How long is the longest balance transfer credit card deal?

Information verified correct on December 3rd, 2016

Compare the longest balance transfer promotions here and learn how these offers can help you deal with credit card debt.

If you’re looking for the longest balance transfer offer available, you probably already know how a balance transfer works. When you transfer existing debts on to a credit card with a balance transfer promotion, you save money by paying lower or no interest on your transferred debt for the period of the promotion. At the end of that period, any remaining debt from the transfer will be charged interest at the standard rate for that card (which is usually much higher).

Depending on the size of your debt, the difference between a 6-month and 24-month 0% balance transfer promotional period could mean hundreds or thousands of dollars saved on interest charges. That said, the longest offers aren’t necessarily right for everyone. This guide will take you through the other factors to consider when comparing long balance transfer deals.

NAB Premium Card

Long Term Balance Transfer Credit Card Offer

The NAB Premium Card is the practical choice for people who want to stop worrying about catching up on credit card payments. It offers low introductory offers of 0% p.a. for 15 months on balance transfers and purchases.

  • $90 p.a. annual fee
  • 0% p.a. for 15 months (reverts to 19.74% p.a.) on purchases
  • 0% p.a. for 15 months with a one off 3% balance transfer fee on balance transfers
  • Cash Advance Rate of 21.74% p.a.
  • Up to 44 days interest free

Compare 9-24 month Balance Transfer Credit Cards

Rates last updated December 3rd, 2016.

Virgin No Annual Fee Credit Card

Balance transfer and $100 cashback offers have been extended to 16 January 2017.

November 1st, 2016

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

Balance transfer offers has been extended until 16 January 2017.

November 1st, 2016

Citi Simplicity Card

5% cash back + 0% p.a. for 9 months on balance transfers. Offer ends 30 June 2017.

November 18th, 2016

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance. Earn bonus Velocity Points in the first 3 months, offer ends 16 January 2017.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. 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
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Virgin No Annual Fee Credit Card
No annual fee credit card with $100 cashback and a long term balance transfer offer of 0% p.a. for 18 months with 2% balance transfer fee.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 16 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
A low rate card from Bank of Melbourne with a long term balance transfer offer 0% for 18 months and a short term introductory rate on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Australian Military Bank Low Rate Visa Credit Card
Enjoy a low interest rate of 10.99% p.a. on purchases, combined with a balance transfer offer of 0% p.a. for 12 months and a low annual fee.
0% p.a. for 12 months 10.99% p.a. $49 p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
Take advantage of the introductory long term balance transfer offer and reduced annual fee in the first year.
0% p.a. for 24 months with 1.5% balance transfer fee 20.99% p.a. $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer of 0% p.a. for 18 months and an introductory offer of 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
BankSA Vertigo Platinum
Enjoy 0% balance transfer rate for 18 months and 1% purchase rate for 12 months if you apply and are approved by 4 January 2017.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 9 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cashback on retail purchases.
0% p.a. for 9 months 19.99% p.a. $0 p.a. Go to site More info

How to compare long balance transfer offers

It’s always important to research and compare your options when choosing a credit card. When specifically looking at balance transfer credit cards, these are the key features to consider:

  • Introductory offer. Introductory offers are typically worded like this: “Enjoy X% balance transfer interest for Y months”. In general, you will want the lowest X and the highest Y, ie, the lowest promotional interest rate over the longest term.
  • Revert rate. This is the regular rate that interest reverts to once the promotional period ends. It’s usually the standard cash advance rate for that card, and sometimes the purchase rate. This is important in case you still have outstanding debt on your card when the revert rate applies.
  • Balance transfer fee. Some credit cards charge a one-time balance transfer fee ranging from 1-2.5% of your balance transfer amount. Be aware that cards with longer promotional periods tend to charge a higher balance transfer fee.
  • Balance transfer provider. This is important because balance transfers are often prohibited between affiliated banks and cards issued by the same card issuer. Learn more about which banks you can transfer your balance to and from.
  • Maximum transfer amount. This could be your new card’s credit limit, or even up to a certain percentage of your credit limit, ranging from 75-90%. For example, if you are approved for a credit limit of $5,000 on a card that allows transfers of up to 75% of your limit, the maximum amount you could move to the new card would be $3,750.
  • Other balance transfer conditions. This varies with each card, but there may be other conditions limiting where you can transfer your balance from. For example, some cards only allow balance transfers from other credit cards and store cards, while some accept debts from personal loans as well.
  • Combined offers. Some promotional offers combine perks to offer more attractive savings or rewards. For example, a card could offer a 0% balance transfer rate and a 0% purchase interest rate, or a 0% balance rate and bonus frequent flyer points. Usually there are conditions to being eligible for each introductory offer, such as spending requirements to get bonus points. Make sure you’re aware of the requirements for each offer, so that you know exactly what you need to do to get all the benefits you want as a new cardholder.
  • Annual fee. Credit card annual fees can have an impact on the value you get from a balance transfer offer, so make sure your savings more than offset any card fees.
  • Late payment fees. If you don’t pay at least the minimum amount by the statement due date, you could be charged a late payment fee and a black mark could be placed on your credit file. These types of charges typically range from $5-$35 and will start accruing interest right away.
  • Overlimit fees. Some cards charge a penalty fee if you go over the available credit limit on your account. Remember that the higher the percentage of your limit that’s taken up by a balance transfer, the greater the potential risk of maxing out your card, so it’s important to be aware of the fees that could apply.

