Low and 0% Balance Transfer Credit Cards

Updated 1 June 2021

A balance transfer credit card can help you pay down your debt faster. Choose from a range of 0% balance transfer offers.

With the right balance transfer credit card, you can pay down your debt faster by taking advantage of a 0% offer. By moving the balance from your existing credit cards and store cards to a new credit card, you can benefit from a much lower interest rate on that transferred amount. Then, as you are paying less in interest, you can clear your debt faster.

What you need to know about balance transfer credit cards:

  • 0% balance transfer offers can provide a you with extra time to deal with your debt. With introductory periods that range from a few months to over two years, you can easily find and apply for the card that works best for you.
  • The balance transfer rate and introductory period are both important. Be sure to check for any transfer fee and the annual fee as well.
  • When it comes time to apply, you will usually provide details of the balance transfer to your new provider during the application process.
To find the right balance transfer card, you need to compare. At CreditCard.com.au, we make it super easy to compare the options. Use our visual comparison to show you quickly and easily what the strongest offers are from the big banks, plus many of the smaller providers too. On desktop, simply look for the most filled-in circle. On a mobile device, look for the most filled-in bar below the feature. If approved, the transfer will be arranged and you can start working on clearing that transferred amount. If you reach the end of the intro period and still have some to pay off, another balance transfer could be an option, subject to credit approval.
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What is a balance transfer and how does it work?

A balance transfer is a credit card feature that allows new cardholders to save money when they transfer a balance from an existing credit card, to enjoy a lower introductory rate of interest on that balance for a specified period of time.

Balance transfer periods typically vary from six months to two years, with introductory interest rates starting at 0% p.a. Used correctly, the right balance transfer offer could give you the opportunity to pay down more of your balance, while saving on interest.

So, if you were to choose a 12 month 0% balance transfer offer, you could transfer the balance from your existing credit card to pay zero interest on that balance for 12 months. Any balance remaining after that intro period would revert to the card’s purchase rate or cash advance rate.

Balance transfers in a nutshell

A balance transfer offer can be a fantastic money-saving tool. But, it needs to be used wisely. Compare the options on Creditcard.com.au to find the balance transfer that works best for you, then put all your energy into paying off the transferred balance. Not only could you save heaps in interest, you could also be debt-free at the end of intro period. Now wouldn’t that feel good?

Presented as an introductory offer, balance transfers are designed to entice new cardholders, so there is usually plenty of competition within the market. This means you can compare a number of balance transfer offers to find the right one for you.

But to do that effectively, you need to know what to compare. Here are the most important factors you should consider when comparing balance transfer offers, to help you find the balance transfer that best meets your needs.

Balance Transfer Rate: Not to be confused with the card’s purchase rate or cash advance rate, the balance transfer rate is the introductory interest rate applied to any balances transferred onto the card as part of the balance transfer offer. Try to choose the balance transfer offer with the lowest balance transfer rate, as this should save you the most in interest.

Length of Introductory Period: Each balance transfer offer is offered over a specified period of time. Choosing the longest possible introductory period should give you more opportunity to pay down your transferred balance. Be careful not to be too relaxed with a longer introductory period. Set out a repayment plan from the start, to steadily pay down your balance and make the most of the offer.

Revert Rate: At the end of the introductory period, any transferred balance left unpaid will attract the card’s revert rate. This may be the card’s purchase rate, which is usually lower, or the card’s cash advance rate, which is usually higher. If you think you may 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 will pay in interest.

Balance Transfer Fee: Many cards now charge a fee on balances transferred. This balance transfer fee is either a fixed amount, or a percentage of the transferred balance. Be sure to calculate the cost of the balance transfer fee before you apply to make sure the offer is still worthwhile.

Balance Transfer Limits: When you transfer a balance, you may be limited in the amount you can transfer. This is usually expressed as a percentage of your approved credit limit. So, if you are 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.

