Balance Transfer Credit Cards

Struggling to pay off high-interest credit card debt? Compare balance transfer offers to find a card with low or 0% interest, helping you shift your existing balance and accelerate repayment.

By   |   Verified by David Boyd   |   Updated 16 Jul 2024

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Comparing balance transfer credit cards

Citi Rewards Card Balance Transfer and Purchase Offer

Featured

Citi Rewards Card Balance Transfer and Purchase Offer

Balance transfer

15 months at 0% p.a.

Purchase rate

15 months at 0% p.a.

Annual fee

$199.00 p.a. ongoing

Highlights

  • 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate.
  • Complimentary mobile phone insurance when you pay your monthly mobile plan bill with your Citi Rewards Credit Card .
  • Earn up to 1 Citi reward point for every $1 spent.

Pros

  • 0% p.a. on balance transfers and purchases for the first 15 months.
  • No balance transfer fee.
  • Earn up to 1 Citi reward point for every $1 spent.
  • 10% off Limited Time LUX Exclusive hotel offers (up to $250 per booking) booked by 1 March 2025.

Cons

  • Balance transfer changes to a 22.24% p.a. cash advance rate after 15 months.
  • Fee for an additional card is $90.
Bankwest Zero Platinum Mastercard

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Annual fee waived.
  • 0% p.a. interest for 28 months on transferred balances (with a 3% balance transfer fee). Returns to 14.99% p.a. thereafter.
  • No charges for foreign transactions.
  • Offer valid for new customers within a specified timeframe. Additional fees and terms and conditions apply.

Pros

  • No annual fee to pay — ever.
  • Very long interest-free balance transfer offer.
  • No fees on purchases in a foreign currency.

Cons

  • There is a 3% fee on balance transfers.
  • You can't earn rewards points.
Bankwest Zero Mastercard

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Avoid annual fees for the duration of card ownership.
  • 0% p.a. for 28 months on transferred balances (with a 3% balance transfer fee). Returns to 14.99% p.a. thereafter.
  • Enjoy up to 55 days interest-free on purchases.
  • Offer exclusive to new customers for a limited time. Additional fees and charges, as well as terms and conditions, apply.

Pros

  • There is no annual fee for as long as you keep the card.
  • The current balance transfer offer is extremely competitive.
  • Interest on purchases is comparatively low.

Cons

  • Balance transfers incur a one-off fee.
  • You cannot earn credit card points.
Bankwest Breeze Platinum Mastercard

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

12 months at 0% p.a.

Annual fee

$69.00 p.a. ongoing

Highlights

  • Experience 0% p.a. interest on balance transfers for 12 months (with a 2% BT fee, then 12.99% p.a.).
  • 0% p.a. for 12 months on purchases (reverting to 12.99% p.a.).
  • Benefit from up to 55 interest-free days.
  • Offer exclusively for new customers within a specified period. Additional charges, along with terms and conditions, apply.

Pros

  • 0% p.a. on balance transfers for 12 months.
  • 0% p.a. for 12 months on purchases.
  • No foreign transaction fees. Plus, complimentary overseas travel insurance for you and your family.

Cons

  • There is no rewards program on this card.
  • There is a 2% BT fee.
Bankwest Breeze Mastercard

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

12 months at 0% p.a.

Annual fee

$49.00 p.a. ongoing

Highlights

  • Benefit from 0% p.a. interest on balance transfers for 12 months (with a 2% BT fee, then 12.99% p.a.).
  • 0% p.a. for 12 months on purchases (returning to 12.99% p.a.).
  • Enjoy up to 55 interest-free days on purchases.
  • Exclusive offer for new customers for a limited time. Additional charges, as well as terms and conditions, apply.

Pros

  • 0% p.a. on balance transfers for 12 months.
  • 0% p.a. for 12 months on purchases.
  • Up to 55 interest-free days on purchases.

Cons

  • There are no rewards on this card.
  • There is a 2% BT fee.
Citi Clear Credit Card

Citi Clear Credit Card

Balance transfer

24 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Benefit from 0% p.a. for 24 months on Balance Transfers (with a 1.5% Balance Transfer fee). The rate reverts to the cash advance rate.
  • Get a discounted first-year annual fee of $49 ($99 p.a. thereafter)
  • Enjoy a low ongoing variable purchase rate of 14.99% p.a.
  • Access to complimentary insurances including Extended Warranty Insurance and Purchase Protection Insurance.*



*Complimentary insurance covers are subject to eligibility requirements: AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631 (trading as Allianz Global Assistance) under a binder from the underwriter, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz) has issued a Complimentary insurance group policy to National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (“NAB”) which allows eligible NAB account holders and cardholders to claim under it as third party beneficiaries by operation of s48 of the Insurance Contracts Act 1984 (Cth). NAB is the credit provider and issuer of Citi branded credit cards. NAB has acquired the business relating to these products from Citigroup Pty Limited (ABN 88 004 325 080, AFSL and Australian Credit Licence 238098) (“Citi”). Citi has agreed with NAB to provide transitional services in relation to the transferred business. Any advice on insurance is general advice only and not based on any consideration of your objectives, financial situation or needs. The terms, conditions, exclusions, limits and applicable sub-limits of the group policy are set out in the Citi Credit Cards Complimentary Insurance Policy Information Booklet which may be amended from time to time. Neither NAB nor Citi nor any of its related corporations guarantee this insurance.


Pros

  • Low ongoing variable purchase rate of 14.99% p.a.
  • Add up to 4 additional cardholders at $0 fee.
  • Up to 55 days interest-free on retail purchases.
  • Enjoy 10% off (up to $250) Limited Time LUX Exclusive hotel offers until 1 March 2025.

Cons

  • There is no rewards program on this card.
  • After the initial year, the annual fee reverts to $99 p.a.
  • Interest will be charged on retail purchases while you have a balance transfer.
St.George Amplify Signature Credit Card (Amplify)

On website

Apply by 31 July 2024

St.George Amplify Signature Credit Card (Amplify)

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$199.00 for 1st year

Highlights

  • Up to 150,000 Bonus Amplify Rewards Points earned upon spending $12,000 on eligible purchases within the first 12 months from card approval.
  • Initial card fee of $199 for the first year ($295 p.a. thereafter).
  • 0% p.a. interest for 24 months on balance transfers with a 1% balance transfer fee applied to transferred amounts.
  • Comes with complimentary overseas travel insurance coverage for up to 6 months.

Pros

  • The 150,000 bonus Amplify Rewards Points.
  • Save $96 with the $199 card fee for the first year.
  • Enjoy 2 complimentary Priority Pass lounge visits each year when you enroll in Priority Pass.
  • Comes with concierge services.

Cons

  • After the initial year, the annual fee is $295 p.a.
  • There is a 1% balance transfer fee.
St.George Vertigo Visa Credit Card

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$55.00 p.a. ongoing

Highlights

  • Benefit from a 28-month 0% interest period on Balance Transfers, accompanied by a 1% balance transfer fee. Afterwards, it switches to a cash advance rate of 21.49% p.a.
  • Enjoy a low variable interest rate of 13.99% p.a. on purchases.
  • The annual fee remains low at $55 p.a.

Pros

  • 0% p.a. for 28 months on balance transfers with no balance transfer fee.
  • 13.99% p.a. low variable interest rate on purchases.
  • Low annual fee of $55 p.a.

Cons

  • Balance transfer rate reverts to 21.49% p.a. after 28 months.
  • There are no rewards program for this card.
NAB Low Rate Credit Card

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

13.49% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Experience 0% p.a. on balance transfers for 28 months with a 2% balance transfer fee. Reverting to a variable cash advance rate of 21.74% p.a. after the promotional period.
  • Initial $0 annual card fee for the first year ($59 p.a. thereafter).
  • Receive a response within 60 seconds.

Pros

  • 0% p.a. on balance transfers for 28 months.
  • A variable purchase rate of 13.49% p.a.
  • The waived annual fee for the first year.
  • Additional credit card is free.

Cons

  • There is a 2% balance transfer fee.
  • No rewards program for this card.
  • No insurance coverage.
NAB Rewards Signature Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

20.99% p.a. ongoing

Annual fee

$145.00 for 1st year

Highlights

  • Earn up to 160,000 bonus Points. Obtain 120,000 bonus points upon spending $3,000 within the initial 60 days from the account approval date and an additional 40,000 bonus points upon maintaining your card open for over 12 months. Terms and conditions apply.
  • Benefit from a reduced annual card fee of $145 p.a. for your first year (reverts to $295 p.a. thereafter).
  • Accrue 2.5 points on purchases made in major department and hardware stores.
  • Gain 1.25 points for every $1 spent on everyday purchases.

Pros

  • Earn up to 160,000 bonus NAB Rewards Points when you meet the criteria.
  • The discounted $145 annual fee on the first year.
  • 0% p.a. on balance transfers for 12 months.
  • Includes international travel insurance.

