Then, be as strict as possible, sticking to your plan as your budget allows. credit card offers of 2020. on balance transfers for 26 months. Get the best offer for your needs and apply online. Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. This way your repayments go towards your balance transfer and you won't add to your debt. If you’re really struggling, you can try applying for multiple credit cards as you go in order to maximize your interest-free payments. Any unpaid balance transfer at the end of the 25 months reverts to 20.24% p.a. purchase interest rate. Balance transfer cards let you transfer your existing credit card balance to a new credit card that offers a special low or even 0% p.a. It considers various types of personal credit cards in Australia and takes into account an array of characteristics such as fees, interest rates, features, and reward/loyalty programs. Coronavirus financial worries have caused lenders to tighten acceptance criteria, so to help, our Balance Transfer Eligibility Calculator will show the cards you've the best odds of getting. Pictures: Getty imagesIcons made by Freepik from www.flaticon.com, mynamepong, Smashicons, srip. Offer is valid until 29 January 2021. I will email you a response typically in 1 business day, depending on volumes. When you use the card to make new purchases, you have to be able to pay off that balance before interest starts accruing, or you may end up in more trouble with your credit card debt. Plus, Citi reward Points for your spending and complimentary insurance. Enjoy $100 off a Coles Supermarket shop and a $0 first-year annual fee. Credit World Pty Ltd Adjust the filters to see how much you could save with a balance transfer to a new credit card. car loans. balance transfer rate for 20 months, $0 first year annual fee, and a low variable 11.99% p.a. Learn how we maintain accuracy on our site. Read the provider's Product Disclosure Statement before applying. ^^ Low Fee Balance Transfer Promotion: This offer is available when you apply and are approved for a new Low Fee credit card between 12th November 2020 and 31st March 2021, and request at card application to transfer balance(s) from up to 3 non-Westpac Australian issued credit, charge or store cards. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. Balance transfer credit cards - When cardholders have an outstanding balance they're struggling to pay off, they can transfer this balance to a new card that has an interest-free period. for 15 months on purchases and balance transfers. There are lots of balance transfer credit card deals available in Australia, but some will offer you greater savings than others. Unpaid transferred balances revert to the card’s cash advance rate. Designed to help cardholders pay down their credit card debt by switching to a new card, a balance transfer offer allows cardholders to pay low or no interest on their transferred balance over a specified introductory period, during which time they can concentrate on paying down the balance. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs. Setting up an automatic repayment could make this easier, transferring a set amount out of your bank account and onto your credit card after each payday. Top 5 frequent flyer credit card deals for January – 130,000 Bonus Qantas Points, Best 0% Balance Transfer Credit Card Deals for January, These courses are a must for anyone that has a credit card or is looking to apply for one, Start off with any of the 7 courses from credit card basics to understanding fraud, 100% free with fast Facebook sign-in. for 24 months and then 21.49% p.a. Not sure what type of card is right for you? Not sure what type of card is right for you? Don’t just go for the first offer you find. Save with a 0% p.a. Looking for the best options to transfer a credit card balance and save money in 2021. 24 month 0% balance transfer credit cards, $49 first-year annual fee ($149 p.a. Min. hi, . Compare Australian Credit Cards. This is the amount you could save if you balance transfer your current credit card debt. Get 60,000 bonus Qantas Points when you spend $3,000 within 90 days. Need to transfer your credit card debt and want to save on interest costs? We assume that the annual fee on both cards is the same and no new purchases are being made. Apply by 31 Mar 21. International Travel Insurance. Read the small print on the card to find out whether you are eligible for the balance transfer offer, and eligible to apply for the card. This is usually stated as "3% of outstanding balance or $30, whichever is greater", although the percentage and dollar amounts vary between cards. Paying down credit card debt isn’t easy. Pay off the full balance before the end of the promotional period (auto-payments can help). The Virgin Australia Velocity Flyer allows new cardholders to save on interest while half the annual fee first year. Dealt with correctly, a balance transfer offer could allow you to reduce your credit card debt significantly, while saving on interest overall. thereafter and you get an exclusive $129 Virgin Australia Gift Voucher each year. When you transfer a balance from an existing card, that card remains open until you choose to close the account. Virgin Australia Velocity Flyer Credit Card Balance Transfer. Read on for a list of lenders that do and don’t allow a balance transfers between them. Start saving on paying interest with the best 0% interest balance transfers offers, no transfer fee, no annual fee for Mastercard and Visa cards. 