Annual Fee: When you transfer a balance, it’s usually to save money. However, the money you are saving on interest may be cancelled out by a high annual fee, especially if you are paying off the balance transfer over a number of years. A card with a lower annual fee may help you to save more in the long run.

When comparing balance transfer offers, take into account any fees you will 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 by opting for a different offer.

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 is more commonly charged as a percentage of the transferred amount.

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 that balance transfer fees may not attract the promotional rate of interest. Check with your provider if you are unsure.

As the number of balances you can transfer onto a new balance transfer card varies, it’s a good idea to read the small print before you apply. If you can’t find a conclusive answer, check with the provider.

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 typically prohibit transfers 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.

You may find you are unable to transfer a balance from one card provider to another, especially if they are within the same financial group.

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 accounts, or from other Citi-issued credit facilities, including Citi, IMB and Suncorp Bank.

Citi

No balance transfers from other Citi accounts or Citigroup accounts, including cards from Coles Mastercard, Suncorp Bank, IMB, Qantas Money and Virgin Money.

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 and other Citigroup credit cards.

IMB

No balance transfers from other IMB accounts or Citigroup accounts, including Citi, Suncorp Bank and Virgin Money.

Jetstar

No balance transfers from other accounts issued by Jetstar Mastercard, Macquarie or Card Services.

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 or Citigroup accounts, including Citi, IMB and Virgin Money.

Virgin Money

No balance transfers from other Virgin Money accounts or Citigroup accounts, including Citi, IMB and Suncorp Bank.

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.

Luckily, your new provider will do most of the legwork when you request a balance transfer. However, you still have an important part to play. Follow these steps to enjoy a hassle-free balance transfer, so you can get on with paying down your debt.

1. Compare

Use CreditCard.com.au to compare your options. Pay close attention to the card’s balance transfer rate and revert rate, how long the introductory period lasts, and whether there is 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 term, 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

Before you apply, take time to confirm the amount you want to transfer to the new balance transfer card, especially if you are transferring a number of balances. 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, during which, you will be asked to detail 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 that you 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. Confirm the transfer

Once you have been approved for your new card, you will need to activate it, and then confirm the transfer has been made. After you have checked there are no new transactions pending on the old card, you are free to close that account.

You can choose whether you keep the old card or cancel it. If you think you may be tempted to spend on the old card now you have cleared the balance on it, you may be better off closing the account to avoid spending money you don’t have. But, whether you choose to cancel it or keep it, this is the time to focus on paying down your transferred balance – not spending more.
You are allowed to spend up to your credit limit, so if you have credit available, you can spend on your card. However, you have to be aware that with a balance transfer on your account, you will not receive any interest free days on new spending. That means, not only will you have to pay down your transferred balance, you will also have to pay off your new purchases plus the interest they accrue from the day they’re made.

Common Mistakes To Avoid

Balance transfer offers are awesome. But only if you choose the right offer, and treat it correctly. If you want to get the most out of your balance transfer offer, here are some common mistakes you should try to avoid.

Mistake #1. Thinking that 0% interest means no payments

Even with a 0% p.a. balance transfer offer, you still need to make repayments on the card. As with any credit card, you will have minimum repayments to make 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

Only making the minimum repayments on any credit card is not recommended. Your credit card statement will show you how long it would take to pay off your debt making only the minimum repayments. By only paying the minimum, not only will you stay in debt longer – sometimes decades longer – you will also pay much 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 intro 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. So if you’re spending on that card, you may only be paying off your new balance while the transferred balance remains.

Mistake #4. Not cancelling your old card

When you transfer a balance from an old card, it can be tempting to spend. After all, you now have a credit card with $0 balance and a full credit limit available to you. As we said before though, this can only create more problems. Avoid the temptation to spend by closing your old card, and focus on paying down your balance transfer.

If you are 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 find a balance transfer credit card that works for you and your debt.

