Here are some of the best balance transfer credit cards on the market, based on their Finder Score:
Updated November 2024 by Finder's money editor, Richard Whitten.
Let's face it, the average person doesn't spend all day comparing credit cards. But we do. That's why we developed the Finder Score.
It's a quick, easy way you can see how one credit card compares to others on the market.
But a lot of work goes into that number. Every month we:
We give different scores for different categories. So one card might get a 9 in the balance transfer category but only a 7 in the rewards category.
The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.
Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.
| Feature | Definition | Assessment | Weight |
|---|---|---|---|
| Balance Transfer Period | Length of the interest-free period on transferred balances (in months) | Longer periods earn more points, up to the market maximum | 40% |
| Balance Transfer Fee | Percentage charged on the transferred balance | Lower fees score higher. 0% fee receives the maximum points | 20% |
| Balance Transfer Rate | Interest rate on transferred balances after the introductory period ends | Lower rates score higher. 0% rate receives the maximum points | 15% |
| First-Year Fee | Annual fee charged in the first year of ownership | Lower fees score higher. $0 fee receives the maximum points | 12% |
| Ongoing Annual Fee | Annual fee charged from the second year onwards | Lower fees score higher. $0 fee receives the maximum points | 8% |
| Revert Rate | Interest rate applied to remaining balance after the introductory period | Lower rates score higher | 2.5% |
| Purchase Rate | Interest rate on new purchases | Lower rates score higher | 2.5% |
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Want more great credit cards? Check out all the 2024 Finder Credit Card Award Winners.
A credit card balance transfer gives you a way to move the money you already owe to a new credit card that offers a low or 0% introductory interest rate for a set period of time. This can save you money on interest charges and help you pay off your debt faster.
If you switch to a new credit card with a 0% balance transfer offer, you can move the debt to the new card and pay no interest. The best cards have a 0% offer for up to 26 months. We can help you compare balance transfer offers from 43 card providers.
The average Australian credit cardholder with credit card debt carries an interest accruing balance of $1,365, based on RBA data.
There's no catch. But...
1. Once the balance transfer is complete, start paying the debt off.
2. Figure out a realistic amount you repay each month (and stick to it).
3. Close the old credit card (the one you used to rack up the debt). That way it won't get you into any future trouble.
4. Look at your past spending. Figure out where you went wrong with the old card. You have to avoid making the same mistakes with your new card.
When used correctly, a balance transfer credit card can help you repay your debt and improve your credit score in the long-term. But applying for a new credit card leaves a hard enquiry on your credit report (and may decrease your score for a month or two).
Try to avoid applying for multiple cards. This will lower your credit score. Missing repayments on the balance transfer card will also hurt your credit score.
Many Australian credit cards let you make a balance transfer when you apply. Here's how you know you've found a good one.
Want to see how much you could save? Put your balance and interest rate into the balance transfer table's calculator, or use Finder's credit card repayment calculator to help set your repayment goals.
"I got into some credit card trouble in my early twenties. I was stuck with over $5,000 of debt on a Commonwealth Bank credit card that I should never have taken out. That might not seem like a lot to some people, but I was struggling financially at the time, and the interest was crippling. I took out an ANZ balance transfer card and was able to get zero interest for 18 months, which gave me a lot more space to pay the thing off."
A balance transfer credit card is really useful if you are struggling with unpaid credit card debt - and interest - from one or multiple cards.
Still not sure if a balance transfer card is right for you? Ask yourself these questions first.
Check your credit score before you apply for a card.
"I used to work for a credit card company in the call centre and helped hundreds of people with balance transfers and many who had missed a payment and lost their transfer rate. The deals in Australia are some of the best in the world if you are eligible for a credit line to cover your outstanding balance. These are the 3 most important things to know:
Set yourself up for success by setting up direct debit payments from your bank account each month. Watch as your balance goes down, and make sure it's paid off before the balance transfer period ends.
It's easy to get into trouble with a credit card. Sometimes it's easy to sort this out with some careful budgeting and a balance transfer.
But if you've got multiple, serious debts, bad credit history, or other issues that seem to make it impossible to get back on track financially, it's much harder.
If you're struggling, talk to your bank, card company, utility or other service provider. These companies have hardship support schemes in place. You might be able to get extra time to pay a bill, or a pause on loan repayment.
