Find and Compare Balance Transfer Credit Cards

Balance transfer credit cards let you transfer your existing credit card balance to a new credit card with a low or 0% introductory interest rate. Start comparing now!

Fact Checked
credit cards

Balance transfer credit card comparisons on Mozo - last updated 22 February 2024

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure.
Balance transfer calculator: how much money could you save?
I need to transfer
I can repay
each month
My current interest rate is
% p.a.
My current annual fee is

Transfer amount:


Monthly repayment:


Current interest rate:


Current annual fee:


Change my values

We've updated the table to show your savings!(how are they calculated?)
  • placeholder
    NAB Low Rate Card - Balance Transfer Offer

    Spend with confidence with a low 13.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).

    Balance transfer rate
    Purchase rate
    Annual fee
    Rewards program
    Estimated savings
    0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
    13.49% p.a.
    $59 $0 in the first year
  • Apply By 30 April 2024
    Citi Premier

    120,000 bonus points when you spend $4,000 within 90 days from card approval. Complimentary features like travel insurance and concierge.

    Balance transfer rate
    Purchase rate
    Annual fee
    Rewards program
    Estimated savings
    0% p.a. for 6 months and then 22.24% p.a.
    21.49% p.a.
    $300 $150 in the subsequent years if you spend $48,000 on eligible purchases or cash advances in previous year., $150 in the first year
    Citi Rewards Program
  • placeholder
    Bank of Queensland Blue Visa Credit Card

    Balance transfer rate
    Purchase rate
    Annual fee
    Rewards program
    Estimated savings
    0% p.a. for 9 months and then 21.74% p.a.
    0% p.a. for 9 months then 20.74% p.a.
    Q Rewards
  • placeholder
    Virgin Money Virgin Australia Velocity Flyer Card - Balance Transfer Offer

    Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 28 months on balance transfers.

    Balance transfer rate
    Purchase rate
    Annual fee
    Rewards program
    Estimated savings
    0% p.a. for 24 months and then 20.99% p.a.
    20.74% p.a.
    $129 $0 in the first year
    Velocity Frequent Flyer
  • placeholder
    Bankwest More Classic Mastercard

    Earn 1.5 More Rewards points per $1 spent on eligible purchases. Plus, if you meet the minimum annual spend, you'll receive a bonus 19,500 points every year.

    Balance transfer rate
    Purchase rate
    Annual fee
    Rewards program
    Estimated savings
    0% p.a. for 6 months and then 19.99% p.a. (1.00% balance transfer fee)
    19.99% p.a.
    Bankwest More Rewards
Search now

^See information about the Mozo Experts Choice Credit cards Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Credit card providers we compare at Mozo

Save with deals from the following well-known brands and many more...

See more credit card providers

Credit Card Resources

Views, news, tips and guides to help find the best credit card for you.

 Balance Transfer Credit Cards update: February 2024

There were a number of changes to some long standing balance transfer offers last month, notably Commonwealth Bank removing its 5.99% deal across cards and Coles also reducing or removing BT deals entirely as was the case with its No Annual Fee Mastercard. The Bank of Queensland (BOQ) also made some changes to balance transfer deals across several cards, the balance transfer period on its Blue Visa Card went from 20 months down to just 9 months but on the flipside, its Low Rate Visa card was increased from 12 to 18 months. Kogan increasd its deal from 6 to 12 months on its Black Card.  

Balance transfer fees continue to gain momentum and ANZ bank increased its handling fee from 2% to 3% on the low rate visa which has a 0% balance transfer period of 28 months.  

Despite these changes, balance transfer deals remain popular and many providers are offering 0% deals for over 2 years, which can save you a lot of money in interest payments (as long as you use the time to pay back that debt and not add new charges to the card).

Be sure to do some number crunching with Mozo's credit card debt repayments calculator so that you will be able to pick the best balance transfer period for you based on your ability to pay it back and amount of debt.

These are some of the top offers in the Mozo database right now for balance transfers.

Balance Transfer Credit card deals of note in February

There haven't been any major changes to the best balance transfer deals in February according to our database, below are the current longest 0% offers. 

Longest 0% Balance Transfer offers:

See our editor's picks for February: Best credit cards 

What is a balance transfer credit card?

