The Monthly Scoop: July's Balance Transfers Update
The RBA held the cash rate steady at 4.35% at its June 2026 meeting, with no further change expected until August — which means no relief for standard credit card rates. What's less obvious from headline rate comparisons: the revert rates on this page vary by up to 8 percentage points. Westpac's purchase rate is 13.74% p.a. Latitude Low Rate reverts to 29.99% p.a. — the highest rate on any card on this page. If you don't clear your balance before the 0% period ends, the card you choose could cost you significantly more than the one with the higher BT fee.
On a $5,000 balance transfer, total first-year cost (BT fee + annual fee) ranges from $100 with HSBC to $219 with Latitude — a $119 gap. That figure matters more than the promotional term length alone, and it's the lens our picks below are built around.
One card on our list has a time-sensitive offer closing 31 July 2026. If you've been weighing up a decision, this week is the time to act.
Editor's Pick-of-the-Bunch: Best Balance Transfer Credit Cards for July 2026
The HSBC Platinum Credit Card has the lowest upfront cost of any card on this page. On a $5,000 transfer, the 2% BT fee is $100 — and with $0 annual fee in the first year, your total year-one cost is $100. That's the cheapest all-in balance transfer on this page, full stop. You also get complimentary domestic and international travel insurance and two airport lounge passes, which most balance transfer cards don't offer at this price point. Best for: Anyone confident they can clear $3,000–$7,000 within 12 months and want to minimise total cost.
The Westpac Low Rate Credit Card gives existing Westpac customers 20 months at 0% with the $7 monthly fee waived entirely in year one — meaning a $5,000 transfer costs $150 total (BT fee only, no annual fee). New customers pay $84 in fees, bringing the total to $234. Either way, this card has the lowest ongoing purchase rate on the page at 13.74% p.a. once the promo ends — a meaningful safety net if any balance remains. Best for: Existing Westpac customers who need 20 months and want a low revert rate as a backstop.
The Latitude Low Rate Mastercard has the longest 0% balance transfer term on this page at 24 months. Total cost on a $5,000 transfer: $150 BT fee + $69 annual fee = $219. The critical flag: this card reverts to 29.99% p.a. — 8 percentage points above the next-highest revert rate on this page. That's over $1,500 in interest per year on a $5,000 balance if you're not clear by month 24. It's the right pick for larger debts needing the full runway, but only if you build a repayment plan around the 24-month deadline. Note: available to new customers approved by 31 July 2026, with balance transfers submitted by 30 September 2026. Best for: Balances of $8,000+ where you genuinely need 24 months — with a hard plan to clear by the deadline.
In the interest of being comprehensive: the longest balance transfer offer currently available in Australia is the ANZ Low Rate Credit Card at 0% p.a. for 26 months, with a 3% BT fee, $0 annual fee in the first year (then $58 p.a.), and a 21.99% revert rate. ANZ is not a partner on this page, so we can't compare it directly — but if your primary goal is maximum time at 0%, it's worth checking at anz.com.au alongside what's available here. The same transfer restrictions apply: ANZ does not accept balance transfers from other ANZ accounts.
⭐ Don't use the card for purchases during your 0% period: Most balance transfer cards charge the full purchase interest rate (often 20%+) on any new spending, and repayments are typically applied to the cheaper balance first, meaning your purchases can rack up interest for the entire promotional period. Keep the card locked away and consider a separate card for day-to-day spending.
T&Cs apply for all card offers so check our review, the PDS and TMD for details.
What 1,025 reader Q&As actually reveal
We analysed 1,025 reader questions submitted to this page between January 2013 and July 2026, categorising each by topic. The patterns reveal a consistent gap between what readers expect when signing up for a balance transfer and how they work in practice — useful context when evaluating which card to choose.
- 19% of questions ask what happens when the 0% period ends. Most readers don't know whether the remaining balance reverts to the purchase rate or cash advance rate — and on some cards (notably Latitude at 29.99%), not knowing costs thousands.
