The Westpac Low Rate Card has a Finder Score of 9.74. It has a 0% balance transfer offer for 26 months.
The ANZ Low Rate Credit Card has a Finder Score of 9.73. It has a 0% balance transfer offer for 30 months.
Updated December 2024 by Finder's money editor, Richard Whitten.
The lowdown on Finder Score
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.
Every month we:
Analyse 90+ credit cards with balance transfer offers.
Assess seven features of each card and give each component a rating.
Combine the ratings via a weighted methodology to decide the Finder Score.
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.
Balance transfer credit cards - score weightings
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%
Finder Scores: What they mean
9+ Excellent - These cards offer the longest 0% interest periods, lowest balance transfer fees, and competitive revert rates for maximum savings.
7+ Great - Tackle debt with generous interest-free periods, reasonable balance transfer fees, and potential for additional perks.
5+ Standard - Reduce interest costs with reasonable interest-free periods and balance transfer fees.
Less than 5 – Basic - These are generally cards aimed as general audiences which include a balance transfer feature.
Best low rate balance transfer card - Westpac Low Rate Card
0% p.a. for the first 26 months on balance transfers
Low 13.74% p.a. interest rate on purchases
$0 first-year annual fee for existing customers
Charges a one-time 2% balance transfer fee
Balance transfer reverts to the high cash advance rate of 21.99% p.a. after the introductory period
Why we like it
This card has one of the market's longer balance transfer offers of 0% p.a. balance transfer offer for 26 months (with a 2% balance transfer fee). You could transfer debt to this card and repay it with no interest for the first 2 years and 2 months. The low $59 annual fee also helps keep your account costs down.
This card has a Finder Score of 9.74 in the balance transfer category.
Best no fee balance transfer - Virgin Money Anytime Rewards Credit Card
Virgin Money Anytime Rewards Credit Card
80,000 bonus Virgin Money Points & 0% Balance Transfer Offer
0% p.a. balance transfer offer for 12 months (with no BT fee)
1 Virgin Money Point per $1 spent on eligible spending, uncapped
Visa Platinum Concierge Service
High 20.99% p.a. interest rate for balance transfers after the introductory period
No complimentary international travel insurance
No interest-free days on purchases when you have a balance transfer
Why we like it
While this card's balance transfer period is on the shorter side, the lack of a balance transfer fee makes it a very compelling offer. Especially if you're looking to pay off a relatively large balance in a shorter time frame. You'll benefit from the lack of a balance transfer fee.
This card has a Finder Score of 9 in the balance transfer category.
Best 24-month balance transfer - NAB Low Rate Card
This card has a fairly long 0% p.a. interest rate on balance transfers for 24 months, with a 3% balance transfer fee. And a low $59 annual fee. If you need to make new purchases when you're paying off a balance transfer debt, you can still get interest-free days on new purchases if you pay the "interest-free days payment" (listed on your statement) in full by the due date.
This card has a Finder Score of 9.19 in the balance transfer category.
A balance transfer is a credit card offer for people with unpaid credit card debts.
You can move the debt onto a new credit card via a balance transfer offer. The strongest balance transfer offers give you 0% interest for up to 30 months, letting you pay off your debt without having to worry about super high interest charges.
A balance transfer offer is a debt-busting lifeline for people with big credit card debts. The key thing is to make sure you pay it off and avoid spending too much on the new card.
The average Australian credit cardholder with credit card debt carries an interest accruing balance of $1,569, based on RBA data.
Sounds great! What's the catch?
There's no catch. But...
Your new card provider may charge a one-off balance transfer fee of 1–3% of your balance.
At the end of the balance transfer period the 0% interest rate reverts to a much higher rate (often above 20%). Pay it off before this happens.
You will get charged interest on any new spending you do on the card. This is called the purchase rate.
The key to making a balance transfer work
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.
Does transferring credit card balances affect your credit score?
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.
How to compare balance transfer credit cards
Look for a long offer. The longer the offer term, the more time you'll have to pay off your debt for a low or 0% rate. Make sure the first thing you do is compare credit cards.
Watch out for the transfer fee. Most cards charge a balance transfer fee. This one-off fee is 1% to 3% of the amount you transfer.
Find a 0% balance transfer rate. The best balance transfer credit cards in Australia offer 0% interest for the promotional period.
Take note of the revert rate. If you haven't paid off the balance transfer by the end of the offer period, the higher revert interest rate will be charged on your leftover debt.
Check the eligibility. You can usually transfer a balance from Australian-issued cards or accounts, as long as they are from a different issuer. Some cards also allow you to transfer debts from personal loans and lines of credit.
Know your limits. On some cards you can only transfer up to a percentage of your approved credit limit (usually 70% - 100%). You can see Finder's guide to balance transfer limits for more information.
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.
Pros and cons of balance transfer credit cards
Pros
Save on interest costs. You can transfer your existing balance to a new card and get a low or 0% interest rate for a while. This will almost always be lower than the interest rate you're currently paying.
Pay off debt faster. By not paying interest you should be able to get rid of your balance a lot faster.
