Long Term Balance Transfer Credit Cards | Comparison

Long Term Balance Transfer Credit Cards

Move your credit card debt onto a new card at 0% interest for 12-26 months, giving you the longest time to pay it off.

38 reviews
0% p.a. for 16 months on balance transfers. Reverts to variable cash advance rate.
Low purchase rate of 13.74% p.a..
Up to 55 days on purchases.
Know if you’ve been approved with the quick 60-second online application.
People are happy
Rated 4.8 out of 5 for customer satisfaction.
You may have seen us in
My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
All banks
balance transfer
purchase rate
annual fee
Money saved
Westpac Low Rate Credit Card
Apply by 31 mar 20
38 reviews
0% p.a. for 16 months on balance transfers. Reverts to variable cash advance rate.
Low purchase rate of 13.74% p.a..
Up to 55 days on purchases
More info
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16 months
0% p.a.
then 21.49%
with a 0% fee
13.74% p.a.
ongoing
$59
ongoing
0% p.a. for the first 18 months on balance transfers with a 2% balance transfer fee on amounts transferred. Reverts to 20.24% p.a.
Up to 55 days interest free on purchases when you pay your account in full each month.
$0 annual fee for the first year (save $87).
More info
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18 months
0% p.a.
then 20.24%
with a 2% fee
20.24% p.a.
ongoing
$0
1st year
then $87
Citi Rewards Platinum Card Balance Transfer Offer
Apply by 28 may 20
0% p.a. on balance transfers for 26 months which could help you get on top of things. A one-off 1.5% balance transfer fee applies.
Reduced annual fee of $49 p.a. in the first year, ($149 p.a. thereafter).
Earn 1 pt per $1 spent on eligible Domestic Spend in Australia, up to $10,000 per statement period.
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26 months
0% p.a.
then 22.24%
with a 1.5% fee
21.49% p.a.
ongoing
$49
1st year
then $149
Bank of Melbourne Vertigo Visa
Apply by 12 feb 20
10 reviews
0% p.a. for 18 months on balance transfers with no balance transfer fee. Reverts to cash advance rate.
$55 p.a. annual fee.
Low ongoing variable purchase interest rate of 13.99% p.a.
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18 months
0% p.a.
then 21.49%
with a 0% fee
13.99% p.a.
ongoing
$55
ongoing
Citi Rewards Platinum Card Points Offer
Apply by 31 jan 20
Earn up to 120,000 bonus points. Get 80,000 bonus points when you spend $3,000 in the first 90 days from account approval date and an additional 40,000 bonus points on payment of second year annual fee.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
Enjoy 0% p.a. for 15 months with 1% fee on balance transfers. Please note, no interest free days apply to retail purchases while you have a balance transfer.
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15 months
0% p.a.
then 22.24%
with a 1% fee
21.49% p.a.
ongoing
$49
1st year
then $149
Citi Rewards Signature Credit Card Points Offer
Apply by 31 jan 20
Earn up to 120,000 points points. (Conditions Apply)
Enjoy 0% p.a. for 15 months with 1% on balance transfers.
$199 p.a. annual fee for the first year, $395 p.a. thereafter.
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15 months
0% p.a.
then 22.24%
with a 1% fee
21.49% p.a.
ongoing
$199
1st year
then $395
BankSA Vertigo Credit Card
Apply by 12 feb 20
6 reviews
0% p.a. for 18 months on balance transfers with no balance transfer fee. Reverts to cash advance rate.
Low ongoing variable purchase interest rate of 13.99% p.a.
$55 p.a. annual fee.
More info
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18 months
0% p.a.
then 21.49%
with a 0% fee
13.99% p.a.
ongoing
$55
ongoing
Citi Rewards Platinum Credit Card
Apply by 31 dec 19
17 reviews
0% p.a. for 13 months on retail purchases.
0% p.a. on balance transfers for 13 months which could help you get on top of things. A one-off 1% balance transfer fee applies. Please note, no interest free days apply to retail purchases while you have a balance transfer.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
More info
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13 months
0% p.a.
then 22.24%
with a 1% fee
13 months
0% p.a.
then 21.49%
$49
1st year
then $149
Virgin Australia Velocity Flyer Credit Card 22 Months Balance Transfer Offer
Apply by 24 feb 20
0% p.a. for 22 months on balance transfers with a 1% BT fee (reverts to cash advance rate).
Save with a reduced $64 p.a. annual fee for the first year ($129 p.a. thereafter).
A $129 Virgin Australia Gift Voucher each year.
More info
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22 months
0% p.a.
then 20.99%
with a 1% fee
20.74% p.a.
ongoing
$64
1st year
then $129

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 Long Term Balance Transfer Credit Cards from customers

What’s a long term balance transfer?

Broadly speaking, there are two attitudes towards debt that we all fit into. The first is that you are completely fed up with being in debt and are prepared to do and endure anything to get out of it, fast! If you are one of these people, then you’d probably be better off exploring our hand picked choice of 6 month balance transfer cards. The second attitude is to be less impulsive and more planned. You are the type of person who prefers a fixed rate home loan and doesn’t mind paying a little extra so that you have a fixed amount of money you can work around. If you would rather repay your debt steadily over time, then a long term offer is much more suited to you.

How long is long?

Based on our database of cards, we’ve calculated the average balance transfer promotional interest rate to last for approximately 6 months. Long term offers tend to be in the region of 12 – 15 months.

What is the main benefit of a longer term balance transfer interest rate?

As is the case with practically every balance transfer offer, it’s all about saving money. The longer a promotion lasts for and the lower the rate on offer, the more money you stand to save.

So there’s a trade off between duration and the interest rate?

Yes, generally the longer the balance transfer offer period, the higher the interest rate tends to be. You’ve got to work out how much money you would save based on the size of your balance and the interest rate you’d get. However, your personal habits also come into play. Some people just prefer knowing that they have a low interest rate locked in for a long period of time, which means they can plan ahead to be debt free when the promotion ends.

What criteria are the banks looking for?

If you want to apply for one of these cards, you have to meet the bank’s requirements. You’ll typically need to be a high earner with a proven record of consistent monthly repayments who wants to transfer a large balance.

Should spending be avoided?

That really does depend on your personal financial situation. If you are transferring a relatively small balance in comparison to your income, which you can pay off quickly, then spending sensibly will probably not get in the way of you paying off your debt. The issue is when you transfer a large balance (probably built up after spending frivolously) and continue to spend. This behaviour will mean you probably won’t get rid of your debt as you will continue to add to it. As a general rule of thumb, only buy what you can afford to begin with and if you’ve applied for a balance transfer card in order to pay back your debt, then don’t use it to purchase things with.

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