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. Even if for just a period of time, these cards can save you money on interest costs and fees, and help you to pay your debt off faster. See how much you could save by transferring to a top 0% balance transfer deal using the comparison table below. Start comparing now!
Kogan Money Black Card has no annual fee and no cap or expiry date on points. It comes with a 55 interest free days on purchases and a 0% balance transfer rate for the first 12 months. Earn up to $400 in Kogan.com Credit, $50 Credit on first eligible spend in 30 days and $350 Credit when you spend $1,500 on eligible purchases in 90 days from card approval.
Kogan Money Black Card has no annual fee and no cap or expiry date on points. It comes with a 55 interest free days on purchases and a 0% balance transfer rate for the first 12 months. Earn up to $400 in Kogan.com Credit, $50 Credit on first eligible spend in 30 days and $350 Credit when you spend $1,500 on eligible purchases in 90 days from card approval.
Read our Mozo Review to learn more about the Black Card
0% p.a. on purchases for 12 months (Reverts to 11.99% p.a). Also 0% balance transfer for 12 months. Low annual fee of $45 and no fees for additional cardholders.
0% p.a. on purchases for 12 months (Reverts to 11.99% p.a). Also 0% balance transfer for 12 months. Low annual fee of $45 and no fees for additional cardholders.
Read our Mozo Review to learn more about the Low Rate Credit Card
0% p.a. for 30 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.
0% p.a. for 30 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.
Read our Mozo Review to learn more about the Vertigo
Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. No annual card fee for the first year, $59 thereafter. New Cards only. Offer ends November 30th 2021. T&C's and exclusions apply.
Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. No annual card fee for the first year, $59 thereafter. New Cards only. Offer ends November 30th 2021. T&C's and exclusions apply.
Read our Mozo Review to learn more about the Low Rate
80,000 bonus Amplify Points, worth up to $350 in eGift Cards (min $3,000 spend within 90 days. 0% p.a. for 15 months on balance transfers requested at card application (1% BT fee). New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.
80,000 bonus Amplify Points, worth up to $350 in eGift Cards (min $3,000 spend within 90 days. 0% p.a. for 15 months on balance transfers requested at card application (1% BT fee). New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.
Read our Mozo Review to learn more about the Amplify Rewards Platinum
0% p.a. on balance transfers for 36 months (Conditions apply). Also earn two HSBC rewards points per dollar on overseas purchases and one point per dollar for all other purchases.
0% p.a. on balance transfers for 36 months (Conditions apply). Also earn two HSBC rewards points per dollar on overseas purchases and one point per dollar for all other purchases.
Read our Mozo Review to learn more about the Platinum Credit Card
0% p.a. interest on balance transfers for the first 32 months, plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.
0% p.a. interest on balance transfers for the first 32 months, plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.
Read our Mozo Review to learn more about the Low Rate Card
Receive 55,000 bonus Qantas Points when you apply, are approved, and meet the minimum spend criteria of $3,000 in the first 3 months. T&Cs apply. Available to new Card Members only.
Receive 55,000 bonus Qantas Points when you apply, are approved, and meet the minimum spend criteria of $3,000 in the first 3 months. T&Cs apply. Available to new Card Members only.
Read our Mozo Review to learn more about the Qantas Ultimate Card
Earn 60,000 bonus Qantas Points (min $3,000 spend in the first 3 months). New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.
Earn 60,000 bonus Qantas Points (min $3,000 spend in the first 3 months). New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.
Read our Mozo Review to learn more about the Amplify Rewards Platinum
Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (100k yr 1, 100k yr 2) when you spend $12k on eligible purchases each year. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.
Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (100k yr 1, 100k yr 2) when you spend $12k on eligible purchases each year. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.
Read our Mozo Review to learn more about the Amplify Rewards Signature
Earn up to 0.75 Qantas Point per $1 spent on eligible purchases. No foreign transaction fee.
Earn up to 0.75 Qantas Point per $1 spent on eligible purchases. No foreign transaction fee.
Read our Mozo Review to learn more about the Qantas Platinum Mastercard
^See information about the Mozo Experts Choice Credit cards Awards
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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.
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.
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.
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.
And balance transfer rates are always limited time offers, so you should always have a plan for how you are going to pay off the debt before that great interest rate runs out.
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.
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.
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.
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.
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.
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, Mozo Director Kirsty Lamont has broken down five key questions you should ask when comparing balance transfer deals and choosing a 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 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.
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.
To be eligible for one of these debt blasting offers, you’ll need to tick a few boxes, including:
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.
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.
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:
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.
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.
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.
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.
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.
You are a disgrace to the industry.
Read full reviewYou are a disgrace to the industry.
Humm90 /skye/flexicard stay away from the monkeys can not say much about the customer service with a call centre in the Philippines cheap labour and high interest rates on their product sham sham sham posted in the 13/07/2021 they have no idea of how to treat the customers.
Read full reviewHumm90 /skye/flexicard stay away from the monkeys can not say much about the customer service with a call centre in the Philippines cheap labour and high interest rates on their product sham sham sham posted in the 13/07/2021 they have no idea of how to treat the customers.
