American Express
ANZ
Aussie
Bank of Melbourne
Bank of Queensland
Bankmecu
BankSA
Bankwest
Bendigo Bank
Citibank
Coles
Commonwealth Bank
Community First
CUA
Diners Club
GE Money
Heritage
HSBC
IMB
Jetstar
Lombard Finance
Macquarie Bank
ME Bank
NAB
Qantas
SCU
St.George
Suncorp
Victoria Teacher Bank
Virgin Money
Westpac
Woolworths
Sponsored Credit Card
Get the longest 0% balance transfer in market for up to 12 months plus a low 11.99% (12.99% from 1 October) on purchases. Apply today.
By switching the balance of your current credit card to a balance transfer credit card, you can have some breathing space to pay off more of your credit card debt. Depending on the credit card you choose, you can enjoy an introductory period where you will pay low interest or zero percent interest on any balances transferred onto that card. After the introductory period has ended, any balance that has not been paid will revert to the standard rate or the rate set by your credit card provider. Questions? Please see our balance transfers FAQ or watch our balance transfer video
p.a
p.a.
for 12* months
* 0% p.a. for 6 months on balances transferred, and extend for 6 months if you spend $1,000 in the first 3 months on Citibank Clear Platinum. If spend not reached, reverts to cash rate after 6 months.
p.a
p.a.
for 9 months
Balance transfer your non-ANZ credit card debt and pay just 0% for 9 months. Any unpaid balance reverts to the low purchase rate so you're not hit with high interest once the intro period expires.
p.a
p.a.
for 9 months
Transfer your balance from non-Citibank credit cards to this exclusive offer and pay 0% for 9 months. Plus a very low rate on purchases of 11.99% p.a. (12.99% p.a. from 1 October).
p.a
p.a.
for 8 months
This St George 0% balance transfer reverts to the low purchase rate for an unpaid balance after the intro period. Add to this a low annual fee and this card can deliver great balance transfer value.
p.a
p.a.
for 6 months
Get this 0% balance transfer credit card and pay no annual fee for life. Hard to beat a no annual fee credit card with a 0% balance transfer in the Australian market + interest free purchases available
for 6 months
p.a.
for 6 months
0% balance transfer offers are useful, but you may need to spend as well. This card covers both options with 0% for 6 months. Standard purchase rate of 11.99% p.a. (12.99% p.a. from 1 October).
p.a
p.a.
for 8 months
It doesn't get much better than this! Pay 0% for 8 months and half annual fee for the first year, plus when you fly Virgin, receive buy-1-get-1-free seats on domestic flights up to 4 times a year.
p.a
p.a.
for 12 months
1% p.a. for 12 months is a really strong offer. Be aware you can only transfer up to 70% of your credit limit. Your credit limit is determined upon application whichever card you apply for.
p.a
p.a.
for 9 months
Get the standard ANZ balance transfer special offer on their platinum card. Enhance the balance transfer with no annual fee first year and a range of complimentary services. 50K income required.
p.a
p.a.
for 9 months
Aussie Classic Low Rate credit card offers 0% p.a. on balances transferred for the first 9 months, reverting to the cash advance rate. Plus receive a low standard purchase rate and low annual fee.
p.a
p.a.
for 12 months
Pay a great 0.9% for 12 months on balance transfers, with half annual fee first year. Plus earn 1 point per dollar spent with complimentary travel insurance and purchase protection.
p.a
p.a.
for 9 months
Nice balance transfer offer of 0% p.a. for 9 months with a range of complimentary insurance. If you are just looking for a balance transfer then the standard ANZ low rate card has a lower annual fee.
p.a
p.a.
for 9 months
For a limited time Aussie Platinum Low Rate offers 0% p.a. on balances transferred for the first 9 months, reverting to the cash advance rate + no international transaction fees on purchases.
p.a
p.a.
for 9 months
CUA have delivered a huge 0% for 9 months on balance transfer. Add to this a ~reduced annual fee for the first year and a top rewards program which could make this your next balance transfer card.
p.a
p.a.
for 9 months
Save with a low introductory rate of 0% p.a. for 9 months on balances transferred, after the 9 month introductory period the rate will revert to the cash advance rate, currently 21.49% p.a.
p.a
p.a.
for 9 months
Receive 0% on balance transfers for 9 months and earn up to 3 points per $1 spent, uncapped points earning for a huge selection of rewards and range of platinum benefits
p.a
p.a.
for 9 months
With a long balance transfer, low annual fee and fast approval, the ANZ first balance transfer offer could be most appealing. This is a basic card where you get what you pay for with a long balance
p.a
p.a.
