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Home > Low Balance Transfer Credit Cards

Credit Card Balance Transfer Offers

Below is a list of the Best Australian Credit Card Balance Transfer Offers that you can apply for from e-CreditCards.com.au

Institution / Product Name		Interest Rate		Balance Transfers		Fees		a	a	a
Institution / Product Name		Purchases	Cash Advance	Interest Rate	Period	Annual	Late Payment	Interest Fee Days	Rewards	More Info Apply
	ANZ Balance Visa -Fantastic low rate and rewards -Top pick low rate & rewards -Earn rewards on repayments	13.99%	20.99%	0%	6 months	$57	$35	55	Yes
	ANZ Low Rate MasterCard -Very competitive low interest rate on purchases -Low 0% on balance transfers for up to 6 months -Attractive low rate credit card offer	12.99%	20.99%	0%	6 months	$58	$35	55	No
	Citibank Personal Credit -Fantastic flexible line of credit -Low cash advance interest rate -Great long term balance transfer offer	13.99%	13.99%	6.9%	Life of Balance	$69	$30	-	No
	Nab Low Rate Visa Card -Great low rate on purchases -Up to 6 months at 0% on balance transfers	12.95%	19.99%	0%	Up to 6 months	$49	$30	55	No
	St.George Vertigo -Voted Australia's cheapest Credit Card -One of the lowest interest rates around -Bonus partner type rewards	11.89%	20.49%	0%	for 6 months	$45	$35	55	yes (Bonus Partners)
	Aussie MasterCard -Special 0% balance transfer offer -One of Australia's lowest rate credit cards	11.99%	15.99%	0%	Up to 6 months	$49	$35	55	No
	St.George Platinum -Your own Personal Concierge Service (24 /7) -Complimentary insurance** -Instant discounts with St.George Instant Benefits	14.25%	20.49%	3.99%	Up to 6 months	$89	$35	55	yes (Bonus Partners)
	Citibank Clear -Special 0% balance transfer offer -Low late payment fee of $10 -Low 10.99% on purchases	11.99%	17.99%	0%	for 6 months	$65	$10	55	No
	Citibank Gold Card -Special 2.9% b/t offer for 18 months -No expiry on reward points -Points earned may be capped at 60K p.a.	20.24%	20.24%	2.9%	18 months	$119	$10	55	Yes
	Citibank Platinum -Special 4.9% b/t offer life of balance -No expiry on reward points -Points earned may be capped at 120K p.a.	20.24%	20.24%	4.9%	Life of Balance	$250	$10	55	Yes
	Citibank BP- Mastercard -Top pick fuel discount cards -Special 2.9% b/t offer for 12 months -5% off your petrol and everything else you buy at BP^? -Max fuel rebate is $15 per cycle month	19.49%	19.49%	2.9%	12 months	$79	$10	55	Yes
	Velocity NAB Standard Card -No cap or expiry on your Velocity Points -Voted best Bank rewards program	19.99%	19.99%	3.99%	up to 6 months	$65	$30	44	Yes
	Velocity NAB Gold Card -No cap or expiry on your Velocity Points -Voted best Bank rewards program	19.99%	19.99%	3.99%	up to 6 months	$150	$30	44	Yes
	American Express Platinum Card -Top Pick Big Spender -Free Domestic flight per year- -No points capping or expiry -Voted best Non-Bank rewards program	19.14%	19.14%	6.9%	life of balance introductory offer	$395	$30	55	Yes
	Qantas American Express Premium Card -Top Pick Big Spender -7,500 bonus points offer -No points capping or expiry -Voted best Non-Bank rewards program	19.89%	19.89%	6.9%	life of balance	$195	$30	55	Yes
	Qantas American Express Premium Card -Top Pick Big Spender -7,500 bonus points offer -No points capping or expiry -Voted best Non-Bank rewards program	19.89%	19.89%	6.9%	life of balance	$395	$30	55	Yes
	ANZ Frequent Flyer Visa -Special 2.9% balance transfer rate first 12 months -One of the best balance transfer offers in the market -Earn Qantas Frequent Flyer points	20.74%	20.74%	2.9%	First 12 months	$40	$35	44	Yes
	ANZ Frequent Flyer Visa Gold -Special 2.9% balance transfer rate first 12 months -One of the best balance transfer offers in the market -Earn Qantas Frequent Flyer points	20.74%	20.74%	2.9%	First 12 months	$95	$35	55	Yes
	NAB Visa Mini -Up to $120 cash back to your account each year -A low $24 annual card fee -Additional cardholder at no extra cost	19.74%	19.74%	5.9%	up to 6 months	$150	$24	30	Cash Back

