Do you have a credit card but want to switch to a new one? Maybe you want to consolidate the debt from your existing cards onto one new credit card? Choosing a credit card with low or 0% balance transfer allows you to transfer existing credit card debt onto a new card, where you will pay low or no interest for a certain period of time. This can give you the opportunity to pay off more of your debt, and consolidate all your debts to one payment.
|Rating||Product Name||Purchases||Balance Transfer||Annual Fee|
|0%for 6 months||0%6 months||$49||Apply NowMore Info+ Shortlist|
|Citibank Clear Platinum offers an amazing triple 0 offer. 0% p.a. on Purchases, Balance Transfers and Cash Advances for the first 6 months. Also receive half annual fee first year. APR changing to 12.99% from 1 Oct|
|12.99%p.a.||0%9 months||$58||Apply NowMore Info+ Shortlist|
|ANZ's Low Rate with 0% on balance transfer for 9 months - which reverts to the low purchase rate|
|17.99%p.a.||0%6 months||$0||Apply NowMore Info+ Shortlist|
|HSBC's standard credit card has no annual fee, a very competitive balance transfer and voted 'Best Transactor credit card 2010, 2011 & 2012' by Money Magazine.|
|0%for 4 months||0%6 months||$59||Apply NowMore Info+ Shortlist|
|Bankwest Breeze offers 0% on purchases for the first 4 months. It reverts to a very low 11.99% on purchases, one of the lowest in Australia.|
|19.99%19.99||0%8 months||$129||Apply NowMore Info+ Shortlist|
|The HSBC Platinum Credit Card offers 0% on balance transfers for 8 months alongside 25,000 reward points with 1 reward point per $1 spent + free additional card holders.|
|20.99%p.a.||0%8 months||$64||Apply NowMore Info+ Shortlist|
|0% on balance transfers for 8 months, half annual fee first year with buy 1 get 1 complimentary seat on Virgin flights up to 4 times per year|
|13.49%p.a.||0%9 months||$55||Apply NowMore Info+ Shortlist|
|The BOQ Low Rate Card offers 0% p.a. on balance transfers for the first 9 months with a low purchase rate of 13.49% p.a.|
|20.24%p.a||0%9 months||$89||Apply NowMore Info+ Shortlist|
|The CUA Platinum offers a range of complimentary insurance covers and no interest on balance transfers for the first 9 months with half annual fee first year.|
|19.49%p.a.||0%6 months||$140||Apply NowMore Info+ Shortlist|
|Receive 8,000 bonus points, earn 1 Qantas Frequent Flyer point for ever $1 spent and only pay 0% on balance transfers for 6 months.|
|0%for 6 months||3.99%6 months||$45||Apply NowMore Info+ Shortlist|
|The Westpac Low Rate card offers a great introductory purchase rate of 0% p.a. for 6 months with a balance transfer rate of 3.99% for 6 months which reverts to the low standard purchase rate of 13.49%.|
If you have existing credit card debt that you would like to pay off, then a balance transfer card could be an excellent option. With this type of card, you can transfer debts from your current store or credit cards and usually enjoy a lower rate of interest for a given period of time. Paying less interest during the introductory offer period can give you a great opportunity to pay off what you owe.
When you apply for a balance transfer card, you will have the opportunity to fill in the details of all the balances you want transferred on the application form. If you are approved, your new provider will arrange the transfer, and you can start paying off your debts while enjoying less interest.
If you want to arrange a balance transfer after the account has been opened, you will need to check if this is possible with your new provider. Some providers only allow for balance transfers at the time of application. This is another reason why it is important to read the terms and conditions before you sign.
You should also be aware that your old credit card accounts will not be closed automatically when the balances are brought over to the new card. If you would like to close the accounts, you will need to arrange this yourself.
At the end of the introductory period, if there is any balance left unpaid, then the interest charged on that amount will revert to either the purchase rate or the cash advance rate, as specified by your credit card provider.
Here are some of the more important aspects to compare on balance transfer cards:
Think about how long it will take you to pay off the transferred balances. If you think you can pay it off quickly, you can choose a shorter time. Shorter offers usually have lower interest rates. If you think it will take longer to pay off, perhaps consider a longer offer with a slightly higher interest rate.
Ongoing Interest Rates:
If you plan to keep the card as an everyday credit card once you have paid off the transferred balance, it is important to know what the ongoing purchase rate will be. If you tend to carry a balance from month to month, then having low ongoing interest rates can help to save you money.
Cards with more features can charge more in annual fees. Think about what you want from the card, and try to choose one that offers more in return that you will pay out in fees.
Some rewards cards also have balance transfer offers. If the balance transfer feature is the most important to you, choose a card that focusses on that. If you are more interested in rewards, choose a card that gives you the rewards you want for the spending you do most.