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Compare & Apply Online: Balance Transfer Credit Cards

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 19.99% and an ANZ Rewards VISA Card with $1,500 at 18.99%
New balance transfer card: St. George Bank Vertigo MasterCard with a 0% for 6 months offer and a regular interest rate of 11.99% 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 St. George Vertigo MasterCard, where you will no longer be paying interest on your debts for 6 months as you are now on a 0% interest 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

Editor’s Top Choice: The Best Balance Transfer Credit Card

Editor’s Top Choice: The Best 0% interest p.a. for 6 months Balance Transfer Offers

Editor’s Top Choice: The Best 12 Month Balance Transfer Deals

Editor’s Top Choice: The Best Balance Transfer ‘For Life’ Offers

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.

It is important to know that by doing a balance transfer, your old credit card account won’t be automatically closed. You will need to call your old bank to organise for the account to be closed separately.

Questions & Answers: Balance Transfer Credit Cards Explained in Plain English

How exactly do I go about doing a balance transfer?

When applying for a balance transfer credit card you will have the option to enter information about your existing credit card balances, usually with a question like “Would you like to transfer debts from another credit card?”. You normally won’t have to contact your current bank to perform the balance transfer, all you need to do is nominate the amount of money that you require to be transferred to the old card during your application. Once you’ve put these details in and have completed the application, the new credit card will be used to pay off the balances you entered.

How soon after received my new card will it take for the balance transfer to happen?

The balance transfer usually happens within a few days, or up to a couple of weeks of receiving the card, depending on your bank.

What are some of the benefits of transferring my credit card balance(s)?

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.
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
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.

What details will I need to have handy so I can complete my balance transfer application?

Most Australian Banks and Credit Unions will need the following information about your existing credit cards in order to perform the balance transfer:

Card Issuer (eg: Commonwealth Bank, ANZ, NAB)
Card Type (eg: MasterCard, VISA, American Express)
Your credit card number
The amount of money you wish to be transferred

What happens when the balance transfer period is over?

Assuming you don’t have a balance transfer for life offer, any portion of your balance transfer amount that is left remaining and owning at the end of the balance transfer period (eg: 0% for 6 months or 4.9% for 12 months), will attract interest at the cash advance rate or the standard variable rate (depending on your bank and your offer) at the end of the specified period.

How much money will I save by transferring my credit card balances?

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.

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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)
ANZ LowRate MasterCard	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. Click here to see this card at ANZ.com.au	13.24%	21.49%	0% p.a. for 6 months	$58	55
Citibank Clear Platinum Visa	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. Click here to see this card at Citibank.com.au	11.49%	21.24%	0% p.a. for 6 months	$49 first year (Save $50)	55
Suncorp Clear Options Standard Visa	Featuring 1.9% p.a. for 12 months on balance transfers a low ongoing 12.24% on purchases and a $39 annual fee. Click here to see this card at Suncorp.com.au	12.24%	17.99%	1.9% p.a. for 12 months	$39	55
BankWest Zero MasterCard	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
American Express Gold Ascent Credit Card	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. Click here to see this card at AmericanExpress.com	20.49%	20%	-	$0	44
St George Vertigo	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. Click here to see this card at Stgeorge.com.au	12.49%	21.24%	2.99% p.a. for 6 months	$55	55

1.9% p.a. for 12 months

Key Credit Card Material
Balance Transfer Checklist
The Essential Info for Transferred Balances
Hunting Down the Top Balance Transfer Offer
How to Unleash the Power of 0%
0% p.a. Credit Cards
When a 2.9% Credit Card is Better than 0%
Transfer your Balances with a Visa Credit Card
The Ultimate No Frill Credit Card
What Type of Credit Card Bank Fees Exist?
Prepaid Credit Cards
How your Credit History Affects your Credit Card
How to Make your Reward Programs Rewarding

Disclaimer: Credit Cards Zero (creditcards0.com.au) are a third party comparison website with no affiliation with Australian financial institutions. Credit Cards Zero are not financial advisors and any recommendation or information provided anywhere on this website should only be taken as a suggestion or guideline. We recommend you seek the advice of a licensed expert before making a financial decision.

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