Balance Transfer Credit Cards | Compare the Best 0% Balance Transfers

Balance Transfer Credit Cards

Get a balance transfer card to reduce your interest payments, save money and get out of debt faster.

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My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
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balance transfer
purchase rate
annual fee
Money saved
0% p.a. for 12 months for balance transfers and a one-off credit plan establishment fee of 1%.
Pay no annual card fee.
Earn up to 1.75 Qantas points per $1 spent on Qantas flights, goods, and services.
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12 months
0% p.a.
then 20.74%
with a 1% fee
20.74% p.a.
ongoing
$0
ongoing
19,500 annual bonus points when you spend $24,000 on eligible purchases in the year.
0% p.a. on balance transfers for 6 months
Earn up to 1.5 pts per $1 spent on eligible purchases.
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6 months
0% p.a.
then 19.99%
with a 1% fee
19.99% p.a.
ongoing
$100
ongoing
No annual card fee to pay each year.
Base earn rate is 0.75 pt per $1 spent. Get an additional 1 point per $1 when spending with Virgin Australia.
0% p.a. for 12 months for balance transfers and a one-off credit plan establishment fee of 1%.
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12 months
0% p.a.
then 20.74%
with a 1% fee
20.74% p.a.
ongoing
$0
ongoing
Pay no annual fee as long as you hold the card.
2.99% p.a. for 9 months on balances transferred.
Up to 55 days interest free on purchases.
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9 months
2.99% p.a.
then 17.99%
with a 0% fee
17.99% p.a.
ongoing
$0
ongoing
Receive 50,000 bonus Velocity Points when you apply online, are approved and spend $3,000 within the first 3 months. New Card Members only.
Earn 1.25 Velocity Points per $1 spent, except government bodies where you will earn 0.5 Velocity Points per $1 spent.
A complimentary domestic return flight every year with travel insurance and entry into Virgin Australia Lounges.
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12 months
0% p.a.
then 20.74%
with a 1% fee
20.74% p.a.
ongoing
$375
ongoing
Get 50,000 Membership Rewards points when you apply online, are approved and spend $3,000 in the first 3 months. New Card Members only.
Receive a $400 Travel Credit each year towards any flights, hotels and car hire when you book online with this card.
T&Cs and eligibility criteria apply. Available to new card members only.
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12 months
0% p.a.
then 20.74%
with a 1% fee
20.74% p.a.
ongoing
$395
ongoing
0% p.a. for 12 months for balance transfers and a one-off credit plan establishment fee of 1%.
Start your holiday with a $200 Travel Credit every year.
Range of travel insurances including overseas medical emergency expenses, travel cancellation cover and more.
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12 months
0% p.a.
then 20.74%
with a 1% fee
20.74% p.a.
ongoing
$195
ongoing
Earn 30,000 points when you apply online as a new Card Member, are approved and spend $3,000 in 3 months. New Card Members only.
Relax with 2 complimentary Qantas Club invitations every year. (Conditions Apply)
Complimentary domestic and international travel insurance.
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12 months
0% p.a.
then 20.74%
with a 1% fee
20.74% p.a.
ongoing
$249
ongoing
No annual fee.
2.99% p.a. for 9 months on balances transferred.
No foreign transaction fees and complimentary international credit card travel insurance.
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9 months
2.99% p.a.
then 17.99%
with a 0% fee
17.99% p.a.
ongoing
$0
ongoing
0% p.a. for 6 months on purchases.
Make purchases with NAB’s lowest interest rate card and longest interest-free period.
Low $59 p.a. annual fee.
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6 months
0% p.a.
then 21.74%
with a 2% fee
6 months
0% p.a.
then 13.99%
$59
ongoing
 
saved over 6 months
Virgin Money No Annual Fee Credit Card
Apply by 30 apr 20
13 reviews
$0 annual fee for the life of the card.
0% p.a. for 12 months on balance transfers.
Up to 55 days on purchases.
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12 months
0% p.a.
then 20.99%
with a 0% fee
18.99% p.a.
ongoing
$0
ongoing
 
saved over 12 months
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Feel like your credit card’s on fire?