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935 questions (showing the latest 10 Q&As)

Bernadette McKinnon

Bernadette McKinnon

4 June 2021
How the balance transfer work? If I apply to Bendigo for $5000 credit and it's approved, how will that link to my current credit card? Will I use the $5000 credit card to pay for my Commonwealth Card and I start to pay off that $5000 gradually? Second question: Not sure why it's said 0% for 24 months but on the other hand it is also said the interest free period is 55 days. Can you explain these please? Thank you.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    7 June 2021
    Hi Bernadette, thanks for your question! When you apply for a credit card, you need to indicate that you’d also like to apply for a balance transfer along with the details required on the application. When this happens the banks will handle the debt behind the scenes. If you make a purchase on the new credit card while you have a balance, you won't be eligible for the interest free days. Hope this helps!
Garth F Boon

Garth F Boon

12 May 2021
Why does your sorting system work so poorly?? I do not want to deal with banks outside Australia. The sliding information's required on amount of card & annual fees NEVER work.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    13 May 2021
    Hi Garth, thanks for your comment and sorry to hear you’re having trouble using our tool. To help us troubleshoot your issues can you let us know what browser and operating system you are using? All our banks listed are banks in Australia. Thanks again.
Judithanne

Judithanne

4 May 2021
Hi there how much can I get
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    5 May 2021
    Hi Judithanne, how much you can get will depend on many factors. These can include outstanding debts, income, credit score and history just to name a few. We can't give you an exact answer we're afraid!
Kerry Glover

Kerry Glover

29 April 2021
What does it mean when it says says ummm say 15000, over 24 months?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    4 May 2021
    Hi Kerry, the amount you are referring to is based off the details from the calculator above our comparison tool. The amount is reflective of whether you balance transfer the input amount to the provider listed. Hopefully this has helped.
Carolina

Carolina

19 April 2021
what credit checks or requirements upon approval are needed in order to be approved for a certain amount of balance transfers? I have 3 credit cards totaling about $25000 or less. I was just looking into consolidating all my credit card payments into one, and this seemed like an excellent option for me at this time, given a possible less interest rate and a better option than debt consolidation. Could someone please get in touch via email or phone call today, if possible to discuss any best options?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    19 April 2021
    Hi Carolina, every bank and lender have different approval requirements and determine your credit limit (and balance transfer limit) differently. Creditcard.com.au is a comparison website and we don't represent any individual bank or lender. If you're concerned about your eligibility, please contact the company you want a credit card from directly to discuss your options.
Matt

Matt

26 March 2021
Im a discarged bankrupt (result of a divorce) Solid income , zero debts .. and single But i have the Bankructy blemish on my credit file . How can i succesfully get a credit card to start rebuilding my credit rating
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    29 March 2021
    Hi Matt, Bankruptcy stays on your credit file for 2 years from when your bankruptcy ends or 5 years from the date you became bankrupt (whichever is later). And it will be tricky to get a credit card before it is removed. There are a few things you can do to try to improve your chances: make all your repayments on time, lower any used credit limits, don't apply multiple times. If you've got a solid income, no debts and a reasonable amount of outgoing expenses, you can also talk to your current bank and see if they would be willing to issue you a credit card. Since they already have all of your financial history and details, it may be more likely that applying with a brand new provider and could start you out with a low limit. I hope that helps.
Sonal

Sonal

25 March 2021
Can I transfer balance transfer amount in personal loan
deb

deb

10 March 2021
we have a large debt on a credit card ($64K) which we can pay off in July- October. Can we transfer the balance across two new cards or will any of these cards transfer the entire amount on 0% balance transfer ? Ideally we want frequent flyer points as a primary consideration due to children living overseas.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    11 March 2021
    Hi Deb, from a purely technical perspective, yes - you can split a balance transfer between two new cards. However, the likelihood of being approved for two new balance transfer cards with $64,000 of existing credit card debt is very low as you'd need to be approved for about $80,000 worth of new credit. If you apply and get approved for one balance transfer card with a long-term offer, you could transfer some of the debt (just making minimum repayments) and focus on paying off your existing card. And then get back to paying down the balance transfer debt in July - Oct (there are plenty of offers with at least 18 months interest-free).
Kerry

