Personal Loan Balance Transfers

Compare credit cards that allow balance transfers from personal loans and offer 0% interest for 6–24 months to help you save.

Nilooka Dissanayake avatar
Written by   |  
Andrew Boyd avatar
Edited by   |  
David Boyd avatar
Verified by
Updated 29 Oct 2024   |   Rates updated regularly

Comparing of 9 credit cards to balance transfer personal loans for over months

Featured
Citi Clear Credit Card

On Citi's website

Balance transfer

24 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Interest-free days

44 days

Annual fee

$49.00 for 1st year

Details

  • 0% p.a. for 24 months with a 1.5% fee. Reverts to 22.24% p.a.
  • Set up Citi PayAll to pay rent, tax, and other bills with your card.
  • Monthly cashback offers from stores you already shop with via Citi MyCashback.
  • 10% off Limited Time LUX Exclusive hotel offers at Luxury Escapes.

This product is provided by National Australia Bank Limited, using certain trademarks under license from Citigroup Inc.

Pros & cons

Pros
  • Long interest-free balance transfer period (24 months).
  • Competitively low ongoing purchase rate (14.99% p.a.).
  • Add up to 4 cardholders for free (enough for most families).
  • Up to 44 days interest-free on retail purchases.
  • 10% off Limited Time LUX Exclusive hotel offers until 1 March 2025.
  • City PayAll means you can use credit for bill payments.
  • My Cashback offers are personalised and require no opt-in or registration.
Cons
  • No rewards program, but this card is about simplicity.
  • High revert rate on balance transfers (22.24% p.a.).
  • Purchases have no interest-free days while there's a balance transfer.

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Interest-free days

55 days

Annual fee

$349.00 for 1st year

Details

  • 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 & cons

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.

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Interest-free days

55 days

Annual fee

$99.00 p.a. ongoing

Details

  • 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 & cons

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.

Balance transfer

6 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Interest-free days

55 days

Annual fee

$1,200.00 p.a. ongoing

Details

  • Acquire 150,000 bonus Qantas Points upon reaching a $5,000 expenditure within 90 days of card approval.
  • Experience a 20% bonus on Status Credits for Qantas operated and marketed flights.
  • Distinguish yourself with this metal card, setting you apart from conventional plastic cards.

Pros & cons

Pros
  • A very substantial sign up bonus with a reasonable spending target.
  • Earn Status Credits when you buy eligible Qantas flights with the card.
  • A high Qantas Points earn rate.
  • Four Qantas airport lounge passes each year.
  • Comes with complimentary domestic and international travel insurance.
  • The physical card is made of metal.
Cons
  • The annual fee is on the high end.
  • No free additional cardholders.
  • Ongoing interest rates are typical of a rewards card.

Balance transfer

9 months at 0% p.a.

Purchase rate

9 months at 0% p.a.

Interest-free days

55 days

Annual fee

$0.00 p.a. ongoing

Details

  • 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 & cons

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.
Virgin Australia Velocity Flyer Credit Card

On Virgin Money's website

Balance transfer

24 months at 0% p.a.

Purchase rate

20.74% p.a. ongoing

Interest-free days

44 days

Annual fee

$0.00 for 1st year

Details

  • 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 & cons

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.
Apply by 5 November 2024

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Interest-free days

55 days

Annual fee

$0.00 p.a. ongoing

Details

  • Enjoy 10,000 Flybuys bonus points when you spend $3,000 on eligible purchases within 3 months from card approval.
  • No annual fee.
  • Earn 1 Flybuys point per $2 spent on qualifying purchases.

Pros & cons

Pros
  • Earn 10,000 Flybuy points when you meet the criteria.
  • No annual fee ever.
  • Complimentary access to your 24/7 local concierge.
Cons
  • Transactions made in a foreign currency incur a fee.
Apply by 5 November 2024

Balance transfer

15 months at 0% p.a.