My credit card fell out of my pocket and I went online to temporarily block the card. I then rang to get a new card. In the meantime, I found the card and went back online to unblock it. My card had disappeared out of my account and so I call the bank. Only to be told that the customer representative had completely blocked it. I did not ask her to do this, nor did she tell me she was doing this. They refused to unblock it and told me I would have to wait 10 days for a new card. Their customer resolution was to give the staff member training. Wow. Nothing for me, not even an apology. I asked for the card to be put on a courier and they refused. But, hang on, this was their mistake. The staff member did not get sacked, she still has a job, access to food and money, I don't and no one at the bank cares. The guy on the phone said that he could not phone the card company. This was a lie because the branch manager was able too. He just did not want to do his job. I then went into my local branch and spoke to the manager who looked into it and she said that she organised the card to be express posted. Well, that turns out to be no good either as Australia Post is not honouring their delivery time. Again, the card should have been put on a courier since it was their mistake. I asked for the card to be delivered at the branch because our letter boxes sometimes are not safe. At no time did she tell me that the branch would no longer be open. I go there today to check if the card has arrived and to get some money and the branch is closed. Wow!!! She knew full well that the branch would be closed early the next day, yet said nothing. I contacted the CEO which could not be bothered to answer and had one of his useless minions answer. She said she would look into it, phoned the branch and said that since the card was in the slow main, not even internal mail, there was nothing they could do. Then the manager called me and said the card had miraculously arrived and made an appointment with me to come and collect it at 10.30. The staff then decided not to be there at 10.30 and to use company time to get Covid tested. They could have gone in the afternoon and not the morning since they are now only opened half a day. They then said that they had a covid trace there and that is why they had to get tested and now I had to stay without money over the weekend. They never had a scare, they are using company time. If they had a real scare they would not have anyone working but they still had one staff member working in an infected branch? Yeah right. She refused to give me my card which she was aware of the problem and could have passed it under the door. She refused to open the envelope and give me the CVV number which would have solved all problems. So the heroic staff member who is vying for a purple heart and who had volunteered to remain in an infected branch refused to do her job. LOL Also the branch would have been disinfected and the shopping centre closed if there had truly been an issue. Not only that, the Manager put me in danger if there was an issue as she did not phone me and tell me not to come. That is because there is no issue. Now, I cannot work as I need to pay tolls for my work and my credit card has been cancelled without my approval. I have no a cent to my name as the branch is closed and I cannot get money out. So tonight, I will not be eating. Now, they tell me that I might not get my card for 10 days. So that is 3 weeks without being able to pay bills, work or have access to food for the next 2 weeks. No one at the bank cares. What they should have done is apologise for their mistake, and fixed it immediately as it was such an easy fix. Put it on a courier and not in the post. When you make a mistake, you need to fix it and take ownership. But what the bank has done is make a mistake and then say "too bad". They do not deserve customers if that is how they treat them. I am not angry about a mistake being made as we are all human but I am taking legal action now because they are refusing to fix their mistake and have ruined my life at my age. The problem is so big now, that even if I get the card, I cannot fix the damage which has been done. My life is completely destroyed.
Read full reviewMy credit card fell out of my pocket and I went online to temporarily block the card. I then rang to get a new card. In the meantime, I found the card and went back online to unblock it. My card had disappeared out of my account and so I call the bank. Only to be told that the customer representative had completely blocked it. I did not ask her to do this, nor did she tell me she was doing this. They refused to unblock it and told me I would have to wait 10 days for a new card. Their customer resolution was to give the staff member training. Wow. Nothing for me, not even an apology. I asked for the card to be put on a courier and they refused. But, hang on, this was their mistake. The staff member did not get sacked, she still has a job, access to food and money, I don't and no one at the bank cares. The guy on the phone said that he could not phone the card company. This was a lie because the branch manager was able too. He just did not want to do his job. I then went into my local branch and spoke to the manager who looked into it and she said that she organised the card to be express posted. Well, that turns out to be no good either as Australia Post is not honouring their delivery time. Again, the card should have been put on a courier since it was their mistake. I asked for the card to be delivered at the branch because our letter boxes sometimes are not safe. At no time did she tell me that the branch would no longer be open. I go there today to check if the card has arrived and to get some money and the branch is closed. Wow!!! She knew full well that the branch would be closed early the next day, yet said nothing. I contacted the CEO which could not be bothered to answer and had one of his useless minions answer. She said she would look into it, phoned the branch and said that since the card was in the slow main, not even internal mail, there was nothing they could do. Then the manager called me and said the card had miraculously arrived and made an appointment with me to come and collect it at 10.30. The staff then decided not to be there at 10.30 and to use company time to get Covid tested. They could have gone in the afternoon and not the morning since they are now only opened half a day. They then said that they had a covid trace there and that is why they had to get tested and now I had to stay without money over the weekend. They never had a scare, they are using company time. If they had a real scare they would not have anyone working but they still had one staff member working in an infected branch? Yeah right. She refused to give me my card which she was aware of the problem and could have passed it under the door. She refused to open the envelope and give me the CVV number which would have solved all problems. So the heroic staff member who is vying for a purple heart and who had volunteered to remain in an infected branch refused to do her job. LOL Also the branch would have been disinfected and the shopping centre closed if there had truly been an issue. Not only that, the Manager put me in danger if there was an issue as she did not phone me and tell me not to come. That is because there is no issue. Now, I cannot work as I need to pay tolls for my work and my credit card has been cancelled without my approval. I have no a cent to my name as the branch is closed and I cannot get money out. So tonight, I will not be eating. Now, they tell me that I might not get my card for 10 days. So that is 3 weeks without being able to pay bills, work or have access to food for the next 2 weeks. No one at the bank cares. What they should have done is apologise for their mistake, and fixed it immediately as it was such an easy fix. Put it on a courier and not in the post. When you make a mistake, you need to fix it and take ownership. But what the bank has done is make a mistake and then say "too bad". They do not deserve customers if that is how they treat them. I am not angry about a mistake being made as we are all human but I am taking legal action now because they are refusing to fix their mistake and have ruined my life at my age. The problem is so big now, that even if I get the card, I cannot fix the damage which has been done. My life is completely destroyed.
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