Balance transfer credit cards

The table below displays some low rate credit cards with a balance transfer offer from our Online Partners.

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Editor-in-Chief
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  • Star Rating - lowest first
  • Star Rating - highest first
  • Balance transfer rate p.a. - lowest first
  • Balance transfer rate p.a. - highest first
  • Balance transfer fee - lowest first
  • Balance transfer fee - highest first
  • Annual fee - lowest first
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promoted
Fees & charges apply. Australian Credit Licence 233714.
0%
for
24 mths
then 21.99%
2%
of balance
$59
dot
0.00% p.a. interest rate on balance transfers for 26 mths. Rate reverts to 21.49% p.a. Balance transfer fee of 2% applies.
Offer
24hr approval available
Apply in full online
Fraud protection
Fees & charges apply. Australian Credit Licence 233714.
Fees & charges apply. Australian Credit Licence 233714.
promoted
Fees & charges apply. Australian Credit Licence 234945.
0%
for
24 mths
then 12.99%
3%
of balance
$59
Offer
Apply in full online
Fraud protection
Fees & charges apply. Australian Credit Licence 234945.
Fees & charges apply. Australian Credit Licence 234945.
promoted
Fees & charges apply. Australian Credit Licence 234945.
0%
for
24 mths
then 12.99%
3%
of balance
$49
Offer
Apply in full online
Fraud protection
Fees & charges apply. Australian Credit Licence 234945.
Fees & charges apply. Australian Credit Licence 234945.
promoted
Fees & charges apply. Australian Credit Licence 233714.
0%
for
24 mths
then 21.99%
2%
of balance
$55
Offer
24hr approval available
Apply in full online
Fraud protection
Fees & charges apply. Australian Credit Licence 233714.
Fees & charges apply. Australian Credit Licence 233714.
promoted
Fees & charges apply. Australian Credit Licence 233714.
0%
for
24 mths
then 21.99%
2%
of balance
$59
Offer
24hr approval available
Apply in full online
Fraud protection
Fees & charges apply. Australian Credit Licence 233714.
Fees & charges apply. Australian Credit Licence 233714.
promoted
Fees & charges apply. Australian Credit Licence 233714.
6.99%
for
12 mths
then 21.99%
2%
of balance
$55
Bonus
Offer
24hr approval available
Apply in full online
Fraud protection
Fees & charges apply. Australian Credit Licence 233714.
Fees & charges apply. Australian Credit Licence 233714.
promoted
Fees & charges apply. Australian Credit Licence 234945.
0%
for
6 mths
then 18.99%
3%
of balance
$0
Offer
Discount
Apply in full online
Fraud protection
Fees & charges apply. Australian Credit Licence 234945.
Fees & charges apply. Australian Credit Licence 234945.

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The initial results in the table above are sorted by Star Rating (High-Low) , then Balance transfer rate p.a. (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, which impact the results displayed in the table - filters can be applied or removed at any time.

promoted
Fees & charges apply. Australian Credit Licence 291313.
Receive 50,000 Bonus Qantas Points
dot
Receive 50,000 bonus Qantas points
dot
Min spend $5k in first 3 months. Offer ends 1 July 2025
dot
T&Cs apply. New Amex Card Members only.
Fees & charges apply. Australian Credit Licence 291313. See Terms & Conditions.
Fees & charges apply. Australian Credit Licence 291313. See Terms & Conditions.

What is a balance transfer credit card?

A credit card balance transfer involves transferring credit card debt from one or more existing cards to a new one, with the new card usually having a lower initial interest rate on that balance for a limited time. Credit card balance transfers with a 0% offer allow customers to pay off their debt interest-free for a limited time—assuming they manage to pay it all off within the promotional or introductory period and don’t make any new purchases (higher interest rates can apply afterwards and for new purchases). A credit card with a balance transfer offer may also help to make your repayments more manageable during this promotional period.

If you’re considering a balance transfer credit card, it’s also worth considering any annual fee that may apply, plus the interest rate the card reverts to after the interest-free period. Bear in mind that some cards may also charge you an upfront fee to transfer your balance. This could be a flat dollar figure or a percentage of the balance transferred.

How does a credit card balance transfer work?

If you do opt for a balance transfer credit card, you’re simply transferring your debt from credit card A to credit card B. You may want to consolidate the debt from other credit cards too, if that’s possible.

