Low and 0% Balance Transfer Credit Cards

Updated 13 June 2019

Pay down your credit card faster with a balance transfer card, choosing from a range of 0% balance transfer offers up to 26 months.

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

To find the right balance transfer card, you need to compare. At CreditCard.com.au, we make it super easy to compare the options. We use 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.

When comparing offers, the balance transfer rate and introductory period are both important, but be sure to check for any transfer fee and the annual fee as well. 0% balance transfer offers can provide a great deal, with introductory periods that range from a few months to over two years. With such a wide range, you can easily find and apply for the card that works best for you.

When it comes time to apply, you will usually provide details of the balance transfer to your new provider during the application process. 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.

Citi Rewards Platinum Credit Card

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St.George Vertigo Platinum Credit Card

St.George Vertigo Platinum Credit Card

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Virgin Australia Velocity Flyer Credit Card

Virgin Australia Velocity Flyer Credit Card

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Westpac Low Rate credit card

Westpac Low Rate credit card

303 reviews

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Bank of Melbourne Vertigo Platinum

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Virgin Australia Velocity Flyer Credit Card – Up to 75,000 bonus Velocity Points

Virgin Australia Velocity Flyer Credit Card – Up to 75,000 bonus Velocity Points

4 reviews

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St.George Vertigo Platinum Rainbow Credit Card

St.George Vertigo Platinum Rainbow Credit Card

1 review

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ANZ Platinum Credit Card

ANZ Platinum Credit Card

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ANZ Low Rate Credit Card

ANZ Low Rate Credit Card

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Virgin Money Low Rate Credit Card

Virgin Money Low Rate Credit Card

11 reviews

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Citi Rewards Platinum Credit Card – 0% Purchase Offer

Citi Rewards Platinum Credit Card – 0% Purchase Offer

1 review
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American Express Platinum Edge Credit Card

American Express Platinum Edge Credit Card

1 review
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Qantas American Express Premium Credit Card

Qantas American Express Premium Credit Card

1 review
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Qantas American Express Discovery Credit Card

Qantas American Express Discovery Credit Card

1 review
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St.George Amplify Signature Credit Card – Qantas

St.George Amplify Signature Credit Card – Qantas

1 review

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St.George Amplify Platinum Credit Card – Qantas

St.George Amplify Platinum Credit Card – Qantas

1 review

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St.George Vertigo Rainbow Credit Card

St.George Vertigo Rainbow Credit Card

1 review

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NAB Rewards Classic Credit Card

NAB Rewards Classic Credit Card

1 review
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NAB Rewards Platinum Credit Card

NAB Rewards Platinum Credit Card

1 review
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NAB Low Rate Platinum Credit Card

NAB Low Rate Platinum Credit Card

2 reviews
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Citi Signature Qantas Credit Card

Citi Signature Qantas Credit Card

2 reviews

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Citi Simplicity Credit Card

Citi Simplicity Credit Card

4 reviews
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BankSA Vertigo Platinum Credit Card

BankSA Vertigo Platinum Credit Card

2 reviews

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Emirates Citi World Mastercard

Emirates Citi World Mastercard

5 reviews

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ANZ First Card

ANZ First Card

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Virgin Australia Velocity Flyer Credit Card – 0% p.a. for 14 months on purchases

Virgin Australia Velocity Flyer Credit Card – 0% p.a. for 14 months on purchases

7 reviews

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Bank of Melbourne No Annual Fee Credit Card

Bank of Melbourne No Annual Fee Credit Card

2 reviews

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Citi Clear Platinum Credit Card

Citi Clear Platinum Credit Card

114 reviews

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HSBC Platinum Credit Card

HSBC Platinum Credit Card

14 reviews

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Woolworths Everyday Platinum Credit Card

Woolworths Everyday Platinum Credit Card

10 reviews

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Bank of Melbourne Vertigo Credit Card

Bank of Melbourne Vertigo Credit Card

25 reviews

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Citi Rewards Signature Credit Card

Citi Rewards Signature Credit Card

5 reviews

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St.George No Annual Fee Credit Card

St.George No Annual Fee Credit Card

6 reviews

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BankSA Vertigo Credit Card

BankSA Vertigo Credit Card

7 reviews

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Citi Rewards Classic Credit Card

Citi Rewards Classic Credit Card

25 reviews
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HSBC Platinum Qantas Credit Card

HSBC Platinum Qantas Credit Card

11 reviews

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St.George Amplify Credit Card – Online Exclusive

St.George Amplify Credit Card – Online Exclusive

5 reviews

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St.George Vertigo Credit Card – Online Exclusive

St.George Vertigo Credit Card – Online Exclusive

17 reviews

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Virgin Money No Annual Fee Credit Card

Virgin Money No Annual Fee Credit Card

15 reviews

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Virgin Australia Velocity High Flyer Credit Card

Virgin Australia Velocity High Flyer Credit Card

31 reviews

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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.

