Credit CardBalance TransferTransfer FeeAnnual Fee
HSBC Platinum0% for 36 months0%$29*
ANZ Low Rate0% for 30 months0%$0*
Citi Rewards (BT Offer)0% for 30 months0%$49*
St.George Vertigo0% for 30 months0%$0*
Westpac Low Rate0% for 28 months1%$0*
Virgin No Annual Fee (BT Offer)0% for 12 months0%$0

Even when comparing the best balance transfer credit cards, it’s still vital to check the fees and terms and conditions of each carefully before you sign up. Upfront balance transfer fees can range between 0% and 3%.

T&Cs commonly include a balance transfer limit from 80% to 100% of the new card’s credit allowance. Choose a credit card with a minimum credit limit high enough to cover your transferring balance. 

Balance transfer offers are extended to new customers transferring over from another bank. You’ll have to meet the minimum repayments (or more) every month during the balance transfer term to keep the offer in place. Plus, you typically won’t get access to interest-free days on new purchases until the transferred balance is paid off. 

To help you find the best balance transfer credit card for your needs, here’s a list of some of the prime options in Australia and their key details. For additional options, check out some more balance transfer credit card offers or tips for paying off your credit card fast.

HSBC Platinum

  • Balance Transfer: 0% p.a. for 36 months & no transfer fee.

  • Annual Fee: $29 in first year, then $129 after.

  • Purchase Rate: 19.99% p.a.

Why We Like It:

If you’re a new customer transferring your balance, the HSBC Platinum saves you money by charging no annual fee in the first year on its balance transfer. 

It allows 0% interest on your transferred balance for 36 months with no transfer fee. You’ll pay 21.99% per annum on transferred balances remaining after this time. It allows you to transfer up to 90% of the credit limit and still offers up to 55 days interest-free on new purchases during the promo period. 

While the yearly access cost of the card is $129 p.a., the annual fee is $29 in the first year with the balance transfer offer. 

Enjoy 2 complimentary airport lounge passes annually to 1,100 lounges worldwide provided by LoungeKey, and access to the Home & Away Privilege Program.

 

Extra Benefits: 

For travellers, the HSBC card is handy as it provides a long list of insurance and other travel and entertainment benefits

Sign up and utilise purchase protection, extended warranty insurance, and the “guaranteed pricing” scheme, too. 

You also get domestic and international travel insurance, rental vehicle insurance, and transit accident insurance. 

Plus, cardholders receive complimentary access to Visa Premium Benefits to buy tickets to cool events. And enjoy free membership to Frequent Values, which provides discounts offers like 20% off dining and retail savings of up to 25%. 

Collect reward points on new purchases with 2 points per $1 spent overseas and 1 point on other buys. (Points aren’t earnt on balance transfers, and are capped at 10,000 points per statement period.) 

For mobile payments, you can easily use Apple Pay or Google Pay.  

 

Income Eligibility: 

Minimum income required is $40,000.

 

ANZ Low Rate

  • Balance Transfer: 0% p.a. for 30 months with no transfer fee.

  • Annual Fee: $0 in 1st year, then $58.

  • Purchase Rate: 12.49% p.a.

Why We Like It:

The ANZ Low Rate is an excellent choice if you want a credit card with a low purchase rate of 12.49% p.a., for new transactions after paying off your balance transfer. 

Enjoy 30 months of 0% interest on the transferred amount. There's no charge for the transfer and the reverted interest rate is 20.24% per annum. The balance transfer is offer is only available to new ANZ Low Rate account holders. You can transfer up to 95% of the card's credit limit, and still, have up to 55 interest-free days on new purchases.  

In the first year, the annual fee is $0, then an affordable $58 each year after, also this card has a wider-than-usual eligibility range.  The $1,000 minimum credit limit is low, meaning it’s accessible for people with a lower minimum income, including students. 

 

Extra Benefits: 

Families tend to like this card as it allows users to set up 3 additional cardholders at no extra cost. 

Another perk is that you get a free membership to Visa Entertainment. This provides access to special offers, ticket pre-sales, and more.  

 

Income Eligibility: 

No set minimum income required.

 

Citi Rewards (Balance Transfer Offer)

  • Balance Transfer: 0% p.a. for 30 months with 0% transfer fee.

  • Annual Fee: $49 in 1st year, then $149 p.a. thereafter.

  • Purchase Rate: 21.49% p.a.

Why We Like It:

The Citi Rewards (Balance Transfer Offer) is a top pick as it gives customers a good mix of premium benefits. 

If you need time to pay off a big balance, this card has a record offer (to date) of 0% interest for the first 30 months. You don't have to pay a transfer fee to set this up and can transfer up 80% of the credit limit. This offer is very flexible for use to pay off a credit card, personal loan, or line of credit and is only available to new card customers only.  