How Matt from Bondi finally cleared $10,000 of debt

Matt had been living large and loving life. Having built up $10,000 on his card Matt paid the minimum repayment of $200 towards lowering his balance. But with 20% p.a. interest card at such a slow pace it was going to take Matt over 8 years to pay it down to $0.00.

Something had to give, mainly, his old card. He compared his options and finally, Matt switched to a 0% interest balance transfer card.

Now he’ll avoid about $2,000 in interest repayments over the course of 24 months. In plain English: that’s $2,000 that can go to paying off Matt’s debt in full, not his credit card interest.

This case study is intended as a representative example.

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Q&As about Balance Transfer Credit Cards from customers

What is a balance transfer credit card?

A balance transfer occurs when a bank pays off the outstanding debt on your old credit or store card and transfers it to a new credit card account with them. Typically, banks offer promotional deals with low or 0% interest rates for a period of time to attract new customers. The promotional offer can save a significant amount of money, and many people use it repay their debt faster. See our FAQ below for questions about how balance transfers work, how they affect your credit score, and more.

What are the most popular credit cards in this category?

The most popular balance transfer credit cards with the visitors to this comparison site are the cards that offer the lowest rates on balance transfers, saving people the most money. Typically this means 0% balance transfer rates for 12 months or more. If you’re like most people you’ll appreciate longer periods of time to pay off old card debt and start to move forward again with your personal finances.

How much money can I save?

Say you currently have a balance of $3,000 – about average for Australia, according to research by the RBA – that is charged an interest rate of 15% per annum. This means you’ll pay approximately 1.25% in interest per month, which works out to be $37.50. If you were to switch to a card with a 0% balance transfer for six months, you would save around $225.

Or, let’s imagine you have a balance of $10,000 and are paying 18% p.a., which works out to an interest bill of $150 per month. Switching to one of the long-term balance transfer deals offering 0% for 22 months would save you around $3,300 in total.

To see how this would affect your debt repayment, you can use one of the calculators below (but remember to account for transfer fees as well as annual fees):

What is a balance transfer fee?

Some balance transfer offers come with a fee attached, payable upfront as a credit establishment or processing fee. If a fee is charged, it is typically 1% or 2% of the amount being transferred. So if you’re transferring a balance of, say, $10,000, and the balance transfer fee is 1%, you’ll pay a $100 fee.

If there is a balance transfer fee charged, our comparison tables will show it and the savings calculation will factor it in. Generally, a balance transfer fee is charged straight away and will appear on your first credit card statement.

What interest rate will my transferred amount revert to after the balance transfer period ends?

When the promotional balance transfer offer expires, the amount that you transferred over will be subject to either the ongoing purchase rate or the cash advance rate. Our comparison tables will show which rate the balance transfer rate reverts to.

When does the debt need to be transferred?

Most people take immediate advantage of a balance transfer offer and include the details of their debts in their new card application. However, banks may give you up to three months leeway. Failing to use the promotional offer when applying for a new card means your outstanding balance, which will still be on your old card, will be charged the standard interest rate. Therefore, you would unnecessarily be paying interest instead of saving money.

What types of balance transfers are there?

In addition to offering introductory interest rates on balance transfers only, some credit card providers have offers combining 0% or low interest rates on both balance transfers and purchases on the new card.

I’m a loyal customer. Why doesn’t my bank offer me a low balance transfer rate?

Even if you have been with your bank for years, you’ll normally have to transfer your balance to an account with a different bank in order to take advantage of the introductory offer on interest. Most banks in Australia do not permit their customers to transfer a balance from one account held with them to another. This may sound like a lot of hassle, but in reality it isn’t, especially because many banks do not charge a fee for doing this.

Q&As about applying for a balance transfer credit card

How do I initiate a balance transfer?

You have two choices when switching to a new card. Either you fill in the details of the balance you would like to transfer on the application form, or you wait until the account has been opened and then initiate the process. You’ll sometimes get the same interest rate regardless, but you should be wary about delaying because most banks insist that you start the balance transfer within a set window of time if you want to get the introductory deal. Failing to do so may mean that you’ll have to pay a higher rate of interest on any debt transferred across to your new account.

How closely will the banks look at my credit card application?