Cons

  • Only 44 interest-free days.
  • There is a 3% balance transfer fee.
HSBC Platinum Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Utilize the 0% p.a. offer on balance transfers for 12 months alongside a 2% balance transfer fee.
  • Experience the inaugural year with no annual fee, followed by $149 annually thereafter.
  • Accrue 2 Reward Plus points per $1 spent on qualifying overseas purchases and 1 Reward Plus point per $1 spent on other eligible purchases.
  • Maintain a minimum credit limit of $6,000.

Pros

  • 0% p.a. on balance transfers for 12 months.
  • $0 annual fee for the first year.
  • Enjoy 2 airport lounge passes every year.
  • Benefit from HSBC Instant Savings with exclusive dining and shopping discounts.
  • Includes complimentary travel and purchase protection insurance.
  • Choice of points transfer partners (Asia Miles, KrisFlyer, Velocity Frequent Flyer).

Cons

  • The balance transfer rate reverts to 21.99% p.a. after 12 months.
  • 2% balance transfer fee.
  • The 10,000 points cap per statement period.
BankSA Vertigo Credit Card

On website

Apply by 31 July 2024

BankSA Vertigo Credit Card

Balance transfer

28 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$55.00 p.a. ongoing

Highlights

  • Receive up to $400 cashback on your supermarket purchase or benefit from 0% interest for 28 months on Balance Transfers with a 1% balance transfer fee. Reverts to a cash advance rate of 21.49% p.a.
  • Enjoy a low variable interest rate of 13.99% p.a. on purchases.
  • 55 days interest-free on purchases.

Pros

  • Get 10% cashback on your supermarket shop or 0% p.a. for 28 months on balance transfers with a 1% balance transfer fee.
  • 13.99% p.a. low variable interest rate on purchases.
  • Up to 55 days interest-free on purchases.

Cons

  • Balance transfer rate reverts to 21.49% p.a. after 28 months.
  • There are no rewards program for this card.
Bank of Melbourne Vertigo Visa Credit Card

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$55.00 p.a. ongoing

Highlights

  • Receive up to $400 cashback on your supermarket purchase or benefit from 0% interest for 28 months on Balance Transfers with a 1% balance transfer fee. Reverts to a cash advance rate of 21.49% p.a.
  • 13.99% p.a. low variable interest rate on purchases.
  • Low annual fee of $55 p.a.

Pros

  • Get 10% cashback on your supermarket shop or 0% p.a. for 28 months on balance transfers with a 1% balance transfer fee.
  • 13.99% p.a. low variable interest rate on purchases.
  • Low annual fee of $55 p.a.

Cons

  • Balance transfer rate reverts to 21.49% p.a. after 28 months.
  • There are no rewards program for this card.
ANZ Low Rate Credit Card

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

13.74% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% p.a. for 28 months on balance transfers with a 3% balance transfer fee (then reverts to 21.99% p.a.) Terms and Conditions apply.
  • First-year annual fee waived ($58 subsequently).
  • Continuous low rate of 13.74% p.a. on purchases.
  • Enjoy up to 55 days interest-free on purchases by settling your account completely each month.

Pros

  • Enjoy 0% p.a. on balance transfers up to 28 months.
  • $0 annual fee for the first year ($58 p.a. thereafter).
  • Take advantage of the low purchase interest rate of 13.74% p.a.
  • Add up to 3 additional cardholders at no extra cost.

Cons

  • No purchase or travel insurance included.
  • No rewards program.
Qantas Premier Platinum Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$349.00 for 1st year

Highlights

  • Get up to 100,000 bonus Qantas Points. Get 70,000 bonus Qantas Points upon spending $3,000 or more on eligible purchases within 3 months from card approval. Plus, an extra 30,000 bonus points if you haven't earned Qantas Points with a credit card in the past 12 months. Terms and Conditions apply.
  • Benefit from 0% on Balance Transfer for 12 months with a 2% Balance Transfer fee. Returns to Cash Advance rate thereafter. No interest-free days are applicable on retail purchases with an outstanding balance transfer.
  • Benefit from the reduced annual fee of $349 p.a. for the initial year. An ongoing annual fee of $399 p.a. is applicable in the 2nd year.

Pros

  • Earn up to 100,000 bonus Qantas Points when you meet the criteria.
  • 0% p.a. for 12 months on balance transfers.
  • Additional savings with the $349 first-year annual fee.
  • Comes with complimentary travel insurance.

Cons

  • The annual fee increases to $399 p.a. after the initial year.
  • There is a 2% balance transfer fee.
Coles Low Rate Mastercard

On website

Apply by 31 July 2024

Coles Low Rate Mastercard

Balance transfer

15 months at 0% p.a.

Purchase rate

12.99% p.a. ongoing

Annual fee

$58.00 p.a. ongoing

Highlights

  • 0% per annum (p.a.) for balance transfers spanning 15 months. Afterward, it reverts to the cash advance rate of 19.99% p.a.
  • Enjoy a modest annual fee of $58 p.a.
  • Earn 1 Flybuys Point for every $2 spent at Coles Supermarkets.

Pros

  • 0% p.a. on balance transfers for 15 months.
  • Complimentary access to your 24/7 local concierge.
  • Interest-free for up to 55 days.

Cons

  • There is a 1.5% balance transfer fee.
  • You can only earn Flybuys points at Coles Supermarkets.
  • No interest-free days while you have a balance transfer.
Virgin Australia Velocity High Flyer Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

20.74% p.a. ongoing

Annual fee

$329.00 p.a. ongoing

Highlights

  • Up to 80,000 bonus Velocity Points upon spending $3,500 on eligible purchases within 4 months of card approval. Terms and conditions apply.
  • 0% p.a. interest for 12 months on balance transfers (no balance transfer fee applies). Reverts to cash advance rate of 20.99% p.a.
  • Receive an exclusive $129 Virgin Australia Gift Voucher annually. Terms and Conditions apply.

Pros

  • Earn up to 80,000 bonus Velocity Points when you meet the criteria.
  • Earn 1 Velocity Point per $1 spent on eligible transactions up to $8,000 and 0.5 points per $1 on spending thereafter.
  • Two single entry passes for Virgin Australia domestic lounges every year.
  • Flight voucher worth $129 each year.
  • Comes with International Travel Insurance and Extended Warranty Service.
  • Works with Apple Pay and Samsung Pay.

Cons

  • The ongoing annual fee of $329 p.a.
  • Earn rate is tiered, although the base tier is enough for more people.
  • Only up to 44 interest-free days on purchases.
  • There's an annual fee per additional card.
Bank of Melbourne Amplify Platinum Credit Card (Amplify)

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Earn up to 100,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 24 months on balance transfers with a 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $49 p.a. annual fee for the first year ($124 p.a. annual fee thereafter)

Pros

  • The 100,000 bonus Amplify Points.
  • 0% for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
Virgin Money Low Rate Credit Card

On website

Balance transfer

15 months at 0% p.a.

Purchase rate

12.99% p.a. ongoing

Annual fee

$99.00 p.a. ongoing

Highlights

  • 0% p.a. for 15 months on balance transfers with no balance transfer fee. Reverts to the cash advance rate at 21.69% p.a.
  • Low ongoing purchase rate of 12.99% p.a.
  • Up to 55 days interest-free on purchases.

Pros

  • 0% p.a. for 15 months on balance transfers.
  • No balance transfer fee.
  • Low ongoing interest rate on purchases at 12.99% p.a.
  • Compatible with Apple Pay, Google Pay and Samsung Pay.

Cons

  • If you want additional cardholders, it will cost $29 p.a. per cardholder.
  • Doesn't earn Velocity Points.
Suncorp Clear Options Standard Credit Card

On website

Balance transfer

20 months at 0% p.a.

Purchase rate

12.74% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • The 12.74% p.a. ongoing interest rate applied to purchases is economical.
  • 0% p.a. interest for up to 20 months on balance transfers, returning to the 21.99% p.a. cash advance rate.
  • $0 for the first year annual fee, $55 afterward.

Pros

  • Enjoy the first year with no annual fee, saving you $55.
  • Introductory interest-free balance transfers for 20 months.
  • Low ongoing purchase interest rate.
  • Add up to 4 additional cardholders for no extra cost.

Cons

  • There is a 1% Balance Transfer fee.
  • No interest-free days.
  • Doesn't earn rewards.
  • Expensive foreign currency transaction fee.
Bank of Melbourne Amplify Platinum Credit Card (Qantas)

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$99.00 for 1st year

Highlights

  • Receive up to 70,000 bonus Amplify Points. Acquire 60,000 Qantas Points in the first year upon spending $3k+ on eligible purchases within the initial 90 days from new card approval, and an additional 10,000 points after your first eligible purchase in the second year.
  • Benefit from 0% interest for 24 months on balance transfers with a 1% balance transfer fee, reverting to the cash advance rate of 21.49% p.a.
  • Pay an annual fee of $99 for the first year ($124 thereafter).
  • Earn 0.5 points per $1 spent (uncapped). Plus, get a complimentary Qantas membership fee. Saving you $99.50!