Low Balance Transfer Credit Cards

How to maximise 0% balance transfer offers (comparison table at bottom of page)

As competition in the Australian lending market intensifies, we have seen more issuers introduce “low introductory” interest rate periods as a means of acquiring new customers. Balance Transfer offers look to lure in customers by the fact that can avoid interest charges charges for a period of time on any balances they transfer overs from an existing customer.

These offers appear fantastic on the surface but there are some key things you need to be aware off in order to maximise these benefits in order to consolidate credit card debt. The remainder of this article is to be used as a guide only as is in no way meant to be financial adivce. If you are experiencing financial difficulty you may want to consult with a registered financial planner.

Determine your "Pay Off" time frame:
Prior to applying for a card you need to site down and determine how long it will take to pay off the “Balance Transferred” amount. It is important to set yourself a realistic timeframe as this will determine which offer, if any, you should apply for. This is crucially important as once you go over the introductory period, any “balance transferred” amounts remaining will generally start to incur the “cash advance” interest rate, which is generally higher (this can therefore negate your credit card debt consolidation efforts. The 0% offers generally last for 6 months, but there are “life of balance” offers available. These rates are around the 5% mark.

Understand the terms & conditions
Make sure you understand the terms and condition of the card you are thinking of applying for. How you use the card can greatly impact these introductory periods, so you need to be away of these.

Does the card suit your longer term needs:
What do you intend to do with the card long term?

Don’t use the new card:
Balance transfer amounts transferred over onto your new card are actually paid off first. For example: if you transfer $5000 onto your new card at the introductory rate of 0% and you then make purchases during the month of $500, your new outstanding balance will be $5,500.

If you then make a payment of $500 , this $500 will go off the balance transfer amounts and not the new purchases. So your new outstanding balance amounts will be:

$4500 – at 0%

$500 – at (assumed standard purchase rate) 12%.

Suppose the next month you make a purchase of $2000 and then pay this amount off. Your new balance will be:

$2500 – at 0%

$2500 – at 12%.

As you can see, by using your credit card during your introductory balance transfer period you are actually not maximizing the potential benefit of the introductory period interest rate. This is because the lower interest rate balance is paid off first.

Cancel your old card:
Don’t fall into the trap of keeping your old credit card. As soon as you have received the new card you should cancel the old one. By keeping your old card you can fall into the temptation of using it.

Pay off the balance in the introductory period:
Once the introductory balance transfer period has ceased any outstanding balance transferred amounts will revert to the “Cash Advance” interest rate, which in many cases is higher than the “purchase” interest rate on the card.

The low balance credit cards offers if used correctly can be an effective way to reduce interest rate charges in the short term, but you also need to take into consideration if the credit card is best for your needs in the longer term. Don’t forget to look at the ongoing interest rate for both purchases and cash advances.

Before applying for any credit card, be sure to discuss your specific
financial needs with your financial advisor.

About the author: Shane Stocks runs the http://www.creditmart.com.au website which provides credit card comparisons on Australian credit cards as well as guide articles.

All information on the site is given without warrenty and does not take into account your specific financial position. The information is written in general terms and therefore care needs to be taken when applying this information to your situation.