Purchase rate

13.49% p.a. ongoing

Interest-free days

55 days

Annual fee

$58.00 p.a. ongoing

Details

  • 0% per annum (p.a.) for balance transfers spanning 15 months. Afterward, it reverts to the cash advance rate of 20.74% p.a.
  • Enjoy a modest annual fee of $58 p.a.
  • Earn 1 Flybuys Point for every $2 spent at Coles Supermarkets.

Pros & cons

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 Money Low Rate Credit Card

On Virgin Money's website

Balance transfer

15 months at 0% p.a.

Purchase rate

12.99% p.a. ongoing

Interest-free days

55 days

Annual fee

$99.00 p.a. ongoing

Details

  • 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 & cons

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.

Can you balance transfer a personal loan to a credit card?

There are several balance transfer credit cards in Australia that allow you to move the balance from your personal loan to a card, where you can take advantage of a lower or even 0% interest rate for a set period.

This can help you save on interest if you manage the repayments properly, but it’s essential to have a plan in place to pay off the transferred debt within the introductory period. If you don’t, the interest rate will go up after the introductory period, and that could get expensive.

When considering a balance transfer, it's essential to compare the offers and review the terms and conditions to ensure you select the best credit card that suits your financial situation.

How much money could you save by transferring a personal loan?

The amount you can save by transferring a personal loan to a 0% balance transfer card depends on your current loan balance and interest rate. For example, if you have a $10,000 personal loan with an interest rate of 9%, you’d be paying around $900 in interest over a year.

By transferring that loan to a credit card with a 0% interest offer for 12 months, you could potentially save that $900 — provided you pay off the balance before the introductory period ends.

Keep in mind that balance transfer fees (typically 1-3% of the transferred amount) and any remaining balance after the introductory period should be factored into your savings calculation.

Helpful tip: Use our Balance Transfer Savings Calculator to see how much money you could save!

What to consider for personal loan balance transfers

  1. Potential savings on interest: One of the main reasons to transfer a personal loan to a balance transfer credit card is the potential to save on interest. With many balance transfer cards offering 0% interest for a limited time, more of your repayments go toward reducing the principal amount, helping you pay off your loan faster. However, it’s essential to have a solid repayment plan during the introductory period to avoid high revert rates once the offer ends​.
  2. Limits on the amount you can transfer: Not all credit cards allow you to transfer personal loan debt, and those that do typically cap the amount at 70% to 100% of your approved credit limit. This means you might not be able to transfer your entire loan balance, so checking the terms of each card is critical​.
  3. Balance transfer fees: Many cards charge a one-time balance transfer fee, typically around 1-3% of the total debt you’re transferring. While this fee may seem small, it’s important to include it into your calculations to ensure you're actually saving money on the transfer​.
  4. Revert rates: Once the introductory period ends, the interest rate on your balance may jump significantly — typically higher than the original personal loan rate. Ideally, you'd have paid off the debt before the introductory offer ends so that the higher revert rate won't apply.
  5. Suitability for lower debt amounts: Balance transfers are generally more suitable for smaller debt amounts or for consolidating multiple smaller debts. If your personal loan balance is large, you might be better off sticking with a personal loan for a longer repayment term and more predictable repayments.

Credit Card Compare expert on choosing a balance transfer card for his personal loan

David Boyd of Credit Card Compare

When Credit Card Compare co-founder David Boyd compares balance transfer cards for a personal loan, he explains what Australians should look out for.

Focus on four things: the interest rate, the length of the introductory interest period, the balance transfer fee, and the revert rate after the introductory period ends. Make sure the card offers enough time to pay off the debt and that the fee doesn’t offset your potential savings.