A balance transfer is when you take the debt that you've built up on your credit card, and move it to a new credit card at a much lower interest rate, often even 0%.

Without a hefty interest-rate hanging over your head you can repay that debt faster, because payments are going towards wiping the balance away, instead of keeping up with interest charges.

Is a good idea to do a balance transfer?

A balance transfer can be a great tool to help you clear credit card debt once and for all, but before you get started there are two things to bear in mind. 

Firstly, until you've paid off the balance transfer, it's best that you don't use the new card for new purchases. This is because most cards won't give you any interest free period on new things that you buy, until that balance has gone. 

Balance transfer rates are always limited time offers. You should always have a plan for how you are going to pay off the debt within the low interest period.

Show transcript

Balance Transfer Credit Card Video Transcript

How do they work?

Balance transfers are when you move your existing credit card debt to a new card

Generally these cards offer 0% for a certain amount of time

Giving you the time to pay down your debt interest-free!

Usually you can transfer 80% of the new card’s credit limit

Say you choose a balance transfer card with a $5,000 limit

You’d be able to transfer a maximum of $4,000 of your debt

Remember! There are some cards that only allow 70% and others 100% - so read the fine print before signing up!

Interest free period also differ between cards

Some may be only 6 months

Here’s how to work out the right period of time for you

Let’s look back on your debt

You have $5,000 in credit card debt

Your budget allows you to pay $450 per month in repayments

So which balance transfer period is suitable for you?


5,000 (your debt) ÷ 450 = 11.12

Meaning it would take you 11.12 months to pay down your debt at 0% interest

So it’s be a good idea to opt for a 12 month balance transfer offer

That way, at $450 per month, you’d pay down your debt a few weeks before the interest free offer is over!

Here are some other things to look out for when choosing a balance transfer credit card…

Annual fees

Balance transfer fees

Revert rate

Bear in mind that this can sometime be the cash advance rate instead of the regular purchase rate

So before you choose your balance transfer credit card, crunch the numbers and compare the fees and conditions to find the right card for you

Happy debt kicking!

How do balance transfer credit cards work?

Now you know what a balance transfer card actually is, let’s take a look at how it works. It’s important to know the ins and outs of balance transfers before you sign up, so that you give yourself the best chance of actually clearing your debt.

How much can I transfer on a balance transfer card?

You can usually transfer a balance of around 80% of the new card’s credit limit, but sometimes it’s 70% or even as much as 100%. Let’s break that down.

Say you apply for a balance transfer deal that allows you to transfer up to 80% of your credit limit. If you’ve got a balance of $4,000 to clear, you’d need to be approved for a credit limit of at least $5,000 to put it all on the one balance transfer.

This can get tricky if you’re transferring multiple debts, so be sure to crunch the numbers carefully. Keep in mind there might also be minimum transfer limits with some balance transfer cards, so you may not be eligible if you’ve only got a small balance to clear.

Is a balance transfer worth it? 

A balance transfer can help you save money by putting a stop to mounting interest. Wondering how much you could save? Check out this scenario:

Say you have $10,000 owing on your current credit card with a 20% interest rate and you make monthly repayments of $600. To pay this off, it will take you 1 year and 8 months and you will pay $1,814 in interest. Whereas if you move that debt across to a 0% balance transfer card, you will pay no interest at all and on top of that you will also repay your debt three months earlier. Think of all you could do with nearly $2,000!

Savings crunched using our debt repayments calculator.

But, and there is a but, if you use the balance transfer card unwisely by spending on the card or fail to repay the debt within the balance transfer period you could end up paying high revert rates and fees, and find yourself back where you started.

Also remember, there may be fees attached to your new balance transfer card, so consider these in your budget. 

Will I still get interest free days?

Generally speaking, whenever you’re using a balance transfer deal, you don’t get interest free days on your regular spending. Once you’ve paid off your debt and you’re back down to a zero balance, you will again be eligible for the card's standard interest free days on new purchases which will usually be between 44 - 55 days depending on the card.

The good news is that doesn't leave you any worse off than before - if you carry any balance on your credit card you usually won’t be eligible for interest free days until you’ve paid the balance back in full anyway.

How do I make the most of the interest free period?

To avoid the traps of a balance transfer credit card, and make the most of your time off from paying interest, check out these basic rules of BT cards.

