Calculate how much you can save today and transfer your debt with 0% interest by switching to a balance transfer credit card
Choosing a credit card can often be difficult if you don't know the right considerations. To help simplify the process we've made our comparison table as intuitive as possible, just fill in your existing credit card debt and interest rate to make a better decision around which balance transfer card to choose.
Use our Balance Transfer Calculator to see how much you can save
How to use the Balance Transfer Calculator in 4 easy steps and learn how much you can save today
Step 1. Enter the total debt/outstanding amount you would like to transfer.
Step 2. Provide the interest rate that you are paying on your existing debt (if you don't have your interest rate on you, the average is around 18-20%).
Step 3. See the 'Interest Saved' column to find out which credit cards will save you the most money. Click on the 'Interest Saved' title to sort the cards in ascending or descending order of money saved.
Step 4. Compare the credit cards available in the table provided to find the card that suits your needs. If you still want to find out more about a particular credit card, click the ‘More info’ link for a full review on the features and benefits.
Which balance transfer credit card do I choose?
To choose the right balance transfer credit card you need to consider the amount of time you will need to repay your existing credit card debt. Balance transfer promotions can provide you 0% interest for up to 20 months. You can also consider other benefits and features by referring to our full guide on balance transfers.
How much money will I save by doing a balance transfer?
The difference between the interest you would have paid on your current credit card account and the interest you will be paying on your new balance transfer credit card (taking in to account the annual fee) is the amount of money you will save by doing the balance transfer.
Tips on avoiding a mistake when doing a balance transfer
Don’t spend on your new balance transfer credit card
When you go to spend on your new balance transfer credit card the interest free days feature on the credit card won't be active. You need to have your balance completely paid off from the prior statement period in order to ensure you have this feature.
Watch our video of finder.com.au founder Fred Schebesta explaining how interest free days work
Pay attention to balance transfer revert rates
At the end of the balance transfer period the interest rate that you will be charged is either the standard interest rate or the cash advance interest rate. Click the "More" button next to each card in the comparison table to visit the review page where we list the "Balance Transfer Revert Rate".
Read our guide: what does my balance transfer revert to?
You can only do a balance transfer to a different bank to your current bank
If you are wanting to transfer a credit card balance, you must apply for a credit card from a different bank. It's also important to note that some credit card issuers are funded by the same bank so this may cause problems for you - lucky we've written a guide on this to help you out.
Read our guide: which banks can I do a balance transfer to / from?
We hope you found this guide useful in helping you calculate your balance transfer savings and choosing a credit card to transfer your balance to. If you have any questions please use the "ask a question" box below and we'll get back to you with a quick response to get you back on your way to saving money!
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I am looking to balance transfer to a new card. Just wanting to check about rewards programs. For cards like Virgin that offer points and rewards programs – would you receive any points for your balance transfer amount or only new purchases made on the new Virgin card?
Many thanks
Hi Amy,
Thanks for your question.
Generally, for most credit cards, balance transfer transactions do not earn rewards points, only for eligible purchases. If you’re referring to Virgin Australia Velocity Flyer Card, balance transfer for this card does not let you earn points, however, you’ll earn 1 reward point per $1 on any purchase with Virgin Australia, with the standard earn rate of 0.66 Velocity Points per dollar spent up to $1,500 per month and then 0.5 Points per dollar thereafter.
You can also check this page for other rewards credit card that you can compare.
Hope this is helpful.
Cheers,
May
Hi, just wondering if a balance transfer will affect my credit rating?
Hi LisaC,
Thanks for your comment.
There are several ways on how a balance transfer can negatively affect your credit rating.
1. If you apply for a balance transfer credit card and are rejected, or you have applied for several balance transfer credit cards at the same time or within a short period of time.
2. If you are approved for a balance transfer but are unable to meet the regular minimum repayments and can’t repay your balance by the end of the promotional period.
3. If you fail to close your old account after you’ve transferred your balance to a new card, unless you’re making regular repayments on both accounts.
