0% Balance Transfer Cards
A zero balance transfer card can be the best tool to consolidate your credit card debt. By getting a specific term with 0 percent interest on the transfer rate you can concentrate on paying off your debt over the period offered for the introduction. Usually this is for six months.
Some card issuers offer a 12 months term with a low balance transfer interest fee while others give you a great percentage for life.
Features of a 0 balance transfer card:
0 balance transfer card features allow you to transfer all of your current credit card debt from your existing card/s to the new 0 balance transfer card. If the term is for six months it means during that time you won’t be paying interest on your debt.
This is great news because now you can pay off as much of your debt as possible without being charged compound interest allowing you to become debt-free in a shorter time frame.
Without a 0 balance transfer card you would keep paying interest on your interest meaning your primary debt will never be reduced.
What to keep in mind before applying for a 0 balance transfer card:
If you think a 0 balance transfer card will be beneficial for you then you need to know the following before you apply for one.
The most important thing to keep in mind is the expiry date of the 0% balance transfer period. Once the term has matured you will be charged interest. Usually the rate is the standard APR. If by that time your debt isn’t paid off you can end up with much more debt than you hoped for when first applying for a 0 balance transfer card
.
If you think you will struggle to repay your debt during the grace period it might be a good idea to look for other balance transfer cards with longer periods.
You should also be wary of fees charged to you when you transfer your balance to the new card. Many issuers charge you an average of 3 per cent of your balance (the money you transfer).
Usually 0 balance transfer cards will sting you for using the 55 days interest free period on new purchases so try not to buy anything with that new card. Unless of course you can pay it off in full each month.
Second, you will need to find out if there any fees for transferring over your balance. In some cases, these fees can be a high percentage of the amount that you will be transferring. If you have a high amount of debt, this can add up quickly.
Lastly, you will also need to be clear on whether or not the low interest rate applies to balance transfers only or new purchases as well. This will help you avoid any confusion and help you select the best balance transfer credit card for your needs.
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Compare Australia's Best Zero Credit Card Offers
St.George Vertigo MasterCard
The St.George Vertigo MasterCard is the ideal low rate shopping card. Save with an amazing introductory offer on both purchases and balance transfers for the first 6 months. Also enjoy instant discounts and added extras with the St.George Instant Benefits Program
- $55 annual fee
- 12.49% p.a. on purchases
- 2.99% p.a. for 6 months on balance transfers
- Cash Advance Rate of 21.24%
- Comes with free secure online shopping service
Click here to read the St George Vertigo terms and conditions
Compared below are a handful of the best credit cards with a 0% balance transfer offer or a $0 annual fee. Enjoy the best rates and fees on your credit cards - zero!
| Credit Card | Card Details | Interest Rate (p.a.) | Cash Advance Rate fee (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest free days (up to) | |
|---|---|---|---|---|---|---|---|
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Best Zero Percent Credit Card ANZ offer one of the lowest rates on the market at 13.24% p.a, along with ANZ Falcon security and a 0% p.a.balance transfer offer. |
13.24% | 21.49% | 0% p.a. for 6 months | $58 | 55 |
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Take advantage of a card with the prestige and status of Platinum but with a low interest rate of 11.49% p.a. Enjoy Citibank World Privileges, offering entertainment & retail discounts worldwide. |
11.49% | 21.24% | 0% p.a. for 6 months | $49 first year (Save $50) | 55 |
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Featuring 1.9% p.a. for 12 months on balance transfers a low ongoing 12.24% on purchases and a $39 annual fee. |
12.24% | 17.99% | 1.9% p.a. for 12 months | $39 | 55 | 
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No annual fee ever. Up to three complimentary cardholders for free. 5.99% p.a. for 12 months on balance transfers Click here to see this card at BankWest.com.au |
16.99% | 16.99% | 5.99% p.a. for 12 months | $0 | 55 |
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Best Zero Annual Fee Card Enjoy a generous rewards program and up to 44 days interest free on purchases at no annual fee, ever. You have the flexibility to opt in for a $80 annual fee if you wish to double your reward points. |
20.49% | 20% | - | $0 | 44 |
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The Vertigo MasterCard is one of Australia's most competitive low rate cards. Comes with St George Instant Benefits which offers discounts on selected retail and entertainment. |
12.49% | 21.24% | 2.99% p.a. for 6 months | $55 | 55 |
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