Some balance transfer offers allow for a number of transferred balances, while others may only allow one balance to be transferred. Check whether there is a limit to the number of balances you can transfer, and where they can be transferred from. You may be able to transfer balances from credit cards and store cards, and in some cases, personal loans.

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.

Your Balance Transfer in 5 Easy Steps

Balance transfers don’t need to be complicated, especially when you have CreditCard.com.au on your side. By following these five simple steps, you can find the best balance transfer offer and make the most of your balance transfer card.

  1. Compare
    Use CreditCard.com.au to compare your options. Pay attention to the factors mentioned above to find the balance transfer offer that will best meet your needs. 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 Amount Owing
    When transferring a balance – or a number of balances – you will need to confirm the amount being transferred to the new balance transfer card. Find out how much you are allowed to transfer over, and be sure to take into account balance transfer fees and any limits on balance transfer amounts.

  3. Submit Application
    Once you’ve found the right card for you, it’s time to apply. When you apply through CreditCard.com.au, you will be directed to the card provider’s site, where you can submit your application directly. This application process can be completed online, and normally takes about ten minutes.

    During the application, you will usually be asked to provide information regarding the balance transfer. This typically involves providing details on the existing provider and the amount you want transferred. If your application is approved, the balance transfer will be processed by your new card provider. Be aware, it may take time to process.

  4. Activate Your Card
    Once your application has been approved, you will usually receive your new card in the post within about a week. You may receive a PIN separately, or your card provider may allow you to choose a PIN online. To use the new card, you will typically need to activate it. Depending on the card provider, this may be done online, over the phone or in branch.

  5. Confirm Transfer and Close Old Card
    When you apply for the new card, your provider will advise you how long the balance transfer will take to be processed. If you have access to online banking, you can keep an eye out for the transfer to be made. If the transfer hasn’t arrived within the expected timeframe, you may want to contact your provider.

    Once the transfer has been processed, it’s time to close the old card account. While this is obviously not compulsory, it can be a good idea as it may help you to avoid the temptation of spending on the card and running up a new balance. Now it’s time to pay off the transferred balance. Setting up a repayment plan and automatic payments can help make this easier.

That is up to you. 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.

Remember you don't get any interest free days on purchases if your card is carrying a balance. That means you get charged the standard interest rate on purchases from the day you make the purchase.

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.

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854 questions (showing the latest 10 Q&As)

Doug

Doug

24 June 2019
Hi i have hit my max of $3000 on Go Mastercard at 22.75% considering balance transfer at $200 per month. The Citi platinum card is best ive seen giving me 14 months to pay off. Any suggestions appreciated. Want to apply asap. Thanks
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    25 June 2019
    Hi Doug. Being at max credit limit is a red flag for approval. Typically I suggest you pay it down to at most 85% before applying. Though everyone is unique in their credit position. I think this card is fine if you can pay off in full before the intro period expires. Read through our credit card application tips.
Brooke

Brooke

14 June 2019
Hi we are looking at doing a balance transfer on our anz card as our balance transfer period is up. We have $7900 on it and can afford $200 a month to pay it off. Which card best suits this option? Thanks.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    17 June 2019
    Hi Brooke, at $200 a month, that would take around 40 months at 0% interest to pay the debt off. Therefore you would need to do and be approved for a few balance transfers over the period. How about you start with the Virgin Flyer. There is no balance transfer fee and 0% for 18 months. I like the reduced $50 annual fee. This card is issued through Citi. Therefore you would need to look at a non-Citi offer towards the end of the promotional period. All this is subject to credit approval. Though I have known people to be able to transfer to different cards for over 5 years.
John

John

8 June 2019
Is it possible to transfer a credit card amount and get any frequent flyer points off the amount transfered
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    11 June 2019
    Hi John, a balance transfer is not eligible to earn frequent flyer points. Therefore this is not possible.
Tim