Finding a long balance transfer offer

sandra-portraitSundari has a credit card debt of $8,000 on a card that charges an interest rate of 18% p.a. She wants to clear the debt as quickly as possible, and calculates that she can afford to pay $500 a month towards it.

If Sundari made these payments on her current card, it would take her 19 months to pay off the debt and cost her $1,060 in interest charges. But, if she was paying 0% interest on the balance, it would only take her 16 months to clear the debt.

With this in mind, Sundari compares balance transfer cards offering 0% interest for 16-24 months. She decides to apply for a card offering 0% for 18 months, which gives her an extra 2 months of flexibility if other expenses come up in the meantime.

Other factors to consider

While the following factors are not usually a major priority when considering a balance transfer credit card, they should still generally be factored into choosing a new card.

  • The purchase rate. This is very important for balance transfer cards with a long promotional period, since there’ll be a greater chance of wanting or needing to make new purchases with it during this time. Most cards offer interest-free days on purchases, but this only applies if you have paid your full account balance. This means that interest will start accruing on new purchases immediately if you have a balance transfer. If you know you’ll need to make purchases with the new card straight away, you may want to look at 0% balance transfer and 0% purchase rate credit cards – just make sure you know when each of the promotional periods end as the purchase rate promotional period is usually shorter than that of the balance transfer.
  • The cash advance rate. This is the interest rate you’ll be charged when you get cash from an ATM or for cash-equivalent purchases such as travellers’ cheques or gambling tokens.
  • Cash advance fee. A charge of 1-3.5% of your transaction amount is applied for every cash advance transaction you make on your card. This is in addition to the cash advance interest rate.
  • Complimentary extras. Many credit cards include additional perks to sweeten the deal, such as complimentary travel insurance or concierge services. These extras are usually reflected in the cost of the annual fee, so make sure you’re not paying for things you don’t need and eroding your interest savings.
  • Rewards. Some cards have their own rewards programs or frequent flyer programs, which let you earn points for new spending on your credit card. Since they often come with higher annual fees, carefully consider what you need and what you’re actually paying for. Note that balance transfers are not eligible for these points, and remember that new purchases could attract high interest charges if you already have a balance transfer on the card.
  • Foreign transaction fees. This fee applies when you use your card abroad or for online purchases from an international retailer. It’s usually around 2-3% of each transaction.

Tips for making the most of a long balance transfer offer

To get the most out of your balance transfer, consider the following tips:

  • Close your old account. Closing your old account will prevent you from being charged any further costs, such as the annual fee, that could add to your existing debt and it will eliminate the temptation of using your old credit card. To cancel your account, wait until the balance transfer is processed, make sure the total balance is cleared and then call your issuer to request account closure.
  • Make regular repayments. Make full use of the interest-free period by drawing out a schedule of regular repayments. Aim to pay off your full balance within the promotional period if possible, and follow that schedule responsibly to achieve your debt freedom.
  • Use savings to help pay down the balance. Channel all resources towards paying off your debts, including spare cash and savings. Note: This tip is especially relevant if you’re near the end of the balance transfer promotional period and you still have debt remaining.
  • Avoid making new purchases. Apart from being potentially charged interest on your new purchases, your best strategy is to dedicate all available resources towards paying down your debt. Even if the card is offering 0% interest on purchases, remember that any new purchases will add to your debt, instead of reducing it.

Using these tips, you can now compare long-term balance transfer credit cards to find the one that most suits your personal needs and circumstances. Sit down, research the options and do the maths to see which card will deliver the greatest savings and convenience in the long run. Remember to only buy what you need and spend the rest on repaying that debt. Good luck!

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