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Purchase Rate

11.99%

Balance Transfer Rate

0%

for 13 months then 21.74%

80%

of the approved credit limit

$0

Annual Fee

$0

for 12 months then $49

Interest Free Days

55

CUA
More details

Purchase Rate

12.49%

Balance Transfer Rate

0%

for 15 months then 21.74%

95%

of the approved credit limit

$0

Annual Fee

$58

Interest Free Days

55

ANZ
More details

Purchase Rate

19.74%

Balance Transfer Rate

0%

for 18 months then 21.49%

95%

of the approved credit limit

2%

Annual Fee

$0

for 12 months then $87

Interest Free Days

55

ANZ
More details

Purchase Rate

0.00%

for 14 months then 20.74%

Balance Transfer Rate

0%

for 6 months then 20.99%

80%

of the approved credit limit

$0

Annual Fee

$64

for 12 months then $129

Interest Free Days

44

Virgin Money
More details

Purchase Rate

18.79%

Balance Transfer Rate

20.99%

95%

of the approved credit limit

$0

Annual Fee

$80

Interest Free Days

44

ANZ
More details

Purchase Rate

20.74%

Balance Transfer Rate

0%

for 18 months then 20.99%

80%

of the approved credit limit

$0

Annual Fee

$50

Interest Free Days

44

Virgin Money
More details

Purchase Rate

19.99%

Balance Transfer Rate

21.49%

95%

of the approved credit limit

$0

Annual Fee

$295

Interest Free Days

55

ANZ
More details

Purchase Rate

18.79%

Balance Transfer Rate

20.99%

95%

of the approved credit limit

$0

Annual Fee

$95

Interest Free Days

55

ANZ
More details

Purchase Rate

18.79%

Balance Transfer Rate

20.99%

95%

of the approved credit limit

$0

Annual Fee

$375

Interest Free Days

55

ANZ
More details

Purchase Rate

19.74%

Balance Transfer Rate

0%

for 18 months then 21.49%

95%

of the approved credit limit

2%

Annual Fee

$30

Interest Free Days

44

ANZ
More details

Purchase Rate

19.99%

Balance Transfer Rate

21.49%

95%

of the approved credit limit

$0

Annual Fee

$425

Interest Free Days

55

ANZ
More details

Purchase Rate

19.99%

Balance Transfer Rate

21.49%

95%

of the approved credit limit

$0

Annual Fee

$95

Interest Free Days

44

ANZ
More details

Purchase Rate

19.99%

Balance Transfer Rate

0%

for 12 months then 21.99%

80%

No interest free days apply to retail purchases whilst there is a balance transfer

$0

Annual Fee

$29

for 12 months then $49

Interest Free Days

55

Qantas Money
More details

Purchase Rate

0.00%

for 15 months then 13.99%

Balance Transfer Rate

0%

for 6 months then 21.74%

90%

of the approved credit limit

2%

Annual Fee

$100

Interest Free Days

55

NAB
More details

Purchase Rate

20.24%

Balance Transfer Rate

21.74%

95%

of the approved credit limit

$0

Annual Fee

$225

Interest Free Days

55

ANZ
More details

Purchase Rate

20.74%

Balance Transfer Rate

0%

for 15 months then 20.99%

80%

of the approved credit limit

$0

Annual Fee

$289

Interest Free Days

44

Virgin Money
More details

Purchase Rate

20.74%

Balance Transfer Rate

0%

for 18 months then 20.99%

80%

of the approved credit limit

$0

Annual Fee

$64

for 12 months then $129

Interest Free Days

44

Virgin Money
More details

Purchase Rate

11.99%

Balance Transfer Rate

0%

for 14 months then 21.69%

80%

of the approved credit limit

$0

Annual Fee

$50

Interest Free Days

44

Virgin Money
More details

Purchase Rate

11.99%

Balance Transfer Rate

0%

for 6 months then 13.99%

80%

of the approved credit limit

2%

Annual Fee

$0

for 12 months then $45

Interest Free Days

55

Bendigo Bank
More details

Purchase Rate

19.99%

Balance Transfer Rate

0%

for 13 months then 21.74%

80%

of the approved credit limit

$0

Annual Fee

$0

for 12 months then $149

Interest Free Days

55

CUA
More details

Purchase Rate

11.99%

Balance Transfer Rate

6%

for 5 months then 11.99%

100%

of the approved credit limit

$0

Annual Fee

$49

Interest Free Days

55

Geelong Bank
More details

Purchase Rate

19.99%

Balance Transfer Rate

0%

for 13 months then 21.74%

80%

of the approved credit limit

$0

Annual Fee

$149

Interest Free Days

55

CUA
More details

Purchase Rate

19.99%

Balance Transfer Rate

0%

for 18 months then 21.99%

80%

of the approved credit limit

$0

Annual Fee

$199

for 12 months then $299

Interest Free Days

55

Qantas Money
More details

Learn more about credit cards

What is a balance transfer credit card?

A balance transfer is moving a debt from one financial provider or product to another, and it’s most commonly done with credit cards.