All banks and credit card issuers look at your personal financials in order to figure out if you should be approved or declined. The bank will want to verify your age to make sure you are over 18 years old, look at your income, check your residency status, and also check your credit rating to calculate your ability to repay your credit card balance on time.

How long does it take the new bank to process my application and transfer over my old balance?

Assuming that your credit card application has been successful, your balance will usually be transferred inside two weeks.

Can the outstanding debt of store cards be transferred?

Yes, you can transfer what you owe on your store card (e.g. your David Jones credit card).

Can I balance transfer from my spouse’s credit card?

Yes, but you and your spouse will both need to be named as joint primary cardholders prior to requesting a balance transfer. Only a few credit card providers allow joint accounts. Among those that do are the St. George/Bank of Melbourne/BankSA group, Heritage Bank and Bendigo Bank.

How does a balance transfer impact my credit score?

In short, it depends. If you apply for multiple credit cards within a short period of time, your credit score will be lowered. This is further compounded if some of your applications have been declined and you continue to apply for more offers. It is best to spread out your applications for new accounts as much as you can while keeping your existing accounts in good order by not missing payments or spending too much.

How does my credit limit affect the amount I can transfer?

Your credit limit, or the amount of money you are allowed to borrow, does come into play. If you intend to consolidate debt from multiple accounts onto a single card using a promotional offer, you may not be able to transfer the entire outstanding amount because your credit limit is not high enough – and some card providers only allow transfers equal to 70-80% of your new credit limit.

Should this happen to you, you should still transfer as much of your outstanding balance as possible to take advantage of the low interest rate and work towards paying it off. If you manage to pay off some of what you owe on your new card and essentially free up some space on it, you could move some of the amount still owed from your old card to your new card, but most likely at a rate that is higher than the promotional rate. As long as you space out your applications adequately, you could apply for another credit card and move the rest of your outstanding debt to it.

Should I transfer a balance to a card with an annual fee?

Assuming that you want to apply for a balance transfer credit card and use the low interest rate to pay back your debt faster, you’ll also want to avoid other fees as much as possible. An annual fee is one such charge you would rather avoid. However, if you are planning to move a very large balance at a low rate, the impact of the annual fee is diminished because of the amount of money saved per month on interest alone.

Conversely, if you are moving a relatively small debt, the annual fee may practically wipe out any potential savings. Ideally, you are looking for a really cheap and prolonged balance transfer deal without an annual fee. The potential savings are calculated by our comparison tables and make it easier to see how much you could save.

Is it worth paying the balance transfer fee?

Many banks charge a one-off handling fee for doing a balance transfer. This balance transfer fee typically ranges between 1% and 2% of the amount you transfer and it is charged upfront when you are approved for the new card. If you transfer $5,000 to a card with a 1% BT fee then you’ll be charged $50 for doing the balance transfer. This is additional to the annual fee, which is a separate charge.

To make it easy to see if it is worth paying the balance transfer fee, our comparison tables have included the balance transfer fee (for cards that charge the fee) in the calculation of your potential savings.

Can I transfer my personal loan debt to a new balance transfer credit card?

Only a few credit card providers, including Citi, Coles, Qantas Money and Virgin Money, allow personal loan debt as well as credit card debt to be transferred to a balance transfer credit card. Otherwise, your best bet might be to find a cheaper personal loan with lower interest rates to save on interest repayments.

Can I transfer my credit card balance from overseas to a credit card in Australia?

No. It is not possible to do that.

Can I do a balance transfer after submitting my application?

Yes, you can. However, the rules vary from bank to bank (see below). As the balance transfer is typically a promotional rate aimed at attracting new customers, some banks are quite strict in terms of when they make it available. To be safe, include the details of your balance transfer when applying.