Rule 1# Always create a repayment plan

Unlike a debt consolidation loan where the provider tells you how much you need to repay each month to pay off your loan within the given timeframe, with a balance transfer card all you're required to pay is the minimum monthly payment amount, which is usually 2-3% of the balance.

But the minimum repayment isn't going to clear your debt within the interest free period. So make sure you use a debt payments calculator to work out how much you'll need to repay each month to totally clear your debt before the balance transfer period comes to an end.

Rule 2# Compare balance transfer deals before you start

Before you apply for a new balance transfer offer, make sure you take a look around to be sure you’ve found the right fit for your needs. There’s more information on choosing the right balance transfer deal in the next section.

You can easily compare balance transfer cards using Mozo’s unique Switch & Save Calculator which will help you find the cards that will save you the most in interest and fees. We’ll compare your existing card, balance owing and repayments with hundreds of other cards in the market. Like all of our comparison tools, it's free, so why not see how much you can save by switching now?

Rule 4# Don't use it like a regular credit card

Spending on your new card will only get you deeper in the red, because the low balance transfer interest rate doesn't apply to new purchases. Instead those new gadgets will be charged the card's much higher purchase rate, and you won't get the benefit of any interest free days on new purchases until you have paid off your outstanding debt in full.

Another thing to be mindful of is payments have to be made towards the highest accruing debt, which is usually the purchase rate. So if you spend $300 on the card and you've worked out you can afford to repay $500 a month, $300 will go towards paying off the new purchases first and only $200 will go towards paying off the original debt.

Rule #5 Steer clear of cash advances

Steering clear of the ATM or taking cash out over the counter with your credit card is a good rule of thumb at any time, but it’s especially important now. That 0% interest rate also doesn't apply for ATM cash withdrawals, instead you will be charged the much higher cash advance rate, soaring close to the 22% mark in some cases. And you guessed it, there are no interest free days.

Rule #6 Choose the right balance transfer for you and stick with it

Did you know applying for too many balance transfers could affect your credit rating, especially if you are rejected by multiple banks or card providers? That's why it's important to get a free copy of your credit rating prior to applying for the new card, to check if there are any mistakes that could affect your chances of being approved for the card.

And once you do get a balance transfer credit card, do your best to pay out the debt within the 0% balance transfer period. Continually moving your debt from one balance transfer card to another, may hurt your credit rating and your likelihood of being approved for other banking products like car loans, personal loans and home loans later on.

Rule #7 Don’t repeat old mistakes and stay debt free

Lastly, don't revert back to your old spending habits, instead only spend within your means by creating an airtight budget. And if you decide to keep on using the credit card, be sure to pay the balance in full each month to avoid the bite of interest and late payment fees.

How to compare balance transfer offers

With so many things to consider, finding the right balance transfer card for you can seem overwhelming. So to help you make sure you’re not forgetting anything crucial, here are the five key questions you should ask when comparing balance transfer deals and choosing a card.

  • Is there a 0% interest offer? Not all balance transfer cards are created equal. Most come with an interest free period, but some offer you a super low rate instead, usually under 10%, but for a longer period of time. It’s up to you to decide which is better for your needs.
  • How long is the interest free period? This one’s important, because you should aim to have your full balance paid off before the interest free period ends. Choosing a longer balance transfer deal usually means you can make smaller monthly repayments, and vice versa.
  • Will you have to pay a balance transfer fee? Sometimes, paying the fee is worth it to get the balance transfer deal on offer, but keep in mind that this fee is usually a percentage of your balance, so for bigger debts it can get expensive. For example, a 3% BT fee on a $10,000 balance is an extra $300 you’ll have to pay.
  • Is there an annual fee to budget for? If you’re working to pay off a credit card debt, annual fees can be another fly in the ointment. Not only will you have to pay this while clearing your balance, but keep in mind it’s an ongoing cost that you’ll need to stay on top of.
  • What’s the balance transfer revert rate? Speaking of ongoing costs, you should also take note of the interest rate that will be charged on your balance if you don’t manage to pay it all off (or start carrying a balance again in the future.) Don’t undo all your hard work by choosing a card with a massive purchase rate!

How to choose a balance transfer credit card

There’s a fine art to choosing the right balance transfer deal for your needs. You need to find a card that offers an interest free period long enough to allow you to comfortably pay off your debt.