You’ll need to know the amount you want to transfer and the details of the new credit card account where you want the debt to go. There may be a limit on how much you can transfer, so check first to see if that works for you.

You can then contact your original credit card provider who will go ahead with your balance transfer once you provide them with all the necessary details of the new credit card. The transfer could take up to a few weeks depending on which credit card provider you’re with.

Before you begin this process, it’s a good idea to make any payments that are due around that time, in order to avoid any late fees.

Once the balance transfer is done, check with your new credit card provider to see all is as you expected. Check any statement to see what amount is listed and any reduced or 0% interest rate and expiry date on the promotional rate.

It’s up to you to cancel your old credit card/cards. If you still have an outstanding balance on your old credit card you will need to keep up with any repayments.

How to choose the best balance transfer credit card?

This will ultimately depend on your financial situation and personal needs. If you intend to use the balance transfer credit card to consolidate debt, you may prefer cards that offer great introductory interest rates, such as 0% for a certain amount of months, and low annual and balance transfer fees. If you’re interested in keeping the card after the balance transfer period, you may also want to consider its associated costs, ongoing interest rate and features. You can also compare balance transfer credit cards from our Online Partners by using the comparison table above.

You may also like to consider Canstar’s Credit Card Star Ratings and Awards which recognises credit card providers that offer Outstanding Value to consumers based on both price and features. Canstar also awards the providers who have the Most Satisfied Customers based on our sophisticated methodology.

Why choose a credit card balance transfer?

Balance transfer credit cards can be a useful way to help consolidate and pay off debt. If you opt for a card with a 0% or low introductory interest rate, you may be able to pay down your debt faster while only incurring minimal interest charges during this period. As the introductory period is outlined and runs for several months, it could provide you a clearer timeline to pay off your debt. Depending on the card you choose, it may also be a better fit for you than your current credit card when comparing fees, interest rate and features, even after the introductory period ends.

How to apply for a balance transfer credit card?

You can generally apply for a balance transfer credit card using your chosen provider’s website, over the phone or in person at a physical bank/financial institution branch (if your provider has one). You can also click the ‘Go To Site’ button next to your chosen option on the comparison table above. Before you apply though, it’s important to research and compare your options, as this can assist you in finding the right balance transfer credit card for your needs.

It’s worth taking the time to prepare the necessary documents for your application, such as photo identification, proof of income and details on existing debts and your monthly expenses, as your credit card provider will require these in order to assess if their product is appropriate for your situation (per responsible lending laws). You should also check any eligibility requirements that apply.

It’s important to note that making multiple credit applications in a short space of time can hurt your credit score. It’s often suggested to take your time when assessing your credit options and to only apply once you are confident with your decision. You should also read all relevant product documentation, such as the Product Disclosure Statement (PDS) and Target Market Determination (TMD), for any product you are considering. It may also be worth obtaining professional financial advice before making your decision.

Frequently Asked Questions about Credit Card Balance Transfer

The balance transfer interest rate is the introductory interest rate charged on your existing balance when you transfer it to a new credit card. This introductory rate typically lasts between 6–24 months but can last for longer in some cases. So, for example, with a 12-month 0% balance transfer, you would pay 0% interest on your existing credit card debt that is consolidated to the card for 12 months.

In addition to generally having a low or 0% interest rate for a period of time, a balance transfer can also be a good way to consolidate credit card debt. By paying a one-off balance transfer fee, you could move your existing credit card debt from multiple cards onto one. Check how much you can transfer, as some credit cards will only allow you to transfer a certain amount of money and you may not be able to transfer the full amount from your existing credit cards. Some providers may also place a limit on how many cards you can transfer debt from.

However, you need to be aware of the revert rate—the interest rate your card will revert to once the introductory period finishes. You may also be charged interest on any new purchases you make on the card, even during the introductory balance transfer offer period.

If you don’t pay off your transferred debts by the end of the introductory period, then what’s left will be charged interest at the higher revert rate. If you don’t think you can pay it all off in time, consider picking a card with a lower revert rate, or think about whether you may want to choose a card with a low ongoing interest rate, instead of one suited to balance transfers.

A credit card with a 0% introductory balance transfer offer may not necessarily provide better value than a credit card which charges interest immediately. For example, a credit card that comes with an interest-free period but a high annual fee could actually end up being more expensive over the long-term than a credit card with no interest-free period but no annual fee.

