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 November 23rd, 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.
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.
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.
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
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.
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.
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.
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.
NAB Premium Card
0% p.a. for 20 months with 2% balance transfer fee
19.74% p.a.
$90 p.a.
Benefit from platinum perks plus take advantage of a low interest rate on balance transfers.
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.
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.
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, take advantage of a long-term balance transfer offer and receive complimentary travel insurance.
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, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
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 a high Qantas Points earn rate and two American Express Airport Lounge entries each calendar year.

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Bankwest Breeze Classic Mastercard
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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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