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Balance Transfer Credit Cards

Sometimes, it can be harder to pay off a credit card than you thought it would be. If this sounds true to you, let us help you compare balance transfer credit cards. We’ll take you through what they are, when you might consider applying for one, any pros and cons, and things you should look out for.

*iSelect (through its wholly owned subsidiary, Tyrian Pty Ltd) and Fair Comparison Pty Ltd (which operates this credit product comparison) may receive a commission if users click through, apply, or successfully qualify, for a loan or credit card product from or through a provider.

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  • Default
  • Longest Balance Transfer Period
  • Lowest Transfer Fee
  • Lowest Cash Advance Rate

Fair Comparison compares loan products from a range of banks and other financial or credit product providers and does not compare all products in the market or all product features. To filter the results, you will need to enter some basic information which will generate a comparison of products that fall within those parameters. The default ordering of products is based on initial balance transfer rate. Fair Comparison do not take into account your objectives, financial situation or needs, or provide advice, assistance or recommendations.

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Product Image For Bankwest - Zero Classic Mastercard

Bankwest - Zero Classic Mastercard

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Cash Advance Rate

21.99% p.a.

Balance Transfer

0% for 28 months
reverts to 14.99% p.a.
3% BT fee applies.

Balance Transfer Fee

3%
per transaction
A $0 annual fee and an initial balance transfer rate of 0% for 28 months.
Product Image For Bankwest - Zero Platinum Mastercard

Bankwest - Zero Platinum Mastercard

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Cash Advance Rate

21.99% p.a.

Balance Transfer

0% for 28 months
reverts to 14.99% p.a.
3% BT fee applies.

Balance Transfer Fee

3%
per transaction
Get a $0 annual fee and an initial balance transfer rate of 0% for the first 28 months.
Product Image For ANZ - Low Rate Credit Card - Balance Transfer offer

ANZ - Low Rate Credit Card

Balance Transfer offer

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Cash Advance Rate

21.99% p.a.

Balance Transfer

0% for 28 months
reverts to 21.99% p.a.
3% BT fee applies.

Balance Transfer Fee

3%
per transaction
A first year annual fee of $0 and a 0% balance transfer rate for 28 months.
Product Image For Citi - Clear Credit Card - Balance Transfer offer

Citi - Clear Credit Card

Balance Transfer offer

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Cash Advance Rate

22.24% p.a.

Balance Transfer

0% for 28 months
reverts to 22.24% p.a.
2% BT fee applies.

Balance Transfer Fee

2%
per transaction
An introductory interest rate of 0% p.a. on balance transfers for the first 28 months.
Product Image For Suncorp - Clear Options Standard Credit Card

Suncorp - Clear Options Standard Credit Card

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Cash Advance Rate

21.99% p.a.

Balance Transfer

0% for 20 months
reverts to 21.99% p.a.
1% BT fee applies.

Balance Transfer Fee

1%
per transaction
An annual fee of $55 and purchase rate of 12.74% p.a..
Product Image For BOQ - Low Rate Visa Credit Card

BOQ - Low Rate Visa Credit Card

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Cash Advance Rate

21.49% p.a.

Balance Transfer

0% for 18 months
reverts to 21.49% p.a.
0% BT fee applies.

Balance Transfer Fee

0%
per transaction
An introductory balance transfer interest rate of 0% for 18 months.
Product Image For Coles - Low Rate Mastercard

Coles - Low Rate Mastercard

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Cash Advance Rate

20.74% p.a.

Balance Transfer

0% for 15 months
reverts to 20.74% p.a.
1.50% BT fee applies. No interest free days apply to retail purchases while you have a Balance Transfer

Balance Transfer Fee

1.50%
per transaction
Earns 1 Flybuys point per $2 spent on Coles Supermarket purchases.
Product Image For Citi - Rewards Credit Card  - Purchases and Balance Transfer offer

Citi - Rewards Credit Card

Purchases and Balance Transfer offer

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Cash Advance Rate

22.24% p.a.