- 19% ask about making purchases on the card during the BT period. The near-universal advice: don't. Repayments reduce the BT balance first on most cards, leaving purchase debt accruing full interest. Despite appearing in our FAQs, this remains the most common practical mistake.
- 9% ask about eligibility and credit score requirements. Readers with past defaults or limited credit history frequently ask if they can apply — and many who can't would benefit from a lower-limit product first.
- 9% ask for clarification on how the BT fee is calculated — confirming that "3% fee" isn't self-explanatory to readers. On a $10,000 transfer, that's $300 charged upfront regardless of outcome.
- 6% ask specifically about minimum repayments — often after realising the minimum won't clear the balance before the 0% period expires. On $5,000 over 24 months, you need $209/month; minimum repayments are typically far lower.
What CCAU readers actually owe: balance data from 1,025+ Q&As
Because readers include their balance figures when asking questions, we can publish distribution data unavailable on any other comparison site. Based on 119 balance amounts mentioned in reader questions since 2013, the typical person looking to transfer is carrying significantly more debt than most editorial examples assume.
Average reader balance
$8,489
69% higher than the $5,000 figure used in most editorial comparisons on this and competitor pages
Median reader balance
$6,000
Half of readers are transferring under this amount; the other half are dealing with larger debts
Balance distribution
Which card readers are most commonly transferring from
ANZ and Westpac being the most common source banks reflects their large market share — and explains why same-bank transfer restrictions are among the most frequent practical blockers our readers encounter.
Source: CCAU editorial analysis of 119 balance figures mentioned in reader Q&As, January 2013 – July 2026. Excludes amounts clearly referencing credit limits or hypothetical scenarios. This distribution data is not published on other Australian comparison sites.
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CCAU Balance Transfer Score: How cards on this page rank
Every month, our team scores each balance transfer card on this page across five criteria that reflect what actually matters when you're transferring debt: how long you have at 0%, what it costs upfront, what it costs if you don't clear in time, and what you'll pay long-term. Cards are scored 1–5 on each criterion (5 = best), for a total out of 25. The scores are updated when card terms change.
| Card | 0% Term longer = better | BT Fee lower = better | Year-1 Cost on $5,000 BT | Revert Rate lower = better | Year-2+ Fee lower = better | Total /25 |
|---|---|---|---|---|---|---|
| HSBC PlatinumLowest cost | 2 12 months | 5 2% fee | 5 $100 | 4 21.99% | 1 $199 p.a. | 17 |
| Westpac Low RateBest for existing | 4 20 months | 3 3% fee | 2 $234* | 4 21.99% | 3 $84 p.a. | 16 |
| St.George VertigoBest for existing | 4 20 months | 3 3% fee | 2 $234* | 4 21.99% | 3 $84 p.a. | 16 |
| Latitude Low Rate⚠ High revert risk | 5 24 months | 3 3% fee | 3 $219 | 1 29.99% | 4 $69 p.a. | 16 |
| NAB Low Rate | 2 12 months | 3 3% fee | 2 $249 | 4 21.74% | 3 $99 p.a. | 14 |
0% term: 12 months = 2 • 20 months = 4 • 24 months = 5 |
BT fee: 2% = 5 • 3% = 3 |
Year-1 cost ($5k BT): under $125 = 5 • $125–$200 = 4 • $200–$225 = 3 • $225–$250 = 2 |
Revert rate: under 20% = 5 • 20–22% = 4 • 29%+ = 1 |
Year-2+ fee: under $30 = 5 • $31–$70 = 4 • $71–$100 = 3 • $150+ = 1
*Westpac and St.George year-1 cost based on new customer pricing ($84 annual fee). Existing customers who qualify for the $0 first-year fee pay $150 total, which would score 4 on this criterion.
What is a balance transfer and how does it work?
