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A credit card balance transfer is simply the process of moving debt from one credit card to another. Once the balance is successfully transferred, it will either be charged at a greatly reduced interest rate or none at all for a set period of time. A balance transfer can save you a lot of money so if you have credit card debt then act now and arrange a balance transfer. Below are the balance transfer credit cards from the top banks and providers within Australia. Use the table to find the best card for your needs. If you would like more information on balance transfer card, please scroll to the bottom of the page.

Credit Card	Interest Rate	Balance Transfer Rate	Interest Free Days (up to)	Annual Fee	Rewards
ANZ First Visa	0% for first 3 months then reverts to 19.24%	0% p.a. for 3 months	0% 44 days	$30	No rewards
Enjoy all the benefits of this card and pay a low annual fee of $30 24/7 monitoring of suspicious transactions Add 3 additional cardholders at no extra cost No reward scheme available Special offer: 0% p.a. for the first 3 months (ends 13.03.2012). After this period you will be charged an annual interest rate of 19.24%. Cash advances have an annual interest rate of 20.99%. There is no introductory balance transfer offer on this card and any balance transfers will incur an interest rate (per annum) of 19.24%. You will not be charged interest on any purchases for the first 44 days. Once the 0% period ends you will be charged an interest rate (per annum) of 19.24% on any purchases you make. This credit card has an annual fee of $30 You do not receive rewards on this card.
ANZ Low Rate MasterCard	0% for first 3 months then reverts to 13.24%	0% p.a. for 3 months	0% 55 days	$58 p.a.	No rewards
Enjoy all the benefits of this card and pay a low annual fee of $58 Range of discounts and vouchers 24/7 monitoring of suspicious transactions No reward scheme available Special offer: 0% p.a. for the first 3 months (ends 13/03/2012). After this period you will be charged an annual interest rate of 13.24%. Cash advances have an annual interest rate of 21.49%. There is no introductory balance transfer offer on this card and any balance transfers will incur an interest rate (per annum) of 13.24%. You will not be charged interest on any purchases for the first 55 days. Once the 0% period ends you will be charged an interest rate (per annum) of 13.24% on any purchases you make. This credit card has an annual fee of $58 p.a. You do not receive rewards on this card.
Aussie MasterCard	9.99% first 12 months (reverts to 13.29%)	2.99% p.a. 12 months	0% 55 days	$49 p.a.	No rewards
Enjoy all the benefits of this card and pay only $49 for the annual fee A low interest rate of 9.99% for the first 12 months No balance transfers between Aussie cards You must have an income of over $50,000 p.a. for non-permanent Australian residents Up to 55 days interest free from the date the purchase is made, after this period you will be charged an interest rate of 9.99% for the first 12 months, then the rate reverts to 13.29% p.a. Cash advances have an annual interest rate of 19.99%. Enjoy a rate of 2.99% on balance transfers for up to the first 12 months. Once the 2.99% period ends you will be charged an interest rate of 9.99% for the first 12 months, then the rate reverts to 12.99% p.a. on the transferred balance. You will not be charged interest on any purchases for the first 55 days. Once the 0% period ends you will be charged an interest rate of 9.99% for the first 12 months, then the rate reverts to 13.29% p.a. on any purchases you make. This credit card has an annual fee of $49 p.a. There are no rewards for this credit card.
Bank of Queensland Gold Visa Card	20.74% p.a.	1.9% p.a. 6 months	0% 55 days	$120 p.a.	Travel, Shopping
Enrollment into the Q Rewards® program Free International Travel Insurance Free Purchase Cover Insurance Up to 55 interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 20.74%. Cash advances have an annual interest rate of 21.74%. Enjoy an interest rate (per annum) of 1.9% on balance transfers for up to the first 6 months. Once the 1.9% period ends you will be charged an annual interest rate of 20.74% on the transferred balance. You will not be charged interest on any purchases for the first 55. Once the 0% period ends you will be charged an interest rate (per annum) of 20.74% on any purchases you make. This credit card has an annual fee of $120 p.a. You can earn up to 1 reward points for every dollar you spend and your points do not expire as long as your card stays active. You can redeem points for travel services and shopping offers.
Citibank BP MasterCard	20.89% p.a.	0% p.a. 6 months	0% 55 days	$89 p.a.	Cashback
Enjoy all the benefits of this card and pay a low annual fee of $89 0% p.a. balance transfer for 6 months + $50 cash back on first spend You must have an income of over $20,000 Up to 55 days interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 20.89%. Cash advances have an annual interest rate of 21.39%. Enjoy an interest rate (per annum) of 0% on balance transfers for up to the first 6 months. Once the 0% period ends you will be charged an annual interest rate of 21.39% on the transferred balance. You will not be charged interest on any purchases for the first 55 days. Once the 0% period ends you will be charged an interest rate (per annum) of 20.89% on any purchases you make. This credit card has an annual fee of $89 p.a. Earn $50 cash back on first spend and you can earn 5% cashback on purchases at BP or every day purchases earn you 0.5% cashback on the first $5,000 you spend.
