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Credit Cards
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Find all the features listed to make the best choice possible.
 0% Purchase Rate for 3 months ~ 0% Balance Transfer rate for 3 months ~ Low Annual Fee ~ Up to 3 free additional cardholders. |
 Balance Transfer rate reverts to 20.99% after 3 months. |
| 0% Intro Rate and low ongoing Interest Rate 13.39% ~ 0% on Balance Transfers for first 3 months ~ 3 free additional cardholders. |
Balance Transfer rate reverts to 13.24% after 3 months. |
| An introductory rate of 6.9% p.a. for 6 months on balances transferred. |
| 0.99% p.a. on Balance Transfers for up to 6 months. |
| 0.99% Balance Transfer for 6 months~Amplify Rewards points on everyday purchases ~ Or earn Qantas Frequent Flyer points instead. |
Balance Transfer Rate reverts to 20.74% after 6 months |
| Low Interest Rate~3.99% p.a for 6 months on Balance Transfers~Complimentary Insurance~Low Annual Fee for Platinum card |
After 6 months the Balance Transfer Rate reverts to 21.49%. |
| Competitive rate of 18.99% p.a. on purchases and absolutely low balance transfer rate of 2.9% p.a for the first 6 months. |
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| Low Balance Transfer Rate 1.9% p.a. for 15 months + 20,000 bonus points |
Annual Fee $199 |
| 0% p.a. for 6 months on retail purchases, 11.99% p.a. thereafter. |
| $0 annual fee for 1st year, $229 thereafter. |
Balance Transfer Credit Card Offers
An Australian balance transfer credit card allows users to consolidate their debts onto one card without paying any interest for a period of time - usually between 6 and 15 months; during this time you can clear the new principle debt completely without paying any interest.
This is attractive to people who have debts on other credit cards and are paying high interest rates (often around 20%) because these debts may be growing larger all the time; with 0 balance transfer cards you can "buy" a little time on your debt without it growing, helping you to get your personal finances in order.
Potential Negatives of Balance Transfer Credit Cards
If you are considering a balance transfer credit card you need to be committed to clearing the debt within the introductory period. The penalties for not paying off the transfer amount within the specified period can be high interest rates on the remaining balance.
You also need to be alert. Read the small print and find out what ALL the other features of the card are – including all fees and penalties.
There will be a fee for making the original transfer as it deters people from "surfing" through the various deals and changing each time they expire. The fee is usually a percentage of the balance to be transferred, but it may be capped.
Finally you need to be disciplined. Many of these cards incorporate high interest rates for making new purchases.
Bear in mind that if you have a bad credit rating from racking up large debts on other cards your application for a new card may be declined.
What about Balance Transfers Cards to Make Purchases On?
Some balance transfer cards are tailored especially so that you can make purchases on them too, without paying exorbitant interest rates.
This is another piece of "bait" that the credit providers use to entice you over to their cards.
If you are considering one of these cards it's often easier to opt for a card where the balance transfer rate and the introductory low APR expire at the same time so that you don’t have to manage payment of two debts at different rates. Always check what happens to the rates after the expiry periods too.
The Lower Bills Promise
We can't promise you'll be approved but we can promise to provide you with the right information so that you apply for the best credit cards possible!
Disclaimer: LowerBills.com.au is a third party reviewer of Australia's financial sector and has no direct affiliation or legal liability with Australian banks. While we make a modest attempt to be up to date and accurate on all published material, there is an inherent delay between the banks and us.
LowerBills.com.au collects information for many Australian credit card products; please note that this data represents only a limited group of credit cards available in the Australian market. We recommend you seek the advice of your own financial adviser before making a decision on a product from the information you have obtained from this website.