Here's how a balance transfer works in 3 steps:
- Move credit card, store card or personal loan debt to a new credit card during application (sometimes after)
- Pay 0% interest during the promotional period
- Make a plan to pay off your debt while there are no interest charges
Balance transfers are a truly life-saving feature. If you're feeling the pinch of a credit card balance you can't get on top of, a balance transfer offers a way out.
Let's look at how it might work with an example.
Let's say Lisa has $5025 remaining on a credit card. Here's what she pays:
- Minimum monthly payment: $51
- Interest added at 20.24%: $84.27
As you can see, Lisa isn't paying off her debt anytime soon. Instead, she decides to apply for a card with a 0% balance transfer offer for 18 months.
She fills in the transfer information during the application, and her existing debt is moved to her new card.
Over the next 18 months, Lisa makes a plan to pay off her card in full. With no interest being added, she's able to divide her debt by 18 and pay it off at $280 per month.
Pros and cons of a balance transfer credit card
Pros
- Get relief from interest charges on your debt — the average balance our readers bring to this page is $8,489, where a 0% promotional period can save over $1,800 in interest compared to leaving it on a card reverting at 21.99% p.a.
- Make a plan to pay off your debt before the interest-free period ends
- A new card may have perks you can use to save money and pay off your debt faster
Cons
- Any debt left after the interest-free period is charged a high rate — and on this page, rates range from 21.74% to 29.99% p.a. at the end of the 0% period. Of the 1,025 reader questions submitted to this page since 2013, 19% ask what happens when the promotional period ends — meaning most readers haven't fully planned for this moment when they first arrive
- You may need to pay a 1 - 3% transfer fee (many have no fees)
- Your credit card limit will determine how much you can transfer
Using balance transfers effectively
Balance transfer offers are a fantastic tool for getting a leg-up on your debt, but there are a few caveats worth mentioning.
❌You may pay interest on new purchases — and this is the most frequently misunderstood rule. 19% of all reader questions on this page ask about it, making it the #1 practical blind spot. The short version: don't use a balance transfer card for day-to-day spending: Most balance transfer credit cards won’t offer interest free days on your other spending. That means if you use the card to buy groceries or a coffee, you’re going to pay the card’s purchase rate on that transaction immediately.
You may want to consider having one low interest rate card for everyday spending, and one for paying down your balance on a balance transfer card. Or, close your old credit card account until you’re on top of your debt.
❌A transfer isn't a debt-storage facility: A balance transfer card isn’t a get-out-of-jail-free card, either. You’ll still have to pay minimums each statement period, and you’ll need a plan for paying down your debt long term.
If you have a leftover balance at the end of the introductory period, you can consider applying for another balance transfer card to give you time to pay it off – but be warned, applying for too many cards too quickly can hurt your credit score, making it harder to get a new card.
How to compare and choose a balance transfer card
It might feel a bit overwhelming to wade through so many balance transfer cards. Here are the main factors to look at.
✔ The length of the interest-free period.
You might need to do some calculation to figure out the best length for you, based on your current debt. Divide your debt by the number of months to work out if you can realistically make the monthly payments and be debt-free at the end of the interest-free period.
✔ Any balance transfer fees that apply.
Many card providers don't charge a transfer fee, but some may charge 1-3% of the amount being transferred. The fee is added to your transfer to be paid off with the rest of your debt. You'll need to weigh up if the fee is still worth it when compared to the annual fee and any other money-saving perks on the card, such as cashback.
✔ The annual fee.
Generally, the more fancy the card, the higher the annual fee. High fees are money you can't use to repay your debt. So, decide whether other extras on the card are worth the annual fee, and if not, choose a more basic card with a lower fee.
✔ The balance transfer limit.
It's likely there will be a cap on the amount you can transfer from your existing credit card or personal loan. It's usually expressed as a percentage of your approved credit limit: for instance, if you’re approved for a $10,000 credit limit with a balance transfer limit of 90%, you may transfer up to $9,000 as a balance transfer.
✔ The revert rate.
