Balance Transfer Credit Cards
Interest charges weighing you down? Take back control with a balance transfer credit card and give yourself a little more breathing room. A 0% balance transfer credit card lets you transfer your debt to a new card and helps you save money on interest charges with 0% interest offers for up to 22 months.
Use our balance transfer comparison calculator to find out how much you could save. Simply enter how much you want to transfer, your current annual fee and interest rate. Note some restrictions apply on transfers between cards. See our Frequently Asked Questions to learn more.
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The balance transfer offer refers to the interest rate applied to the balance transfer amount for a set period of time. Other transactions are subject to the purchase rate. Offers may include a balance transfer fee and are generally only available when transferring from a different credit card provider. Click here for a list of banks and restrictions.
A purchase rate is the standard interest rate that applies to purchases on the card. Some balance transfer cards may charge interest on the entire balance if a new purchase is made. A promotional purchase rate may apply to purchases for a set period of time. After the promotional period ends, the interest rate will revert to the purchase rate indicated and standard interest-free period of the card.
Total annual and balance transfer fees charged for the number of months the promotional period applies. An annual fee is charged in full for each year or part of a year. The calculation takes into consideration annual fee refunds for minimum spend thresholds, as well as variances between first and subsequent year annual fees. No other fees are included in this calculation.
All estimates are based on our assumptions on card usage and do not take into consideration your personal circumstances. Your experience may vary. Refer to our Website Terms & Conditions for more information.
Savings is an estimate of the amount saved on interest charges and annual fees, as a result of transferring an eligible balance to the 0% balance transfer card for the interest-free period.
The savings estimate is based on a daily compound interest rate formula, taking into consideration your inputs above, as well as applicable balance transfer and annual fees, along with the following assumptions:
• No additional purchases or withdrawals are made
• A minimum 3% balance repayment is made each month
• Annual fees for the current year are charged in the first month
• If applicable, the annual fee refund is processed in the month eligibility is met
• There are 30 days in each month
• Your existing card will be closed and will incur no further fees
• Other fees are excluded
All estimates are based on our assumptions and do not take into consideration your personal circumstances. Your experience may vary. Refer to our Website Terms & Conditions for more information.
Go to offer links directly to the bank’s website. Please ensure you review the full terms and conditions on the bank’s website prior to applying.
Your Top Balance Transfer Questions Answered
Which banks can I balance transfer to?
Many balance transfer credit cards have limitations regarding the source of debt that can be transferred. Below is a handy table you can use to discover where you may be able to transfer to or from. Note that some brands may change card issuers from time to time which will change the balance transfer restrictions. Always confirm with the card issuer prior to requesting a balance transfer.
| Transferring from: | Cannot transfer to: |
|---|---|
| American Express | American Express |
| ANZ | ANZ |
| Bank of Melbourne | Bank of Melbourne, BankSA, St.George |
| Bank of Queensland (BOQ) | BOQ, Citi, IMB, Suncorp, Virgin Money |
| Bank SA | BankSA, St.George, Bank of Melbourne |
| Bankwest | Bankwest |
| Citi | Citi, Coles, IMB, Suncorp, Qantas Money, Virgin Money |
| Coles | Coles, Citi, IMB, Suncorp, Virgin Money |
| IMB | IMB, Citi, Coles , Suncorp, Virgin Money |
| Jetstar | Jetstar, Myer, Macquarie |
| Myer | Myer, Jetstar, Macquarie |
| NAB | NAB |
| Qantas Money | Qantas Money, Citi, Coles, IMB, Suncorp, Virgin Money |
| Suncorp | Suncorp, Citi, Coles , IMB, Virgin Money |
| Virgin Money | Virgin Money, Citi, Coles , IMB, Suncorp |
| Westpac | Westpac |
What is a balance transfer offer?
A balance transfer offer is and introductory interest rate applied to the balance transfer amount due to be transferred to the card for a set period of time. Offers may include a balance transfer fee and are generally only available when transferring from a different credit card provider. Other transactions are subject to the purchase rate.
What is a purchase rate?
A purchase rate is the standard interest rate that applies to purchases on the card. Some balance transfer cards may charge interest on the entire balance if a new purchase is made, so it is extremely important to check that this does not apply to you if you have a balance transfer on your credit card. There are some cards with promotional purchase rates, offering 0% p.a. for a period of time. After the promotional period ends, the interest rate will revert to the purchase rate indicated and standard interest-free period of the card.
What is included in our total fees calculation?
We want to make comparing cards as easy as possible, so we estimate total annual and balance transfer fees charged for the number of months the promotional period applies for each card. An annual fee is charged in full for each year or part of a year. The calculation takes into consideration annual fee refunds for minimum spend thresholds, as well as variances between first and subsequent year annual fees. No other fees are included in this calculation.
All estimates are based on our assumptions on card usage and do not take into consideration your personal circumstances. Your experience may vary. Refer to our Website Terms & Conditions for more information.
How are Compare the Card savings calculated?
Our savings estimate is based on the amount that could be saved on interest charges and annual fees, as a result of transferring an eligible balance to the 0% balance transfer card for the interest-free period.
The savings estimate is based on a daily compound interest rate formula, taking into consideration your inputs above, as well as applicable balance transfer and annual fees, along with the following assumptions:
- No additional purchases or withdrawals are made
- A minimum 3% balance repayment is made each month
- Annual fees for the current year are charged in the first month
- If applicable, the annual fee refund is processed in the month eligibility is met
- There are 30 days in each month
- Your existing card will be closed and will incur no further fees
- Other fees are excluded
All estimates are based on our assumptions and do not take into consideration your personal circumstances. Your experience may vary. Refer to our Website Terms of Use for more information.
Looking for something else?
0% Purchase Cards
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