0% p.a. According to ASIC’s review into credit card lending, released in July 2018, 18.5% of consumers in Australia are struggling with credit card debt. A balance transfer offer is an introductory offer providing reduced interest rates on balances transferred from other credit cards. Follow these simple steps to improve your chances of approval when applying for a balance transfer credit card. regularly, HSBC Platinum Credit Card - Balance Transfer Offer. Representing a high percentage of the credit card market. If you want to choose the right balance transfer offer for you, it’s important to know what to look for. Be aware that some credit cards don’t offer interest free periods when there is a balance transfer on the card, which may make it harder to pay off the balance on new spending. Happily, CreditCard.com.au makes this easy. The credit card market is changing all the time, so offers often change according to market competition. A credit card balance transfer gives you a way to move the money you already owe to a new credit card that offers a low or 0% introductory interest rate for a set period of time. Don’t get side-tracked, thinking you have ages to pay off your transferred balance. We don’t compare all products in the market, but we’re working on it! Hi, I’m the site founder and I will personally answer your question within a business day. Vertigo. Get 100,000 bonus Qantas Points, 75 bonus Status Credits and a 0% p.a. With this card, you can benefit from 0% p.a. As for the annual fee, it’s low at $55 p.a. on balance transfers for 25 months with a 1.5% balance transfer fee. We encourage you to use the tools and information we provide to compare your options. Earn 1 Qantas Point per $1 on International Spend. While keeping in mind the above factors, you can find and apply for the balance transfer card that works best for you. A total of over 250 Australian cards. T&Cs apply. 13.99% p.a. However, you should factor in any balance transfer fees, the enquiries on your credit report and your chance of being approved for new cards with different banks. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. Can I consolidate a zipMoney balance on a balance transfer card? Offer ends 31 March 2021. on balance transfers for 15 months and complimentary insurance covers. How to ensure your balance transfer application is successful. Doing this should encourage you to pay off as much of your transferred balance as possible. When you apply for this card, you get 0% p.a. Make sure you can get approved for the Loading... Make sure you can get approved for the Westpac Low Rate Credit Card, Adjust the filters to see how much points you could earn over 12 months. *The use of the terms "best" and "top" are not product ratings and are subject to our disclaimer. Disclaimer - Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual information, general advice and services on financial products as a Corporate Authorised Representative (432664) of Advice Evolution Pty Ltd AFSL 342880. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan. Known as a credit card expert, he has been featured on tv and in various publications. *Disclaimer: Citi credit card product names have changed effective 20 Jan 2020 as following: Citi Clear Platinum is now Citi Clear; Citi Rewards Platinum is now Citi Rewards; Citi Signature is now referred to as Citi Premier; Citi Signature Qantas now known as Citi Premier Qantas. It doesn't have to be 100%, but if you have to split your balance, make sure you can manage both cards. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. Please refer to our credit guide for more information. One pitfall is that it comes with no rewards program, so its long-term value will be limited. You can also apply for balance transfer with credit cards from Bank Simpanan Nasional (BSN), Standard Chartered, Hong Leong and Public Bank. Receive our monthly credit card tips & top offers. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. A balance transfer card can be a powerful tool in your debt-busting arsenal. Don’t miss these best balance transfer credit cards in Australia for 2021. But, if you do that, you will have an even bigger debt to pay off, with interest continuing to accrue on your new balance on the old card. Card of the day Product Purchase rate Balance transfer Annual fee . Currently offering new cardholders the opportunity to save on balance transfers, the ANZ Low Rate Card has 0% p.a. Balance transfers are not allowed between certain credit card brands. Regards However, information is presented without warranty. A cheque to self was a feature offered by Citibank as an alternative to a balance transfer. 0% p.a. Credit Cards Tips. Start by comparing your options and apply today. From low rate and no annual fee cards to 0% balance transfer and bonus points. Up to 3 free additional card holders. 0.75 Qantas Points per $1 on Domestic Spend (up to and including $3,000), 0.4 Qantas points thereafter. It can also mean you pay much more in interest than you need to. No balance transfer fee applies. for 30 months on balance transfers with no balance transfer fee. Best Balance Transfers. Many cards lost their balance transfer offers in 2020, with U.S. Bank remaining one of the few providers to leave their offers relatively untouched. The second mistake involves not paying off the transferred balance and ending up in more debt. There are some awesome balance transfer offers out there, but they all require effort on your part to get the most out of them. Sally McMullen is a creative content producer at Finder. spend applies. Founder of Creditcard.com.au. Earn 70,000 bonus Qantas Points, plus enjoy 0% p.a. cash advance rate. 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). balance transfer rate for 18 months (with a one-time 1% BT fee). 120,000 bonus Qantas Points and $200 back to your new card when you spend $3,000 on eligible purchases in the first 3 months. Offering a break from interest for a specified period of time, a balance transfer offer allows cardholders to focus on paying down their debt faster, potentially reducing stress while helping them to save on interest. There are also a few that accept debt from personal loans. As a new cardholder, you can benefit from 0% p.a. Operated by Credit World pty Ltd, 0% for 30 months balance transfer from Citi, Virgin Australia Velocity Flyer – 0% Balance Transfer, ANZ Low Rate Credit Card – 0% Balance Transfer, If you are not redirected click here to continue. CreditCard.com.au may receive a commission when credit cards are applied for as a result of the outbound links on this site. Choosing the right balance transfer card could allow you to: Comparing balance transfer offers means knowing what to look for. on balance transfers for 26 months (with a 2% BT fee) and $0 first-year annual fee. Allowing you to pay less in interest over an introductory period, balance transfer cards can help streamline your credit card debt, while you focus on clearing that balance. Cardholders can transfer a minimum of $200 up to 80% of their approved credit limit, with unpaid transferred balances reverting to the cash advance rate. Providing you with the latest balance transfer offers, CreditCard.com.au makes it easy to compare what’s available, to then narrow your options. Plus, a $0 first-year annual fee. Eligible with Apple Pay and Samsung Pay. If you don't, you could end up paying account costs for a card you're not using. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Our credit card experts will review your listing and ensure that the card is present on the site over the coming weeks. Study on your mobile, desktop or tablet. interest rate for a fixed term. Citi Rewards Credit Card 5 reviews Credit Limit up to … Can I balance transfer a personal loan to a credit card? Using a repayment calculator can help you with this, allowing you to work out how much you will need to pay back each month. Get out from under that oppressive annual percentage interest rate. Lvl 26, 1 Bligh St, Sydney 2000 Credit Cards Tips. As a low rate card with a modest $59 annual fee, the Westpac Low Rate Credit Card could be the perfect choice for cardholders looking to take advantage of a 0% balance transfer on a low cost card. on balance transfers for 30 months with no balance transfer fee, reverts to 22.24% p.a. Annual fee . Currently offering new cardholders the opportunity to save on balance transfers, the St.George Vertigo Card has 0% p.a. on balance transfers for 25 months (with a 1.5% BT fee) and $0 first-year annual fee. Save with 0% p.a. A low rate card offering 0% p.a. To help you find a balance transfer card that suits your needs, here's what you need to know: Balance transfer credit cards can be a useful tool to help you pay off existing debt and clear your balance faster. In that case, each card can offer a unique credit line that will allow you to eliminate your debt as quickly as possible. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. On top this long balance transfer offer, you can get $200 cashback when you spend $1,000 on eligible purchases in the first 90 days of approval. Purchase rate . Rewards program -Estimated savings Compare. Find out what balance transfer credit card options you can use to consolidate debts from zipMoney, zipPay and other interest-free accounts. Pay half the annual fee the first year $64, reverts to $129 p.a. The 20 best Balance Transfer Credit Cards in 2021 ranked based on 3,464 reviews - Find consumer reviews on ProductReview.com.au, Australia's No.1 Opinion Site. You can check the minimum payment requirements by looking at review page for individual cards or by looking at the key facts sheet that credit card providers must share with you before you apply. You can transfer over non-Citi personal loans, lines of credit and credit cards. Make sure you consider all the pros and cons that are relevant to your situation. When you carry a balance on a credit card, this is known as having a revolving debt, as it never gets fully paid off. Balance transfer credit cards let you move existing credit card debt to a new card, where you’ll enjoy 0% interest on the balance for a set period. As a feature-packed rewards card, the Citi Rewards Credit Card certainly has a lot to offer, especially when you take into account its excellent balance transfer deal. Sally has written about credit cards for almost 5 years, authoring almost 900 articles on Finder alone. interest on your balance transfer debt, you still have to make at least the minimum repayment for each statement period. Plus, a first-year annual fee discount and a long-term balance transfer offer. looking for balance transfer. Chase Slate; Citi® Double Cash Card First and foremost, balance transfer offers are designed to attract new cardholders. Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. Can i do from Citi reward credit card to NAB debit card? Founder of Creditcard.com.au. Compare 250+ credit cards from 79 banks and brands. Top Rated Balance Transfer Cards For 2021. Thank you for taking the time to provide feedback. 1.5% Balance Transfer Fee applies. Take our quick quiz. If you can only afford to pay off that much each month, it may be best to avoid spending more on the card until the balance transfer is cleared. At other times, balance transfer offers may not be so popular, so it may not be as easy to find a good offer. Even if your card has an introductory 0% rate on new purchases, you should concentrate on repaying your debt rather than making more purchases. Switch to a card that better suits your needs. Plus, 0% p.a. This usually applies to providers under the same ‘umbrella’ as well, for example Westpac and St.George. The actual balance transfer process is simple: when you apply for a balance transfer credit card, you need to include details of the account and the amount of money you want transferred. What if I have bad credit and can’t balance transfer? Roland has extensive knowledge about credit cards in Australia. However, we aim to provide information to enable consumers to understand these issues. finder.com.au has access to track details from the product issuers listed on our sites. Offer only available to new and approved credit card applicants who apply for an ANZ First credit card account with the balance transfer. The CreditCard.com.au brand and logo are trademarks of. A balance transfer refers to the process of transferring your existing credit card debt to a new card issued by a different bank, in return for a lower interest rate for an introductory period. We try to take an open and transparent approach and provide a broad-based comparison service. It’s a good idea to cancel the card as soon as the balance has been transferred to avoid the temptation of spending on it. on balance transfers for 24 months, with a one off 1% balance transfer fee to pay. Mozo Experts Choice Balance Transfer Credit Card Winner 2020^. While switching to a low rate credit card may work best for some cardholders, a balance transfer offer could provide a more appealing option for others. You should consider whether the products or services featured on our site are appropriate for your needs. But, if you carry a balance, you could end up paying hundreds or even thousands of dollars in interest. Save on interest with 0% p.a. No balance transfer fee. Therefore you cannot transfer to a debit card as it is not debt. Additional card holders at $25 p.a. Details . According to ASIC’s review, many cardholders use their balance transfer wisely, paying down their balance to clear their debt and save on interest. You can transfer over non-Citi personal loans, lines of credit and credit cards. interest on balance transfers for the first 24 months and a $200 cashback offer. Then, once you’re back on track, you can begin to develop a healthier relationship with credit. 