The 'revert rate' is the interest rate you'll be charged on any leftover debt once the interest-free period is over. It's usually based on the cash advance rate, which is higher than the normal everyday purchase rate. If you think you might have a balance remaining at the end of the intro period, the card’s revert rate is important. The higher the rate, the more you’ll pay in interest.
How do you organise a balance transfer?
A timing note most guides omit: based on reader questions submitted to this page, one of the most common surprises is that the 0% period starts from card approval, not from when your balance settles. Most transfers take 2–3 weeks to clear after approval, which means a "24-month" offer effectively gives you around 22–23 months of actual 0% time on your transferred balance. Plan your monthly repayments with this in mind.
Our reader data also shows that ANZ and Westpac cardholders make up 46% of balance transfer enquiries on this page — if you're with either bank, note that same-bank transfers are not permitted: you cannot transfer an ANZ balance to an ANZ card, or a Westpac balance to a Westpac card.
Luckily, your new provider will do most of the legwork when you request a balance transfer. However, you’ll need to take the first steps so your new credit card does the job you want it to do: help you get ahead of your debt. Read my guide to key balance transfer rules before you get started.
1. Compare all the balance transfer cards and their offers.
Use CreditCard.com.au to compare your options, using the toggles to order them by provider, purchase rate, balance transfer revert rate, annual fee and the summary of your potential savings.
Pay close attention to the card’s balance transfer rate and revert rate, how long the introductory period lasts, and whether there’s a limit placed on the amount transferred. Be sure to take into account the card’s annual fees, and check whether there is a balance transfer fee.
If you plan on keeping the card in the long run, it’s a good idea to compare other factors, such as the card’s purchase rate, and the various features on offer.
2. Confirm the amount owing on your existing card
Before you apply, double-check the amount you want to transfer to the new balance transfer card, especially if you are transferring a number of balances from different cards or lenders. Depending on the card you choose, you may be limited in the amount you can transfer. Transfer limits are usually expressed as a percentage of your approved credit limit, for example, 80% or 90%.
3. Submit your application
When you’re ready to apply, simply click through to the card provider’s website to begin your application. Online applications usually take around 10 minutes to complete. You’ll be asked to provide details about your income, assets, debts and other relevant information.
4. Request the balance transfer
The process for requesting a balance transfer can vary. Some providers ask you to provide details of the transfer when you apply for the card, while others allow you to request the transfer after your application has been approved. For those balance transfer requests, you typically have a limited time to apply, either using a paper application or online banking.
5. Activate the card and confirm the transfer
Once you’ve been approved for your new card, you’ll need to activate it (the instructions will come with it), and then confirm the transfer has been made. After you’ve checked there are no new transactions pending on your old card, you can close that account if you don’t plan on using it anymore.
What fees should I expect to pay on a balance transfer?
9% of the 1,025 questions submitted to this page ask how the balance transfer fee is actually calculated — so here it is concretely. The average balance our readers are transferring is $8,489. At a 2% BT fee (HSBC), that's $170 upfront. At 3% (all other cards on this page), it's $254. That's an $84 gap on the fee alone — before factoring in annual fees, which add another $69–$199 depending on the card. Total first-year cost on an $8,489 transfer ranges from $170 (HSBC, yr1 $0 annual fee) to $324 (Latitude, $254 BT fee + $69 annual fee).
The first thing to consider when comparing balance transfer offers, is any fees you might have to pay. Doing this should make it easier for you to work out how much the offer could save you overall, and whether you could save more with a different card.
One of the most important fees to look out for is the balance transfer fee. Not all balance transfer cards charge balance transfer fees, so if it’s not obvious, check the fine print to make sure. A balance transfer fee may be charged as a flat rate, but it’s more commonly charged as a percentage of the amount you're transferring.
So, if you were to transfer $5,000 with a balance transfer fee of 2%, your fee would come to $100, and you would have a total of $5,100 to pay back overall. It’s worth mentioning the promotional rate of interest may not apply to your balance transfer fee, and it might be charged at the revert rate. Check with the card provider if you’re unsure.
