Compare Balance transfer rate credit cards

Find a great low rate credit card deal. Compare features on 40 Balance transfer rate credit cards from 11 providers, including Westpac, Citibank, and apply direct.

A balance transfer credit card will allow you transfer the existing balance from another card and is usually accompanied by a promotional interest rate for a set period of time. To find out more and compare balance transfer credit cards simply select the cards you are interested in and click the 'Compare' button. Just keep in mind that we don't list every balance transfer credit card in the market and when you're doing a comparison we may not have every feature available to compare.

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Choosing A Balance Transfer Credit Card

Balance transfer credit cards allow you to transfer credit card balances from one card to another credit card usually with the intention of saving money. If you use a balance transfer to your advantage it could lower your repayments on existing balances and help you get out of debt sooner. But there are no guarantees that it will help you get our of debt sooner - you also need discipline with your spending and your repayments.

Balance transfers are usually charged at a lower rate of interest for a set time period - for example 3.99% p.a for 6 months. Sometimes you'll see balance transfer offers with no interest (0% p.a) for a number of months.

In order to select a balance transfer credit card for your financial situation there are a number of important considerations. Firstly you need to be carrying debt on a credit card. Otherwise there will be no balance to transfer and no benefit to this type of special offer. Secondly you are often required to nominate the balance you want to transfer at the time of applying online for your new credit card. So make sure you have the details available to submit at the time of application. Many cards won't give you the special balance transfer offer several months later if you decide to do it then. Thirdly a balance transfer deal will come to an end after a specified number of months and any remaining balance will revert to a much higher interest rate again. Be aware of what this rate is and know what you are signing up for.

If you're looking at getting a new credit card, the balance transfer rate isn't the only consideration when you are looking to pay down debts faster. The annual fee will be an ongoing expense as will the purchase interest rate if you're going to continue to not pay your balance in full each month.

If you're serious about reducing your credit card debt, then a balance transfer credit card is one way to do it. If you apply for one, spend a few minutes writing down a considered budget of how you schedule to pay off your balance during the promotional period. You might want to share your budget with someone else as added motivation to hold yourself to it. If you know how much you want to pay off the balance each month - importantly whilst not accruing new debts - then you will increase your chances of success. It will require your best efforts in financial discipline but the benefits will be significant and you'll be debt free sooner.

Case Study - A Good Example

Max has credit card debts of $8,000 that he wants to pay off. He's feeling stressed because he's never able to get ahead financially while this debt is hanging over his head. His current interest rate is 18.99% p.a which equates to over $1,500 in interest each year without even paying down the balance!

Max decides to get his financial life in better order. He knows it took him a while to get into his current mess, so he knows he's not going to be able to get out of it in a few short weeks. He hunts around and compares balance transfer credit cards and chooses one that has a promotional rate of 0.99% p.a for up to 9 months. Even if his balance remains at $8,000 for the 9 months, he'll save himself over $1,400 in interest! But his aim is to reduce the amount owing, which will also reduce the amount of interest payable.

Max looks at his budget and figures he can put aside $600 per month for paying down his debts. It won't be easy but he commits to scrimping and saving as well as not buying anything on a credit card that he doesn't have money to pay for at the end of the month to ensure he won't accrue any more unwanted debt. He also commits to making extra repayments when he can - for example when he receives his tax return or some overtime at work.

By the end of the 9 months, Max has paid off $5,400 with his monthly payments as well as an extra $1,500 from extra money he saved. He's left with a much more manageable amount owing of $1,100 plus about $50 in interest charges. Max keeps up his repayment schedule and his debts are paid off within 11 months.

Often credit card debts are higher than Max's and on a limited budget will take much longer than 11 months to pay off. But the important thing is to start today and work at paying them down. A balance transfer credit card is a great way to start doing that. And if the promotional period has finished and your interest rate skyrockets again, you could look to get a balance transfer with another provider or look at different alternatives for reducing your debts.

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