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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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.
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
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Canstar Credit Card Star Ratings and Awards
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.
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About our finance experts
Nina Rinella, Editor-in-Chief

Joshua Sale, GM, Research

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 Review, news.com.au and Money Magazine.
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Important information
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.