From 1 January 2022, earn 0.5 Qantas Points per $1 up to a maximum of $100,000 spent on eligible purchases annually. Bonus Qantas Bonus Qantas Points not included in the cap.


Pros

  • The 70,000 bonus Qantas Points.
  • 0% p.a. for 24 months on balance transfers.
  • Complimentary travel and purchase insurance.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.
Kogan Money Black Credit Card

On website

Balance transfer

9 months at 0% p.a.

Purchase rate

9 months at 0% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Receive $250 Kogan.com Credit upon spending $3,000 on qualifying purchases within 90 days from card approval.
  • Enjoy no annual fees.
  • Benefit from 0% p.a. for 9 months on balance transfers with a 0% balance transfer fee. Reverts to cash advance rate of 22.74% p.a.
  • Additionally, enjoy an introductory low purchase interest rate of 0% p.a. for the first 9 months.

Pros

  • Get a $250 sign up bonus in Kogan.com Credit when you meet the criteria.
  • Take advantage of the introductory BT and purchase rates.
  • $0 annual fee.
  • Earn 2 reward points per $1 on eligible purchases at Kogan.com and 1 reward point per $1 on other eligible purchases.
  • Add up to 4 additional cardholders at $0 fee.
  • Uncapped rewards.

Cons

  • There is a 3.4% foreign currency fee.
  • The ongoing cash advance rate is 22.74% p.a.
NAB Qantas Rewards Premium Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

20.99% p.a. ongoing

Annual fee

$150.00 for 1st year

Highlights

  • Receive 70,000 bonus Qantas Points upon spending $2,000 within the initial 60 days.
  • First-year annual fee reduced to $150 p.a. from $250 p.a. (saving $100).
  • Earn 1 Qantas Point per $1.5 spent on everyday purchases up to $3,000 per statement period, and 1 Qantas Point per $3 spent thereafter (capped at $6,000).
  • Enjoy complimentary Qantas Frequent Flyer membership, saving $99.50.

Pros

  • The 70,000 bonus Qantas Points.
  • The discounted annual fee for the first year.
  • Free Qantas Frequent Flyer membership (a saving of $99.50).
  • Comes with a host of complimentary insurances when you make an eligible purchase.
  • Visa Premium Access and NAB Concierge Services 24/7.

Cons

  • Points earning capped at $6,000 spent per statement period.
  • Higher annual fee compared to other Qantas cards.
  • Interest rates are high, which is typical for most rewards-earning cards.
NAB Qantas Rewards Signature Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

20.99% p.a. ongoing

Annual fee

$295.00 for 1st year

Highlights

  • Gain up to 120,000 bonus Qantas Points. Acquire 90,000 bonus points upon spending $3,000 within the initial 60 days from account approval date and an additional 30,000 bonus points upon maintaining your card open for over 12 months. Terms and conditions apply.
  • Benefit from 0% on balance transfers for 12 months with a 3% Balance Transfer Fee.
  • First-year annual fee reduced to $295 p.a. from $395 p.a. (saving you $100).

Pros

  • Complimentary Qantas Frequent Flyer membership fee valued at $99.50.
  • Six complimentary insurances when you make an eligible purchase.
  • Earn 1 Qantas Point per $1 spent on everyday purchases up to $5,000 per statement period then 0.05 pts per $1 spent thereafter (capped at $20,000).

Cons

  • Annual fee of $395 p.a. is quite high.
NAB Low Fee Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

19.74% p.a. ongoing

Annual fee

$30.00 p.a. ongoing

Highlights

  • Receive $200 cashback when you spend $1,500 on purchases within 90 days from account opening.
  • Low $30 p.a. ongoing annual fee.
  • 12 months at 0% p.a. on balance transfers (3% balance transfer fee applies). Reverting to the variable cash advance rate of 21.74% p.a.

Pros

  • The opportunity to get a cashback $200.
  • 0% p.a. on balance transfers for 12 months.
  • Apply for an additional cardholder at no extra cost.

Cons

  • There is a 3% balance transfer fee.
  • Ongoing interest on purchases and cash advances is not low.
  • Doesn't earn rewards.
NAB Low Fee Platinum Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

19.74% p.a. ongoing

Annual fee

$90.00 p.a. ongoing

Highlights

  • Access the Platinum Concierge Service available 24/7.
  • Enjoy 12 months at 0% p.a. on balance transfers (a 3% balance transfer fee applies). Reverting to the variable cash advance rate of 21.74% p.a.
  • Access six complimentary insurances when making an eligible purchase.

Pros

  • 12 months at 0% p.a. on balance transfers (3% balance transfer fee applies). Reverts to variable cash advance rate of 21.74% p.a.
  • Low ongoing $90 annual fee.
  • Complimentary insurance including international travel insurance.
  • Access to the 24 /7 NAB Concierge Service.

Cons

  • There's a 3% fee on balance transfers.
  • You can't earn rewards points with this card.
  • Up to 44 days interest-free, which is shorter than the 55 days on many other cards.
NAB Rewards Platinum Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

20.99% p.a. ongoing

Annual fee

$45.00 for 1st year

Highlights

  • Earn up to 100,000 bonus points. Obtain 80,000 bonus points upon spending $1,000 in the initial 60 days from account approval date and an additional 20,000 bonus points upon maintaining your card open for over 12 months. Terms and conditions apply.
  • Benefit from a reduced first-year annual fee of $45 p.a. instead of $195 p.a. (saving you $150).
  • Accrue 2 points on purchases made at Webjet. 1 point on all other spend.

Pros

  • Earn 100,000 bonus Points when you meet the criteria.
  • The reduced first-year annual fee of $45 p.a.
  • No earning points cap.
  • Comes with complimentary insurances including international travel insurance

Cons

  • There is a 3% balance transfer fee.
Qantas Premier Everyday Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$99.00 p.a. ongoing

Highlights

  • Receive a potential boost of 8,000 bonus Qantas Points upon successful application. Gain 2 bonus Qantas Points for every $1 spent on qualifying purchases within 4 months post-card approval. Applicable Terms and Conditions.
  • Enjoy a modest annual fee of $99.
  • Benefit from a 0% p.a. rate for 12 months on balance transfers, which then transitions to the Cash Advance Rate.

Pros

  • Earn up to 8,000 bonus Qantas Points when you meet the criteria.
  • The low annual fee of $99 p.a.
  • Earn 0.75 Qantas Points per $1 spent on domestic purchases up to $3,000 per statement period.
  • Comes with complimentary overseas travel insurance.

Cons

  • There is a 2% Balance Transfer fee.
  • Foreign transactions incur a 3% fee.
St.George Amplify Platinum Credit Card (Qantas)

On website

Apply by 31 July 2024

St.George Amplify Platinum Credit Card (Qantas)

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$99.00 for 1st year

Highlights

  • Up to 70,000 bonus Qantas Points earned upon spending $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% p.a. interest for 24 months on balance transfers with a 1% balance transfer fee, which then reverts to the cash advance rate.
  • Pay an annual fee of $99 for the first year ($124 thereafter).
  • Earn 0.5 points per $1 spent (uncapped). Additionally, receive a complimentary Qantas membership fee, saving you $99.50!

Pros

  • The 70,000 bonus Qantas Points.
  • 0% p.a. for 24 months on balance transfers.
  • Discounted annual fee on the first year.
  • Complimentary travel and purchase insurance.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.
St.George Amplify Platinum Credit Card (Amplify)

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Earn 100,000 bonus Amplify Points upon spending $3,000 on eligible purchases within 90 days from card approval, potentially valued at up to $450 in eGift cards. Exclusions apply.
  • 0% interest for 24 months on balance transfers with a 1% balance transfer fee, which then reverts to the cash advance rate of 21.49% p.a.
  • Enjoy a discounted annual fee of $49 p.a. for the first year ($124 p.a. annual fee thereafter).

Pros

  • The 100,000 bonus Amplify Points.
  • Earn uncapped Amplify Points per dollar on eligible purchases.
  • 0% p.a. for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer fee.
Westpac Altitude Business Gold Mastercard

On website

Westpac Altitude Business Gold Mastercard

Balance transfer

12 months at 4.99% p.a.

Purchase rate

20.24% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • $0 annual fee for the first year (reverts to $150 p.a. thereafter)
  • 4.99% p.a. for 12 months on balance transfers with no balance transfer fee on amounts transferred.
  • Includes complimentary overseas travel insurance.

