Interest Free Balance Transfers

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.


St.George Vertigo Platinum - Online Offer

0% p.a. for 24 months on balance transfers with no BT fee
$0 annual fee for the first year

Offer ends 13 December 2017

Eligibility criteria, terms and conditions, fees and charges apply

St.George Credit Card Online Offer

A platinum card that features a no BT fee balance transfer offer, first year annual fee waiver and a low variable interest rate on purchases.

  • $0 p.a. annual fee for the first year ($99 p.a. thereafter).
  • 12.74% p.a. on purchases
  • Cash advance rate of 21.49% p.a.
  • Up to 55 days interest free
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Comparison of Interest-Free Balance Transfer Offers

Rates last updated December 13th, 2017
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
NAB Premium Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
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.
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 meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
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.
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)
A long-term balance transfer offer with a range of platinum rewards and benefits.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Receive a 0% p.a. for 22 months balance transfer offer and earn 1 Reward Point per $1 of eligible spend. Plus, complimentary travel insurance.
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, get 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Ends 17 December 2017.
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.
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.
Citi Platinum Credit Card - 100k Bonus Points
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.
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 14 months interest-free on balance transfers.
Bankwest Breeze Classic Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$79 p.a.
Receive a long-term balance transfer offer of 0% p.a. for 24 months, a low ongoing purchase rate and up to 55 interest-free days on purchases.
St.George Amplify Card
3% p.a. for 36 months
19.49% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Take advantage of a 3% p.a. interest rate on balance transfers for 36 months. Plus, a $0 first year annual fee and 1.00 Amplify Point per $1 spent.
BankSA Vertigo Visa
0% p.a. for 18 months with 1% balance transfer fee
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Save with a $0 first year annual fee and a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free on purchases.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with 0% p.a. for 18 months on balance transfers, earn 3 bonus Velocity Points per $1 for the first 3 months and get a yearly $129 Gift Voucher.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 16 month balance transfer offer and special offers from Visa Entertainment.
Bankwest Breeze Platinum Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$99 p.a.
Receive a 0% p.a. interest rate on balance transfers for 24 months, complimentary travel insurance and 0% foreign transaction fees.
Qantas American Express Ultimate Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$450 p.a.
Take advantage of 55,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 yearly complimentary Qantas Club lounge invitations.
Bank of Melbourne Amplify Card
0% p.a. for 18 months with 1% balance transfer fee
19.49% p.a.
$79 p.a.
Take advantage of a 0% p.a. for 18 months balance transfer offer, earn 1 Amplify point per $1 spent and get up to 55 days interest-free on purchases.

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Related Posts

NAB Premium Card - Exclusive Offer
NAB Premium Card - Exclusive Offer

Interest rate

19.74

Annual fee

90
St.George Vertigo Platinum - Online Offer
St.George Vertigo Platinum - Online Offer

Interest rate

12.74

Annual fee

99
Woolworths Everyday Platinum Credit Card
Woolworths Everyday Platinum Credit Card

Interest rate

19.99

Annual fee

49
Virgin Money Low Rate Credit Card
Virgin Money Low Rate Credit Card

Interest rate

11.99

Annual fee

49

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2 Responses

  1. Default Gravatar
    becApril 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
      JacobApril 15, 2013Staff

      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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