HSBC Credit Card	17.99% p.a.	0% p.a. for 6 months, 2% handling fee applies	0% 55 days	$0 annual fee for the life of the card	No rewards
Up to 55 interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 17.99%. Cash advances have an annual interest rate of 21.99%. Enjoy an interest rate (per annum) of 0% on balance transfers for up to the first for 6 months, 2% handling fee applies. Once the 0% period ends you will be charged an annual interest rate of 21.99% on the transferred balance. You will not be charged interest on any purchases for the first 55. Once the 0% period ends you will be charged an interest rate (per annum) of 17.99% on any purchases you make. This credit card has an annual fee of $0 annual fee for the life of the card You do not receive rewards on this card.
St.George Platinum Credit Card	15.99% p.a.	3.99% p.a. 6 months	0% 55 days	$89 p.a.	Discounts
Enjoy all the benefits of this card and pay a low annual fee of $89 Free shopping and travel insurances 24/7 access to the Personal Concierge Service No balance transfers between St.George or BankSA Up to 55 days interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 15.99%. Cash advances have an annual interest rate of 21.49%. Enjoy an interest rate (per annum) of 3.99% on balance transfers for up to the first 6 months. Once the 3.99% period ends you will be charged an annual interest rate of 15.99% on the transferred balance. You will not be charged interest on any purchases for the first 55 days. Once the 0% period ends you will be charged an interest rate (per annum) of 15.99% on any purchases you make. This credit card has an annual fee of $89 p.a. You revcieve instant discounts and added extras with St.George Instant Benefits such as entertainment and shopping vouchers.
St.George Vertigo MasterCard	13.24% p.a.	0.99% 6 months	0% 55 days	$55 p.a.	Discounts
Enjoy all the benefits of this card and pay a low annual fee of $55 Range of discounts through St.George Instant Benefits 24/7 monitoring of suspicious transactions No balance transfers between St.George or BankSA Up to 55 days interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 13.24% for 6 months, then the interest rate moves to 12.24% p.a. Cash advances have an annual interest rate of 21.49%. Enjoy an interest rate (per annum) of 0.99% on balance transfers for up to the first 6 months. Once the 0.99% period ends you will be charged an annual interest rate of 13.24% on the transferred balance. You will not be charged interest on any purchases for the first 55 days. Once the 0% period ends you will be charged an interest rate (per annum) of 13.24% on any purchases you make. This credit card has an annual fee of $55 p.a. You receive instant discounts and added extras with St.George Instant Benefits such as entertainment and shopping vouchers.
St.George Amplify Credit Card	18.74% p.a.	0.99% p.a. 6 months	0% 55 days	$79 p.a.	Amplify Rewards
Enjoy all the benefits of this card and pay a low annual fee of $79 Range of discounts through St.George Instant Benefits 24/7 monitoring of suspicious transactions No balance transfers between St.George or BankSA  Up to 55 days interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 18.74%. Cash advances have an annual interest rate of 20.74%. Enjoy an interest rate (per annum) of 0.99% on balance transfers for up to the first 6 months. Once the 0.99% period ends you will be charged an annual interest rate of 18.74% on the transferred balance. You will not be charged interest on any purchases for the first 55 days. Once the 0% period ends you will be charged an interest rate (per annum) of 18.74% on any purchases you make. This credit card has an annual fee of $79 p.a. You receive instant discounts and added extras with St.George Instant Benefits such as entertainment and shopping vouchers.
Virgin No Annual Fee Credit Card	18.99% p.a.	2.9% p.a. 6 months	0% 44 days	$0	No rewards
Up to 44 days interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 18.99%. Cash advances have an annual interest rate of 20.99%. Enjoy an interest rate (per annum) of 2.9% on balance transfers for up to the first 6 months. Once the 2.9% period ends you will be charged an annual interest rate of 20.99% on the transferred balance. You will not be charged interest on any purchases for the first 44 days. Once the 0% period ends you will be charged an interest rate (per annum) of 18.99% on any purchases you make. This credit card has no annual fee. There are no rewards for this credit card.
Virgin Flyer Credit Card	20.99% p.a.	1.9% p.a. 9 months	0% 44 days	$99 p.a.	Travel, Shopping
Up to 44 days interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 20.99%. Cash advances have an annual interest rate of 20.99%. Enjoy an interest rate (per annum) of 1.9% on balance transfers for up to the first 9 months . Once the 1.9% period ends you will be charged an annual interest rate of 20.99% on the transferred balance. You will not be charged interest on any purchases for the first 44 days. Once the 0% period ends you will be charged an interest rate (per annum) of 20.99% on any purchases you make. This credit card has an annual fee of $99 p.a. Earn 1 Velocity Point per $1 spent up to $1,500 per month and then 1 Velocity Point for every $2. Buy a Virgin Blue seat with your new card and we'll give you a second seat for free, up to 4 times a year including Blue Saver fares.