A balance transfer credit card could give you a better deal such as a lower or no interest rate on your transferred balance, but usually only for a limited time. By bringing down or removing the interest owed on a balance, it could be easier to get on top of your debt.

Apart from being able to better manage your credit card debt, you could go for a balance transfer to switch providers and reap the benefits they might offer.

The pros of a balance transfer credit card

Balance transfers are not just useful for people who can't manage debt, they can also be great for people wanting fringe benefits for their spending.

Different credit cards can come with many different features, so it's worth regularly using a credit card comparison tool to see if your current card stacks up against the competition.

You might even find switching providers or products could give you more benefits other than the balance transfer itself.

Some of the bells and whistles could include:

  • Cashback offers for new applicants
  • Ongoing low interest rates
  • No account keeping fees
  • Interest-free days
  • Reward points such as airline points
  • Discounted insurance
  • Retail gift vouchers and more

What you should know about credit card balance transfers

Some of these features may sound enticing, but keep in mind that the low or no interest rate on the debt balance is usually only available for a limited time period. This will vary depending on the product and provider.

After a balance transfer credit card's introductory period has expired, the card will revert to its standard purchase rate which will most likely be much higher.

If you fail to repay the transactions made within the interest-free period, you’ll have to pay interest on the balance owing. So if you’re considering transferring your credit card balance to lower the amount of interest you need to pay, it makes sense to pay off the carried balance before the low or no interest rate deal expires.

You can do this by working out a repayment schedule and sticking to it. 

For example, if you owe $2000 and your new credit card offers zero per cent interest on balance transfers for six months, you can divide $2000 by six months and set up monthly repayments of about $333 to avoid incurring further interest.

To avoid racking up more debt, consider restricting purchases on your credit card within the balance transfer introductory offer. This way you can give yourself the best chance of paying off your debt without incurring any penalties.

If the new credit card offers a zero balance on transfers for 18 months, try not to make purchases during this time. Instead focus on paying off the carried balance. You may even want to cut up your new card to prevent you from being tempted to make purchases.

It could also be a good idea to cancel your old credit card once the balance has been carried over to the new card. It would be counterproductive to add to your debt since the whole point of moving to another provider or product is to bring down your debt.

Tips for maintaining your credit card bill

Consider following these simple steps and developing healthy credit card habits once you've transferred your balance to a new product:

  • Keep on top of repayments: make repayments on time, and aim to pay more than the required minimum. Actually read your credit card statement to find out the repayment due date – late payments often result in extra interest charges or late payment fees.
  • Set a lower credit limit: if you don't have a need for a high credit limit, don't set one. If you lack discipline when it comes to spending, a higher credit limit might lead you to live outside of your means.
  • Avoid using your credit card for other debts: you should consider recurring debts, such as mortgage repayments, rent, utility bills and living expenses, as part of your regular cash flow, rather than sweeping it into your credit card debt. If you can't manage day-to-day living costs, you may need to seek the advice of a financial advisor or counsellor to help get you back on track.
  • Use the interest-free days to repay purchases: most interest-free credit card purchases are only available for a limited period of time. Ensure you know what purchases you make for each statement period and when they need to be repaid before you need to start paying interest.
  • Monitor your spending: keep a list of your credit card purchases. This could help you track your spending and determine whether you're spending within your budget.
  • Check your credit card statement: compare your list of credit card purchases against your statement to ensure they match. Make a note of any additional fees charged and look at ways of avoiding them next time.
  • Close your old credit card account completely: if you transferred your credit card balance with the aim of paying it off, make sure you properly close and settle your old account. Cutting up a card doesn’t terminate the account, so speak to your provider to find out how to close it off completely to prevent further use of the card.

*The phrase 'some of the best' is not a recommendation or rating of products. This page compares a range of credit cards from selected providers, not all products or providers are included in the comparison. No credit card is one size fits all. The best credit card for you will not be the best credit card for someone else. As a result, it's worth getting advice on whether a product is right for you before committing.

Frequently asked questions

What is a balance transfer credit card?

A balance transfer credit card lets you transfer your debt balance from one credit card to another. Designed to incentivise customers to switch banks, a balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. Applying for a balance transfer credit card is relatively straightforward. When your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card. There are plenty of balance transfer offers available on the market with 0 per cent interest rates available from six to 24 months.

Credit Card Balance

How do you cancel a credit card?

Credit cards aren’t something you want to collect unnecessarily. If you’ve paid the balance off or have upgraded to a new credit card, it’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.

How do you use credit cards?

A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.

Should I get a credit card?

Credit cards are a personal responsibility, so the reasons behind getting a credit card should also be personal.

You should always consider all the pros and cons of taking out a credit card before you sign on the dotted line.

For example, pros include the fact that credit cards can be a good way of paying for purchases, earning rewards points and building a credit history.

But there are also cons – credit cards can be expensive and put a lot of financial pressure on you.

You need to consider your personal finances and your lifestyle choices. Do you need a credit card? What options are out there for me? Can I handle the repayments? Why am I getting a credit card in the first place?