4. If you’re unable to repay your debt by the end of the promotional period and have to move the remaining amount to another balance transfer credit card.
For tips on how you can have a balance transfer while avoiding having a negative impact on your credit rating, please refer to this page.
I hope this helps.
Cheers,
Anndy
Hi, I just have two (possibly silly) questions.
Firstly, I have 2 credit cards from two different providers totally $8k. Is it possible to transfer this onto the one card as a balance transfer?
Secondly, if the amount is say $8k, generally you must apply for a card with a larger credit amount, correct? Such as say $10k?
Thank you in advance,
Emily
Hi Emily,
Thanks for your comment.
Yes, you should be able to transfer multiple balances over one account, as long as the balance transfer amount doesn’t exceed the total approved credit limit and the new credit card is from a different issuer or bank.
Credit cards have a set limit when it comes to the amount that you can transfer, some 95%, 90% or 80% of your approved credit limit. In saying this, your approved credit limit should be higher than the amount you intend to move.
I hope these answer your questions.
Cheers,
Anndy
Can you balance transfer from St George to Bank of Melbourne?
Hi JM,
Thanks for your question.
Unfortunately, balance transfers are not allowed between St.George, Bank of Melbourne and BankSA. Please feel free to check our article on which banks you’re able to transfer your balance to and from here.
I hope this is helpful.
Cheers,
May
Looking for a card with joint application and 0% term more than 12 months when transferring balance.
Hi Sjgudgeon,
Thanks for your comment.
You can refer to this page to start comparing joint account credit cards with 0% balance transfer rate.
I hope this helps.
Cheers,
Anndy
Last year I purchased an Apple product using their credit loan. Can I transfer that balance to 0% please credit card from one of the listed issuers?
Hi Triske,
Thanks for your question.
You can conduct a balance transfer if you’re moving a credit card debt to a different issuer, ideally with better terms, e.g. lower interest rates. Most credit card companies will accept a balance transfer from a credit card, store card or charge card. If you used a store card when you purchased the Apple product, then it would be possible to do a balance transfer from your store card to one of the credit cards listed above provided you meet the eligibility requirements of the credit card issuer. However, if you want to transfer your debt which is directly from the store itself, I’m afraid that the balance transfer with a credit card will not be allowed.
Cheers,
May
Is there a limit to the amount of balance you can transfer.mine is about 15000
Hi Ellen,
Thanks for your inquiry.
Depending on the card issuer, the limit could be 70% to 100% of the credit limit. This information is usually available in the product disclosure statement relevant to your card. So if the card had a $10,000 maximum credit limit and you could only balance transfer up to 80%, you’d only be able to transfer a maximum of $8,000. Please note that you may not be approved for the maximum credit limit, so this is also something you’ll need to take into consideration when comparing cards.
I hope this helps.
Sharon
If you transfer the balance of your credit cards what happen to the existing credit cards? Thanks
Hi Iain.
Once your new card is set up, contact your old bank and make sure the old card is completely closed. If you fail to do so, you’ll be stuck with annual fees on that card.
For more information, use our tips for paying off your credit card tips faster.
Cheers,
Sharon
If I had a credit card and my balance owing is let say $6794.26.
Now I am wanting to find another lender who will transfer 100% of my total.
Does this exist and how long interest free?
Hi Ian,
Thanks for your inquiry.
Please note that you’ve come through finder.com.au, an online comparison service and we are not in the position to recommend any specific products or services.
Unfortunately, we can’t provide a list of products with 100% credit limit as this will depend on the limit you are approved for and your ability to repay. For more information, you can check our guide for balance transfer limits.
I hope this helps.
Cheers,
Debbie
I’m looking to transfer my currant balance of 9K to a 24 months interest free card
Hi Stuart,
Thanks for reaching out.
You might want to check our Balance Transfer Credit Cards page for long term balance transfer options.
I hope this has helped.
Cheers,
Ally