balance Transfer Offer
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% BT fee. Plus, the convenience of the Westpac mobile banking app.
0% p.a. for 24 months with 2% balance transfer fee 13.49% p.a. $59 p.a. Go to site More info
American Express Velocity Platinum Card
Take off sooner with up to 2.5 Velocity Points per $1 spent and receive a complimentary Virgin Australia return domestic flight every year.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $375 p.a. Go to site More info
NAB Low Rate Credit Card
Save with 13.99% p.a. on purchases. Also enjoy special offers from Visa Entertainment.
0% p.a. for 18 months with 3% balance transfer fee 13.99% p.a. $59 p.a. Go to site More info
Virgin Money Low Rate Credit Card
Save with 11.99% p.a. on purchases. Also enjoy the protection of Fraudshield.
0% p.a. for 12 months 11.99% p.a. $99 p.a. Go to site More info
NAB Low Rate Platinum Card
Save with 13.99% p.a. on purchases. Also enjoy access to 7 complimentary insurances.
0% p.a. for 18 months with 3% balance transfer fee 13.99% p.a. $100 p.a. Go to site More info
BankSA Vertigo Visa
Save with 13.24% p.a. on purchases. Also enjoy up to 55 days interest-free.
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
American Express Essential®  Credit Card
A no annual fee card that collects up to 1 Membership Rewards point for every $1 spent.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
Save with 12.74% p.a. on purchases. Also enjoy up to 55 days interest-free.
0% p.a. for 20 months 12.74% p.a. $99 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
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2 Responses to Interest Free Balance Transfers

  1. Default Gravatar
    bec | April 14, 2013

    how many Balance Transfer Credit cards can you have? and how many times can you do it? my credit card debt is $15,000 so could i do it 3 times and each time do $5,000 ?? and use 3 different banking institutions?

    • Staff
      Jacob | April 15, 2013

      Hi, Bec. Thanks for your question. You can make use a card’s balance transfer promotion as many times as you’re approved for a credit card. This feature is available to new customers only, so provided that you can keep getting approved for cards with a balance transfer promotion that are not offered by the same institution you’re currently with (keep in mind that lenders factor in the number of existing credit cards you have in addition to their limits and balances when looking over a new credit card application), you can keep transferring the balance from you existing card to a new card at a low rate of interest. When you request a balance transfer you enter the amount you wish to transfer and the card you would like to transfer from. Hope this helps, let us know if you would like more information on balance transfers. Jacob.

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