How to pay a credit card from another bank

Paying or transferring debt from one lender to the other is called a balance transfer. This involves transferring part or all of the debt from a credit card with one lender to a credit card with another. As part of the process, your new lender will pay out the old lender, so that you now owe the same amount of money but to a new institution.

Many credit card providers offer an interest-free period on balance transfers to help new applicants better handle their debt. During this period, cardholders are not required to pay interest on the debt they brought over from the other card. This can be a great opportunity for consumers to pay off credit card debt with no interest. There are often fees associated with balance transfers; normally, these are a percentage of the amount transferred.

So make sure you read the terms and conditions of the card before transferring any debt across.

How does credit card interest work?

Generally, when we talk about credit card interest, we mean the purchase interest rate, which is the interest charged on purchases you make with your credit card.

If you don’t pay your full balance each month (or even if you pay the minimum amount), you are charged interest on all the outstanding transactions and the remaining balance. However, interest is also charged on cash advances, balance transfers, special rate offers and, in some cases, even the fees charged by the company.

The interest rate can vary, depending on the credit card. Some have an interest-free period, otherwise you start paying interest from the day you make a purchase or from the day your monthly statement is issued. So avoid interest by paying the full amount promptly.

How is credit card interest charged?

Your credit card will be charged interest when you don’t pay off the balance on your credit card. Your card provider or bank charges you the individual interest rate that is associated with your card, which is usually between 10 and 20 per cent. 

The interest will be added onto your bill each month or billing period if you don’t pay off the balance, unless you are in an interest-free period.

You will be charged interest on anything that hasn’t been paid for inside the interest-free period. Usually you will receive a notice on your bill or statement saying you will be charged interest so you have some form of notice before you’re charged.

How to calculate credit card interest

Credit card interest can quickly turn a manageable balance into unmoveable debt. So being able to understand how interest rates translate into dollars is an important skill to acquire.

The common mistake people make is focusing on the credit card’s annual percentage rate (APR), which often sits between 15 and 20 per cent. While the APR does provide a rough idea of how much interest you’ll pay, it’s not entirely accurate.

This is because you actually accrue interest on your balance daily, not annually. So, you need to work out your daily periodic rate (DPR). To do this, divide your card’s APR by the number of days in a year (e.g. 16.9 per cent divided by 365, or 0.05 per cent). You can then apply this figure to the daily balance on your credit card.

How do you use a credit card?

Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.

What should you do when you lose your credit card?

Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.

Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.

Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.

Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.

Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.

What should you do if your credit card is compromised?

Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.

Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.

Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.

Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.

Can a pensioner get a credit card?

Pensioners can get credit cards with certain banks – if they can convince the bank they’re credit-worthy. Here are some points to consider if you are a pensioner looking for a credit card:

Annual income: Look for a credit card for which you easily fall within the minimum annual income requirements. This can be from the pension, superannuation or any other sources.

Annual fees: If high fees are a concern for you, opt for a card with a low or $0 annual fee. You want to make it as easy as possible to fit a credit card into your current lifestyle and spending habits.

Interest rate: Make sure you won’t have any nasty surprises on your credit card bill. Choose a card with a low interest rate to minimise risk (to both yourself and the bank – and this will help your application).

How to get a free credit card

Many people want to know how to get a free credit card. The reality is that all credit cards come with associated costs when used to make purchases – even if it’s simply the cost of making repayments.

However, many lenders offer incentives for customers such as a $0 annual fee or 0 per cent interest on purchases during an introductory period. You may be able to cut down on the usual costs associated with a credit card by comparing and choosing the right card to suit your requirements.

Additionally, paying off your balance in full during an interest-free period means you could only have to pay back the cost of purchases without interest. You could also be eligible for additional rewards such as cashback during that time, saving you more money.

How to get a credit card for the first time

A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.

If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.

Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.

When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.

How easy is it to get a credit card?

For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.

Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.

Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.

Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.

How to pay a credit card

There are a few ways to pay a credit card bill. One way is to pay via BPAY. This means you can make your credit card payment on the phone or via the internet.

You can set up an automatic payment from an Australian bank account to pay your credit card bill each month. You can choose how much you want to pay of your credit card bill when you set up the auto payments.

Different Australian banks will also allow you to pay off credit card bills in person at one of their branches.

Some credit card companies also allow you to pay your credit card via an app whenever each statement is due.

How to make a credit card online

Credit cards can be useful, provided you understand the risks. If you’re wondering about how to make a credit card online application, here are some steps to follow:

  • Test the market – Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
  • Complete the application – Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
  • Provide details – Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
  • Review details – Ensure the information you’ve entered is correct.

How to get a new credit card

To get a new credit card, generally you need to be at least 18 years old and have a good credit rating. You don’t need to be an Australian citizen. Usually you can apply online or in person at a branch of the card issuer. You’ll typically have to supply information like:

  • What you regularly earn (e.g. wages, salary) and what you regularly spend (e.g. rent/mortgage, loan repayments, living expenses)
  • Your employer’s contact details
  • Details of your assets and any debts you are paying off

Before applying for any credit card, be sure you can afford the repayments. It also helps to do some research, comparing different credit cards and what they offer in terms of fees, interest, rewards etc.

How do you apply for a credit card?

You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.