0% Credit Card Balance Transfers

Updated 29 August 2019

0% credit card balance transfers are a great way to save money on interest payments during the intro period. You need to be mindful of when the balance transfer period finishes as it typically starts when your card is issued, not when you receive the card.

Note down what the balance transfer will revert to after the intro period expires. Many banks revert to the cash advance rate and can cause high interest problems if the balance transfer is not paid off in full during before it expires.

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Switching to 0% can make sense

Important points. Do not make purchases as no interest free days. You get no interest free days when you hold a balance on any credit card.

Put a plan in place to be credit card debt free. Make equal monthly payments to eliminate your credit card debt before the intro period expires.

What are 0 Balance Transfers?

0% balance transfer credit cards charge no interest for a certain period of time after sign-up. This means that if you have balances on your current store or credit cards, you can transfer them onto a 0% balance transfer card, and pay 0% interest on the transferred balance.

Introductory offers will vary depending on the credit card provider, so you may find a 0% balance transfer card with an introductory period lasting three months, or if you are lucky, you may find an offer that lasts over 12 months.

0% balance transfer cards are designed to help you pay off more of your credit card debt, while giving you a break from paying interest. At the end of the introductory period, any unpaid debt will revert to either the purchase rate or the cash advance rate, as determined by the credit card provider.

Choosing the Best 0 Balance Transfer Card

Choosing the best 0% balance transfer card usually comes down to finding a card with a long-running introductory period. While some 0% balance transfer cards have introductory periods that last just a few months, there are other offers that last up to a year, and sometimes longer.

Before you start looking for a 0% balance transfer card, you will need to think about how long it will take to pay off your outstanding balances. If you think you can pay off the debt quickly, then you can choose a credit card with a shorter introductory offer. If you need longer to pay off your debt, try to find a card that has a longer offer.

The next thing to think about is your credit limit. You will need to find a balance transfer card that accommodates the amount you need to transfer. If this is not possible, transfer as much of your credit card debt as possible, to take advantage of the lower interest rates.

If you plan on keeping the 0% balance transfer card after the introductory period, then you will need to assess the card for its suitability to your needs. Make sure the card is suitable in the long term, and find out how much is charged on purchase rates and annual fees.

Avoid the biggest mistakes

The biggest mistake you can make with a 0% balance transfer credit card is not paying off your debts before the introductory period ends. As the unpaid debt usually reverts to a much higher rate, you can end up paying out a lot in interest.

While it’s not always possible to pay off your transferred balance before the balance transfer offer ends, you should make it your top priority to pay off as much as possible to take advantage of the lower interest rates.

Before you apply for the card, find out exactly when the offer will end, and what will happen when it does. Find out the reversion rate, and how much you will pay in annual fees. Read the terms and conditions in full to make sure there are no catches to the offer.

After the account has been opened, set yourself reminders at regular intervals so you know how long you have left before the offer ends. This can work as an incentive to motivate you to pay off as much as possible each month. You should be able to keep track of your progress via online banking, or by reading your credit card statement.

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120 questions (showing the latest 10 Q&As)

heno ehlers

heno ehlers

29 July 2019
I have a balance on my cash passport how can I transvere this on my visa card ?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    29 July 2019
    Hi Heno, I am not familiar with the cash passport. On reviewing https://www.cashpassport.com.au/. I would say if you pull out the money from an ATM. Then take the cash and put into your bank account as an option.
Don Wijayasiri

Don Wijayasiri

16 March 2019
Hi good day ! I have a $18k debt in my NAB credit card and would like to see the best cheapest credit card to arrange a balance transfer to pay off my NAB. Pls advice me a few options. Thanksss
Shaz

Shaz

3 March 2019
Hi I’m wanting to do a balance transfer can I do that to an existing Citibank credit card and still get 24 months interest free
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    4 March 2019
    Hi Shaz, this offer is for new cards only. Therefore you would not be able to do to a current card. Citi from time to time do offer balance transfer deals to current customers. Most balance transfer offers are only available at the time of application. Therefore you should have a look a new balance transfer card. How much are you looking to transfer and from what bank?
Niomie Tan

Niomie Tan

8 February 2019
My partner has a Nab credit card of $10000 owing. He also has a poor credit rating. We are looking at doing a balance transfer to another institution. Is that still possible to do because all the banks or financial institutions seem to require a good rating to apply?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    11 February 2019
    Hi Niomie, you need to have good credit to get approved for a balance transfer. I can not think of any bank that would approve with poor credit. If you have good credit. Then you could take out a low rate personal loan to pay off the NAB credit card e.g. https://www.creditworld.com.au/hsbc-personal-loan.html. It could be possible for you then to transfer the loan debt to a balance transfer offer, subject to credit approval. Citi will accept non-Citi loan debt as part or all of a balance transfer. I would suggest waiting at least 6 months before then applying for the card. Then you could look at something like the Citi Rewards Platinum.
Arthur