for 8 months
Great balance transfer offer from HSBC on their platinum credit card. Pay 0% for 8 months on any non-HSBC balance that is successfully balance transferred.
p.a
p.a.
for 8 months
Get 0% p.a. on balance transfers for the first 8 months, reverting to the low purchase rate with a low standard annual fee and up to 55 days interest free.
p.a
p.a.
for 8 months
A relatively low interest Platinum card with complimentary travel insurance cover, 24/7 Platinum concierge, 3 free additional card holders, and up to 55 days interest free.
p.a
p.a.
for 8 months
For a limited time get 0% p.a. on balance transfers for the first 8 months, which reverts to the low standard purchase rate of 13.24% p.a.
p.a
p.a.
for 6 months
Great rewards card with 0% balance transfer offer for 6 months. 20,000 bonus points on sign up. Free QFF membership plus 2 Qantas lounge invites a year and a host of platinum features.
p.a
p.a.
for 12 months
An introductory 0.9% p.a. on balances transferred for the first 12 months + annual fee of $59 first year with a range of complimentary platinum benefits.
p.a
p.a.
for 6 months
Pay 0.99% p.a. on balance transfers for the first 6 months, annual fee of $79 and earn up to 1 Amplify point for every $1 spent.
p.a
p.a.
for 6 months
BankSA Amplify offers 0.99% p.a. on balance transfers for the first 6 months, low standard annual fee and a choice to earn Qantas or Amplify points.
p.a
p.a.
for 6 months
Get a balance transfer rate of 0.99% p.a. for the first 6 months with standard annual fee of $79. You can also earn Amplify rewards points or Qantas frequent flyer points.
p.a
p.a.
for 6 months
20,000 bonus Qantas Flyer points. Offer ends 1st July. Earn up to 1 Qantas Frequent Flyer point per $1 spent with 0.99% for the first 6 months on balance transfers.
p.a
p.a.
for 15 months
Great long balance transfer on the Citibank Signature card. Pay just 1.5% p.a. for 15 months on any balances transferred. As a bonus you can transfer non-Citibank personal loans as well as credit cards.
p.a
p.a.
for 15 months
Sick of paying too much on your credit card balance and/or personal loans? You can transfer up to 80% of the debt and pay only 1.5% p.a. for 15 months. Citibank Rewards Platinum has a range of benefits.
p.a
p.a.
for 6 months
Introductory offer of 1.9% p.a. for the first 6 months on balance transfers, earn up to 1 rewards point for ever $1 spent and complimentary international travel insurance.
p.a. months
p.a.
for 6 months
No annual fee ever, with a nice balance transfer rate of 2.9% p.a. for the first 6 months. If you don't want to pay an annual fee then this could be the card for you.
p.a. months
p.a.
for 6 months
Great low cost card with a generous long 4.99% for 6 months balance transfer. Ideal if you want plenty of time to pay off that balance and very low annual fee
p.a
p.a.
for 6 months
The NAB Velocity Premium card offers 17,000 bonus points, 1.5 points per $1 spent on the Amex card, uncapped points earning, 7 types of free insurance, VIP lost card cover.
p.a. months
p.a.
for 24 months
Longest balance transfer in market at 24 months with no annual fee. Can be used to transfer non-Citibank store cards, credit cards and personal loans which is great for Debt Consolidation.
Balance transfers allow you to transfer your existing credit card balance to another credit card to help you save money and get you out of debt faster. Balance transfers are usually charged at lower rates or may even charge no interest at all for several months. If you would like more information on balance transfers, you can check out our Tips & Guides section.
Choosing the best balance transfer requires you to consider your financial situation. When considering transferring your balance you should consider the following; the interest rate charged, the period of the transfer and what the introductory rate reverts to after the balance transfer period.
One of the biggest catches with a balance transfer is that you have to pay off your balance within the balance transfer period. After the set period, if you do not pay off your balance the rate will revert to the purchase rate or the cash advance rate and you could end up with a higher interest rate.
Note: Before applying always read the terms and conditions.
What is a balance transfer?
A balance transfer means to transfer a balance from one credit card to another. The ‘balance’ is the amount of money currently owed on the credit card. A balance transfer will usually be from an existing credit card account to a brand new credit card account with a new institution (bank).
How many cards can you transfer?
