Balance Transfer Credit Cards
Balance transfer credit cards have become an excellent means of credit card debt reduction due to how easy it is to consolidate multiple credit card debts on them. As balance transfer credit cards normally only allow balances to be transferred with application, it is quite a straightforward process that can stop debt from building up for many months.
Many balance transfer credit cards offer a lower rate for a long period of time, but there are also a few which provide an interest free period of 0% for transferred balances that most commonly lasts 6 months. If you are looking to reduce your credit card debt and a balance transfer can be a great first step.
Best 0% Balance Transfer Deals
Credit cards that offer a 0% Interest Rate of Balance Transfer for 6 months. If you currently are suffering from high credit card debt, a good idea is to transfer your current debt to a 0% Balance Transfer credit card.
This can give you a kick start to making payments and reducing your overall debt while not paying interest on the balances you transfer.
We recommend the zero percent credit card offers, as you can transfer your balances and repay the minimum possible – 0%! If you need more than 6 months to repay your debt however,
| Credit Card | Card Details | Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest free days (up to) | |
|---|---|---|---|---|---|---|---|
 ANZ LowRate MasterCard |
Transfer your credit card, personal and/or car loan debts into one single low rate of 0%. Enjoy a low interest rate of 13.24% p.a. after. |
13.24% | 21.49% | 0% p.a. for 6 months | $58 | 55 |   |
 Citibank Clear Platinum |
A zero percent balance transfer offer with Citibank World Privileges, offering entertainment & retail discounts worldwide. |
11.49% | 21.24% | 0% p.a. for 6 months | $49 first year (Save $50) | 55 | |
 Suncorp Clear Options Standard Visa |
The clear choice for those looking for both a low rate of 12.24% on purchases and 1.9% p.a. for 12 months on balance transfers. |
12.24% | 17.99% | 1.9% p.a. for 12 months | $39 | 55 | |
 ANZ Balance Visa |
Once you’ve repaid your transferred 0% balance, you can enjoy earning reward points for every dollar you repay your balance. |
14.24% | 21.49% | 0% p.a. for 6 months | $79 | 55 | |
 St George Vertigo |
The Vertigo MasterCard is one of Australia’s most competitive low rate cards. It features a 2.99% p.a. balance transfer offer to take advantage of with St.George. |
12.49% | 21.24% | 2.99% p.a. for 6 months | $55 | 55 | |
 Citibank Silver Visa |
Citibank offer a 2.9% p.a. for 12 months balance transfer offer at a low annual fee of $89. |
20.74% | 21.24% | 2.9% p.a. for 12 months | $89 | 55 | |
 Citibank BP MasterCard |
Once you’ve repaid your transferred balance, you can enjoy earning reward points for every dollar you repay your balance. |
20.89% | 20.89% | 1.9% p.a. for 12 months | $79 | 55 | |
 Citibank Gold Card |
Once you’ve repaid your transferred balance, you can enjoy earning reward points for every dollar you repay your balance. |
20.74% | 21.24% | 1.9% p.a. for 12 months | $149 | 55 | |
 CUA Gold Rewards MasterCard |
Perform a balance transfer with your credit card balances and repay 2.90% p.a. for 9 months on the CUA Gold. |
19.24% | 19.99% | 2.90% p.a. for 9 months | $85 | 55 | |
 IMB Gold Rewards MasterCard |
A similar offer to the CUA Gold card, with a slightly higher annual fee. Both cards feature complimentary travel insurance and a generous rewards program. |
19.24% | 19.99% | 2.90% p.a. for 9 months | $99 | 55 | |
 Citibank Platinum Card |
Enjoy a single low rate of 3.9% p.a. for life on balances you transfer over. Please note that a good credit history and high annual earnings requirements are necessary for this card. |
20.74% | 21.24% | 3.9% p.a. for life | $125 (First Year, Save $125) | 55 | |
 Citibank Emirates MasterCard |
Enjoy a generous Emirates rewards program which allows you to earn and redeem flights with Virgin as well. 1.9% p.a. for 12 months on balance transfers. |
20.74% | 20.74% | 1.9% p.a. for 12 months | $229 | 55 | |
What is a credit card balance transfer?
A balance transfer is when you pay off the debt on another credit card or store card you currently own, using your new credit card; typically at a cheaper, lower or special interest rate. Once you’ve made a balance transfer, you will owe money on your new card, instead of your old card. You’re essentially borrowing money from the bank on a new credit card, to pay off the debts on a credit card you already own.
Example of a balance transfer:
- Current card with debts: Commonwealth Bank Gold Card with a $3,000 balance at 20.49% and an St. George Vertigo MasterCard Card with $1,500 at 12.49%
- New balance transfer card: ANZ Low Rate MasterCard with a 0% p.a. for 6 months offer and a regular interest rate of 13.24% p.a.
- The Balance Transfer Process: When you apply for the new balance transfer on the St. George Vertigo MasterCard, in the application you specify that would like them to pay your balance of $3,000 with Commonwealth Bank and your balance of $1,500 with ANZ to pay off your old cards. (Note: you can also perform a balance transfer with just one credit card – you don’t need to transfer multiple cards)
- Enjoy Your Savings: The old credit cards with ANZ and Commbank are now debt-free, with a zero balance, as you have now succesfully transferred the debt from these cards to your new ANZ Low Rate MasterCard, where you will no longer be paying interest on your debts for 6 months as you are now on a 0% p.a. for 6 months deal. Bring on the savings!
How to choose the right balance transfer credit card
There are a number of key considerations you should make when you compare balance transfer offers. The interest rate being offered is a key factor when comparing balance transfer credit card offers. The typical balance transfer rates offered by Australian banks are:
- 0% for 6 months
- 2.9% for 12 months
- balance transfers for the life of the card
Once I’ve done my balance transfer, should I cancel my old card?
This really depends on the reason for doing your balance transfer. If you’re doing your balance transfer with the intent of eventually eliminating your credit card debt, cancelling your old credit card is a good idea – it’ll remove the temptation for you to spend on that card again.
On the other hand, if you’re wanting to continue spending on that card because you have a good deal on a low interest rate or a good rewards program offer, then you shouldn’t necessarily cancel that card.
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The primary motivator for you when doing a balance transfer should be to save on the interest you would normally pay each monthly credit card billing period.
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By reducing monthly your credit card payments, this will free up more funds for you to be able to pay off your credit card debt faster
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If you have more than one credit card, a balance transfer is a good way to consolidate your credit card balances, combining them on to one credit card. One card is easier to manage – consolidating your credit cards has the added benefit that you will also only receive one credit card statement each month.
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Card Issuer (eg: Commonwealth Bank, ANZ, NAB)
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Card Type (eg: MasterCard, VISA, American Express)
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Your credit card number
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The amount of money you wish to be transferred
This will vary depending on your current credit cards balance and interest rate. To calculate how much you will save, you can use the Credit Card 0 Balance Transfer Calculator. To use the calculator, the first step is to enter your current credit card balances and interest rates. The second step is to input the details of the credit card you are wanting to apply for including it’s introductory interest rate (APR), introductory term (months), standard interest rate, and it’s annual fee. Once you have entered in all this information, you will be presented with the amount of money you will save by carrying out the balance transfer.
Balance Transfer Articles
- BankWest Lite MasterCard
- Citibank Clear Platinum Visa Card
- Compare & Apply Online: Balance Transfer Credit Cards
Transfering an outstanding balance from another Australian store or credit card to a different Credit Card. You can save some money with a 0% for 6 months balance transfer aswell as some of the other longer term balance trasnfers. - Aussie Credit Cards
- St.George Vertigo Credit Card