What is a credit card balance transfer?

In an effort to lure new customers in, credit card providers offer balance transfers. A balance transfer enables a credit card holder to shift debt from a card that is incurring a fixed and probably high interest rate to a greatly reduced or interest free credit card. These balance transfers can last between 6 to 12 months or for the life of the balance.

With no or reduced interest payments, a balance transfer is a great way to save money and with more money available you can pay off the debt quicker!

Although balance transfers can initially save you a significant amount of money, there are certain pitfalls that you must be aware of and should avoid at all costs; these are detailed in Disadvantages of balance transfers.

However, if you have credit card debt then there is no reason why you shouldn't shift to a new credit card and enjoy the benefits of either interest free or a low interest rate.

How to choose the right balance transfer?

Choosing the right balance transfer offer is very important and you should take the following into consideration: -

• The amount of credit card debt you have - if you have a relatively low amount of debt, say below $5,000 then you might want to consider an interest free period of 6 months as you could be able to pay the whole debt off within this time and avoid any interest repayments. However, if you have a large amount of debt then it's financially smarter to go for a low interest rate on a longer period, say up to 12 months or for the life of the balance transfer as this will work out cheaper in the long run.


• The time it will take to repay your debt - if you're confident that you can pay off your debt within 6 months then it makes sense to choose the 6 month interest free balance transfer. However, if you think it will take up to 12 months or more then it would be better to opt for a low interest rate balance transfer for 12 months or for the life of the balance however, be aware that these type of credit cards come with a greater annual fee.


• Will you still be using your credit card during the balance repayment? Do not use your balance transfer card for new purchases, this is rule number 1. See Disadvantages of a balance transfers for more details.

What are the different balance transfer types?

• 6 months interest free - this is one of the shortest balance transfer periods as it typically incurs a 0% interest rate, which means for the first 6 months you don't pay any interest payments on the card. This balance transfer type is perfect for people with a small amount of debt that they can easily pay off within 6 months.


• 9 to 12 months - These balance transfer durations incur an interest rate, with the 9 month balance transfer typically incurring a lower interest rate than the 12 month period. Your confidence in paying off your balance within 9 months or 12 months is the deciding factor here and you should aim to pay it all off before the balance period ends. If you have remaining debt at the end of the 9 or 12 month period, you can always apply for a balance transfer with a new provider. You also need to review the annual fee of the cards as this can vary drastically between providers.


• Life of the balance - This type of balance transfer is perfect for people with a large credit card debt that they will not be able to pay off within 12 months. A life of the balance transfer allows the card holder to transfer their credit card debt to a low interest rate and take as much time as they'd like to pay it off. However, please be aware that a Life of balance transfer is usually only available through a platinum credit card that have strict requirements and a much higher annual fee.

Advantages of a balance transfer

• Save money by reducing monthly fees - You can either avoid interest fees altogether or greatly reduce interest fees with a balance transfer. For example, if you had a debt of $10,000 and transfered to a 12 month balance transfer of 2.9%, you'd save an estimated $1,700 in annual interest fees.


• Manage debt more easily - if you merge all of your debt into one credit card it will be easier to manage and repay.

Disadvantages of a balance transfer

• Never use your balance transfer credit card - this is one of the most important things to remember. If you start using your balance transfer credit card to purchase new items or to withdraw cash, this debt will incur the standard interest rate on the card and you will not be able to pay this debt off until the entire balance transfer has been paid. If you need your credit card for general purchases then use your original card as you'll be able to pay this debt off immediately.


• High interest rates - an important thing to remember is that once the balance transfer period has ended the remaining debt will be charged at the standard interest rate. It is possible that this interest rate will be higher than the original card so it is vital that you choose the right balance transfer type that suits your needs.

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