Pros

  • $0 first-year annual fee.
  • 4.99% p.a. for 12 months on balance transfers.
  • Earn 1 Altitude Point per $1 spent on eligible transactions.
  • Add an additional cardholder at no extra cost.

Cons

  • The high interest of 20.24% p.a. on purchases
  • There is a 3% fee if you use your card overseas.
  • A cap of 20,000 points applies per each statement cycle.
Westpac Altitude Business Platinum Credit Card

On website

Westpac Altitude Business Platinum Credit Card

Balance transfer

12 months at 4.99% p.a.

Purchase rate

20.24% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • $0 annual card fee for the first year (usually $200 p.a.)
  • 4.99% p.a. for 12 months on balance transfers with no balance transfer fee on amounts transferred.
  • Includes complimentary cover for international travel insurance, along with an extended warranty and purchase protection.

Pros

  • Uncapped points.
  • Includes Personal Concierge Service.
  • Interstate Flight Inconvenience Insurance.
  • Extended Warranty Insurance

Cons

  • After the initial year, you will be charged a $200 p.a. annual fee.
  • No sign-up bonus offer.
Australian Military Bank Low Rate Visa Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

11.99% p.a. ongoing

Annual fee

$49.00 p.a. ongoing

Highlights

  • Benefit from a competitive interest rate of 11.99% per annum for purchases.
  • Avail a 0% interest rate for the initial 12 months on Balance Transfers, coupled with a 0% balance transfer fee. Following this period, the rate reverts to the purchase rate of 11.99% per annum.
  • Additionally, seize up to 45 days of interest-free purchasing.

Pros

  • A low-interest rate on purchases.
  • Low annual fee.
  • You can get additional cardholders at no extra cost.

Cons

  • No rewards program.
Auswide Bank Low Rate Visa Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

10.99% p.a. ongoing

Annual fee

$50.00 p.a. ongoing

Highlights

  • Acquire a favorable variable rate of 10.99% per annum on both purchases and cash advances.
  • Benefit from the option to waive the $50 annual fee if you're under 25 years old, maximizing your savings.
  • Plus, relish up to 55 days of interest-free purchasing, providing ample time for repayment.

Pros

  • 0% for 12 months on balance transfers.
  • Additional cards at no extra cost.
  • Compatible with Apply Pay and Google Pay,

Cons

  • There is no rewards program on this card.
  • Not compatible with Samsung Pay.
Bank of Heritage Isle Visa Credit Card

On website

Balance transfer

N/A

Purchase rate

10.76% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Interest rate of 10.76% remains consistent across purchases, cash advances, and balance transfers.
  • The initial annual fee of $30 is exempted for the inaugural year.
  • Supports Apple Pay, Google Pay, and Samsung Pay.

Pros

  • Annual fee of $30 waived in the first year.
  • Low ongoing interest rate on purchases, cash advances, and balance transfers.
  • Up to 55 days interest-free on purchases.

Cons

  • The Bank of Heritage Isle Visa is a low rate credit card and does not offer rewards or bonus points.

BOQ Blue Visa Credit Card

On website

Balance transfer

9 months at 0% p.a.

Purchase rate

9 months at 0% p.a.

Annual fee

$60.00 p.a. ongoing

Highlights

  • Benefit from a 0% p.a. rate for 9 months on Balance Transfers, accompanied by no balance transfer fee (reverting to cash advance fee thereafter).
  • Take advantage of the 0% p.a. on purchases 9 months. Reverts to 20.74% p.a.
  • Avail of the guaranteed pricing scheme for your purchases.

Pros

  • Earn rewards points on every dollar spent with no cap.
  • 0% on balance transfers and purchases for 9 months.
  • No balance transfer fees.

Cons

  • Interest-free period is relatively short, at 44 days.
  • $15 charge per additional card.
BOQ Low Rate Visa Credit Card

On website

Balance transfer

18 months at 0% p.a.

Purchase rate

13.49% p.a. ongoing

Annual fee

$55.00 p.a. ongoing

Highlights

  • Benefit from 0% p.a. for 18 months on balance transfers with no balance transfer fee.
    Reverts to 21.49% p.a.
  • Access a low-rate credit card with an ongoing rate of 13.49% p.a.
  • Enjoy up to 55 days on purchases interest-free.

Pros

  • Low ongoing interest rates.
  • No fees on balance transfers.
  • Instalment Plans on large purchases.

Cons

  • No rewards points or cashback.
  • Additional cards come with a fee.
BankVic Qantas Visa Credit Card

On website

Balance transfer

6 months at 8.99% p.a.

Purchase rate

6 months at 8.99% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Obtain 8.99% p.a. for 6 months on purchases and balance. Reverts to 18.95% p.a. after the promotional period.
  • Experience $0 p.a. annual fee.
  • Comes with complimentary Qantas Frequent Flyer membership
  • Includes complimentary overseas travel insurance.

Pros

  • No annual fee.
  • Take advantage of the promotional rate on purchases and balance transfers.
  • Get up to 55 interest-free days on purchases.

Cons

  • There is no ongoing signup bonus promo for this card.
  • Exclusive to TPAV and VAU members only.
BankVic Low Rate Card

On website

Balance transfer

6 months at 8.99% p.a.

Purchase rate

6 months at 8.99% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Transfer your balance to BankVic and lower your interest repayments.
  • Benefit from a low ongoing interest rate on carried-over balances.
  • Pay no annual fee for life.

Pros

  • No annual fee for as long as you hold the card.
  • Consolidate debt and reduce interest with a balance transfer.
  • Up to 44 days interest-free.
  • Low interest on cash advances and balances carried over.

Cons

  • No rewards program.
  • International currency conversion fee of 3.65%
Beyond Bank Low Rate Visa Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

11.99% p.a. ongoing

Annual fee

$49.00 p.a. ongoing

Highlights

  • Consolidate debt from other credit and store cards with no interest for 12 months.
  • Benefit from a low-interest rate on purchases and cash advances.
  • Enjoy a low ongoing annual fee.

Pros

  • Enjoy an 11.99% p.a. interest rate on purchases.
  • 0% for 12 months or 4.99% for 6 months on balance transfers.
  • Add up to 4 additional cardholders at no extra cost.
  • Get up to 62 days interest-free on purchases.

Cons

  • No rewards program
Coastline CU Visa Credit Card

On website

Balance transfer

6 months at 0% p.a.

Purchase rate

9.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Experience 0% for 6 months on Balance Transfers with a 0% balance transfer fee. Reverts to 9.99% p.a. after that.
  • Benefit from a 9.99% p.a. rate on purchases and cash advances.
  • Get up to 55 days interest-free.

Pros

  • The introductory balance transfer offer.
  • $0 annual fee
  • Up to 55 days interest-free.

Cons

  • No rewards program.
Community First Bank Low Rate Visa Credit Card

On website

Balance transfer

6 months at 0% p.a.

Purchase rate

8.99% p.a. ongoing

Annual fee

$40.00 p.a. ongoing

Highlights

  • Benefit from a competitive interest rate of 8.99% p.a. for both purchases and cash advances.
  • For the initial 6 months, enjoy a 0% rate on Balance Transfers with a corresponding 0% balance transfer fee. Afterwards, it reverts to the cash advance rate of 8.99% p.a.
  • An annual fee of $40 is applicable.

Pros

  • Low-interest rates.
  • Up to 55 interest-free days.
  • Limits are available from $500 to $15,000.

Cons

  • No rewards program.
Community First Bank McGrath Pink Visa Card

On website

Balance transfer

6 months at 0% p.a.

Purchase rate

8.99% p.a. ongoing

Annual fee

$40.00 p.a. ongoing

Highlights

  • 8.99% p.a. interest rate applies to purchases and cash advances.
  • Benefit from 0% p.a. on balance transfers for 6 months (0% BT fee); reverts to 8.99% p.a. thereafter.
  • An annual fee of $40 p.a. is charged.

Pros

  • Low-interest rates.
  • Half the annual fee is donated to the McGrath Foundation every year you hold the card.
  • Up to 55 interest-free days.
  • Support the McGrath Foundation that raises money for McGrath Breast Care Nurses each time you spend.

Cons

  • No rewards program.
Credit Union SA Visa Credit Card

On website

Balance transfer

6 months at 0% p.a.

Purchase rate

11.99% p.a. ongoing

Annual fee

$59.00 p.a. ongoing

Highlights

  • 11.99% p.a. interest rate applies to purchases and cash advances.
  • Benefit from a low annual fee of $59.
  • Enjoy 0% p.a. on balance transfers for 6 months, reverting to 11.99% thereafter.

Pros

  • Low-interest rates.
  • No cash advance fees.
  • Up to 55 days interest-free on purchases
  • Compatible with Apple Pay, Fitbit Pay, Garmin Pay, Google Pay, Samsung Pay and Visa payWave.