Balance Transfer

0% for 15 months
reverts to 22.24% p.a.
0% BT fee applies.

Balance Transfer Fee

0%
per transaction
An introductory balance transfer rate of 0% for 15 months.
Product Image For EasyStreet - Low Rate Credit Card

EasyStreet - Low Rate Credit Card

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Cash Advance Rate

8.99% p.a.

Balance Transfer

0% for 12 months
reverts to 8.99% p.a.

Balance Transfer Fee

N/A
An annual fee of $40 and a purchase interest rate of 8.99% p.a..
Product Image For QBANK - Bluey Credit Card

QBANK - Bluey Credit Card

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Cash Advance Rate

12.49% p.a.

Balance Transfer

0% for 12 months
reverts to 12.49% p.a.

Balance Transfer Fee

N/A
A $0 annual fee and an introductory balance transfer rate of 0% for 12 months.

What is a balance transfer credit card?

If you’d like to pay off your credit card debt interest-free, then you might consider a balance transfer credit card, which basically transfers your debt to a new card without any interest, or a very, very low level of interest. However, the appealing zero percent interest rate usually comes with the caveat that it’s only available for a limited period of time, which is usually between six months to two years.

Once this promotional period is over, and if you haven’t paid off your debt, then you’ll typically incur higher than normal interest rates for the remainder of your debt repayments.

What are some things to consider before applying for a balance transfer credit card?

Bear in mind that if you choose to give yourself some extra breathing room with a balance transfer credit card, you won’t necessarily be able to dilly-dally your repayment schedule.

It’s a good option if you’d like to pay off credit card debt in a shorter period of time with lower interest, but if you can’t, you might find yourself paying more in the long run.

It’s important that if you really are struggling, you consider other options to help you consolidate your debts. For more information on debt management, please refer to the MoneySmart website here.

If you think you’re really in trouble, you might even consider asking your existing lender for financial hardship assistance
If so, read through the Australian Government’s Moneysmart page on financial hardship here.

When would I consider applying for a balance transfer credit card?

As mentioned, if you want to pay off your credit card debt more quickly and at a lower interest rate, a balance transfer credit card could help you out. Or, you might like to consolidate existing personal debts.

You may have spent a chunk of money on a recent interstate holiday, or perhaps you bought a tonne of presents for friends and family over Christmas (and you’re still recovering from it).

But if you decide to go ahead and apply for a balance transfer, be sure to check the terms of your current credit card. It should detail the interest rate that applies to balance transfers and for how long they last.

For a more in depth look at loans and credits, read through the Australian Securities and Investments Commission’s (ASIC) information here, or Moneysmart’s page on balance transfer credit cards here.

Sometimes, we grab ourselves a shiny new credit card and hope it will keep us financially afloat for a while. And usually, it does. But we might also find ourselves in a position where it’s harder to pay off our credit cards than we might have initially thought. Or, we might simply want a way to pay off our card interest-free (under a strict time limit, though!)
So if this sounds familiar to you, you might like to know more about handling your credit card debt with a balance transfer credit card.

Sometimes, we grab ourselves a shiny new credit card and hope it will keep us financially afloat for a while. And usually, it does. But we might also find ourselves in a position where it’s harder to pay off our credit cards than we might have initially thought. Or, we might simply want a way to pay off our card interest-free (under a strict time limit, though!)
So if this sounds familiar to you, you might like to know more about handling your credit card debt with a balance transfer credit card.

What should I look out for when I compare balance transfer credit cards?

Consider the following things you’d need to get in order:

  • Find out how much you can transfer first

    Don’t leave yourself with a nasty surprise and choose a balance transfer option that’s much lower than what you require.

    You can usually transfer up to a certain amount, and this can be affected by your credit limit. Lenders will always assess your personal financial situation which includes your income, credit history, and expenditure before they assign you a credit limit for a balance transfer. You can typically transfer most or all funds from one credit card to another.