Balance transfer terms to know about when transferring a personal loan

When transferring a personal loan to a balance transfer credit card, it’s essential to understand key terms to make the best choice for your financial situation. Here’s a breakdown of the terms you should know about:

  1. Introductory interest rate: Look for a balance transfer card offering a 0% or low introductory rate. This will allow you to pay off your transferred personal loan balance without interest during the introductory period. A lower rate can significantly reduce your overall interest payments if managed correctly​.
  2. Length of the introductory offer: The length of the 0% or low-interest promotional period is crucial. It can range from 6 to 24 months or more. The longer the period, the more time you have to pay off your loan without incurring interest, giving you flexibility to manage your repayments​.
  3. Revert rate: The revert rate is the interest rate applied once the introductory period ends. These rates can be as high as 20-25%, so knowing this number is essential if you cannot pay off the balance during the 0% period. A high revert rate could negate any interest savings if you still owe money once the offer ends​.
  4. Balance transfer fee: This fee is typically between 1-3% of the transferred balance. While some cards offer a waived or low fee, you should compare options as the fee may offset the interest savings if it’s too high​.
  5. Annual fees and other charges: A card with a low or no annual fee helps keep costs down, particularly if you plan to use the card beyond the introductory period. Be aware of other charges such as late payment fees, foreign transaction fees, or cash advance fees, which could increase your overall costs​.
  6. Interest-free days on purchases: Most balance transfer cards do not offer interest-free days on new purchases. Any purchases made during the balance transfer repayment period will likely incur immediate interest, so avoid using the card for new spending until the balance is paid off​.
  7. Rewards and benefits: Some balance transfer cards offer additional perks, such as cashback or frequent flyer points for Qantas or Velocity. While these extras may be appealing, ensure they don’t come with higher fees or terms that outweigh their benefits. Prioritise cards that help you save on interest and fees​.

How to transfer a personal loan to a balance transfer credit card

Transferring a personal loan to a balance transfer credit card is a straightforward process, but it requires careful planning to ensure you benefit from the 0% or low interest offer. Here’s how to do it:

1. Check eligibility requirements

Before applying, review the card’s eligibility criteria, especially its income requirements. It’s also a good idea to check your credit score beforehand. Keep in mind that being able to balance transferring from a personal loan to a credit card is the exception as opposed to the rule. Before going any further, check that the card you’re considering definitely supports this option.

2. Check the balance transfer amount

Most cards allow you to transfer a percentage of the credit limit, typically between 70-100%. Make sure the card you’re applying for can accommodate your personal loan amount.

Unfortunately, you won't know what your particular credit limit will be until you've been approved, so check if there is a minimum or maximum credit limit and decide how that aligns with your needs.

3. Apply for the balance transfer credit card

When applying, provide details about the personal loan you wish to transfer, along with your income and expenses. Be prepared to submit documents such as bank statements and payslips. Approval can take a few days to a few weeks, depending on the issuer​.

4. Activate the new card and manage your debt

Once your application is approved, activate the new card and set up your online banking account. You can manage your transferred balance through your card provider’s mobile app or online platform.

Once the personal loan balance has been transferred, consider closing the loan account to avoid any additional fees or charges. Be sure to keep track of the repayment schedule for your new card to avoid late fees and interest.

How to maximise your savings with a personal loan balance transfer

  1. Transfer your loan: Request the transfer as part of your application so that it can be done as soon as possible. Most balance transfer cards require the transfer to be completed within a specified period.
  2. Keep paying your personal loan until the transfer is complete: Until the transfer is confirmed, continue making payments on your personal loan to avoid a missed payment and damaging your credit score​.
  3. Set a repayment plan: Create a clear plan to pay off the transferred amount, ideally within the 0% introductory period. This will help you avoid paying high revert rates once the introductory period ends​.
  4. Avoid missing payments: Make sure to make all your payments on time, as missing a payment can cancel your 0% offer, causing the interest rate to jump to the revert rate.

Expert opinion on using a balance transfer card for a personal loan

Andrew Boyd of Credit Card Compare

Andrew Boyd, co-founder of Credit Card Compare, explains why the revert rate is .

Check what interest rate will apply to the balance that remains after the introductory period ends. We call this the revert rate. This is especially important if you don't think you'll have paid off the whole balance before the introductory period ends since revert rates are usually higher than what the interest rate on a loan would be.