How many debts can I transfer to my new card?
The number of balances you can transfer onto a new balance transfer card varies, so it’s (always!) a good idea to read the small print before you apply. If you can’t find a conclusive answer, call the provider to check.
You may find some providers allow for the transfer of a number of balances, while other providers only allow one transfer. You may also want to check where you can transfer balances from. Providers don’t usually transfer balances from other credit cards within their network, but you should be able to transfer from other providers’ credit cards, and in some cases, from store cards, personal loans and other forms of credit.
At the time of writing, these providers allow you to transfer personal loans to a balance transfer credit card:
Can I transfer my debt to the same bank as my old card?
You may find you can’t transfer a balance from one card provider to another, especially if they’re within the same financial group.
Balance transfers credit cards for existing customers:
| American Express | No balance transfers from other American Express accounts. |
| ANZ | No balance transfers from other ANZ accounts. |
| Bank of Melbourne | No balance transfers from BankSA, St.George or Bank of Melbourne credit cards as all of these banks are under the Westpac Banking Corporation. Balance transfers from Westpac are permitted. |
| BankSA | No balance transfers from BankSA, St.George or Bank of Melbourne credit cards as all of these banks are under the Westpac Banking Corporation. Balance transfers from Westpac are permitted. |
| Bankwest | No balance transfers from other Bankwest accounts. While Bankwest is a division of CommBank, you can still request a balance transfer from a CommBank credit card to Bankwest. |
| BOQ | No balance transfers from other BOQ credit cards. |
| Commonwealth Bank | No balance transfers from other CommBank accounts. Balance transfers between CommBank and Bankwest are permitted. |
| Coles | No balance transfers from other Coles credit cards. Can transfer personal loans, conditions apply. |
| Kogan | No balance transfers from other accounts issued by Kogan Money, Bank of Queensland, NAB, and Qantas Money. You can transfer account balances from credit cards, personal loans, and other types of unsecured credit. |
| Latitude Financial Services | No balance transfers from other Latitude accounts or its associated entities, including Gem Visa, 28 Degrees Platinum Mastercard, GO Mastercard, and Latitude Infinity. |
| Macquarie Bank | No balance transfers from other accounts issued by Macquarie Bank. This includes other Macquarie and Card Services accounts. |
| Myer | No balance transfers from Macquarie Bank or Card Services accounts. |
| NAB | No balance transfers from other NAB accounts. |
| St.George | No balance transfers from BankSA, St.George or Bank of Melbourne credit cards as all of these banks are under the Westpac Banking Corporation. Balance transfers from Westpac are permitted. |
| Suncorp Bank | No balance transfers from other Suncorp Bank accounts, including IMB and Virgin Money. |
| Virgin Money | No balance transfers from other Virgin Money credit cards. Can transfer personal loans, conditions apply. |
| Westpac | No balance transfers from other Westpac accounts. Balance transfers from BankSA, St.George or Bank of Melbourne credit cards are permitted. |
| Woolworths | No balance transfers from other Woolworths credit cards, Macquarie or Card Services accounts. |
Do I have to cancel my old card?
You can choose whether you keep the old card or cancel it. Remember you may have to pay an annual fee. If you think you might be tempted to spend on the old card, you may be better off closing the account to focus on paying the balance transfer debt.
Are there credit cards with no balance transfer fee?
There's still several credit cards in market that are offering 0% p.a. introductory offers on balance transfers. This means you won't pay a fee (sometimes 2-5%) to transfer your balance from another card. These cards will have a limited-time promotional period where your interest rate is 0% p.a. on transferred balances. This allows you to chip away at the debt without accruing any interest during that period. However, it's super important to check the T&Cs of each card. Some may have other fees or charges associated like a higher interest rate after the balance transfer period ends.
Can I make new purchases on my balance transfer card?