Kerry

1 March 2021
I’m looking for a New credit card with longest interest free period available - I have about $15k purchase I want to make (I have no balances to transfer from other) - is there a card that does 6/ 12 month + Interest free without a balance transfer?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    2 March 2021
    Hi Kerry, there are plenty of cards that offer 0% interest for 12 months or more. You can check them out on our 0% purchase page. A lot of them also come with a balance transfer offer but if you don't want to take up a balance transfer, you absolutely don't have to. The longest interest-free offer I am aware of on the market right now is the ANZ Platinum with 0% interest on purchases for 17 months. I hope that helps.
Claire

Claire

25 February 2021
Can I transfer 2 credit cards balances across to only have one
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    25 February 2021
    Hi Claire, typically yes - most cards allow you to transfer up to 3 balances from Australian credit cards and store cards.
Kate

Kate

15 February 2021
I have an ANZ credit card that has a limit of $6000- $5500 owing. It has a very high interest rate and am finding it hard to even pay off any of the card as I feel like I’m only paying interest. What is the best option for me to be able to pay it off faster?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    16 February 2021
    Hi Kate, A balance transfer credit card could be what you're looking for. If you meet the eligibility criteria and get approved for a new card, this allows you to move the $5,500 onto a new credit card that charges 0% interest for an introductory period. You can then close your ANZ account and focus on repaying your balance interest-free. For example, if you opted for the Citi Rewards card with a 30-month interest-free balance transfer, you could pay $195 per month (factoring in the card's annual fee) towards your debt for those 30 months and have it cleared before the interest rate kicks in. This assumes you won't make any new purchases on the card and that you're eligible to transfer your entire balance. I hope that helps!
Hannah

Hannah

5 February 2021
Hello If I am looking at transfering $7000 from my current credit card to the new credit card, is the credit limit I request on the new card $7000. Kind regards Hannah
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    9 February 2021
    Hi Hannah, Most credit cards allow you to transfer up to a certain percentage of your available limit (usually 80% - 90%). For example, if you were looking at the St.George Vertigo Card, you're allowed to transfer up to 80% of your available credit limit - so to transfer the entire $7,000 balance you'd need to be approved for a credit limit of at least $8,750. The HSBC Platinum Credit Card allows you to transfer up to 90% of your available credit limit, so you'd need an approved limit of $7,778 to transfer the entire balance.
hannah

hannah

3 February 2021
Hello, what does this mean - At the end of the promotional period, the applicable variable cash advance rate will apply to any remaining unpaid transferred balance(s)
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    4 February 2021
    Hi Hannah, say you transfer $5,000 with a balance transfer offer. The offer is 0% for 12 months. At the end of the 12 months you have paid off $4,500 of the $5,000. The remaining $500 will be subject to the cash advance interest rate until you pay it off in full. Bottom line, the plan should be to pay off the balance transfer in full before the intro period expires. Another option, subject to credit approval, is to get another balance transfer offer before it expires.
Chris

Chris

20 January 2021
I have an amex card and my husband a nab card.what is the best card to do a balance transfer and can both be done on a single transaction
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    21 January 2021
    Hi Chris, a balance transfer must be between the same legal person. Therefore you and your husband would need to get separate balance transfers. The right balance transfer will depend on the time you need to pay off and the amount of the transfer. An offer like the St George Vertigo may be suitable for both of you.
Marissa Titmarsh

Marissa Titmarsh

14 January 2021
Would like to BT from Personal Loan to interest free credit card
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    14 January 2021
    Sure - I like the Citi Rewards Platinum. Takes non-Citi personal loan debt. Can offer high credit limits. Longest 0% balance transfer in market plus no balance transfer fee.
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