If possible, it could be worth considering a card which combines a 0% balance transfer rate, no upfront or annual fees, and a competitive revert rate. (You can use the comparison table at the top of this page to compare products from our Online Partners.)

When taking out a balance transfer, it’s typically a good idea to focus primarily on paying off as much of your debt as possible before making any new purchases with your card.

You may even want to consider paying off and cancelling your previous credit cards if possible, to reduce the temptation to spend and help you repay your other existing debts more quickly.

Failing to repay your debts in time on a balance transfer deal could keep you in a cycle of debt, so make sure you compare your options thoroughly before deciding. You may want to seek advice from a qualified financial adviser to help with your decision making.

If you’re having trouble making credit card repayments, you may also want to contact your credit card provider and speak to them about applying for financial hardship. Free, confidential, independent financial counselling is also available from the National Debt Helpline (NDH) on 1800 007 007. Free debt advice and debt negotiation are available from the NDH if you need it.

Canstar compares balance transfers using a unique, sophisticated methodology that considers both price and features. We compare products from across the industry, assigning our 5-Star Rating to products offering Outstanding Value to consumers.

Some of the features Canstar compares and you should consider are:

  • Does the card offer an interest free or low interest deal?
  • Does the card charge an annual fee? Credit cards with a longer interest-free timeframe may charge a higher annual fee, so be wary of overall costs when choosing a balance transfer.
  • How long is the transfer period?
  • What is the balance transfer revert interest rate? This is the interest rate that the card switches to after the introductory low-rate period.
  • What is the balance transfer fee?

You can compare balance transfer cards from our Online Partners by using the comparison table at the top of the page. You can also change the filters to suit your own financial and personal requirements.

Please note that these are a general explanation of the meaning of terms used in relation to balance transfers. Your bank or financial institution may use different terms, and you should read the terms and conditions of your balance transfer credit card carefully to understand all fees, charges and interest rates that may apply. Refer to the Product Disclosure Statement (PDS) of any product you are considering.

Account-keeping fee or ongoing fee: A monthly account-keeping fee that is charged by the lender to help cover the administration cost of maintaining the line of credit. Alternatively, you may be charged an annual fee.

Average daily balance: The balance of your card is determined by adding up all balances during the month and then dividing the total sum by the number of days in a given billing cycle. Most credit card providers calculate the daily balance based on the annual rate.

Balance transfer fee: A fee charged when you make a balance transfer. It may be a flat fee or a percentage of the amount you transfer.

Bankruptcy: This is when someone’s debt problems become so serious that they are unable to pay their existing debts and bills. When this happens, they can apply to a court to be declared bankrupt, and any assets or savings they have can be used to pay off their debts.

Credit limit: The maximum amount you can spend with your credit card before having to pay off some of the balance. Learn about how credit limits are determined here.

Credit report or credit history: A report from a credit agency that contains a history of your previous loan and bill payments. Banks, lenders, creditors and financial institutions use this report to determine how likely you are to repay a future debt, and it helps them decide whether or not to lend money to you. Your credit rating and credit report are also used by lenders and insurance providers to set your loan and insurance rates.

Credit rating: Also known as your credit score. It’s a numerical score that represents an assessment of your credit-worthiness, based on your positive and negative borrowing and repayment history. Your credit rating is used by lenders when deciding whether or not to lend to you and what interest rates to charge on your loan.

You can check your credit score for free with Canstar or via the Canstar App.

Default: When a cardholder fails to fulfil their obligation to make the minimum necessary payment on their credit card bill or other loan. Defaults are a serious black mark on your credit report and negatively affect your credit rating.

Interest rate: The rate at which your outstanding balance increases per month if your bill is not paid or not paid in full.

Interest-free days: The number of days you have to pay your bill in full before interest is charged on the balance. It’s the period of time between the date of a purchase and when the payment is due. This period usually does not apply to cash advances. Learn more about interest-free days here.

Introductory rate: A promotional interest rate charged when you first sign up for a credit card that is offered to entice new cardholders. These rates are usually very low, but revert to the standard rates after six months or so.

Minimum interest charge: The minimum amount of interest you would be charged if you’re charged any interest. For example, if your total interest charge is $0.75 but the bank’s minimum interest charge is $1.00, you will be charged $1.00.