Cons

  • No rewards program.
Credit Union SA Education Community Credit Card

On website

Balance transfer

6 months at 0% p.a.

Purchase rate

6 months at 0% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • No annual fee.
  • 0% introductory rate on purchases, balance transfers, and cash advances.
  • Enjoy a competitive 11.49% interest rate.
  • Benefit from up to 55 days interest-free on purchases.

Pros

  • No annual fee.
  • Competitive interest rates.
  • Conveniently pay with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay.

Cons

  • No rewards points scheme.
  • No sign up bonus.
Defence Bank Credit Card

On website

Balance transfer

6 months at 3.99% p.a.

Purchase rate

6 months at 3.99% p.a.

Annual fee

$45.00 p.a. ongoing

Highlights

  • 3.99% for half a year on balance transfers, purchases, and cash advances (reverting to 8.99% p.a. thereafter).
  • A favorable 8.99% p.a. continuous interest rate on purchases and cash advances.
  • Enjoy up to 55 days interest-free on purchases.

Pros

  • The low-interest rate for purchases and cash advances.
  • Even lower interest rate for the first 6 months on balance transfers, purchases, and cash advances.
  • Get an additional cardholder at no extra cost.
  • Compatible with digital wallets from Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay.

Cons

  • No rewards program.
  • Basic card with no frills and perks.
Firefighters Mutual Bank Credit Card

On website

Balance transfer

6 months at 7.9% p.a.

Purchase rate

6 months at 7.9% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Acquire an introductory rate of 7.90% p.a. on balance transfers and purchases (reverting to 11.50% p.a. thereafter).
  • No annual fee for life.
  • Experience up to 55 days interest-free.

Pros

  • $0 annual fee.
  • Introductory 6-month offer for purchases and cash advances at a low 7.90% p.a. interest rate.
  • Low ongoing rates of 11.50% p.a.
  • Additional cardholders at no extra cost.

Cons

  • No rewards program.
  • No overseas insurance coverage.
  • Cash advance fee is $4.50 per transaction.
  • International currency conversion fee is 2.90% in AUD value.
Geelong Bank AMIGO Credit Card

On website

Balance transfer

6 months at 4.99% p.a.

Purchase rate

11.99% p.a. ongoing

Annual fee

$49.00 p.a. ongoing

Highlights

  • Enjoy 4.99% p.a. for 6 months on balance transfers with no balance transfer fee, reverting to 11.99% p.a. thereafter.
  • Benefit from a low ongoing annual fee of $49 p.a.
  • Access a low rate of 11.99% p.a. on cash advances and purchases.

Pros

  • Credit limit from as little as $1,000.
  • Get an additional card at no extra cost.
  • Balance transfers at 4.99% p.a.
  • No balance transfer fee.
  • Use Visa PayWave for transactions under $100.

Cons

  • There is an annual fee.
  • No rewards program.
  • No sign up bonus for new customers.
  • International travel insurance cover is not available.
Goulburn Murray Credit Union AMIGO Credit Card

On website

Goulburn Murray Credit Union AMIGO Credit Card

Balance transfer

6 months at 5.49% p.a.

Purchase rate

12% p.a. ongoing

Annual fee

$49.00 p.a. ongoing

Highlights

  • Experience 5.49% p.a. for 6 months on balance transfers with a 0% balance transfer fee, reverting to 12% p.a. thereafter.
  • Benefit from a low annual fee of $49 p.a.
  • Enjoy a low ongoing interest rate of 12% p.a. on cash advances and purchases.

Pros

  • Credit limit from as little as $1,000.
  • Balance transfer rate of 5.49% p.a. for 6 with no balance transfer fee.
  • Get an additional card at no extra cost.
  • Use Visa PayWave for transactions under $100.

Cons

  • No rewards program.
  • No introductory offer on purchases.
  • Does not come with complimentary travel and other insurance covers.
Heritage Platinum Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

17.99% p.a. ongoing

Annual fee

$125.00 p.a. ongoing

Highlights

  • Enjoy 0% p.a. for 12 months on balance transfers with no balance transfer fee on amounts transferred (reverting to 19.99% p.a. thereafter).
  • The annual fee of $125 p.a. is waived when you spend $35,000 or more.
  • Earn 3 Heritage Credits for every $1,500 spent per calendar month.

Pros

  • 0% p.a. for 12 months on balance transfers with no balance transfer fee on amounts transferred.
  • Includes International Travel Insurance, Interstate Flight Inconvenience Insurance, Transit Accident Insurance, Purchase Cover Insurance, Extended Warranty Insurance, and Guaranteed Pricing Scheme.
  • Platinum-level concierge service, available round the clock.

Cons

  • Other cards offer a better rewards points earn rate ratio.
  • Ongoing interest rates are about average.
Heritage Gold Low Rate Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

11.8% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • $0 p.a. annual fee.
  • Enjoy low interest of 11.80% p.a. on purchases.
  • Benefit from comparatively low cash advance rates at 11.80%, lower than the standard rate of many other cards.

Pros

  • No annual fee.
  • Low-interest rate.
  • 0% p.a. for 12 months on balance transfers with no balance transfer fee on amounts transferred (reverts to 11.80% p.a. thereafter).

Cons

  • No interest-free days.
  • Not entitled to participate in Heritage Rewards program.
Horizon Bank Visa Credit Card

On website

Balance transfer

5 months at 4.99% p.a.

Purchase rate

5 months at 4.99% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Purchase and balance transfer offer of 4.99% p.a. for 5 months.
  • Benefit from low ongoing interest rates on purchases, balance transfers, and cash advances.
  • Enjoy a $0 annual fee with up to 55 interest-free days on purchases.

Pros

  • Special 5-month introductory rate on purchases and balance transfers.
  • The low ongoing rate on purchases and cash advances.
  • No annual fee for life.
  • Minimum credit limit of $500 to help keep your spending within control.

Cons

  • No rewards program on this card.
  • The card does not offer complimentary insurance cover.
IMB Low Rate Mastercard

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

12.99% p.a. ongoing

Annual fee

$37.00 for 1st year

Highlights

  • Take advantage of 0% for 12 months on balance transfers with no balance transfer fee. Reverts to the cash advance rate of 21.74% p.a.
  • Benefit from a discounted annual fee of $37 in the first year (reverting to $75 p.a. thereafter).
  • Enjoy a low retail purchase interest rate of 12.99% p.a.

Pros

  • Get a discounted annual fee of $37 for the first year.
  • Low interest rate on purchases.
  • 0% balance transfer for 12 months.
  • Includes complimentary purchase Cover Insurance and Guaranteed Pricing Scheme.

Cons

  • Balance transfer revert rate is at 21.74% p.a.

IMB Platinum Mastercard

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

20.24% p.a. ongoing

Annual fee

$129.00 p.a. ongoing

Highlights

  • Experience 0% for 24 months on Balance Transfers with a 0% balance transfer fee. Reverts to the cash advance rate of 21.74% p.a.
  • Receive 20,000 rewards points when you spend $3,000 or more on eligible purchases within 3 months of approval.
  • Earn 1 reward point for every $1 spent on Eligible Transactions.

Pros

  • Enjoy 0% for 24 months on Balance Transfers with a 0% balance transfer fee.
  • Receive 20,000 bonus reward points when you meet the criteria.
  • Includes complimentary International Travel Insurance, Interstate Flight Inconvenience Insurance, Purchase Cover Insurance, and Guaranteed Pricing Scheme.

Cons

  • The ongoing annual fee of $129 p.a.
  • Ongoing rates on purchases are average.
Virgin Australia Velocity Flyer Credit Card

On website

Balance transfer

24 months at 0% p.a.

Purchase rate

20.74% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • 0% p.a. for 24 months on balance transfers with no balance transfer fee. Reverts to the cash advance rate at 20.99% p.a.
  • $0 annual fee for the first year, and $149 afterward.
  • Earn 0.66 Velocity Points per $1 spent on eligible transactions up to $1,500 each statement period and 0.5 points per $1 on spending thereafter.

Pros

  • Experience the privilege of a $129 Virgin Australia Gift Voucher.
  • Benefit from 90 days of complimentary Purchase Protection Insurance and up to 12 months of Extended Warranty Insurance.
  • Earn an additional Velocity Point for every dollar spent directly with Virgin Australia using your Flyer Credit Card.

Cons

  • The earn rate drops to 0.5 points per $1 after $1,500 in a statement period.
Macquarie Credit Union Visa Credit Card

On website

Balance transfer

6 months at 6.95% p.a.

Purchase rate

12.99% p.a. ongoing

Annual fee

$30.00 p.a. ongoing

Highlights

  • Benefit from a low introductory rate for the first 6 months on balance transfers (reverting to 12.99% p.a. thereafter).
  • Enjoy a low annual fee of $30 p.a.
  • Get up to 55 interest-free days.