    You’ll be able to see if there’s still money owed on your current credit card after you make the transfer. If there is, it means you could be paying interest on that as well, so ask yourself if you’d want to make repayments on two separate cards.

    Check with your current lender to avoid falling into any holes you’d have a hard time climbing out of.

  • Be realistic

    Be honest with yourself about what you’d need to repay in the limited period of your new time limit. Yes, the interest rate would be much lower, but as you’d typically have between six months to two years to pay it all off at that rate, make sure you’re able to do so within that time frame.

    Once that promotional period ends, the interest rate will typically go up and you could be facing higher repayments in the long run than you initially expected.

    The purchase rate could also go up after this time period, so any additional purchases you make on the balance transfer card could incur a high fee.

  • Limit your spending

    Make sure you won’t go wild with your new balance transfer credit card. If you do, well… any fancy, new purchases you make might incur a higher purchase rate and therefore affect your total repayment. Focus on repaying your balance. You’ll also need to cancel your old credit card.

  • Keep an eye on your credit score

    Each time you apply for a new credit card or balance transfer, it’s noted on your credit score. So if you’ve made a number of applications in the past few months, your credit rating might drop.

What features are worth considering when comparing products?

The table below details some key features to consider for a bank transfer credit card:

Balance transfer rate- This is the interest rate on the amount you transfer (the balance).
- Make note of the start and end of the transfer period.
Balance transfer amount- Find out how much you can transfer.
Purchase (interest) rate- Be aware of any interest you may be charged on extra things you decide to buy outside of making your repayments.
- Find out if this rate changes after the transfer period, too.
Interest-free days- You’ll typically be given a number of days where you won't be charged any interest on purchases, so make note of when this begins.
Rewards programs- See if there are any rewards programs and whether or not you’d need to pay any additional fees for these.
Annual fee- Check the annual fee and know when you’d need to pay it.
Are there any other fees?It’s possible that you may also incur fees for things like:
- the transfer to the new credit card;
- late repayments;
- cash you might want to take out;
- going over your credit limit; and
- using your credit card for shopping or overseas travel.

Some pros to a balance transfer credit card are listed below:

  • You might be able to take advantage of rewards points, frequent flyer programs, or retail discounts.
  • You may incur lower interest rates or interest-free periods.
  • You might be able to pay off your debt faster and with a lower interest rate.

Some cons to a balance transfer credit card could include the following:

  • You might incur fees for transferring your balance in the first place, as well as annual fees.
  • You might be charged extra on any extra new purchases you make with this card.
  • You might also be charged if you choose to redraw any additional funds you would have made to pay off your debt.
  • If you don’t pay off your debt within the balance transfer period, you would typically incur interest on a higher purchase rate.
  • It could also have a negative impact on your credit score.

How much could I save with a balance transfer credit card?

You could save anywhere between a couple-hundred dollars each year to possibly a couple-thousand!

But it totally depends on your original credit card balance, your repayments, and the credit card you choose to transfer your balance to.

Moneysmart’s hub on balance transfer credit cards could also be a helpful resource to learn how you can make balance transfer credit cards work for you.

How can I do a balance transfer?

There are a few simple steps:

  1. Compare balance transfer credit cards – Visit the iSelect’s website to compare options that are suitable for you.
  2. Send your application – Read your chosen lender’s application requirements, fill in your details, and select ‘balance transfer’ in your application. Then, submit.
  3. Activate your card – Once your application is successful, your lender will post your new card. You’ll need to activate it over the phone or online before you can start making repayments.
  4. Close your old account – Closing off your old account can help you manage your new balance transfer card and stay out of debt.

Looking for a balance transfer credit card?

If you’re ready to compare balance transfer credit cards, you can start here online with iSelect. See the range of providers and simply click on an option that suits you to begin your application.

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