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% |
Pros & cons
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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 28 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.
Which is the best balance transfer card for June 2024 that has the lowest interest rate and longest promotion period?
Hi Daniel,
The longest offer right now is 28 months and the interest rate is 0%, although note that with this particular offer, a 1% balance transfer fee applies. So if you transferred $5,000, you’d pay a fee of $50.
Hope this helps!
Can I please have the existing balance on my account 456457106191****
Hi Fraser,
We are a review and comparison site, you’ll need to contact your bank directly for customer service.
Hi Amy
So we have recently had a balance transfer approved for the full amount of debt on a selected card. Now we are looking at replicating for another card however we will not be able to manage the full amount.
Meaning are strategy is to pay off the amount within the interest free period and then cancel the card
Will the lenders allow you to select the amount and keep the other card open????
Hi Doug,
It depends on your overall amount of debt compared to your income levels. When you apply for any credit card, the lender will assess your ability to repay not just that credit card, but all of the cards you have.
Many people don’t realise that when assessing your application, the lender will assume that all of your credit cards are “maxed out”. This is because you have ready access to that credit and could make purchases up to the full limit at any stage, so they have to be prudent and ensure you can afford your new card AND your existing debts, assuming they are at their limits.
For instance, if you have 3 cards that total $50,000 in credit limits, the bank will assume you have a debt of $50,000 and a minimum repayment of 3% per month, or $1,500.
What this means for you is that the lower your overall limits are, the greater your chance of being approved for an additional credit card.
Hope this helps and best of luck!
Hi,
I am considering moving 2 x Credit Cards into a Bankwest Zero Platinum Mastercard.
Will the actual application for a consolidation of 2 credit cards to one affect my score? Or leave a print?
Also, why won’t any of the financial institutions consolidate 100% of the current balance on the existing cards? Thanks. L
Hi Leanne,
If you requested the balance transfer for both credit cards at the same time, it would typically be considered a single application that requires 1 credit check. So it may depend on factors including whether you request the balance transfers at the time of your credit card application or later, and on the bank or credit card brand.
In regards to balance transfer amounts, the percentage limit is based on the approved, available credit limit for the new credit card – not your existing cards. For example, if you applied for a credit card that accepted balance transfers worth up to 95% of the available credit limit and were approved for a $5,000 credit limit, you could balance transfer a total of $4,750 from existing cards.
You can factor this in when you apply for a balance transfer credit card, and may be able to request a credit limit that would be sufficient to allow you to transfer the total balances on your current cards. Just keep in mind the credit limit request, balance transfer request and credit card account are all subject to lending criteria and approval. I hope this helps.
G’day
Can I transfer a personal loan onto a 0% credit card
Hi Shaggy,
Yes, Finder has a guide for balance transfer credit cards that accept personal loan balances, as well as more details and insights on the process. I hope that helps.