Our best balance transfer offers for January
Updated 22 January 2024 by Finder's senior credit card writer, Amy Bradney-George.
Paying down debt is a big focus for Australians in the New Year, including 9% who want to pay off their credit card, Finder research has found.
Finder analysis of Reserve Bank of Australia data also shows there is $18.2 billion worth of credit card debt accruing interest. But a 0% balance transfer card gives you a way to save on interest for an introductory period. Here's our pick of offers available right now:
- Long interest-free period:
The St.George Vertigo Card offers 0% p.a. interest on balance transfers for 32 months with no balance transfer fee. This offer also offers a competitive purchase rate. - No annual fee and balance transfer offer:
This Finder exclusive offer on the Kogan Money Credit Card gives you a way to get an ongoing $0 annual fee and 0% p.a. interest on balance transfers for the first 18 months, with a 1% balance transfer fee. Transfer debt from personal loans, lines of credit, store and credit cards from other financial institutions. - No balance transfer fee offer:
Exclusive to Finder, this offer on the Coles No Annual Fee Mastercard gives you 0% p.a. interest on balance transfers for the first 12 months, no balance transfer fee and an ongoing $0 annual fee.
HI! I have a joint credit card with my ex husband. He is not making payments. We owe $23k on the card. Looking at doing a balance transfer. Will any banks allow a 100% balance transfer? How easy is it to transfer the balance? My credit score is not great due to missing some payments, will this be a factor in getting approved? Thanks, Liz.
Hi Liz,
There are banks that will allow you to transfer the whole balance from your old card, but it may be tricky to transfer such a large amount if your credit score isn’t very good. Say the new card allows you to balance transfer 80% of the available credit limit, you’d need to be approved for a limit of at least of $28,750 to cover the full $23,000 balance from the old card.
If you’re concerned about being approved, you should work to improve your credit score before you apply for another card. I would also suggest to get in touch with your current bank and see if there is anything they can do to help. All financial institutions have hardship policies and they may be willing to work with you.
Hi there,
Just curious if I transfer my balance to a new bank and card and close my old one, can I still use the new one for purchases?
Hi Monica,
Yes, you may still use your balance transfer credit card for new purchases. Note that your repayments will go towards your purchase debt before your balance transfer debt because credit card payments are allocated to the balance with the highest interest rate first. So if you’re making and paying off purchases, you might not be making as big a dent in the debt you’ve transferred.
I am looking for to transfer my Credit Card to another bank, but want to earn Qantas Frequent flyer points as well, no interest for min 12 months with a decent interest rate can you let me know which is best??
Hi Aydin,
You may like to refer to our list of Qantas Frequent Flyer Credit Cards, many of which offer a balance transfer.
We have a credit card with a bank, #a, but they have changed our rewards system. There is another bank, #b, that offers better rewards we would like to switch to bank #b, but as we have a debt on the existing credit card with bank #a we need to do a balance transfer in order to close the account with bank #a. So we would need to do a balance transfer with a different bank, bank #c (as we require a credit card for everyday purchases being bank #b and they will offer no interest free days on any purchases with a balance transfer in play). So, my question is, do we do a balance transfer from bank #a to bank #c 1st then apply for a better rewards credit card with bank #b? Or apply for the credit card with bank #b first, with the existing debt with bank #a, then apply to bank #c for a balance transfer application?
Hi Anjish,
Technically, either method would work. However, it’s best practice to pay off your existing credit card debt before spending more money to chase rewards points. If you’re paying interest on the rewards card because you’re not paying it off month to month, it’s going to outweigh any value you’d get from rewards anyway. Ideally, balance transfer from A to C first (this is because you’re less likely to get approved for the second card you apply for) as paying off the existing debt is a priority. Then, if your credit score is good enough and you meet the eligibility criteria, and you can service the credit limit for card B, you can apply for that one.
Is there an Australia bank that will allow balance transfer from a relative to me if I apply for one of those balance transfer credit cards?
Hi Ari,
Generally, it is possible to balance transfer debts from your partner’s credit card to your own credit card or a new balance transfer card that you have applied for however, not all banks/credit card providers allow this type of transfer. Also, in some cases, you may need to add your partner as an additional cardholder or is a signatory on the credit card that you will be transferring to before the bank/provider allows the balance transfer. See our list of banks that allow balance transfer between partners. Once you have chosen a particular account, you may then click on the “Go to site” button to apply.