Do you currently have credit card debt across multiple cards that you are struggling to pay off? If so, you might benefit from a balance transfer credit card. 

A balance transfer moves your existing debt to a new credit card, to reduce your monthly repayments and the total interest you have to pay. This could save you hundreds or even thousands of dollars in debt, especially if you only make the minimum repayment every month.

The main reason people use a balance transfer credit card is to take advantage of 0% balance transfer periods, which can be anywhere from six to eighteen months.

Calculate how much you could save by transferring your balance to a 0% card balance deal

Credit card holders who transfer their balance to a new card could save an average of $1262 in interest and fees and pay their debt off 6 months earlier. Calculate your savings and compare balance transfer deals today*

Credit card balance

$

Monthly repayment

$

Current interest rate

%
Product Name Card
Balance Transfer Rate
Annual Fee
Potential Savings
Fees & Interest
Go to site

Balance Transfer Rate

6%

for 5 months then 11.99%

Annual Fee

$49

$1,336

1 year and 11 months

$488

More details

Balance Transfer Rate

0%

for 12 months then 21.99%

Annual Fee

$29

for 12 months then $49

$1,562

1 year and 10 months

$262

More details

Balance Transfer Rate

0%

for 6 months then 21.74%

Annual Fee

$100

$1,107

2 years

$716

More details

Balance Transfer Rate

0%

for 18 months then 21.49%

Annual Fee

$30

$1,749

1 year and 9 months

$74

More details

Balance Transfer Rate

0%

for 15 months then 21.74%

Annual Fee

$58

$1,636

1 year and 9 months

$187

More details

Balance Transfer Rate

0%

for 18 months then 21.49%

Annual Fee

$0

for 12 months then $87

$1,629

1 year and 9 months

$195

More details

Balance Transfer Rate

0%

for 18 months then 20.99%

Annual Fee

$64

for 12 months then $129

$1,539

1 year and 10 months

$284

More details

Balance Transfer Rate

0%

for 18 months then 20.99%

Annual Fee

$50

$1,707

1 year and 9 months

$116

More details

Balance Transfer Rate

0%

for 6 months then 20.99%

Annual Fee

$64

for 12 months then $129

$1,054

2 years

$769

More details

Balance Transfer Rate

0%

for 14 months then 21.69%

Annual Fee

$50

$1,628

1 year and 9 months

$195

More details

How does the balance transfer calculator work?

When you find a balance transfer credit card that you would like to compare with your current credit card, use the RateCity calculator to see how much you could save across multiple balance transfer credit cards.

Here’s how it works:

  1. Enter your current credit card balance (debt)
  2. Enter your monthly credit card repayment
  3. Put in your current credit card interest rate
  4. Hit Enter

When you hit enter, the rate table below will update to show you a list of credit cards with the potential savings you could make if you were to switch.

The table also includes information like annual fee, other fees and interest charges, as well as the balance transfer rate, and details of any 0% balance transfer period.

What are the pros and cons of balance transfers?

Overall, there are many good reasons to consider a balance transfer. However, it’s important to be aware of sneaky fees and revert rates that can hit you after the promotional period.

The benefits of balance transfers

  • Pay off your debt quicker: switching to a credit card with a lower interest rate or 0% balance transfer rate can help you pay off your debt faster
  • Easier debt management: if you have multiple debts across different cards, it can be hard to keep track of repayments. Consolidating debt can make debt simpler to manage
  • Lower interest rates: transferring your debt to a card with lower interest rates could save you hundreds or even thousands of dollars in interest

The disadvantages of balance transfers

  • Additional fees and charges: credit cards can come with many different fees and charges, which you should look for in the Product Disclosure Statement before you apply
  • Higher rates after promotional periods: if you get a 0% balance transfer card, you may incur a higher rate when that period is up, so make sure you check both rates
  • Risk of more debt: purchases made on 0% balance transfer cards will still accrue interest when you make purchases, so you’re at risk of accumulating more debt

Why use a balance transfer calculator?

Determining how much you’ll save on a balance transfer can be tricky, especially when there are so many choices available on the market. 

Fortunately, the RateCity credit card balance transfer calculator eliminates the guesswork by showing you:

  • Potential savings you will make by switching to another credit card
  • How much you could save by choosing to make higher repayments
  • How much interest you’ll pay after the promotional interest period is over