Remaining transferred balances after the initial 30 months revert to the cash advance rate of 22.24% p.a. There are no interest-free days while a balance transfer is in play, so any new purchases on the card are subjected immediately to the interest rate of 21.49% p.a until fully paid off.  

As an added bonus, currently, its annual fee is $49 in the first year and then $149 p.a. thereafter. 

 

Extra Benefits: 

The Citi Rewards offer is supplemented with handy complimentary insurances. International travel insurance, purchase cover insurance, and extended warranty is thrown in.

You’ll also earn rewards points. Earn 1 point per $1 spent on new purchases (not transfer balances) both in Australia and overseas. Domestic earnings are capped at $10,000 per statement period. If you have a Diners Club card, earn 2 points per $1 spent on eligible purchases. 

Boost your dining and entertainment experiences with Citi’s extra perks of free membership to Visa front line access, access to a 24/7 personal concierge, and a free bottle of wine at partner restaurants. 

 

Income Eligibility: 

Minimum income required is $35,000.

 

St.George Vertigo

  • Balance Transfer: 0% p.a. for 30 months with 0% transfer fee.

  • Annual Fee: Is $0 in first year, then $55 p.a.

  • Purchase Rate: 13.99% p.a.

Why We Like It:

The St.George Vertigo card gives you a low-purchase-rate combined with a frequent flyer program

You have 30 months to pay off your balance transfer at 0% interest, and you don't have to pay a transfer fee at the start. At the promotion’s end, remaining balances revert to the 21.49% p.a. cash advance rate. Transfer up to 80% of your card's limit and plus you still get up to 55 days interest-free on new transactions during the balance transfer promo period. 

Cardholders earn 0.75 Velocity points (Virgin network) for each $1 spent on most purchases. For charges made with government bodies in Australia, you’ll earn 0.5 points instead. Balance transfers do not accumulate rewards points, however. 

St. George currently has an affordable annual fee of $55 per year with $0 annual fee offer in the first year. 

 

Extra Benefits: 

This card has a low purchase rate of 13.99% per annum, which is another plus. 

Also, managing the card is simple via the bank’s app. Set up repayment notifications, so you never forget to transfer funds, and get alerts about large transactions. 

You can also boost security by temporarily locking your card or changing transaction limits, and you can use the app to check purchases throughout the month.  

 

Income Eligibility: 

No set minimum income required.

 

Westpac Low Rate

  • Balance Transfer: 0% p.a. for 28 months with 1% transfer fee.

  • Annual Fee: $0 in first year, then $59 p.a.

  • Purchase Rate: 13.74% p.a.

Why We Like It: 

If you’ve struggled to meet credit card eligibility requirements in the past, consider this option. 

The Westpac Low Rate, as its name suggests, comes with a low minimum credit limit of only $500. It can be a popular option for students, in particular, as it suits a broad range of people.

Sign up and transfer your balance and you’ll pay a low 1% transfer fee, too, and get 28 months at 0% interest to pay it off. This offer is only available online, though, and to those who don't currently hold or have not held a Westpac Low Rate card in the last 12 months. 

You can transfer only up to 80% of the credit limit, but you do still get up to 55 interest-free days on new purchases. After the initial 20-month period, any remaining balance will be subject to a 21.49% p.a. cash advance rate.  

 

Extra Benefits: 

The Low Rate card has a no annual fee in first year, then $59 per annum after, which is affordable for many, and it comes with 55 interest-free days per period. 

 

Income Eligibility: 

No set minimum income required.

 

Virgin No Annual Fee (BT Offer)

  • Balance Transfer: 0% for 12 months with no transfer fee.

  • Annual Fee: $0.

  • Purchase Rate: 18.99% p.a.

Why We Like It:

The Virgin No Annual Fee (BT Offer) is another card with reduced costs. It boasts a no-cost transfer fee on a 12 month balance transfer at 0% interest that can be used to pay not only a credit card but also a personal loan or line of credit. 

The maximum transfer allowed is up to 80% of the available credit limit. After the first year, you’ll pay 18.99% interest per annum on any remaining transfer balance. Also, beware that no interest-free days are available on this card while a balance transfer promotion is active. 

The purchase rate is standard at 18.99% p.a., and the minimum credit limit is $2,000.  

 

Extra Benefits: 

For mobile payments, you can use this card on the Samsung Pay and Apple Pay app. 

 

Income Eligibility: 

Minimum income required is $25,000.

 

See other articles you might like:

Top Interest Free Credit Cards

Best Low Interest Rate Credit Cards

Our list of the best balance transfer credit cards in Australia 2021 should make it easier for you to find the perfect product for you, but if you need more assistance, we’re here to help. 

Have a comment? Feel free to have your say below. 

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