The number of cards you can transfer depends on what is authorised by the bank. Some allow 1 or 2, others allow more. Check with the bank. The total balance amounts on those cards need to be within the credit limit amount you are approved for by the new issuer. If the total balance amount on the old cards is more than the approved credit limit on the new card, then you won't be able to transfer over all of the balances. If the new credit limit is more than the total balance amount, then it should be approved. Note that many issuers may only let you transfer over 80% or 90% of your approved total credit limit, so check the terms and conditions of this closely.
Can you transfer a loan?
You can balance transfer a loan, you just need to check if the new issuer accepts them. Some do and some don’t.
What is the balance transfer limit?
The balance transfer limit is the total amount you are allowed to transfer over to the new credit card. This is usually based on the credit limit you are approved for with the new card issuer. Each customer's credit limit (and therefore balance transfer limit) is assessed on an individual basis.
What happens at the end of the balance transfer?
Each balance transfer offer rate reverts to a new interest rate at the end of the introductory offer period. Whatever balance remains will be charged at that ‘revert rate’. Balance transfer rates usually revert to the standard purchase rate or cash advance rate of the new credit card.
How much can I save on my balance transfer?
The amount you can save on your balance transfer usually depends on how much interest is currently being charged vs. how much interest is charged on the new deal. Also to consider is any balance transfer fee, the annual fee of the card itself and the interest charge applied to any remaining balance amount at the end of the balance transfer offer period.
Balance of $5,000 at 19% interest over 6 months = $474 interest charged ($79 per month)
Balance of $5,000 at 0% interest over 6 months = $0 interest charged
+ Cost of credit card annual fee
+ Any balance transfer fee applied
A balance of $5,000 paid off over 6 months in equal instalments = $833.33 repayment per month
Work out how much you can afford to repay each month to cut down your debt as much as possible.
Can you make a balance transfer if you're already a customer of the bank offering it?
Normally you cannot transfer a balance from your current credit card to another card with the same bank. The banks use balance transfer offers to attract new customers and win market share from competitors, they agree to take on your balance or debt in the hope that you become a loyal customer of theirs. This makes it easy to understand why they don’t always allow customers with existing cards and accounts to transfer across to the promotional balance transfer rate.
When you want to switch to a different card with your own bank, this is commonly known as a card swap. If you find a credit card with a lower ordinary purchase rate and you meet the card’s eligibility criteria, this might be a card you could apply for. You would need to check the terms and conditions of the card and make sure you meet the criteria before applying.
Can I do a balance transfer from an overseas credit card – one issued outside Australia?
No, this is something that is not allowed by the banks in Australia.
What are the financial risks of using a balance transfer?
One financial risk of using a balance transfer is that your credit score might be impacted. For more information on that, see our answer to ‘will a balance transfer affect my credit score?’ A balance transfer can mean that your debt-to-credit limit ratio is temporarily higher, because people often close one or two credit card balances into one new card. Making repayments and focusing on reducing the balance (while not making any new purchases) will mean that will change however.
There is a risk that you could go into further debt by making purchases with the balance transfer credit card. For some tips on avoiding this, and using credit cards wisely in general, visit the ASIC website and its guide to saving money on credit cards.
On top of that, if you pay only the minimum monthly amount, (as all credit card statements now show) you risk remaining in debt for a number of years. How long it will take you to pay off your debt if you pay only the minimum monthly amount is now clearly defined on every statement. You can view a very helpful video and much more information on this via the ASIC website: www.asic.gov.au and in particular the Scott Pape videos on the ‘borrowing and credit cards’ page could be useful.
Are there any hidden fees for balance transfers?
Some balance transfer offers may have a balance transfer fee. This charge is a percentage of the balance amount that is transferred, which may be from 1-5% (this varies and is subject to change at any time).
The balance transfer fee may be capped, say at $100 or thereabouts, so even if the percentage would work out more than that, you don’t pay more. Check the terms and conditions closely before applying, any fee applied should be detailed on the issuer’s apply page – in the main detail or sometimes in the small print. If you have any doubts about this, contact the card issuer to check.
When you are doing a balance transfer, it is then possible to work out the fee when you know the amount you are approved to transfer. You can arrange to pay if off by adding it to your first payment, or spread it over a few payments. The balance transfer fee can also attract interest charges if left unpaid.
Be aware that the introductory offer rate applied to the balance transfer (for example 0%) only applies to the amount you transfer over from the old cards or loan. All new purchases, cash advances will be charged at the standard interest rates. Any standard fees applied to these transactions will also apply, as per the examples below;
How do I find the best balance transfer for me?