  • ANZ: If you do not provide details of your balance transfer as part of your application, ANZ will not make the promotional balance transfer deal for that particular card available post application. Instead, you’ll get the standard balance transfer offer made available to existing holders of the card, which will be a lesser offer.
  • Bankwest: You can get the promotional balance transfer offer after application on a pro rata basis, i.e. if your card had a 12 month balance transfer offer and you applied for a balance transfer three months after approval, you would still get the promotional interest rate, but it would only last for another nine months (12 – 3 = 9).
  • Citibank: You have up to 90 days to apply for a balance transfer after new card account approval. The full promotional offer will be made available.
  • NAB: The promotional balance transfer must be applied for at the point of full card application. But NAB does occasionally offer a balance transfer deal to existing customers.
  • Qantas Money: You have up to 90 days to apply for a balance transfer after new card account approval. The full promotional offer will be made available.
  • St.George/Bank of Melbourne/BankSA: If you do not provide details of your balance transfer as part of your application, you will not receive the promotional balance transfer deal for that particular card. Instead, you’ll get the standard balance transfer offer made available to existing holders of the card, which will be a lesser offer.
  • Westpac: If you do not provide details of your balance transfer as part of your application, you will not receive the promotional balance transfer deal for that particular card. Instead, you’ll get the standard balance transfer offer made available to existing holders of the card, which will be a lesser offer.

Q&As about using a balance transfer credit card

Is it OK to use a balance transfer credit card to make purchases?

Only if your new card has a combined promotional interest rate on balance transfers and purchases, since you’ll lose the standard monthly interest-free days on the vast majority of credit cards while you have an unpaid balance transfer. You also need to make sure you can afford to pay for what you buy plus make a repayment on the transferred debt.

In general, it’s best to live within your means, pay off your debt first and only buy things with your credit card that you can pay off fully each month.

How much should I pay off each month?

Beyond the minimum repayment, it’s totally up to what works best for your personal financial circumstances. But be aware that paying off only the minimum each month will translate into a long time paying off your balance.

Do banks charge any fees if I pay off my card before the balance transfer period ends?

No. Balance transfer cards are different to fixed schedule personal loans and home loans. There are no early payment penalties for clearing your credit card debt on time or ahead of time.

In what order are repayments allocated?

Legislation introduced in 2012 compels credit card providers to allocate payments in the following order:

Firstly, to amounts requested by the cardholder (e.g. if you have an instalment repayment plan set up).

Secondly, to amounts remaining from the previous month’s closing balance, in order of interest rate applicable, with higher interest amounts being repaid first. In practice this means that repayments will be applied first to any cash advances, then to purchases, then to amounts subject to a lower promotional interest rate, and finally to amounts subject to a zero promotional interest rate (such as a 0% balance transfer).

However, there is an exception to this rule. Banks are now offering cards with a combined 0% interest rate on both balance transfers and purchases. Therefore, you would pay the same 0% rate of interest on any new purchases as you would on the amount of money that was transferred across. Note that the promotional interest rate periods are not always the same for both balance transfers and purchases, i.e. you might get nine months interest free on a balance transfer, but only six months on purchases.

In all cases, the best thing to do is to avoid spending on your card until you are no longer in debt and can afford to pay off your monthly spend in full.

Can I do a second balance transfer onto another card at a different bank?

Yes. If you haven’t repaid your transferred balance by the end of the promotional offer period, you are free to do a follow-up balance transfer to another card with a different bank. If you have a bigger debt, you should look for cards with longer balance transfer periods.

Will I still need to pay the minimum repayment each month on the transferred balance?

Yes – you’ll need to pay the minimum each month. Typically it’s 2% or 2.5% of your balance. But, given the debt-busting potential of a well managed balance transfer, you should try to pay back as much as you can afford each month while the interest rate is low. Once the rate reverts to the higher level, if you still have some debt, you can transfer the balance to yet another card, with a better rate. You can calculate what your minimum repayment would be paying using our minimum repayment calculator.

If I move cards, will I need to move my automatic direct debits and bills?

Yes – your credit card number and expiry dates will change so if you have set up automatic direct debits and monthly bills with companies (e.g. telcos), you’ll need to contact them to change these. There is an automated way to do this. Just think, it’s a small inconvenience compared to the money you’ll save.

What should I do with the old cards?

That is up to you. Once you’ve been approved for your new credit card and you’ve had confirmation that the balance has been transferred over, unless you plan on keeping your old card to continue spending on it then you should probably cancel the old card(s) and save on any annual fees you may be paying. The new bank will not make you close your old card, nor will it cancel it for you.

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