0% balance transfer offers currently available

If the coronavirus crisis has caused you to take a closer look at your financial situation, you may be wondering what you can do to help weather the storm. For people who have credit card debt and are looking to reduce how much they are paying in interest, one option is to transfer the debt to a new card with a 0% balance transfer offer.
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 offer, 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.
What is a 0% 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 debts 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 debts. 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.
Note that Star Ratings in the table below are based on the Low Rate profile and may not necessarily reflect the suitability of the products shown as balance transfer credit cards.
Compare Balance Transfer Credit Cards with Canstar
The table below displays some of our referral partners’ credit cards with 0% balance transfer offers for Australian’s spending around $2000 per month. The results shown are sorted by highest Star Rating, then alphabetically by provider name. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s credit cards comparison selector to view a wider range of credit cards. Canstar may earn a fee for referrals.
0.00% p.a. interest rate on balance transfers for 24 mths. Rate reverts to 12.99% p.a. Balance transfer fee of 3% applies. Offer available until further notice. See provider website for full details. Terms and conditions apply.
0.00% p.a. interest rate on balance transfers for 24 mths. Rate reverts to 12.99% p.a. Balance transfer fee of 3% applies. Offer available until further notice. See provider website for full details. Terms and conditions apply.
0% p.a. interest rate on balance transfers for 24 mths. Rate reverts to 21.99% p.a. Balance transfer fee of 2% applies. Offer available until further notice. See provider website for full details. Terms and conditions apply.
0.00% p.a. interest rate on balance transfers for 24 mths. Rate reverts to 21.99% p.a. Balance transfer fee of 2% applies. Offer available until further notice. See provider website for full details. Terms and conditions apply.
0.00% p.a. interest rate on balance transfers for 6 mths. Rate reverts to 18.99% p.a. Balance transfer fee of 3% applies. Offer available until further notice. See provider website for full details. Terms and conditions apply.
0% p.a. interest rate on purchases for 6 mths. Rate reverts to 18.99%. Offer available until further notice. See provider website for full details. Terms and conditions apply.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit card product. If you decide to apply for a credit card, you will deal directly with a financial institution, and not with Canstar. Rates and product information should be confirmed with the relevant financial institution. For more information, read Canstar’s Financial Services and Credit Guide (FSCG), detailed disclosure, important notes and liability disclaimer. Products displayed above that are not “Sponsored or Promoted” are sorted as referenced in the introductory text and then alphabetically by company. Canstar may receive a fee for referral of leads from these products. See How We Get Paid for further information.
Is the balance transfer rate all you need to consider?
A card with a 0% introductory balance transfer offer may not necessarily provide better value than a card which charges interest immediately. For example, a 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 card with no interest-free period but no annual fee.
If possible, you it could be worth considering a card which combines a 0% balance transfer rate, no upfront or annual fees, and a competitive revert rate.
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 your temptation to spend and help you repay your other existing debts quicker.
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 adviser.
If you’re having trouble making credit card repayments due to coronavirus, you may also want to contact your credit card provider and speak to them about applying for financial hardship.
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This article was reviewed by our Sub Editor Tom Letts and Sub Editor Jacqueline Belesky before it was updated, as part of our fact-checking process.

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