How Aussies are using personal loan balance transfers

A quick search shows that the topic of transferring a loan to a credit card using a balance transfer offer

One Redditor described it as "a life hack, as long as you are absolutely disciplined and could pay it off at any time with your other funds".

Another said "less the card fees of $297 and transfer fees $1,012, I am projecting a saving of $2,641".

Benefits of using a balance transfer credit card for personal loans

There are several advantages to transferring personal loan debt to a balance transfer credit card. These include saving on interest, simplifying your finances, and paying off your debt faster.

1. Save on interest

Transferring a personal loan to a credit card with a 0% balance transfer offer can significantly reduce the interest you pay. For instance, if you have a $10,000 personal loan with a 9% interest rate, you’d be paying around $900 annually in interest. By transferring the loan to a card with 0% interest for 12 or 18 months, you could save that $900, as long as you pay off the balance within the introductory period​.

2. Pay off your personal loan faster

With a 0% interest rate, your entire monthly payment goes toward reducing the principal, helping you pay off the debt faster. If you pay more than the minimum amount each month, you can clear the debt even quicker, without interest charges slowing down your progress​.

3. Simplify your finances with debt consolidation

A balance transfer allows you to consolidate your personal loan along with other debts, such as credit card balances, into one account. This makes managing your repayments easier, as you only need to track one monthly payment. It also reduces the chance of missing payments, helping you avoid additional fees​.

4. Reduce financial stress

Struggling to keep up with multiple loan payments can be stressful. Transferring your personal loan to a balance transfer card with 0% interest can provide relief by reducing your monthly payments. This frees up money and gives you breathing room to focus on clearing your debt within the introductory period​.

5. Improve your credit score

A successful balance transfer can lower your credit utilisation ratio, which is a significant factor in determining your credit score. Lowering the amount of credit you are using relative to your limit can positively impact your credit score over time, as long as you make regular, on-time payments​.

Help choosing a credit card to balance transfer personal loans

Streamline your finances and save on interest with expert guidance on choosing a credit card for balance transferring personal loans.

  • FAQs

  • Pros & cons

  • Tips

  • Alternatives

  • Why trust us

Are there any fees associated with transferring a personal loan to a credit card?

Possibly. The balance transfer may incur an upfront transfer fee of between 1% and 3% of the amount being transferred. Also, if you fail to repay the loan before an introductory zero-interest period expires, you may end up paying very steep interest charges. And don’t forget that there’s an annual fee to pay with most credit cards.

Is there any limit to the amount of personal loan balance I can transfer to a new credit card?

Yes. In most cases a transferred balance will not be allowed to exceed a fixed percentage (e.g. 80%) of your credit limit. For example, if you are approved for a credit limit of $10,000, the maximum amount of loan transferable would be $8,000.

What are the eligibility criteria for transferring a personal loan to a credit card?

It varies from card to card. Basically you will need to meet the eligibility criteria for the card itself (e.g. minimum age, minimum income, Australian residency, reasonable credit score). If your application is approved, the credit limit allocated will reflect the bank’s assessment of the size of debt you are able to service and repay, and your balance after transferring the loan needs to fit within this limit.

Can I transfer a personal loan from any bank to my new card?

You cannot transfer a personal loan from the financial institution to which the new card provider belongs. E.g. you can’t transfer a Citi personal loan to a Citi credit card.

Can I transfer a personal loan if it was taken out in someone else’s name, for example my partner’s name?

No. The personal loan, being transferred to a credit card in your name, must have been taken out in your name.

If I’m transferring my loan to a rewards credit card, will I earn rewards points on the transferred amount?

No. None of the card providers accepting personal loan transfers allocate rewards points on the transferred amount.

Are debt consolidation loans better than personal loan balance transfers?

It depends on your circumstances. The point of balance transferring a personal loan is to take advantage of a card’s zero-interest introductory offer. Provided you are confident you can repay the loan in full during the zero-interest period, you can save heaps by avoiding interest charges altogether.

