Zero Percent Cards

Get a card that gives you interest-free purchases and 0% a balance transfer all in one.

Almost offering deals too good to be true, zero percent credit cards are a lender’s way of attracting new customers. These cards offer 0% balance transfer deals, interest-free purchases offers, or both. Make sure you pay off anything you spend before the end of the interest-free period though, at the end of the introductory period, the promotional interest rate will revert to a much higher rate of interest.

There’s a bit you should know about these types of credit cards. You can compare the deals on offer below and read about how to use one of these cards to your benefit.

Compare credit cards that offer 0% on balance transfers and 0% on purchases

Rates last updated December 15th, 2018
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
Citi Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months
0% p.a. for 13 months (reverts to 20.99% p.a.)
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
More info
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 6 months
0% p.a. for 14 months (reverts to 20.74% p.a.)
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Save on credit card costs with half the annual fee for the first year and a 0% p.a. interest rate on purchases for 14 months.
NAB Low Rate Platinum Card
0% p.a. for 6 months with 2% balance transfer fee
0% p.a. for 9 months (reverts to 13.99% p.a.)
$100 p.a.
Enjoy a 0% p.a. interest rate offer on purchases for 9 months and the protection of 7 complimentary insurances including overseas travel insurance.
Qantas Premier Everyday
0% p.a. for 9 months
0% p.a. for 9 months (reverts to 19.99% p.a.)
$49 p.a.
Take advantage of 20,000 bonus Qantas Points, a 0% p.a. purchase and balance transfer offers. Plus, complimentary overseas travel insurance.
NAB Low Rate Credit Card
0% p.a. for 6 months with 2% balance transfer fee
0% p.a. for 6 months (reverts to 13.99% p.a.)
$59 p.a.
Receive an introductory 0% p.a. interest rate for 6 months on purchases, Visa Entertainment offers and a competitive $59 ongoing annual fee.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 6 months
0% p.a. for 14 months (reverts to 20.74% p.a.)
$129 p.a.
Earn Velocity Rewards and access an interest-free offer on purchases and balance transfers.

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What is a zero percent credit card?

There are three types of zero percent credit card. Credit cards that do not charge any interest when you transfer a balance to the account, credit cards that let you make purchases without paying any interest, and credit cards that offer both zero percent on purchases and zero percent on balance transfers.

  • Zero percent balance transfer credit cards

These accounts do not charge any interest on any debt you bring to the account when you apply. Compare 0% balance transfer credit cards here.

  • Zero percent purchase rate credit cards

These accounts allow you to make a large purchase or a series of purchases, and will not charge you any interest on the purchases charged to the account for the life of the introductory period. Compare 0% purchase credit cards here.

  • Zero percent purchase rate and balance transfer credit cards

These accounts feature interest-free terms on purchases and balance transfers. Compare 0% purchase rate and balance transfer credit cards here.

How do zero percent credit cards work?

Apply for a zero percent credit card and use the account to consolidate and get above the existing credit card debt, or use these accounts to make interest-free purchases during the introductory period. Some accounts even offer zero percent, or interest-free terms, on purchases and balance transfers.

There is no interest charged during the introductory period. You only have to pay back the cost of the purchases or the balance transfer amount. You’re still required to make the minimum monthly repayment each statement cycle, you need to keep paying this to stop your account going into default and to continue to receive interest-free terms.

The revert rate

The interest-free terms do not last for ever. At the end the introductory period, the interest rate charged on any remaining, unpaid balance from the promotional period will be charged at a much higher rate — either the cash advance or purchase rates of interest depending on the account.

Order of repayments

If you apply for a credit card that offers interest-free on purchases and balance transfers, the interest-free promotion that is set to expire first will be repaid first. Generally, the credit card promotion that has the highest interest rate will be repaid first; however, if a credit card has multiple interest-free promotions active on the account at the same time, repayments are applied to the promotion which is set to expire first.

How to compare zero percent credit cards

The following points should be in the front of your mind when you’re looking at comparing zero percent credit cards:

  • Promotional period length. This is pretty straight forward. How long do you want your balance transfer or purchase rate interest-free terms for? Different cards have different offers with varying interest-free promotional terms. You can use the table headings in the comparison table (above) to arrange the cards by their promotional length.
  • The revert rate. This is the interest rate that will be charged on purchases you’ve charged to the account following the introductory period. For zero percent balance transfer credit cards, the revert rate is charged on anything you transfer to the credit card and don’t pay back within the balance transfer introductory period. Some cards will revert their promotional (introductory) rate to the purchase or cash advance rates of interest; while some issuers have a standard ongoing rate of interest, which is applied following the expiration of the promotional period.
  • The annual fee. The annual fee varies greatly between credit cards. Cards with premium features generally have an annual fee to match. Compare credit cards by their annual fee using our comparison table above. Click the ‘annual fee’ table heading to arrange the cards by their annual fee. Paying too much for a credit card can may negate any savings you may have made through the interest-free promotion.
  • Rewards and other perks. Credit cards can also come with additional value adding features, like a rewards program or complementary insurance. Although not the main consideration of a zero percent credit card, these perks may sway your decision from one card to another.

Things to consider before applying

The main aim of these cards is to enable consumers to better manage their credit card debts. To evade the problems associated with these cards you should have self control with your spending and know that anything you do purchase with the card you will have to repay. If you use your continue to use your card or fail to pay back your balance in the introductory period you will incur interest at the revert rate.

Frequently asked questions about zero percent credit cards

Images: Shutterstock

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