Pros

  • Low interest rates on purchases and cash advances.
  • Competitive annual fee.
  • Visa payWave is available for purchases under $100.

Cons

  • No rewards program.
  • Doesn't work with digital wallets.
People's Choice Low Rate Visa Credit Card

On website

Balance transfer

6 months at 2.99% p.a.

Purchase rate

6 months at 2.99% p.a.

Annual fee

$59.00 p.a. ongoing

Highlights

  • Avail a special rate of 2.99% per annum for 6 months on balance transfers.
  • Take advantage of a 2.99% per annum rate for 6 months on purchases.
  • Get up to 62 days with no interest charges on purchases.

Pros

  • 2.99% p.a. for 6 months on balance transfers, purchases and cash advances (reverts to 12.95% p.a. thereafter).
  • 62 days interest-free days on purchases, which is among the longest.
  • Supports Apple Pay, Google Pay, and Samsung Pay.

Cons

  • No rewards program or travel benefits.
  • Relatively high annual fee for a low rate credit card (but this may be waived if eligible).
QBANK Bluey Visa Credit Card

On website

QBANK Bluey Visa Credit Card

Balance transfer

12 months at 0% p.a.

Purchase rate

11.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Benefit from a 0% balance transfer offer for 12 months, returning to 11.99% per annum thereafter.
  • Enjoy the absence of an annual fee.
  • Take advantage of a competitive variable interest rate of 11.99% per annum on both purchases and cash advances.

Pros

  • Same low-interest rate on purchases and cash advances.
  • Balance transfer offer of 0% p.a. for 12 months
  • Up to 55 days interest-free.
  • Access to exclusive Visa offers and perks..

Cons

  • No rewards program.
  • Foreign currency conversion fee of 3.65%.
  • No complimentary travel insurance.
Qudos Bank Visa Platinum Credit Card

On website

Balance transfer

5 months at 4.99% p.a.

Purchase rate

5 months at 4.99% p.a.

Annual fee

$199.00 p.a. ongoing

Highlights

  • 4.99% p.a. for 5 months on balance transfers, and purchases. Reverts to 19.49% p.a.
  • Up to 55 interest-free days on purchases.
  • Earn 1 Qantas Point per $1 spent on eligible purchases.

Pros

  • Earn 1 Qantas Point for every $1 spent on eligible purchases.
  • Complimentary overseas travel insurance.
  • 24/7 worldwide Visa Premium Concierge Service.
  • Works with most of the major digital wallets.

Cons

  • The $199 p.a. annual fee.
  • There is a 3.65% foreign conversion fee.
Qudos Bank Visa Lifestyle Credit Card

On website

Balance transfer

5 months at 4.99% p.a.

Purchase rate

5 months at 4.99% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Pay no annual fee for as long as you maintain the card.
  • Benefit from a 4.99% per annum rate on purchases and balance transfers for 5 months (12.84% per annum thereafter).
  • No additional card fees apply.

Pros

  • The introductory rate of 4.99% for 5 months on purchases, cash advances and balance transfers.
  • Low standard interest rates.
  • $0 fee for an additional cardholder.

Cons

  • No interest-free days on purchases.
  • Longer balance transfer offers are available.
  • Doesn't earn rewards or have any travel benefits.
Qudos Bank Lifestyle Plus Credit Card

On website

Balance transfer

5 months at 4.99% p.a.

Purchase rate

5 months at 4.99% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • $0 annual fee.
  • Enjoy 4.99% p.a. on purchases and balance transfers for 5 months (16.35% p.a. thereafter).
  • Up to 46 interest-free days.

Pros

  • Enjoy the absence of an annual fee.
  • Benefit from ongoing interest rates on purchases that are slightly below the average.
  • Receive special offers through Visa Entertainment.
  • Compatible with all major digital wallets, including Apple Pay and Google Pay.

Cons

  • No rewards program.
  • Interest-free days are limited to 46.
Summerland Credit Union Low Rate Mastercard

On website

Balance transfer

9 months at 0% p.a.

Purchase rate

11.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Experience 0% per annum for 9 months on balance transfers with no balance transfer fee, returning to 11.99% per annum thereafter.
  • Benefit from a low 11.99% per annum interest rate on both purchases and cash advances.
  • Enjoy no annual fee for the first year, with an annual fee of $49 thereafter.

Pros

  • 0% p.a. for 9 months on balance transfers with no fee.
  • No annual fee for the first year.
  • Competitive purchase and cash advance rate.

Cons

  • There is a 3% foreign conversion fee.
  • Doesn't earn rewards points.
Easy Street Low Rate Credit Card

On website

Easy Street Low Rate Credit Card

Balance transfer

12 months at 0% p.a.

Purchase rate

8.99% p.a. ongoing

Annual fee

$40.00 p.a.

Highlights

  • 0% p.a. for 12 months on transferred balances, then reverts to 8.99% p.a.
  • Low ongoing interest rate of 8.99% on purchases and cash advances.
  • Annual fee is $40 p.a.

Pros

  • Competitive interest rates
  • Up to 55 days interest free
  • Minimum credit limit is $500

Cons

  • There is a 3% conversion fee on overseas transactions
Teachers Mutual Bank Credit Card

On website

Balance transfer

6 months at 7.9% p.a.

Purchase rate

6 months at 7.9% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Take advantage of an introductory rate of 7.90% per annum on both balance transfers and purchases, reverting to 11.50% per annum thereafter.
  • Benefit from a lifetime exemption from annual fees.
  • Credit limits ranging from $1,000 to $25,000 are available. Enjoy up to 55 days with no interest charges.

Pros

  • No annual fee for the life of the account.
  • Introductory offers on purchases and cash advances at 7.90% for 6 months.
  • Low ongoing rate for cash advances and purchases.
  • Additional cardholders at no extra cost.

Cons

  • No rewards program.
  • Introductory balance transfers are not interest-free.
BOQ Platinum Visa Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

20.74% p.a. ongoing

Annual fee

$65.00 for 1st year

Highlights

  • Receive a bonus of 100,000 Q Rewards points upon spending $4,500 on eligible transactions within the initial 90 days post-approval.
  • Benefit from a 0% p.a. rate on balance transfers for 12 months, with 1% balance transfer fee. The rate reverts to the cash advance rate of 21.74% p.a. after the promotional period.
  • Accrue 2 Q Rewards points for each dollar spent on eligible transactions.

Pros

  • Get up to 100,000 Q Rewards points when you meet the criteria.
  • 0% p.a. on balance transfers for 12 months with no balance transfer fee.
  • Discounted annual fee of $65 for the first year.
  • Get up to 4 additional cardholders at no extra cost.

Cons

  • The $129 p.a. annual fee after the initial year.
  • There is a 1% BT fee.
UniBank Visa Credit Card

On website

Balance transfer

6 months at 7.9% p.a.

Purchase rate

6 months at 7.9% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Get an introductory rate of 7.90% p.a. on balance transfers and purchases (reverts to 11.50% p.a.).
  • No annual fee for life and flexible credit limits from $1,000 to $25,000.
  • Enjoy up to 55 days interest-free days.

Pros

  • $0 annual fee.
  • Low ongoing rates of 11.50% p.a.
  • Introductory offers on purchases and balance transfers for 6 months at discounted rate of 7.90% p.a.
  • Additional cardholders at no extra cost.

Cons

  • No rewards program.
  • No other perks and privileges.
Unity Bank Visa Credit Card

On website

Balance transfer

6 months at 7.74% p.a.

Purchase rate

6 months at 7.74% p.a.

Annual fee

$0.00 for 1st year

Highlights

  • Take advantage of a rate of 7.74% for 6 months on both balance transfers and purchases, reverting to 13.49% thereafter.
  • Enjoy no first-year annual fee (reverting to $60 per annum in the following years).
  • Benefit from up to 55 interest-free days on purchases.

Pros

  • Low ongoing interest rates.
  • No annual fee for the first year.
  • You can link your card to Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is no introductory offer on balance transfers or purchases at the moment.
  • No rewards program.

A balance transfer credit card allows you to transfer the outstanding balance from one or more of your current credit cards to a new credit card with a lower interest rate. The primary objective is to pay off the existing balance more quickly while saving on interest charges.

Certain credit cards come with balance transfer offers, which provide a reduced interest rate on the transferred balance for a specific 'balance transfer period'. The most competitive balance transfer deals offer a 0% interest rate, with balance transfer periods typically ranging from six months to two years and sometimes even longer on select cards.

Once the introductory period ends, any outstanding balance on the new credit card will be subject to the standard credit card interest rate. It's important to note that balance transfers can be made using either personal or business credit card balances.

When considering a balance transfer, it's essential to compare the available offers and carefully review the terms and conditions to ensure you select the most suitable option for your financial situation.