Minimum payment: The number listed on your bill as the minimum amount your bank or lender requires you to pay off your credit card for that month.

Penalty fees: Fees charged if you violate the terms of your cardholder agreement or other requirements related to your account. For example, your credit card company may charge a penalty fee if you make a late payment or if you exceed your credit limit.

Universal default: When one financial institution treats a borrower as if they had defaulted when the borrower defaults with a different institution.

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Looking for an award-winning credit card product or to switch providers or brands? Canstar rates products based on price and features in our Credit Card Star Ratings and Awards. Our expert Research team shares insights about which products offer 5-Star value and which providers offer outstanding value overall.

Canstar rates a range of financial products, covering banking, insurance and investment. We also reveal which providers have the most satisfied customers in our dedicated Customer Satisfaction Awards.

Credit Card Star Ratings and Awards

About our finance experts

Nina Rinella, Editor-in-Chief

Nina Rinella
As Canstar’s Editor-in-Chief, Nina heads up a team of talented journalists committed to helping empower consumers to take greater control of their finances. Nina has written countless articles about finance and has been interviewed on finance topics by media organisations including The Australian, Realestate.com.au, Domain, the Herald Sun and the Sydney Morning Herald. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for 8 years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids. Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series. You can follow her on LinkedIn and Canstar on Facebook. Meet the Canstar Editorial Team. Have a media enquiry, and interested in featuring Nina as a financial expert and commentator? Contact Canstar’s Media Team today.

Joshua Sale, GM, Research

Joshua Sale

As Canstar’s Group Manager, Research, Ratings & Product Data, Josh Sale is responsible for the methodology and delivery of Canstar’s Credit Card Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right credit card for them.

Josh is passionate about helping consumers get hands-on with their finances. Josh has been interviewed by media outlets such as the Australian Financial Reviewnews.com.au and Money Magazine.

You can follow Josh on LinkedIn, and Canstar on X and Facebook.

Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more. Payment of fees for ads does not influence our Star Ratings or Awards.

The Credit Cards Star Ratings are updated daily based on product features at that date, except for the Overseas Travel profile which is updated annually. Current rates, product features and fees are displayed and may be different to what was rated. The results don’t include every provider in the market and we may not compare all features relevant to you. You can find a description of the initial sort order below the table. Depending on which card feature/use you are looking at, the results will be sorted as follows:

  • Low fee is sorted by Star Ratings, then lowest Annual Fee, then alphabetically by brand.
  • Rewards is sorted by Star Ratings, then lowest Annual Fee, then alphabetically by brand.
  • Frequent Flyer is sorted by Star Ratings, then highest airline points per dollar, then alphabetically by brand.
  • Balance Transfer is sorted by Star Ratings, then lowest balance transfer rate, then lowest rate for the longest period, then lowest revert rate, then lowest upfront fee, and then alphabetically by brand. Please note that Balance Transfer Star Ratings are not for balance transfer suitability but are instead based on the Low Rate profile. 
  • All card types is sorted by highest Points per dollar spent, then lowest Annual fee, then alphabetically by brand.
  • Overseas Travel is sorted by Star Ratings, then lowest currency conversion on purchases, then lowest annual fee.

 

You can use the sort buttons at the top of each column to re-order the display. Learn more about our Credit Cards Star Rating Methodology and our Travel Credit Card and Travel Debit Card Star Ratings Methodology. The Occasional Overseas Traveller rating is shown in the table. The rating shown is only one factor to take into account when considering products. 

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied. The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a Credit Card, you will deal directly with the provider, not with Canstar. It’s important you check rates and product information directly with the provider. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. For more information, read our Detailed Disclosure.

Canstar is not providing a recommendation for your individual circumstances. We cannot and do not recommend that any particular product is suitable for you. 

We provide links to our Online Partners. These are brands that may pay Canstar a fee for referring you. Our tables default to display only our Online Partners’ products initially, you can adjust the Online Partner Filter to see all of the products available for comparison on Canstar’s website. We provide these links so that you can click through to the product provider’s website to get more information. The provision of these links does not constitute a recommendation by Canstar.

Before you elect to terminate or modify existing lending arrangements, it is recommended that you consider all associated fees and application costs, as well as the timing and impact these changes could have on your wider financial arrangements and personal circumstances.