Compare balance transfer credit cards
A balance transfer moves debt from an existing credit card to a new one, usually at 0% interest for a set number of months. It only saves money if you pay the balance down before that period ends.
| Card | Balance transfer offer | Transfer fee | Rate after the offer ends | Purchase rate | Card fee | Link |
|---|---|---|---|---|---|---|
| ANZ Low Rate | 0% p.a. for 26 months | 3% | Standard balance transfer rate (23.49% p.a.) | 13.74% p.a. | $58 a year | View on ANZ site |
| NAB Low Rate Card | 0% p.a. for 26 months | 3% | Cash advance rate (22.99% p.a.) | 13.99% p.a. | $99 a year | View on NAB site |
| Bankwest Breeze Platinum Mastercard | 0% p.a. for 24 months | 3% | 12.99% p.a. | 12.99% p.a. | $59 a year | View on Bankwest site |
| St.George Vertigo | 0% p.a. for 20 months | 3% | Cash advance rate (21.99% p.a.) | 13.99% p.a. | $7 a month ($84 a year) | View on St.George site |
| Westpac Low Rate Card | 0% p.a. for 20 months | 3% | Cash advance rate (21.99% p.a.) | 13.74% p.a. | $7 a month ($84 a year) | View on Westpac site |
| Bankwest Zero Platinum Mastercard | 0% p.a. for 6 months | 3% | 18.99% p.a. | 18.99% p.a. (0% p.a. for the first 6 months) | $0 | View on Bankwest site |
Offers are for new cards and must generally be requested when you apply. On the ANZ, NAB, St.George and Westpac cards the balance transfer offer is an alternative to a cashback offer, so you choose one. Providers can change or withdraw offers at any time.
What to compare
The transfer fee
All of the offers above charge a one-off fee of 3% of the amount transferred. On a $5,000 balance that is $150, added to the card on day one.
The rate when the offer ends
Whatever is left when the 0% period finishes starts attracting interest. On the ANZ, NAB, St.George and Westpac cards the leftover balance moves to a rate of 21.99% to 23.49% p.a., well above the purchase rate. The two Bankwest cards revert to their purchase rate instead.
The repayment you need
Divide the balance (including the transfer fee) by the number of months. Clearing $5,150 over 20 months takes about $258 a month. Over 26 months it is about $198 a month. Paying only the minimum will leave most of the debt in place when the higher rate starts.
New purchases
The 0% rate applies to the transferred balance, not to new spending. New purchases are charged at the purchase rate, and you may lose interest-free days on them while a transferred balance is outstanding. Check the provider’s terms.
Who you can transfer from
Banks generally won’t accept transfers from their own brands. St.George, for example, excludes St.George, Bank of Melbourne and BankSA cards, and limits the transfer to 80% of your approved credit limit.
Common questions
Does a balance transfer hurt my credit score?
Applying for any credit card is recorded as an enquiry on your credit report. One application is unlikely to matter much, but several in a short period can.
What happens to my old card?
The new provider pays the old card. The old account stays open unless you close it, and its fees keep applying until you do.
Can I transfer a personal loan?
Most balance transfer offers cover credit and store cards only. Check the provider’s terms.