Our best balance transfer offers for April
Updated 04 April 2024 by Finder's money editor, Richard Whitten.
Finder analysis of the latest Reserve Bank of Australia data has revealed Australians have $18.42 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. - Frequent flyer balance transfer offer:
The Qantas Premier Platinum Card offers 0% p.a. interest on balance transfers for 12 months and a 0% balance transfer fee. You can earn up to 80,000 Qantas Points with this card. - 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. - Low rate balance transfer offer:
The NAB Low Rate Card has a low purchase rate of 13.49% p.a. It also offers 0% p.a. interest on balance transfers for the first 28 months with a 2% balance transfer fee.
Can I please have the existing balance on my account 456457106191****
Hi Fraser,
We are a review and comparison site, you’ll need to contact your bank directly for customer service.
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????
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!
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
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.
G’day
Can I transfer a personal loan onto a 0% credit card
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.
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.
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.