Tim

7 June 2019
What is the maximum balance transfer allowed?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    7 June 2019
    Hi Tim, the maximum balance transfer is very much dependent on your new approved credit limit. Typically banks will allow you to transfer from 80-95% of your new cards credit limit. Look always in the detail of what percentage they will allow. The credit limit itself will be decided by the bank after they access you application. How much are you looking to transfer and from what bank(s)?
Steve

Steve

27 May 2019
Hi, May i transfer my credit card balance to my debit card as well or balance transfer is only available between credit cards?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    28 May 2019
    Hi Steve, a balance transfer can pay down loan, credit card or store card debt.
Rey

Rey

25 May 2019
Hi RolandCan I balance transfer my account with Certegy Ezy-pay (with balance of $2000) or do you know any of the bank which can do balance transfer to pay my Certegy balance?I want to close my Certegy and my Coles Mastercard with outstanding of $2,900.Thank you.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    27 May 2019
    Hi Rey, I am not completely sure how Ezy-pay works. If it is a personal loan or line of credit. Then you should be able to transfer it to a Citi balance transfer offer. Citi are the only provider in Australia that will accept personal loan debt as part of a transfer. Though Citi also issue the Coles Mastercard. A balance transfer needs to be between different banks. Therefore you would not be able to transfer your Coles balance to a Citi balance transfer. Therefore there would be no suitable balance transfer that could work to take both your debt. You would need to get approved for 2 different offers to take both. What I would suggest is whichever has the highest interest should be paid off first. So focus on getting a balance transfer for the highest interest amount first. Read our credit card application tips. To transfer your Coles debt I suggest the Westpac low rate as an option.
Ben

Ben

4 May 2019
I have 7000 owing on a 10000 comm bank credit card .. i want to clear that debt and go credit card free , best option ?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    6 May 2019
    Hi Ben, it will depend on how long you need to pay the debt. I like this Virgin Flyer offer with a reduced $50 annual fee. It has 0% for 18 months with no balance transfer fee. For the longest term 0% balance transfer. Have a look at the St George Vertigo Platinum.
Panita

Panita

30 April 2019
I want to apply for credit balance transfer i try to apply for citibank credit card before but does not approve and i want apply another credit am not sure because i fill scared they come up on my credit score and make me bad credit.
Greg

Greg

10 April 2019
Can I apply 4 a anz credit card even though I’m not a custermer plus on a disability pension
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    11 April 2019
    Hi Greg, yes it is possible to apply for an ANZ credit card if you are not a customer. ANZ will see the disability pension as income. Though meeting the minimum requirements does not mean you will get approved. Read our credit card application tips.
melinda

melinda

5 April 2019
hi I have an Altitude business platinum credit card and am finding it hard to pay my debt off . Is there anyway I can get this credit card down quicker .. Im paying like $400 a month but it never seems to go down
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    8 April 2019
    Hi Melinda, with business credit cards there are very few balance transfer offers. What you could look at, is getting a low rate business loan. Something that is at a much lower interest rate that your current. Other than this you will need to knuckle down and start paying off much more a month. With an interest rate around 20% p.a. This can make it very hard to pay down if you get a high balance.
Craig

Craig

21 March 2019
RE: Balance transfer cards, do you offer / resell any that can be used to transfer to a GEM Visa card?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    22 March 2019
    Hi Craig, most banks should take GEM (Latitude Financial) credit card debt, subject to credit approval. Depending on the amount you want to transfer I like the Westpac Low Rate, HSBC Platinum and Vertigo Platinum offers.
Chris

Chris

18 March 2019
Hi,Is there any offers where after the 0% transfer period ends, they revert to less than 19-20% cash rate?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    18 March 2019
    Hi Chris, I am not aware of a balance transfer that does not revert to the cash rate. In the past they were common but have been stamped out. The idea is try and pay down the debt in the 0% period. You will only pay the higher interest on whatever amount you have not paid off. It is possible, subject to credit approval, to apply for another balance transfer before your intro period expires. That way, moving the debt a 2nd time to assist you in paying it off.
Pramod

Pramod

18 March 2019
Hi Roland, I am looking for a balance transfer option that i can use to pay of a credit card and also a personal loan please can you assist?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    18 March 2019
    Hi Pramod, Citi are the only issuer that will take personal loans as part or all of the transfer. You can transfer up to 3, non-Citi personal loans, credit or store cards. Have a look at the Citi Rewards Platinum balance transfer offer.
Ash

Ash

4 March 2019
Hi Roland, you recommend checking your credit rating before applying- can a credit check negatively affect your rating. Secondly, can you recommend where/who to get this through?
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