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Balance Transfer Cards

Trying to pay off your credit card debt, but struggling to balance the repayments against the interest? You may want to consider a balance transfer card. Our comparison service includes a wide range of balance transfer rates and terms, making it easy for you to make your choice.

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Estimated Savings

Your card details

Add your existing card details here to learn how much money you could save by switching.

Transfer amount
Your rate
20.00%
Your annual fee
$250
Select cards to compare
Balance Transfer
Purchase Rate
Annual Fee
Estimated Savings

Citi Rewards Credit Card - Balance Transfer Offer

Compare
Balance Transfer 0% p.a. for
30 months

reverts to 22.24% p.a.
1.5% balance transfer fee applies
Purchase Rate 21.49% p.a.
Annual Fee $0 p.a. for
12 months

reverts to $199 p.a.
Money saved $1,550.05

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 30 months
$1,550.05

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 30 months
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NAB Low Rate Card

Compare
Balance Transfer 0% p.a. for
20 months

reverts to 21.74% p.a.
2% balance transfer fee applies
Purchase Rate 0% p.a. for
20 months

reverts to 12.99% p.a.
Annual Fee $59 p.a.
Money saved $1,204.92

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 20 months
$1,204.92

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 20 months
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HSBC Platinum Credit Card

Compare
Balance Transfer 0% p.a. for
22 months

reverts to 21.99% p.a.
Purchase Rate 19.99% p.a.
Annual Fee $129 p.a.
Money saved $1,200.86

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 22 months
$1,200.86

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 22 months
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Citi Clear Credit Card

Compare
Balance Transfer 0.9% p.a. for
15 months

reverts to 22.24% p.a.
Purchase Rate 0.9% p.a. for
15 months

reverts to 14.99% p.a.
Annual Fee $99 p.a.
Money saved $955.11

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 15 months
$955.11

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 15 months
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Citi Rewards Credit Card - E-Voucher Offer

Compare
Balance Transfer 0% p.a. for
12 months

reverts to 22.24% p.a.
Purchase Rate 21.49% p.a.
Annual Fee $99 p.a. for
12 months

reverts to $199 p.a.
Money saved $708.90

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 12 months
$708.90

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 12 months
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Bankwest Zero Mastercard

Compare
Balance Transfer 2.99% p.a. for
9 months

reverts to 19.99% p.a.
Purchase Rate 19.99% p.a.
Annual Fee $0 p.a.
Money saved $612.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 9 months
$612.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 9 months
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Bankwest Zero Platinum Mastercard

Compare
Balance Transfer 2.99% p.a. for
9 months

reverts to 19.99% p.a.
Purchase Rate 19.99% p.a.
Annual Fee $0 p.a.
Money saved $612.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 9 months
$612.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 9 months
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Bankwest Breeze Mastercard

Compare
Balance Transfer 2.99% p.a. for
9 months

reverts to 10.99% p.a.
Purchase Rate 0% p.a. for
15 months

reverts to 10.99% p.a.
Annual Fee $49 p.a.
Money saved $563.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 9 months
$563.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 9 months
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Bankwest Breeze Platinum Mastercard

Compare
Balance Transfer 2.99% p.a. for
9 months

reverts to 10.99% p.a.
Purchase Rate 0% p.a. for
15 months

reverts to 10.99% p.a.
Annual Fee $69 p.a.
Money saved $543.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 9 months
$543.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 9 months
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Bankwest Qantas Platinum Mastercard

Compare
Balance Transfer 2.99% p.a. for
9 months

reverts to 20.49% p.a.
Purchase Rate 20.49% p.a.
Annual Fee $160 p.a.
Money saved $452.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 9 months
$452.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 9 months
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NAB Low Fee Card

Compare
Balance Transfer 0% p.a. for
6 months

reverts to 21.74% p.a.
2% balance transfer fee applies
Purchase Rate 19.74% p.a.
Annual Fee $30 p.a.
Money saved $450.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 6 months
$450.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 6 months
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Bankwest More Mastercard

Compare
Balance Transfer 0% p.a. for
6 months

reverts to 19.99% p.a.
1% balance transfer fee applies
Purchase Rate 19.99% p.a.
Annual Fee $100 p.a.
Money saved $410.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 6 months
$410.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 6 months
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NAB Low Fee Platinum