Simplify your payments. If you have several debts, you can use a balance transfer card to combine them so you only have to keep track of one credit card bill. This also saves you money on card fees.
Perks and extras. If you want to use the card after you have paid off your balance, perks like credit card travel insurance or rewards could help you get more value out of the card in the long run.
Cons
Balance transfer fee. This one-time fee can range from 1% to 3% of your balance transfer amount, when it applies. That would mean a fee of $100 to $300 on a $10,000 debt.
Revert rate. If you don't pay off your whole balance transfer during the introductory period, this is the interest rate you'll pay on the remaining balance.
Balance transfer limits. Depending on the card and how much debt you want to transfer, you may not be able to move it all onto the new card. You could still be saving money, but you'll also have to manage your existing card.
Credit score impact. Every time you apply for a new credit card, an enquiry is recorded on your credit report. If you already have a weak credit score, this could lower it further and you may not be approved.
"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."
"I used to work for a credit card company in the call centre and helped hundreds of people with balance transfers. These are the 3 most important things to know:
If you take out a card with a balance transfer offer, use it for the balance transfer and nothing else. If you make purchases on it, that money is charged at a different and often higher purchase rate and more spending makes it harder to pay off your balance.
Don't miss a payment or you'll end up reverting to the purchase rate. Set up auto-payments from your bank account.
Don't assume it's not worth it. Even on a $5K balance, you could save more than $1,500 in interest if you drop from a standard purchase rate to 0%."
What's the best way to pay off a balance transfer credit card?
Make a plan. Look at your budget and see how much you spend and save each month. Figure out how much you can use to pay off the balance. If there's not much money, try to find ways to cut back, like cutting out subscriptions or unnecessary expenses. Use the savings to pay down your balance.
Set up auto-pay. Your bank should offer you a way to automatically set up a monthly card payment. This means you'll never miss a card payment, as long as there's money in your account.
Do the maths. Take your unpaid balance and divide it by the number of months on your 0% balance transfer offer. Let's say you have a $4,000 balance to repay and a 26-month balance transfer offer. You need to repay $154 a month.
Avoid getting into further debt. Recognise the money mistakes that got you into trouble in the first place. Try not to spend wildly on the new credit card (if possible, don't use it for new spending it all and just pay off the balance).
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.
Best Balance transfer credit cards 2024 (video)
Struggling with debt? Help is available
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.
Hardship support is available. 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.
Free financial counselling. You can also call the National Debt Helpline on 1800 007 007 and get free financial counselling and support.
Frequently asked questions
Right now, the longest balance transfer offer is 0% for 30 months. With the cards listed below, you can transfer your balance and get charged no interest while you pay it off for over 2 years.
Bank of Melbourne Vertigo Card - 24 months (with 1% BT fee)
BankSA Vertigo Card - 24 months (with 1% BT fee)
NAB Low Rate Credit Card - 24 months (3% BT fee)
After the introductory period ends, the 0% interest rate ends too. If there's any debt left over, it will start to be charged interest at the revert rate.
This rate is high, often around 20%. It's higher than the purchase rate you get charged on new card spending.
If you haven't paid your balance off by the end of balance transfer period you could end up getting charged more interest than you were on your old card.
This is why it's so important to plan your repayments and pay off as much of your debt as possible during the introductory period
A balance transfer fee is a one-time charge that may apply when you move your debt to a new card. It's typically worth 1-3% of the balance transfer amount, but not all providers charge a balance transfer fee.
To give you an idea of the cost, transferring $5,000 onto a card with a 1.5% balance transfer fee would add $75 to the balance.
Unless the card offers an interest-free period for the purchases, you'll be charged interest on them. So, you'd need to make sure you could repay your purchases and the balance transfer debt. Otherwise, you'll waste your 0% balance transfer offer.
When transfering an existing balance to a new card, it's your responsibility to contact your provider and close the old account. If you don't, you could end up paying account costs for a card you're not using - or worse, rack up debts on both cards. Before you close the card, make sure the balance is completely transferred or paid in full and move any regular payments such as (direct debits) to another account.
The Commonwealth Bank stopped accepting balance transfer applications in December 2023. This means you can no longer move an unpaid balance from another card onto a new Commonwealth Bank credit card.
However, you can still transfer your Commonwealth Bank credit card balance to another bank.
Why you can trust Finder's credit card experts
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.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio
Richard's expertise
Richard has written 562 Finder guides across topics including:
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.
Which is the best balance transfer card for June 2024 that has the lowest interest rate and longest promotion period?
Finder
SarahJune 28, 2024Finder
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!
FraserMarch 21, 2024
Can I please have the existing balance on my account 456457106191****
Finder
SarahMarch 25, 2024Finder
Hi Fraser,
We are a review and comparison site, you’ll need to contact your bank directly for customer service.
DougFebruary 6, 2024
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????
Finder
SarahFebruary 14, 2024Finder
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!
LeanneJanuary 3, 2024
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
Finder
AmyJanuary 15, 2024Finder
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.
ShaggyJune 12, 2023
G’day
Can I transfer a personal loan onto a 0% credit card
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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.
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.