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0 Percent Balance Transfer
A balance transfer credit card allows you to transfer your existing credit card balance and repay them at the nominated (presumably much lower) rate, sometimes even 0% interest, over the agreed term. If you still have a leftover balance after the balance transfer offer expires, the remaining balance will revert to the standard purchase rate for the credit card, although in some cases this will revert to the cash rate unless otherwise agreed.
Take note that all balance transfer offers require excellent credit references for application approval.
Some credit cards offer 0% or low rates for a 6 or 12 month period. If the balance transfer rate is the same as you pay currently, you need to review features such as annual fees and ‘purchase’ interest rates.
All interest rates are updated daily.
| Provider | Credit Cards | Interest Rate(p.a.) | Annual Fee (p.a.) | Balance Transfer Rate (p.a.) | Cash Advance Rate (p.a.) | Apply Now |
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HSBC No Annual Fee | 21.99% | $0 | 0% for 6 months | 21.99% |  |
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HSBC Qantas Frequent Flyer | 21.99% | $199 | 0% for 6 months | 21.99% | |
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Virgin Australia Velocity Flyer Card |
20.99% | $50 in 1st year* |
1.9% for 12 months | 20..99% | |
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Westpac Low Rate | 0% for first 6 months then 13.49% Purchase rate |
$45 | 3.99% for 6 months | 21.49% |  |
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Citibank Clear Platinum Credit Card | 11.99% p.a (12.99% p.a. from 1st October, 2013) | 1/2 annual fee in first year , $99 thereafter | 1.5% p.a. for 15 months | 21.74% |  |
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Citibank Emirates Credit Card | 20.99% | $229 | 3.9% p.a. for 9 months |
21.47% | |
How Do Low Rate Balance Transfer Credit Cards Work?
Learn how low rate balance transfer credit cards works, and how to identify the best offers. Be aware of the main pitfall of making purchases on a balance transfer credit card.
A low rate balance transfer credit card is used when you have an outstanding balance on another credit card at a regular rate of interest. The process is that you apply for the new low rate balance transfer card and make the request to transfer the balance on the application form itself. This is used for balances that are likely to take more than a few months to pay off. Any less and you will probably pay more on the new card's annual fee than you save on interest charges.
Making a balance transfer will allow for a quicker repayment of the balance because you can direct the money you save on interest towards paying it down, or alternatively you can take more time paying it off because you know that the interest charges are not so punitive. In the latter scenario, as balance transfer deals are for a limited time, you should still aim to clear the balance before the offer period ends and the interest rate reverts to the card's regular one.
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