Compare
Balance Transfer 0% p.a. for
6 months

reverts to 21.74% p.a.
2% balance transfer fee applies
Purchase Rate 19.74% p.a.
Annual Fee $90 p.a.
Money saved $390.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 6 months
$390.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 6 months
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Bankwest More Platinum Mastercard

Compare
Balance Transfer 0% p.a. for
6 months

reverts to 19.99% p.a.
1% balance transfer fee applies
Purchase Rate 19.99% p.a.
Annual Fee $160 p.a.
Money saved $350.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 6 months
$350.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 6 months
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Bankwest Qantas World Mastercard

Compare
Balance Transfer 2.99% p.a. for
9 months

reverts to 20.49% p.a.
Purchase Rate 20.49% p.a.
Annual Fee $270 p.a.
Money saved $342.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 9 months
$342.94

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 9 months
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NAB Rewards Platinum Card

Compare
Balance Transfer 0% p.a. for
6 months

reverts to 21.74% p.a.
2% balance transfer fee applies
Purchase Rate 19.99% p.a.
Annual Fee $195 p.a.
Money saved $285.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 6 months
$285.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 6 months
Go to provider
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Bankwest More World Mastercard

Compare
Balance Transfer 0% p.a. for
6 months

reverts to 19.99% p.a.
1% balance transfer fee applies
Purchase Rate 19.99% p.a.
Annual Fee $270 p.a.
Money saved $240.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 6 months
$240.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 6 months
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NAB Qantas Rewards Premium Card

Compare
Balance Transfer 0% p.a. for
6 months

reverts to 21.74% p.a.
2% balance transfer fee applies
Purchase Rate 19.99% p.a.
Annual Fee $250 p.a.
Money saved $230.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 6 months
$230.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 6 months
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NAB Rewards Signature Card

Compare
Balance Transfer 0% p.a. for
6 months

reverts to 21.74% p.a.
2% balance transfer fee applies
Purchase Rate 19.99% p.a.
Annual Fee $295 p.a.
Money saved $185.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).


saved over 6 months
$185.18

Estimated savings on interest and annual fees on the transfer amount over the balance transfer period, assuming that you are accruing interest on the balance on the previous card, which you are paying off at the rate of 3% per month, and you will make a payment of 3% per month on the balance transfer amount on this new card. Figure takes into account any balance transfer fee and any difference in annual fees between the two cards over that term (assuming you cancel the existing card). It does not take into account any interest payments you need to make on any purchases on your new card or the interest payable on the balance transfer amount after the balance transfer period expires (beware that this will often be a high rate).

saved over 6 months
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What is a balance transfer card?

A balance transfer card allows you to transfer your existing balance to a new credit card with a lower interest rate. The interest rate is fixed for a period of time at an “introductory offer”.

Taking out a balance transfer can make it easier to manage your finances and pay off your debt. If you have a good credit rating and are looking to pay off the debt on your credit card, or even repair your credit rating, you could consider a balance transfer card.

All that being said, a balance transfer card is a good option for those who just want a low interest card.

The best way to use a balance transfer

The fixed period offered on a balance transfer can vary. When you’re looking at your options, it’s important to be reasonable with your repayments − especially when paying off existing debt.

To get the most from this product, ask yourself these questions.

  • How long will it take to pay off your card? Can you do so over a short time frame? If not, look for cards with a longer introductory rate period to allow yourself more time to pay off the debt.
  • What’s the revert rate of this card? After the fixed period of your balance transfer, the interest charged on any balance left over will usually be charged at a higher rate (e.g. the purchase or cash rate). It’s crucial you pay off your balance during the introductory period, to avoid interest payments outweighing any savings you make.

Mistakes to avoid when wiping away debt

Mistakes can be made with your balance transfer card that could hinder your chances of either saving money or paying off your card. The more common ones include:

  • Continuing to apply and transfer to other balance transfer cards. Every credit related application you make is recorded and added to your file. Creditors monitor your movements and may note you as a bad investment if you’re avoiding the payment of debt by continuously moving your debt to new cards. This could put you in a sticky situation in the future if you are ever in need of credit.
  • Continuing to spend big on your card, thereby increasing the balance you’re trying to pay off.
  • Failing to understand your card’s terms and condition. For example, a 0% interest rate is extremely appealing. But, is there a transfer fee, annual or otherwise hidden fee you haven’t taken into consideration?

Forgetting to note your low-interest introductory end date. Time can pass quickly, and the date when your introductory period ends can slip through the cracks. Make sure you put your end date in your calendar and include reminders up until the date so you can prepare.

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