David Boyd of Credit Card Compare

David Boyd, co-founder of Credit Card Compare, explains, "A balance transfer credit card can be used to consolidate a number of higher-interest debts onto a single card with a lower interest rate, typically 0% p.a. for a period of time that we call the introductory balance transfer period. During this time, money normally directed to interest payments can be used to pay down the balance instead. Usually there is a one-off balance transfer fee, which is typically a percentage of the amount being transferred (around 2-3% is common). Some offers may waive that fee. It's important to work out if a credit card balance transfer actually saves more money than the fee to do so, and, if it does, what the interest rate will be after the introductory balance transfer period ends."

What to consider before applying for a balance transfer credit card?

Most people apply for a balance transfer credit card to repay their credit card debt in a short period of time. However, it's crucial to be realistic about your ability to repay the transferred amount within the low or 0% interest period. If you can't clear the balance in this time frame, you might face higher interest rates, potentially increasing your financial burden.

Here are some things to consider before applying for a balance transfer credit card to make an informed choice.

Interest rate

The low or 0% introductory interest rate on the card typically lasts from six months to two years. Make sure you review the interest rate that will apply once the promotional period ends to avoid any unpleasant surprises.

Fees and other charges

Be aware of any balance transfer fees, annual fees, or other charges associated with the card. Some credit card providers may charge you a percentage of the amount being transferred (commonly around 2-3%), which could add to your costs.

Credit limit

Ensure the new card has a sufficient credit limit to accommodate the balance you intend to transfer.

Credit score

Your credit score plays a significant role in determining your eligibility for a balance transfer offer and the terms you're likely to receive.

Debt management

A balance transfer credit card can help you manage your credit card debt by potentially saving you money in interest charges. However, a balance transfer credit card is typically useful for those who can commit to timely repayments. Missing payments can lead to penalties and hurt your credit score

If you're in serious financial trouble or struggling to manage your debts, transferring your balance to another credit card may not be the right solution for you. Consider seeking help by contacting the National Debt Helpline or visiting the MoneySmart website for more information on debt and financial hardship management.

Features to look for when comparing balance transfer credit cards

Before applying for a balance transfer card, ensure you choose the one that best suits your financial needs. Research and compare multiple balance transfer offers to find the best deal for your situation.

  • The introductory interest rate: Choosing the lowest possible introductory rate can help reduce the interest charges on your transferred balance during the offer period.
  • The length of the introductory offer: The duration of the low or 0% interest rate period typically ranges from a few months to a couple of years. A longer promotional period could give you more time to repay your balance without incurring interest.
  • Revert rate: The revert rate is the interest rate that applies after the promotional period ends. Knowing the revert rate is crucial if you cannot repay the balance within the promotional period, as it will impact your future repayments.
  • Balance transfer fee: This refers to the fee charged to transfer your balance. It is usually a fixed amount or a percentage (1-3%) of the balance transferred. Finding a low or waived balance transfer fee can help ensure that the costs do not offset the interest savings.
  • Annual fees and other charges: A low or no annual fee card could help reduce overall costs, especially if you plan to hold the card long-term. It is also worth comparing other potential charges, such as any late payment fees or foreign transaction fees, to understand the real cost of the card to you.
  • Interest-free days: Most cards offer a certain number of days where you are not charged any interest on purchases. However, balance transfer cards typically don’t offer any interest-free days on new purchases.
  • Rewards and benefits: Some credit cards may offer additional perks like cashback or travel rewards. You may want to check whether a card offers any extras, and if you need to pay any additional fees for these features.

How to do a credit card balance transfer

Transferring your credit card balance to a new card can take anywhere from a few days to three or four weeks, depending on the card issuer and the complexity of your application.

1. Determine the balance transfer amount

Calculate the total amount you need to transfer to your new balance transfer credit card. You can usually transfer balances from multiple cards if necessary.

2. Verify your eligibility

The new credit card will have specific eligibility criteria you must meet, including income requirements and a minimum credit score. Make sure you review these criteria before applying. Consider checking your credit score beforehand to assess your chances of approval.

3. Apply for the credit card

Research and compare various balance transfer offers and apply for the one that best fits your financial needs. The application process is generally quick, but your approval could take several days. When submitting your application, you’ll most likely need to provide details about the balance transfer amount and the existing credit card provider(s). You’ll also need to provide information about your income and expenses and include proofs such as your payslips and bank statements.

4 Activate the new card and close your old account

Once approved, your new provider will assist you in setting up online banking, enabling you to manage your card from your mobile device. If the balance on your old card has been fully cleared, consider closing the account entirely to prevent any further spending or incurring fees.

Should you do a credit card balance transfer?

A credit card balance transfer can be an effective strategy for managing and paying off debt when used wisely. Balance transfer deals often feature low or 0% introductory interest rates for periods typically ranging from a few months to a couple of years. This can significantly reduce your interest charges and help you pay off debt faster. By transferring your high-interest credit card balance to a lower-rate card, you avoid incurring additional interest on the transferred balance, allowing your entire repayment amount to go towards reducing the debt.

However, using a balance transfer card requires financial discipline. Any remaining balance at the end of the promotional period will revert to a much higher interest rate, known as the revert rate. This rate can be higher than the standard purchase rate on your current card, and can significantly increase your debt burden if the balance is not fully paid off within the promotional period. Additionally, most balance transfer cards do not offer interest-free days on new purchases. Therefore, it is crucial to avoid new spending on the balance transfer card and aim to pay off the balance within the promotional period to avoid high revert rates.

It is also important to note that a credit card balance transfer does not eliminate your debts; you still have to repay them. The only difference is that your debt won’t incur interest with a 0% interest rate balance transfer card if you don’t make any new purchases. If you are struggling with money or finding it hard to manage your debts, consider seeking assistance from a financial counsellor. Ultimately, while balance transfers can be effective, they require disciplined financial management to ensure they serve their intended purpose and help you get on top of your debt.

Andrew Boyd of Credit Card Compare

Andrew Boyd, co-founder of Credit Card Compare, explains, "It's tempting to use a balance transfer offer to save money, but not actually pay off the balance owed. If you only make the minimum repayment each month, you're doing nothing to pay off the balance owed."

Benefits of a balance transfer credit card

Some benefits of using a balance transfer credit card include lower interest rates, debt consolidation, and savings on interest charges.

Save on interest

If you have a credit card balance of $5,000, with a purchase rate of 18%, and make $300 monthly payments, without any additional purchases, you will pay off your card in 20 months. However, you'll pay $796 in interest during that period.

By transferring your $5,000 to a balance transfer credit card offering 0% p.a. interest for 18 months, you can pay off your debt three months ahead and save on the almost $800 in interest.

Those carrying higher balances stand to save thousands with an interest-free balance transfer offer.

Pay off your credit card debt faster

You can pay off your debt faster when interest is not adding up month by month.

This is because your entire monthly payment goes towards paying off the principal amount. Paying more than the minimum repayment accelerates this.

Balance transfers can simplify your finances

Debt consolidation refers to taking out one facility to pay off a number of different balances. Consolidation makes debt management easier because you are less likely to lose track or miss payments. With an interest-free balance transfer offer, you can also reduce the total interest you end up paying.

They can reduce financial stress

Grappling with credit card debt can be very stressful, especially if you are struggling to keep up with repayments. If it starts affecting your mental health, seek help if needed with the National Debt Helpline, who offer anonymous assistance.

Transferring debt to a balance transfer card with low or no interest can help you relieve that stress and free up money to make progress towards getting out of debt.

May help improve your credit score

A balance transfer can lower your overall credit utilisation ratio, or the level (percentage) to which you are using your credit limit.

This matters because credit utilisation plays a role in determining your credit score.

Help choosing a balance transfer credit card

Explore how balance transfer cards can help you manage debt more effectively.

  • FAQs

  • Pros & cons

  • Alternatives

  • Why trust us

  • Tips

How long does a balance transfer take?

A balance transfer may take anything from a few days to several weeks to process. This period depends on the card issuer. Ensure that you continue with payments on your current credit card in the meantime.

Is there a limit to how much can be balance transferred?

How much can be transferred in a balance transfer depends on a number of factors.

  • Credit limit on your balance transfer credit card: You won't know your credit limit until your application has been approved because the credit limit depends on your creditworthiness, credit score, and other factors such as income.
  • Balance transfer limits: Separately, there is a limit on how much can be balance transferred. This limit varies between issuers. Some issuers allow balance transfers up to 100% of the credit limit. Others may cap transfers, with 80% upwards being common.

How many times can you do a credit card balance transfer?

You can do any number of balance transfers by switching card issuers. However, you need to keep in mind that balance transfer fees may add up and eat into the interest payment savings you can get from each balance transfer.

If you have a large amount of debt on one card, you may not be able to transfer it all to a single card due to balance transfer limits. Since it is possible to have more than one balance transfer credit card at the same time, you can spread a large debt between more than one balance transfer card.