The most important point to understand is how much you can afford to repay of the balance each month. You should base your repayment estimate on a realistic number. Then you can consider the other factors;
The length of the offer:
The current balance transfer offers on the market range from just 4 months to as long as 24 months. When you know how long you need to pay off your debt, you can choose an offer that gives you long enough to pay off your debt within the promotional interest rate period. How much can you afford to repay each month? The more you can pay, the quicker you can pay if off. In this example below to pay a balance of $5,000 at 0% interest, the longer the repayment period - the smaller the repayment amount each month.
Months |
Monthly Repayment |
6 |
$833.33 |
9 |
$555.56 |
12 |
$416.67 |
15 |
$333.33 |
Obviously a 0% deal means that you pay 0% interest on the balance that you transfer across to that card; however, people have different financial commitments besides credit card debt. That can mean that a reasonable time to pay off a debt for one person isn’t the same as another.
The length of the offer should therefore be considered versus the rate charged. Often longer offer periods have higher rates – but a longer period may be required in order to pay more of the balance transfer.
For example, a 1% balance transfer fee on a balance of $5,000 would mean a charge of $50. But if the repayment period for that particular offer is longer and more manageable, then the charge may be worth paying.
The rate the offer reverts to
Balance transfer offers usually ‘revert’ to either the purchase rate or cash advance rate. This information will be available on the issuer offer page, or within the terms and conditions of the offer page, and should always be checked.
This is the interest rate you will pay on any remaining balance at the end of the balance transfer. This is usually much higher than the balance transfer rate, so be aware this could mean high interest charges if you don’t repay the balance in the promotional period. If you expect to still be carrying some of the balance at the end of the period, you should consider a balance transfer offer with a low revert rate.
The annual fee
The cost of the card’s annual fee should be considered against the other interest costs and charges – some cards may have a fee relatively lower than others. Consider this cost versus the money you hope to save in interest charges.
If you intend to keep the card into the future after finishing the balance transfer, you should then consider all of the other features. You should always focus on the balance transfer factors before any other features of the card.
Is there an application fee for doing a balance transfer?
We are not aware of any application fees charged when you apply for a balance transfer via creditcard.com.au; however this is obviously something which can change at any time, so before doing an application we advise reading the product info page carefully for applicable fees and charges.
Any other fee, such as a balance transfer fee or annual fee (for example) should also be understood and taken into account before submitting an application.
Why does it take two weeks for my balance transfer application to be processed?
The time it takes to do a balance transfer will vary between different banks and credit card providers. The number of cards you want to transfer across, whether you have filled out the application form completely and it is accurate and whether you are a new customer can have an impact on the time it takes to finalise the transfer. You may also need to complete a ‘100 point ID check’ as a new customer with your application.
You will be sent the new card, terms and conditions and the bank’s information, and you also need to allow a few days to receive this from the time you are told your balance transfer has been approved. You may have to go into a branch to activate your card, and then you can check the balance to see when your previous balances have been transferred. The balance should be checked every couple of days and when the balances are transferred, any old cards you wish to close can be closed down provided you have no outstanding fees or other payments to take care of. This has to be done with your old bank. The new bank does not request any other accounts be closed, only that the balance owing is transferred.
You may see one card balance transfer to the new card more quickly than the other because the time taken depends on the policy and procedure of different banks. It is still reasonable to expect that the whole process should be finished in two weeks, or three weeks at the absolute maximum. If it is taking longer or very close to that time you should contact your bank with your application details (application number, lodgement and receipt number) to check the status.
If you continue to receive statements after your transfer, you will need to check the balance and follow up with the old bank as to why your card hasn’t been closed if you requested the old card to be closed.
Do balance transfers affect my credit score?
If you do a balance transfer it can affect your credit score, but how it will impact your score depends on whether you closed the old cards, what your overall credit limit is after you do the balance transfer and what percentage of your credit limit is taken up by debt. It can mean that the part of your credit limit that is taken up by debt increases, especially if you close an existing card. For example if you have a credit card with a $10 000 limit, and it has a balance of $6 000, but you apply for a new credit card with a limit of $8000, the portion of your credit limit that is used up by debt goes up from 60% to 75%. Balance transfers can be seen as a step towards reducing debt too, as the bank or lender will be aware that you’ve moved your credit card balance to a lower interest rate from viewing your credit history.
A balance transfer can also have an impact on your credit score from the time you apply, because each application goes onto your credit file and can be viewed by other potential creditors and lenders for as long as 5-7 years. From March 2014, potential lenders will also be able to view your repayments history, and that applies whether or not the balance transfer is successful. Applications that are rejected or simple credit enquiries (a lender checking out your file to see what debts you have) do show up. Reading the terms and conditions of the card, reading the guides on our website and reading the creditcard.com.au blog can all help to give you a better understanding of how balance transfers work and how one might affect you.