Arthur

16 January 2019
Hello, Is there any credit card for balance transfer only where I’d be able to apply when I’m on STUDENT visa? Kind Regards, Arthur
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    17 January 2019
    Hi Arthur, I think it would be very hard to get approved for a balance transfer on a student visa. I suggest that you focus on paying any credit card debt down that you have. Put a hard plan in place with equal monthly payments to pay off the credit card.
Tina

Tina

5 January 2019
My husband and I have a $13,500 credit card bill with Boq Vista ,@13.9 percent- this is a fair credit card,but wish to transfer to 0 percent .We pay $55 annual fee.We would like to get rid of it in a year or so. D
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    7 January 2019
    Hi Tina, BOQ is issued through Citi. Therefore you need to look at an option outside of Citi. Is the card in both your Husband and your name? I suggest the St George Vertigo Platinum online offer. A balance transfer needs to be between the same legal person. It is possible to do a joint application with St George. This is not that common these days.
Mat

Mat

19 November 2018
Hi Roland. Can I use a balance transfer 0%credit card to pay out $3000tax bill and $8000credit card debt. If so which would be my best option
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    20 November 2018
    Hi Mat, you would not be able to use a balance transfer to pay out your tax debt. If you paid your tax on your credit card. Then you could look to balance transfer that credit card debt, subject to credit approval. When looking to do a 0% balance transfer. I suggest that your used % of your credit limit should not be in excess of 80%. A balance transfer must be between different banks. So make sure you select something outside of your current bank.
Dale

Dale

17 October 2018
Hi what is the best credit card for earning mile points I’m currently with Emirates Citi bank or would Qantas be a better option with their card as they have more options for upgrades ?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    18 October 2018
    Hi Dale, I like Qantas points as they are flexible. Qantas is part of the One World program. So you have access to American Airlines, British Airways, Cathay Pacific, Finnair, Iberia, Japan Airlines, LATAM, Malaysia Airlines, Qantas, Qatar Airways, Royal Jordanian, S7 Airlines and SriLankan Airlines with Qantas Points. Not to mention Jetstar also locally. Qantas also is still an emirates partner. I myself have recently flow on some Emirates flights with my Qantas points. How much do you spend a month on your card? How much of this spend could be done on an AMEX card? This will let me provide some suggestions on what could be suitable. Typically I find a combination of an AMEX card and a Visa or Mastercard tends to be the right solution depending on monthly spend.
Kellie

Kellie

11 September 2018
Hi I have credit card owing $2241 and a personal loan for $12400 can I balance transfer them both on to one credit card
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    12 September 2018
    Hi Kellie, this is possible. As long as the credit card or loan is not issued by Citi. Citi are the only bank that will accept non-Citi personal loan debt as part or all of the transfer. With the Citi Rewards Platinum credit card you can transfer up to 3 non-Citi loans and credit cards. You pay 0% for 26 months on any amount you successfully transfer. There is a 2.5% transfer fee. This fee would be added to the balance transfer amount. So in your case, if you successfully transferred the full amount the fee would be $366.03. Therefore the total balance transfer amount would become $15,007.03
Patrick

Patrick

10 August 2018
I want to transfer my Credit Card $25,000 (BankSA Vertigo) to a 0% no transfer fee with the longest period. I am paying off my Mortgage and this will give me a much needed break. Can you advise me please? Thank you
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    13 August 2018
    Hi Patrick, 25k is a large balance transfer. What is your credit limit on the Vertigo? Since negative credit reporting has been brought into play. I always suggest paying down your credit card below 85% of the credit limit before applying. So if you have around 30k or over limit that should be fine. This is just something that the bank may look at when approving your application. Though approval depends on a range of factors such as income v expenses, assets v liabilities and your credit history being key. What could be an option as well if you use the equity in your mortgage. Pay off the card that way. Then you are out of credit card debt. Then left with it as one combined payment on the mortgage which should be well reduced on an monthly credit card payment you were making. With mortgages at such low rates this should be very much considered if you have ability to do so. With no balance transfer fee this limits the cards on offer. Further more the size of the transfer puts more limitations. Have a look at the Virgin Flyer with 0% for 18 months with no balance transfer fee. The suncorp clear platinum has a similar offer. Both would do a maximum though of 24k transfer if you are approved for the highest credit limit. The Citi Rewards Platinum has a 2.5% balance transfer fee but has much higher credit limit possibilities. All credit cards still will require minimum payments.
Bridget

Bridget

22 May 2018
I have a Citibank Debit card is it possible to transfer the balance owing to another Bank Visa with no interest for 12 months?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    23 May 2018
    Hi Bridget, having a Citi Debit Card, I assume that its linked to a line of credit. Thus as it is not credit card debt you will not be able to transfer it to another banks balance transfer offer.
Liz

