Balance Transfer Credit Cards

Compare balance transfer credit cards to shift your high-interest debt to a credit card with low or 0% interest, accelerating debt repayment.

By   |   Updated 10 Apr 2024

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Comparing balance transfer credit cards

Bankwest Zero Platinum Mastercard

On website

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, plus complimentary international credit card travel insurance.
  • 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.
  • Complimentary international travel insurance.

Cons

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

On website

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.
St.George Amplify Signature Credit Card (Amplify)

On website

Apply by 31 July 2024

St.George Amplify Signature Credit Card (Amplify)

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

On website

Apply by 31 July 2024

St.George Vertigo Visa

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 Card

On website

Highlights

  • Experience 0% p.a. on balance transfers for 32 months with no 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 32 months.
  • No balance transfer fee.
  • The waived annual fee for the first year.
  • Additional credit card is free.

Cons

  • No rewards program for this card.
  • No insurance coverage.
NAB Rewards Signature Credit Card

On website

Highlights

  • Earn up to 140,000 bonus Points. Obtain 100,000 bonus points upon spending $3,000 within the initial 60 days from 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 $195 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 140,000 bonus NAB Rewards Points when you meet the criteria.
  • The discounted $195 annual fee on the first year.
  • 0% p.a. on balance transfers for 12 months.
  • Includes international travel insurance.

Cons

  • There is a 3% balance transfer fee.
HSBC Platinum Credit Card

On website

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

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

On website

Apply by 31 July 2024

Bank of Melbourne Vertigo Visa

Highlights

  • Enjoy 0% for 28 months on Balance Transfers with a 1% balance transfer fee. Reverts to 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

  • 0% p.a. for 28 months on balance transfers with 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

Highlights

  • Select from these 2 introductory deals: 0% p.a. for 28 months on balance transfers with a 2% balance transfer fee (then reverts to 21.24% p.a.), or receive $250 cash back upon spending $1,500 within the initial 3 months from approval. Terms and Conditions apply.
  • First-year annual fee waived ($58 subsequently).
  • Continuous low rate of 12.49% 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 or earn $250 cash back.
  • $0 annual fee for the first year ($58 p.a. thereafter).
  • Take advantage of the low purchase interest rate of 12.49% 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

Highlights

  • Get up to 80,000 bonus Qantas Points. Get 60,000 bonus Qantas Points upon spending $3,000 or more on eligible purchases within 3 months from card approval. Plus, an extra 20,000 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 no 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 80,000 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.
Coles Low Rate Mastercard

On website

Apply by 30 June 2024

Coles Low Rate Mastercard

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.

Balance transfer credit cards are financial tools that allow individuals to transfer their outstanding balances from one credit card to another, usually at a lower interest rate. This can help individuals consolidate their debt and save money on interest payments.

"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."
David Boyd
CEO at Credit Card Compare

How balance transfer credit cards work

Balance transfer credit cards work by allowing you to move the balance from one credit card to another. This is often done to take advantage of a promotional low or 0% interest rate for a specified period. Balance transfer credit cards help you pay off your debt faster and save on interest charges.

When you transfer a balance to a new card, you will usually be charged a balance transfer fee. It is typically a percentage of the amount being transferred. It's important to check the terms and conditions of the new card to understand the fees and any limitations that may apply.

What to know before applying for a balance transfer credit card

Before applying for a balance transfer credit card, it's important to consider the following factors:

  • Interest rates: Understand the promotional interest rate period and the revert rate charged after the promotional period ends.
  • Fees: Be aware of any balance transfer fees, annual fees, or other charges associated with the card.
  • Credit limit: Ensure the new card has a sufficient credit limit to accommodate the balance transfer amount.
  • Credit score: Your credit score will play a significant role in determining the approval and terms of the balance transfer offer.

What to consider when choosing a balance transfer credit card

  • Compare offers: Research and compare multiple balance transfer offers to find the best deal for your financial situation.
  • Consider the length of the promotional period: Look for cards with longer promotional periods to maximize your savings on interest.
  • Check for hidden fees: Read the fine print to understand all fees associated with the card, including balance transfer and annual fees.
  • Evaluate the revert rate: Ensure you are comfortable with the revert interest rate that will apply after the promotional period ends.

"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."
David Boyd
CEO at Credit Card Compare

Balance transfer benefits

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.

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.

Methodology for our balance transfer credit card comparison

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.

Help choosing a balance transfer credit card

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

  • FAQs

  • Pros & cons

  • Alternatives

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.

Pros

Financial breathing space

Balance transfer credit cards offer an opportunity to reduce financial pressure by transferring high-interest debt to a card with low or zero interest rates for a set period. This can make it easier to manage your finances more effectively and reduce your financial stress.

Streamlined debt management

Consolidating multiple debts into one account can make it easier to manage your finances and reduce financial stress.

Accelerated debt reduction

An introductory period with lower or zero interest means that more money can be allocated towards paying off the principal balance, speeding up the debt repayment process.

Cons

Balance transfer fees

While this one-off fee varies, it's important to calculate whether the savings from lower interest rates outweigh these initial costs. Most balance transfer cards charge a balance transfer fee.

High revert rates

Once the introductory period ends, any remaining balance you are carrying reverts to a higher interest rate. The revert rate is typically either the standard purchase rate or cash advance rate. Find out which rates apply after the introductory period ends so you can plan ahead accordingly. 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.

Complexity in new purchases

New purchases made with the balance transfer card may attract the standard interest rate from day one. This complicates 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.