For example, if you have a $5,000 balance and choose a card with 0% interest for 12 months, you’ll need to pay at least $417 each month to clear your balance before the interest free period is over.

Applying for a balance transfer credit card

Applying for a balance transfer credit card is just like applying for any other credit card, but at some point during the application process, you’ll need to choose the balance transfer option, and put down what balance you’d like to transfer over.

Getting started is really easy - if you’ve found the right balance transfer deal for you here at Mozo, just click the blue Go to Site button to go to the credit card providers website. Once there, you can find some more information or start an application.

How do I transfer my debt?

Let's look at transferring your debt in a little more detail. Here are the main steps you'll follow when transferring credit card debt using a balance transfer deal.

  1. 1. Choose a balance transfer deal to suit your needs. You can use the table above or our Switch & Save Calculator to compare balance transfer deals. Once you’ve found a debt consolidation option that ticks the boxes for you, click on the blue ‘go to site’ button, which will take you to the lender’s application page.
  2. 2. Start your application. For this, you’ll need to provide identification like your Australian driver's licence or proof of identity details, personal details like your name, address and phone number, plus some financial details, like your current savings balance and any other financial commitments. This helps the credit card provider determine whether or not you’re responsible enough to have a credit card and what your credit limit will be.
  3. 3. Choose the balance transfer option. There will be a section on the application form which is specifically about balance transfers. You will be asked to nominate the amount you want to transfer and details of your current credit card. This is so the provider can transfer the debt from this card onto the new card for you.
  4. 4. Wait for approval on your application. Credit card providers can differ in the length of time they take to get back to you, so it could take up to 2 business days until you receive a response, usually by email, letting you know that you have been approved for the card.
  5. 5. Your provider transfers the debt to the new card. Once you have been approved, your new provider will use the credit card details you gave them when you applied to transfer your balance from your old card to the new BT card. Your job is done for now.
  6. 6. Your new card will arrive in the mail. It is a good idea to put the new card in a drawer (not in your wallet) so that you’re not tempted to spend on the new card. This is when your payment plan comes into play. Set up an automatic repayment which will have you debt free by the end of the BT period.
  7. 7. Close your old credit card account. Once your debt has been rolled across to the new credit card, you’ll need to close the old credit card account yourself. Don’t leave it open or you could end up paying an annual fee on a card you are no longer using or worse, start spending again and get further into debt.

Am I eligible for a balance transfer?

To be eligible for one of these debt blasting offers, you’ll need to tick a few boxes, including:

  • being over the age of 18
  • being an Australian resident or citizen
  • meeting any other eligibility criteria for the card, such as income or credit requirements
  • fitting the requirements of the balance transfer offer. You might be eligible for the card itself, but if your balance isn’t within the minimum and maximum transfer amounts, you may not be able to take full advantage of the BT offer
  • most banks require you to be a new customer, as they sometimes use balance transfer cards as a way to entice you to make the switch from your current bank

Does it cost anything to transfer debt?

Sometimes there is a balance transfer fee that you’ll need to pay when taking up one of these deals. It’s a one off handling fee payable upfront, which is usually a percentage (between 1 - 3%) of the amount you’re transferring. For instance, if there was a 1% fee and you transferred $5,000, you would be charged a fee of $50.

This fee is usually linked to cards that have longer balance transfer terms (18 - 24 months). So you’ll need to weigh up the cost of the fee against the benefit of having more time to pay back the debt at little or no interest.

What to do if you’re in credit card debt

The good news is, if you’re reading this you’ve already taken the first step to getting rid of your bad debt. Here are a few other tactics to help you stay debt free.

  • Plan your balance transfer and pay off your existing balance. Follow all the steps laid out above and get your balance back down to zero, or as close as possible. If you’re starting from a clean slate, you’ll be motivated to keep it that way.
  • Limit future spending. Sounds like a no brainer, but this means asking yourself what you really need or want and making some hard choices until your finances are back on track.
  • Lower your credit card limit. A high credit card limit can just tempt you to spend more than you can afford. By lowering your limit, you’ll remove that temptation and minimise the chances of a big debt blowout.
  • Automate credit card repayments. Do you find yourself with a balance just because you forget your credit card due date is coming up? Try setting up automatic repayments to cover your spending.

