How long is the longest balance transfer credit card deal?

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 debt on to a credit card with a balance transfer promotion, you save money by paying low 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 purchase rate or cash advance 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.

Compare 9-24 month Balance Transfer Credit Cards

Rates last updated May 24th, 2018
$
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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
Westpac Low Rate - Online Offer
0% p.a. for 26 months with 2% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Take advantage of 0% p.a. for 26 months on balance transfers with a one-time 2% balance transfer fee and a $0 first year annual fee.
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months with 1% balance transfer fee
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits including complimentary insurance, plus first year annual fee waiver and 0% p.a. for 24 months on balance transfers.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$0 p.a. annual fee for the first year ($129 p.a. thereafter)
Offers a 0% p.a. for 22 months balance transfer, $0 annual fee for the first year and an annual fee refund each year when you spend $6,000.
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 and enjoy a discounted annual fee of $64 for the first year.
HSBC Low Rate Credit Card
0% p.a. for 20 months with 2% balance transfer fee
13.25% p.a.
$79 p.a.
Receive up to 20 months interest-free on balance transfers with a 2% BT fee. Also enjoy exclusive offers with the home&Away Privilege Program.
American Express Velocity Escape Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$0 p.a.
Earn uncapped Velocity Points on purchases, pay $0 annual fee for life and take advantage of a 0% p.a. for 12 months balance transfer offer.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Offers a discounted annual fee, $100 cashback when you meet the spend requirement and 0% p.a. for 14 months on balance transfers.
BankSA Vertigo Visa
0% p.a. for 18 months with 1% balance transfer fee
13.74% p.a.
$55 p.a.
Enjoy 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)
Take advantage of 0% p.a. on balance transfers for up to 18 months. $64 in the first year ($129 p.a. thereafter), plus, bonus Velocity Points.
St.George Vertigo Visa
0% p.a. for 18 months with 1% balance transfer fee
13.74% p.a.
$55 p.a.
Enjoy a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free 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 3% p.a. interest on balance transfers for 36 months. Plus, a $0 first year annual fee and Amplify or Qantas Points per $1 spent.
NAB Low Fee Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 18 month balance transfer offer and special offers from Visa Entertainment.
American Express Platinum Edge Credit Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$195 p.a.
Receive a yearly $200 Travel Credit and complimentary domestic and international travel insurance, plus 0% p.a. for 12 months on balance transfers.
Citi Signature Credit Card
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Receive 120,000 bonus points, two airport lounge visits per year, complimentary international travel insurance and a reduced first year annual fee.
Bank of Melbourne 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. for 36 months balance transfer offer, Amplify or Qantas points per $1 spent and enjoy a $0 annual fee for the first year.
Citi Rewards Platinum Credit Card
0% p.a. for 26 months with 2.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 26 month balance transfer offer, plus complimentary international travel insurance.

Compare up to 4 providers

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 1-3% 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 are carrying 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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Credit Card Offers

Important Information*
Westpac Low Rate - Online Offer
Westpac Low Rate - Online Offer

Interest rate

13.49

Annual fee

59
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

129
NAB Low Fee Card
NAB Low Fee Card

Interest rate

19.74

Annual fee

30
Citi Platinum Credit Card - 100k Bonus Points
Citi Platinum Credit Card - 100k Bonus Points

Interest rate

20.99

Annual fee

149

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