A lender views your file to get a picture of your financial history before deciding whether or not to give you credit. If you have an existing credit card debt and are struggling to pay if off, ASIC recommends a range of tactics, and can show you how to work out payment plans, negotiate with the bank or engage professional help. You can view on their website: www.asic.gov.au and in particular ‘what to do if you can’t make repayments’ might be helpful.
Showing 24 questions
© 2013 Copyright CreditCard.com.au. All rights reserved. Find us on Google+
The CreditCard.com.au brand and logo are trademarks of Pixel Capital Pty Ltd.
Operated by Credit World Ltd ABN 11 128 435 861, ASIC Licence Number 397589, Credit Ombudsman Service Number M0008295.
* The credit cards compared on this page are chosen from a range that CreditCard.com.au has access to track applications from and is not representative of all the credit card products available in the market. We also provide information on a range of cards that we do not have ability to track but believe have impact on the Australian credit card market. You can use our cardfinder tool to compare 25 leading providers or click on compare by bank, which allows you to see the full range of cards offered by each provider.
The use of terms 'Editors Choice', 'Featured', 'Recommended', 'Best' or 'Top' are not product ratings and are subject to our Terms and Conditions of Use. This is general advice only and may not be right for you. Read the provider’s Product Disclosure Statement. You should always consider seeking independent financial advice and your personal financial circumstances when comparing credit card products.
Interest rates and fees and charges are subject to change without notice.
Reasonable efforts are made to maintain accurate information. However, information is presented without warranty. When you click on the "Apply Now" button you will have an opportunity to review the credit card terms and conditions on the credit card issuer's web site.
Even though we provide information on credit cards in Australia we are not a credit provider nor are we suggesting that you apply for any particular product from any of the credit card providers listed.
Jill
June 14th, 2013 at 4:10pm
Kalianna
June 17th, 2013 at 9:19am
B V Paton
June 10th, 2013 at 1:14pm
Kalianna
June 11th, 2013 at 8:41am
Kev
June 7th, 2013 at 9:17am
Kalianna
June 7th, 2013 at 11:19am
jeanette Thompson
May 31st, 2013 at 10:07am
Kalianna
May 31st, 2013 at 3:43pm
Kim
May 18th, 2013 at 7:16pm
Tom
May 20th, 2013 at 10:55am
heath
May 15th, 2013 at 10:56am
Tom
May 15th, 2013 at 11:22am
Adam
May 14th, 2013 at 4:31pm
Roland
May 22nd, 2013 at 8:55am
Adam
May 14th, 2013 at 4:30pm
Tom
May 15th, 2013 at 10:28am
Kylie Waddleton
May 4th, 2013 at 11:52pm
Tom
May 6th, 2013 at 8:47am
leo tarulli
May 1st, 2013 at 11:23pm
Roland
May 2nd, 2013 at 8:40am
Sarah
April 15th, 2013 at 12:29pm
Roland
April 15th, 2013 at 1:57pm
Michael
April 15th, 2013 at 11:49am
Roland
April 15th, 2013 at 2:00pm
Kelly
April 10th, 2013 at 2:33pm
Roland
April 10th, 2013 at 4:43pm
Kenneth Dann
April 6th, 2013 at 6:45pm
Roland
April 8th, 2013 at 9:27am
ants
March 21st, 2013 at 11:42am
Roland
March 21st, 2013 at 5:04pm
Celan
March 16th, 2013 at 8:03pm
Roland
March 18th, 2013 at 9:06am
Janet
March 14th, 2013 at 6:48am
Roland
March 14th, 2013 at 9:47am
col
March 9th, 2013 at 3:12pm
Roland
March 11th, 2013 at 8:29am
Missy R
March 6th, 2013 at 10:54am
Roland
March 7th, 2013 at 9:04am
anynonomous magpie
March 5th, 2013 at 11:01pm
Roland
March 6th, 2013 at 8:37am
frank
March 4th, 2013 at 9:27am
Roland
March 5th, 2013 at 9:12am
martin
February 19th, 2013 at 9:19pm
Roland
February 20th, 2013 at 10:00am
pam
February 16th, 2013 at 9:01am
Roland
February 18th, 2013 at 9:17am
leo
February 16th, 2013 at 5:42am
Roland
February 18th, 2013 at 9:12am