Liz

12 May 2018
Hi Roland. We currently have an HSBC credit card issued in Singapore owing $4700 which has a formible 25% interest rate. Do you know any banks that will do a balance transfer to an Australian credit card with 0% rate?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    14 May 2018
    Hi Liz, that interest rate is huge. You can not transfer overseas credit card debt to an Australian balance transfer credit card offer. What I suggest is that you take out a low rate personal loan (non-Citi). Use this to pay off the card in Singapore. Then, subject to credit approval, you could balance transfer this loan debt to a Citi balance transfer offer. Citi are the only issuer in Australia that will accept loan debt as part or all of the transfer.
Glenda

Glenda

27 April 2018
Hello Roland, I have 3 credit cards with 0%interest until mid 2019 and 1 card with a balance of $1600 which is incurring interest. Should I look at applying for a new 24 month interest free card and combining all my debt to one card allowing a little longer to pay off the complete debt. I am at the maximum monthly payments at present with not a lot left over each month.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    29 April 2018
    Hi Glenda, I am not sure of a balance transfer offer that would take more than 3 credit cards on it. Therefore at maximum you would only be able to transfer whatever amount they will accept. A balance transfer needs to be between different banks. As those 3 still have 0% until 2019. I would more look to get a balance transfer offer if you have not paid them off in full a few months before the balance transfer will expire. In regards to the $1600 debt you are paying interest on. You could just balance transfer this amount to a new offer to reduce interest, subject to credit approval. Bottom line, I like consolidating credit card debt. I find rolling as many cards into one balance transfer makes sense and simplifies payments.
bernadette

bernadette

22 March 2018
I have a NAB Credit card linit is $5000 ba(amount owing $4990). If I do a balance transfer how does that work in terms of interest free period? for example does It mean that if I transfer to another fund I will get the stated interest fee period on the $5000? if I transfer to a credit limit of $5000
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    22 March 2018
    Hi Bernadette, I suggest that you pay your balance down to below 85% of your limit before applying for a balance transfer offer. There is negative credit reporting now in place where they are alerted when you are near max. This can affect a positive result of your application. Though this does not mean that you wont get approved on that alone, just it is a factor. When you a do a balance transfer the new bank makes a payment on your behalf off your old credit card(s). This happens post approval soon after you activate your new credit card. Most balance transfer offers will not allow 100% maximisation of your credit limit. That is, many banks will do up to 80%. If this was the case, then you would need around a 6.5k limit to do a 5k transfer.
Debbie

Debbie

12 March 2018
I have a westpac credit card what banks can I go with to do a 0% balance transfer. Regards
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    12 March 2018
    Hi Debbie, depends on how long you need and how much you are transferring. You can always look to balance transfer again at the end of the intro period, subject to credit approval. I like the ANZ Low rate with no balance transfer fee and reasonable annual fee. I like the Virgin flyer balance transfer offer with 0% for 18 months with no balance transfer fee. Let me know if neither of these suit.
Steven

Steven

1 February 2018
Hi, I'm am a sole trader, is there any of these balance transfer cards that take only 1 years financials rather than 2 years financials for proof of income?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    2 February 2018
    Hi Steven, every persons financial position is unique. I would think that 1 year of financials should be enough, though that depends on the financials. Do you have 1 year fully completed and lodged. Then now in your 2nd year? Usually getting a letter from your accountant stating your income should give them confidence. As always it comes down to your then personal income v expenses, assets v liabilities and credit history as big factors for approval.
Julie Ellis

Julie Ellis

9 January 2018
Hi, I have a Nab credit card with small debt of $3000, What would be the best balance transfer for me..
Kim Taylor

Kim Taylor

22 December 2017
Hi, currently I have a 15k (14'345.00 bal to trans) WBC m/card killing me @ 20.24% right now.. what is my best balance trans option at the moment?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    28 December 2017
    Hi Kim, 20% interest is a killer. May I suggest the Citi Rewards Platinum card with 0% for 24 months. Citi accepts Westpac credit card debt and can approval decent credit limits to take the 15k. Best of luck with your application.
Amanda

Amanda

25 November 2017
My son has a $4000 debt on an ANZ card. He works at a vineyard at a fulltime job which is casual. Which is the best card for him in the balance transfer card environment. Thanks Amanda
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    27 November 2017
    Hi Amanda, I would suggest the St George Vertigo exclusive. This offer accepts ANZ credit card debt for the balance transfer. Has a great 0% for 18 months with no balance transfer fees plus $0 annual fee first year to top it off.
troy

troy

18 October 2017
best interest free transfer for $10 k over two years
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    19 October 2017
    Hi Troy, a balance transfer needs to be between different banks. Therefore depending on where your 10k debt is, this will affect which balance transfer offer can work for you. The Westpac Low Rate Exclusive balance transfer offer has the extra benefit of reverting to the purchase rate. That means if you don't pay the balance transfer in full over the 2 years, then you wont be hit with 20%+ interest on the remaining balance. Let me know if this offer does not suit you.
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