This is the most-asked question on this page. Of 1,025 reader Q&As submitted to CCAU since January 2013, 19% ask specifically about spending on a balance transfer card — making it the single most common source of confusion, despite being covered in the card T&Cs. The fact that it keeps being asked tells you something: the consequences aren't intuitive until you're in the situation.
Yes, you can, but you’ll likely pay interest on those purchases right away. You can spend up to your credit limit, but having a balance transfer means you won’t get any interest free days on your purchases.
Credit card interest is usually calculated daily, which means you’ll be racking up interest from the moment you make a transaction on the card. If paying down debt is your goal, you may need a low interest rate card to make everyday purchases on, or forego using a credit card until your balance is cleared.
Common Mistakes with Balance Transfer Credit Cards
Balance transfer offers can be a lifesaver, but you’ll need to be aware of some easy mistakes to make after you’ve completed the transfer.
Mistake #1. Thinking that 0% interest means no payments
Even with a 0% p.a. balance transfer offer, you’ll need to make minimum repayments on the card each statement period. If you want to pay off your transferred balance within the introductory period, it’s a good idea to set up a repayment plan, where you pay off as much as you can afford each month.
Mistake #2. Only paying minimum repayments
Making only the minimum repayments on any credit card isn’t a recommended practice because it will massively bump up the amount you owe long term. Check your credit card statement - it tells you how long it’ll take to pay off your debt making only the minimum repayments. By only paying the minimum, you’ll stay in debt far longer and pay a lot more in interest, even with a balance transfer offer.
Mistake #3. Making new purchases on your card
This applies to both your new card and your old card. When you have a balance transfer offer, you should focus on paying your transferred balance off within the introductory period. If you start spending on either card, you have even more to pay off month-to-month.
Worse still, any repayments on your new card automatically go towards paying off the balance with the highest interest first. That means if you’re spending on your balance transfer card, any payments you make might be paying off your new balance while the transferred balance remains untouched.
Note: even if the credit card says it offers interest free days, those won’t apply if you have a balance transfer. When you’ve paid the balance transfer, your interest free days will kick in.
Mistake #4. Not cancelling your old card
When you transfer a balance from an old card, it can be tempting to spend. After all, now you’ve got a credit card with $0 balance and a full credit limit available to you. If you’re going to be tempted to spend, consider closing your old card, and focusing on paying down your balance transfer.
Is it a good idea to do a balance transfer?
For readers who've done it: “I just transferred my balance and I'm very happy to see the light at the end of the credit card tunnel — it's been a long tunnel. I wish I found this site a long time ago!” — Ryan H., CCAU reader. Another: “I transferred my balance from another credit card about 2 years ago. Once I paid the balance off, I kept the card.” — Gail K., CCAU reader. These outcomes are achievable — but both readers cleared their balance before the 0% period ended.
If you’re struggling to pay down existing debt, a balance transfer can help you save money on your interest repayments. It's important to look at your repayments each month and work out what you can afford to pay down on your debt to find a balance transfer credit card that works for you and your circumstances.
Used well, a balance transfer offer can help you get on top of money you owe on your credit card.
Are balance transfers bad for your credit?
Applying for a balance transfer credit card won’t affect your score any more than a regular application. It’ll show up as a standard hard enquiry on your credit file, and may lower your score as is normal for loan and credit card applications.
How many times can you do a balance transfer on a credit card?
Each credit card application puts a hard enquiry on your credit file, so doing too many in a short period of time is detrimental. If you haven't paid off your balance at the end of the period, you can consider doing another balance transfer. As long as you meet the application requirements and can make the repayments, it's a good time to start comparing.
What our readers say
“I just transferred my balance and I’m very happy to see the light at the end of the credit card tunnel — it’s been a long tunnel. I wish I found this site a long time ago!”
— Ryan H., CreditCard.com.au reader
“I transferred my balance from another credit card about 2 years ago. Once I paid the balance off, I kept the card.”
— Gail K., CreditCard.com.au reader
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