It's always better to have a tough conversation before you start missing payments.
You can also call the National Debt Helpline on 1800 007 007 and get free financial counselling and support.
Addicted to details - We track and review nearly 100 balance transfer cards (that's literally as many as we can find), and live score products daily to bring you the best 0% offers for the longest time periods.
Sort the junk from the gold - we know even just 1% or another month can mean big bucks in your pocket. That's why we'll always prioritise showing you cards with the best offers.
No BS - we're not owned by a bank, we don't have a call centre. Our only mission is to match you with the card of your dreams. Whether it's your first card, or you have 3 on the go - we got you.
Find out what balance transfer credit card options you can use to consolidate debts from Zip Money, Zip Pay and other interest-free accounts.
Balance transfers are not allowed between certain credit card brands. Read on for a list of lenders that do and don’t allow a balance transfers between them.
Use this guide to see which providers accept balance transfers from a personal loan to a credit card and discover how you can repay your debt faster with 0% balance transfer offers.
Here's how to get more value out of your credit card with exclusive promotions, offers and perks available to existing customers.
Is it worth paying a debt settlement company to help you deal with credit card debt, or can you do it on your own?
If you're considering a balance transfer, compare which credit cards can accept your debt based on the balance transfer limits.
Get details of what credit cards may be available when you and your partner are looking for a way to balance transfer debt between you.
Learn about the concept of making money from credit cards with stoozing and the downfalls you should look out for.
Hi there,
I was just wondering if there is any Banks/ financial institutions that would issue a balance transfer credit card to international students (subclass 500 visa) although holding permanent residency bridging visa.
Hi Catch,
Every financial institution in Australia has a different approach to credit cards for temporary residents, although Finder’s guide does have some specific visa details and information. If there is a credit card you are interested in, you may want to call the financial institution directly to discuss your situation and whether you’re eligible to apply. If you have further questions about debt or your money situation, you can also speak to a financial counsellor for free by calling 1800 007 007 or using the chat service on the National Debt Helpline website. I hope that helps.
What are the hidden costs paying off a credit card this way. I have a $4500.00 balance on my credit card. About a quarter of what I pay goes on on charges, a payment of $45.50 plus goes in charges just to make the payment. I got into this card with the whole own it now and now with no interest on purchases. And when I got it I realized it was just a credit card, with huge interest on purchases. Silly me I guess. But how many people actually read the terms, they seem like a whole lot of words nobody has heard of .. I will be reading them with a magnifying glass from now on.
Hi Sue,
There aren’t really any hidden costs. But when it comes to interest on new purchases, a lot of cards don’t offer interest-free days when you have a balance transfer. This should be clearly disclosed by the bank. For now, if you can, you should focus on paying back that money as quickly as you can and then avoiding any new purchases on the card until the balance transfer is paid off.
Do you have to have good credit rating to transfer balance?
Hello Karma,
Yes, you’ll usually need to have at least a good credit rating to be approved for a balance transfer credit card.
HI! I have a joint credit card with my ex husband. He is not making payments. We owe $23k on the card. Looking at doing a balance transfer. Will any banks allow a 100% balance transfer? How easy is it to transfer the balance? My credit score is not great due to missing some payments, will this be a factor in getting approved? Thanks, Liz.
Hi Liz,
There are banks that will allow you to transfer the whole balance from your old card, but it may be tricky to transfer such a large amount if your credit score isn’t very good. Say the new card allows you to balance transfer 80% of the available credit limit, you’d need to be approved for a limit of at least of $28,750 to cover the full $23,000 balance from the old card.
If you’re concerned about being approved, you should work to improve your credit score before you apply for another card. I would also suggest to get in touch with your current bank and see if there is anything they can do to help. All financial institutions have hardship policies and they may be willing to work with you.
Hi there,
Just curious if I transfer my balance to a new bank and card and close my old one, can I still use the new one for purchases?
Hi Monica,
Yes, you may still use your balance transfer credit card for new purchases. Note that your repayments will go towards your purchase debt before your balance transfer debt because credit card payments are allocated to the balance with the highest interest rate first. So if you’re making and paying off purchases, you might not be making as big a dent in the debt you’ve transferred.