What happens after an introductory balance transfer ends?

When an introductory balance transfer period ends, the interest rate on whatever balance remains reverts to a higher rate. This is known as the revert rate and is usually either the purchase rate or cash advance rate.

You can keep the card after the introductory period or close it. There are credit score implications either way. Lower overall credit utilisation may help your credit score.

Can a balance transfer credit card be used for purchases?

You can use a balance transfer card for purchases. However, the additional spending may increase your overall debt, meaning it could take longer and cost more to pay it off.

Purchases on a balance transfer card may incur interest since the balance transfer rate applies to balance transfers and not purchases.

Some cards offer low rates on purchases and balance transfers, although typically only for an introductory period of several months.

Can a balance transfer credit card be used to repay debt?

Yes, balance transfer credit cards are designed to help cardholders pay off existing credit card balances. These cards offer a low interest rate (or even a 0% interest rate) on the transferred debt for a specified period after the balance has been transferred.

However, to effectively use a balance transfer credit card to repay debt, it's crucial to manage the card carefully. The primary goal should be to clear the debt entirely during the promotional offer period while avoiding accumulating any additional debt.

When considering a balance transfer credit card, comparing offers from various providers and reading the terms and conditions thoroughly is essential. Look for a card with a competitive interest rate, a lengthy promotional period, and a credit limit that can accommodate your existing debt.

Pros

Balance transfers can simplify your finances

Balance transfers allow for debt consolidation, enabling you to combine multiple balances onto a single credit card and pay them off together. This makes debt management easier as you are less likely to lose track or miss payments. An interest-free balance transfer offer can also reduce the total interest you end up paying.

Save on interest charges

One of the primary benefits of a balance transfer credit card is the potential to save significantly on interest charges. By transferring your existing high-interest credit card balance to a card with a 0% introductory interest rate, you can focus on paying down the principal balance without the added burden of accruing interest.

Example: If you have a credit card balance of $5,000 with an 18% purchase rate and make $300 monthly payments without any additional purchases, you will pay off your card in 20 months, incurring $796 in interest during that period. By transferring your $5,000 balance to a balance transfer credit card offering 0% interest for 18 months, you can pay off your debt three months earlier while also saving on the interest charges.

Pay off your credit card debt faster

Paying off your credit card debt faster becomes achievable when you eliminate accumulating interest each month. With a balance transfer credit card offering a 0% introductory interest rate, your entire monthly payment goes directly towards reducing the outstanding balance. This accelerates the repayment process since you are not diverting funds to cover interest charges.

Reduce financial stress

Grappling with credit card debt can be very stressful, especially if you are struggling to keep up with repayments. Transferring your debt to a balance transfer card with low or no interest can help alleviate some of that stress by reducing interest charges, enabling you to repay the debt faster. However, if the stress starts affecting your mental health, seek assistance from the National Debt Helpline offering anonymous support and guidance.

Cons

Balance transfer fees

Most balance transfer cards charge a balance transfer fee, which is usually a fixed percentage of the transferred balance. While this one-off fee may vary between credit card providers, it's important to calculate whether the savings from lower interest rates outweigh these initial costs.

High revert rates

Once the introductory period ends, any remaining balance will be subject to the card’s standard interest rate, which can be higher than your current rate. If a substantial balance remains after the introductory period and it reverts to a high rate, the resulting interest can potentially negate some of the savings previously made.

Potential to incur more debt

New purchases made with the balance transfer card may attract the standard interest rate from day one. Balance transfer cards typically do not offer interest-free days on new spending during the balance transfer period. This could complicate your repayment strategy and potentially lead to higher interest costs.

Debt consolidation loans

A personal loan's interest rate is typically lower than a typical credit card's rate on purchases, but they are unlikely to compete with an interest-free offer while the introductory period lasts. That said, terms are much longer and it may be easier to get one if applying for a secured loan.

Peer-to-peer loans

Platforms like SocietyOne or Harmoney offer personal loans funded by investors, which can have competitive rates for debt consolidation.

Home loan refinance for debt consolidation

The interest rate on a home loan is typically lower than the rates for other types of debt, such as personal loans or credit cards. Consolidating high-interest debt, like credit card balances, into your home loan can significantly reduce your monthly repayment amount. Additionally, having a single repayment can be more convenient, especially if you were previously managing multiple credit card debts. However, it's important to consider the duration of your home loan term. By converting short-term debts into a long-term mortgage, you may end up paying more in total interest over time, even with a lower interest rate, due to the extended repayment period. Therefore, it's crucial to run the numbers to determine if debt consolidation will save you money in the long run.

Methodology

When choosing what cards to include in our balance transfer credit card comparison table and its rank order, we considered the following attributes and their associated metadata.

  • Annual fee initial year: The first year’s annual card fee amount. Lower is better.
  • Annual fee ongoing: How much is charged each subsequent year to renew the card. Lower is better.
  • Apple Pay enabled: Whether the card can be added to Apple Pay. The convenience of contactless payments is considered a benefit.
  • Balance transfer offer: What the introductory balance transfer rate is and how long it lasts. Lower rates for longer periods are considered better.
  • Balance transfer fee: How much it costs to do a balance transfer. Lower is better.
  • Balance transfer from personal loan: If personal loan balances can also be transferred. Added flexibility in debt consolidation is considered better.
  • Balance transfer limit: The maximum amount permitted to transfer to the new card. Higher limits provide more consolidation flexibility.
  • Card type: Whether the card runs on American Express, Mastercard, Visa, or other network. Some credit card payment networks have better acceptance than others.
  • Foreign exchange fee: How much the surcharge is when transacting while overseas or with an overseas online store. Lower is better.
  • Interest-free period: The number of interest-free days from statement. Longer is better.
  • Introductory purchase rate: If there is an introductory purchase rate offer. Lower interest rates are considered better.
  • Late payment fee: If a fee is charged should the minimum repayment be made past the due date and how much it is. Lower is better.
  • Maximum credit limit: The highest credit limit offered, if publicised by the bank.
  • Minimum credit limit: The lowest credit limit offered, if publicised by the bank.
  • Minimum income required: Minimum gross annual individual/household income to qualify. Lower thresholds increase eligibility.
  • Purchase rate ongoing: The standard interest rate on purchases after any introductory periods end. Lower ongoing rates are considered better.
  • Rewards program: Whether the card earns rewards (points, cashback, etc. per dollar spent), the flexibility of rewards, and their value.
  • Samsung Pay enabled: If the card can be added to Samsung Pay. The convenience of contactless payments is considered a benefit.
  • Sign-up bonus: Whether there is a sign-up bonus on offer, what the bonus comes as and its value, and qualifying criteria. A sign-up bonus is considered beneficial.

Our rankings may not reflect what matters most to you. Be sure to compare key rates, fees, and features against your own financial priorities before deciding.

Sources

  1. Loans and credit cards – ASIC
  2. Check your credit score – Finty
  3. Credit card balance transfers – Moneysmart
  4. Credit card debt statistics – Credit Card Compare
  5. Credit scores and credit reports – Moneysmart
  6. Financial hardship – Moneysmart
  7. Managing debt – Moneysmart
  8. Payments data – RBA

Pay more than the minimum repayment amount

Making only the minimum monthly payment won't be enough to clear the debt during your credit card's balance transfer period.

Instead, calculate the amount you need to repay on the new card by the monthly due date to pay off the entire balance within the interest-free term.

If you have extra cash available, consider making one-off transfers to your credit card. At 0% interest, every dollar you repay reduces your balance, providing an opportunity to become debt-free more quickly if you have the discipline to do so.

Close your old card

If your new card's credit limit is sufficient to transfer the entire balance from your old card, and your balance transfer application is successful, you may consider closing your old card.

Contact your provider and request that they cancel the account completely. Simply cutting up the card or removing it from your mobile wallet doesn't guarantee the account is cancelled. Technically, you'll still have a credit card account, and you could continue to be charged fees.

Be aware that if your old card offered complimentary travel insurance that you rely on, you will lose that cover once the card is cancelled.

Avoid new purchases on your balance transfer card

New spending on a balance transfer card can be problematic for two reasons:

  • Adding to your balance will make it harder to clear.
  • New purchases generally incur interest, meaning they are not eligible for the low-interest balance transfer offer you signed up for.

The purpose of a balance transfer is to lower your overall credit footprint, not increase it. Use the new card solely to pay down the old debt, and take necessary measures to ensure you don't spend on it.

Create a spending budget and plan

Following the above steps will be easier if you have a budget to help manage your spending. Consider creating a written budget or using budgeting apps to outline your regular expenses.

Determine how much you need for essential spending each month, fortnight, or week, with some extra for optional costs if desired. Having a firm budget to work from can be an effective way to avoid overspending for some people.