0% p.a. In terms of everyday rewards earning, cardholders can earn 1 Citi Point per $1 spent on purchases at home and overseas, and 2 Citi Points per $1 spent on their Linked Diners Club Card. Known as a credit card expert, he has been featured on tv and in various publications. You may be charged a balance transfer fee/balance transfer rate upon opening the new card account, which is generally a small percentage … Plus, complimentary purchase insurance cover. Your total balance transfers may not exceed 80% of your credit limit, and any balance remaining reverts to cash advance rate. Winner of the 2020 Finder Award for Best Balance Transfer Credit Card, the HSBC Platinum gives you access to premium perks, including airport lounge passes, a personal concierge, complimentary insurance & rewards. Balance transfers must be requested at application, and may include up to three non-Westpac Australian-issued credit, charge or store cards. Making regular repayments during this fixed term could help you pay off the principal more quickly. CreditCard.com.au founder. Before you close the card, make sure the balance is completely transferred or paid in full and move any regular payments (such as direct debits) to another account. To deal with a balance transfer offer correctly, there are two important mistakes to avoid. We update our data regularly, but information can change between updates. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. We compare from a wide set of banks, insurers and product issuers. This way you will avoid the higher revert interest rate. We value our editorial independence and follow editorial guidelines. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. The first involves lack of research. We have one mission, to help you find the best balance transfer cards and review offers and promotions everyday to bring you updated news and advice. The most competitive 0% p.a. Paying off your transferred balance should be your main focus. You can use our credit card repayment calculator to figure out how much you could save and set your repayment goals. Copyright 2005- With this type of card, you transfer your credit card debt over from your existing credit card and can concentrate on paying down your debt without having to worry about paying interest. Balance transfer credit cards can help you save on interest costs and get your debt under control. Before you apply for a balance transfer card, check the eligibility requirements carefully. Two lounge passes per year. This can save you on interest charges and help you pay off your debt faster. CreditCard.com.au. Hi Sudhanshu, a balance transfer is when you move current debt into a new offer. Complimentary overseas travel insurance. purchase interest rate. On this page, the term ‘balance transfer credit card’ refers to cards with that type of introductory offer. That introductory period will be over before you know it. Thank you for taking the time to let us know that your credit card is not listed on our site. Roland has extensive knowledge about credit cards in Australia. You can find the offer that provides you with the time you need to pay down your debt, at the lowest possible interest. Sally has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong. Make your balance transfer card work for you by choosing the right card and dealing with it correctly. The Ratings compare credit card products in Australia, with the results presented in a simple, user-friendly format. $129 Virgin Australia Gift Voucher each year. Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. Our top picks for the best credit card deals in Australia - for balance transfers, rewards and low cost cards. 0% p.a. Eligibility criteria, terms and conditions, fees and charges apply. This special offer has no annual fee first year, a low purchase rate and long 0% balance transfer. Balance transfer rate . It’s by far the strongest 0% balance transfer in market. NerdWallet’s credit card experts rank the best credit cards out there. thereafter). Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service. You can add up to 3 free additional card holders. The most competitive 0% p.a. So, what’s the solution? interest rate on purchases. Interest rates, fees and charges are subject to change without notice. Level 10, 99 York St, T&Cs apply. Pay half the annual fee first year. However, there are some potential downsides to these offers. interest for 24 months on balance transfers, with no balance transfer fee. on balance transfers for 24 months. 0% p.a. Explore 270+ card reviews from 100+ lenders. But most references to a balance transfer credit card assume that the card receiving the transferred balance has a special introductory offer of a zero or very low interest rate on the transferred balance for a specified period, usually between six and 24 months, occasionally longer. The best balance transfer credit cards have grown to become a typical part of most consumers’ financial strategy over the past several years.