But if you think there’s a strong chance you may not repay all of the loan in time, you could end up losing everything you have gained by having to pay the revert interest rate (which may be as high as 21% p.a.) on the remaining balance. In this case a low-interest debt consolidation loan, which applies interest from day one, may be a better option.

If I have transferred a personal loan to my new card, can I still use it for purchases?

You can, but it wouldn’t be a wise move, for two reasons.

Firstly, having an unpaid balance transfer means you won’t qualify for interest-free days on purchases. This means you’ll pay interest from each purchase transaction date until the purchase transaction is repaid, at the credit card’s ongoing purchase interest rate.

Secondly, any repayments you make will be allocated first to your new purchases balance, because it attracts a higher interest rate than the 0% on your transferred balance. Only when the purchases balance is cleared will any of your repayment be applied to the transferred balance. This could prolong the time you need to repay your transferred balance, putting you at risk of incurring the high revert interest rate.

Should I apply for the personal loan balance transfer at the same time as applying for the new card?

If your main purpose in applying for the new card is the balance transfer, then yes. You don’t want to incur the expense of a new card (i.e. the annual fee) only to discover that your balance transfer will not be approved. Also, some banks only permit balance transfer applications in conjunction with the new card application, not further down the track.

Can I consolidate all my debts by transferring other card balances as well as a personal loan (or loans)?

Provided the total amount does not exceed your approved credit limit (or the permitted percentage of your approved credit limit) the card provider will usually allow you to consolidate your debt with several individual transfer amounts.

Pros

Simplify your repayments

If you have multiple debts, transferring them to one card means you’ll only need to make one payment each month. This can make it easier to stay on top of your finances.

Pay off debt faster

With little to no interest accumulating, more of your repayments go straight toward paying off the debt itself, helping you clear it quicker.

Save on interest

A balance transfer credit card can help you save money by offering a low or even 0% interest rate for a set time, often up to 28 months. For example, if you have a $3,000 personal loan at 9% interest, switching to a 0% card could save you a lot in interest.

Cons

High interest after the intro period

If you don’t pay off the balance before the 0% or low-interest period ends, the remaining debt will start accruing interest at the card’s standard rate, which could be as high as 25% p.a.—potentially higher than your current personal loan rate.

Balance transfer fees

Some cards charge a fee to transfer your debt, usually around 1% to 3% of the amount being transferred. This is a one-time cost, so factor it in when calculating potential savings.

Transfer limits

Credit cards usually let you transfer only 70% to 100% of your approved credit limit. This means you might not be able to transfer all of your personal loan debt in one go.

Close your old loan account

After you transfer your personal loan balance to a new card, make sure to close the old account to avoid any extra fees or charges​.

Have a repayment plan

A balance transfer is only beneficial if you can pay off the debt during the 0% interest period. After the intro period ends, the revert rate (which could be as high as 25% p.a.) kicks in, making any unpaid debt much more expensive​.

Look at all your debt consolidation options

While a balance transfer credit card can be helpful, it’s not the only option. Personal loans and other debt consolidation tools may offer longer repayment periods or more flexible terms, especially for larger debts.

Work out your costs

Start by figuring out how much your personal loan is costing you each month, including interest. Then, calculate how much you could save with a balance transfer credit card. Don't forget to include any balance transfer fees, usually around 1-3% of the transferred amount

Avoid using your new card for purchases

While you’re paying off your transferred balance, avoid making new purchases on the card. Most cards charge interest on new purchases immediately, which can make it harder to pay down the original debt

Debt consolidation loans

Even if you're only paying off one balance, comparing loans and other debt consolidation options could help you find a lower interest rate and lower fees than what you're currently paying.

Repay the loan with savings

If you have savings, you could use some of it to pay off the loan faster while keeping some for emergencies and other goals.

Financial support

If the balance of your personal loan is causing financial stress, you can speak to a financial counsellor for free by calling 1800 007 007 or using the chat service on the National Debt Helpline website. You can also speak to your lender about hardship options if your circumstances have changed so you can find a manageable way to repay the loan.

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

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