If you’ve tried all that and you’re still struggling to pay off your balance, make repayments and stay debt free, it might be time to look at other options. Some steps you can take include:

  • Look into your bank’s hardship policy. If you’re struggling to meet credit card repayments, talk to your bank about arranging a new repayment scheme, postponing repayments for a while, or other options they can offer to help.
  • Contact the National Debt Helpline. This is a great resource for free advice and support, or to talk to a free financial counsellor.

Otherwise take a look at what we've decided to be the best credit cards

Picture of JP Pelosi
JP Pelosi
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian,,, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

Can a balance transfer hurt your credit? 

A balance transfer can both help or hurt your credit score, it all depends on how you use the card. The following things might have a negative impact on your credit rating:  

  • applying for a number of balance transfer credit cards at once

  • not making minimum repayments each month

  • not paying down your debt in full before the 0% promotional period is up

  • keeping your old credit card account open without using it 

  • transferring the same debt from one balance transfer card to another. 

However, if you pay down your debt and make all your minimum repayments on time on your balance transfer card, it may actually improve your credit rating as you are lessening the debt you have and becoming a less risky borrower. 

Can I do a balance transfer at any time? 

Yes, as long as you have credit card debt you can apply for a balance transfer credit card at any time. As mentioned, remember to select the ‘balance transfer’ option when applying for your desired card and indicate how much you intend to transfer over. 

How many times can you do a balance transfer on a credit card? 

There is no limit to the amount of times you do a balance transfer across multiple credit cards. 

The truth is, balance transfers can be a good way to pay off what you owe. So taking advantage of multiple offers may be a smart way to avoid paying interest while you clear debt. Keep in mind that there are also disadvantages to making multiple transfers, if you don’t approach it properly. Things like applying for multiple cards at once, being rejected for a card or missing repayments can negatively impact your credit rating. Ultimately it means you may be rejected by a credit card provider if you are constantly moving your debt around without paying it down. 

Plus, there are also additional costs that come with making multiple balance transfers, such as the card’s annual fee, balance transfer fee, interest on new purchases etc. 

Is it better to get a debt consolidation loan or balance transfer?

This depends on what type of debt you have. On the one hand, if you are just wanting to clear credit card debt, then you are more likely suited to a balance transfer. This way, you might end up paying no interest on your debt as you pay it back over 6 to 36 months, according to the Mozo database. 

Alternatively, if you have multiple personal debts, it may be a better idea to take out a debt consolidation loan. This way all your debt repayments are rolled into one and you can save yourself in interest by choosing a low rate option. It’s important to remember though, while these loans have longer term options than a balance transfer, they are not interest free. 

Should I close my credit card after a balance transfer offer is over? 

It’s up to you. There is no requirement that you close your credit card once the balance transfer offer is over. In fact, it could have a positive impact on your credit score if you continued making purchases on the card - once you have cleared your debt. Bear in mind though, it will only be beneficial if you use the credit card responsibly and pay off your balance, or at least the minimum repayment each month. Don’t use the card if you feel you will spiral into unmanageable debt and be back where you started. 

Also consider any fees and the revert rate that is attached to the card, as they may not fit within your budget. In this case, you may want to make the switch to a low interest rate credit card or no annual fee option.

Credit Card Reviews

Commonwealth Bank Credit Card
Overall 4/10

I love commbanks ability to always be up to date with services and have easy access to accounts.

Read full review

I love commbanks ability to always be up to date with services and have easy access to accounts.

Customer service
Wilson, Queensland, reviewed 8 days ago
Suncorp Clear Options Standard
Overall 9/10

Good policy with changes for interest opportunity

Read full review

Good policy with changes for interest opportunity

Customer service
Anne, Queensland, reviewed 13 days ago
Commonwealth Bank Ultimate Awards Credit Card
Overall 9/10
Transparent, simple and quick

The credit card provides the highest rewards of any other by CBA. Tracking/viewing accumulation of points is easy and clear to understand. Drawing down on rewards is simple and quick

Read full review

The credit card provides the highest rewards of any other by CBA. Tracking/viewing accumulation of points is easy and clear to understand. Drawing down on rewards is simple and quick

Customer service
Benjamin, Western Australia, reviewed 13 days ago

More credit card reviews