Balance transfer credit cards generally carry a very low rate of interest (sometimes even 0%) for a set term for balances transferred from other cards. This allows current balances on existing credit cards to be transferred and repaid at the low rate, with any leftover balance after the balance transfer offer expires reverting to the standard rate for the new card. More…
To understand exactly what a balance transfer is, how it works, how it can benefit you and how to compare different offers, refer to the balance transfer credit card guide below. The information given will help you choose the best balance transfer option for your specific situation.
You generally must have good credit to qualify for a balance transfer.
Keep in mind that the low or 0% interest rate on the balance transfer credit card ONLY applies to the balance you transfer. Any additional purchases will accrue interest at the standard rate – and watch for loopholes the card company may use to force you to carry that high interest balance until your low interest balance is paid off!
It’s best to use balance transfer credit cards ONLY for acquiring a low rate of interest for an old balance, and paying that balance off completely before using the card for any new purchases. If you must use your new card, select one that lets you direct additional payments each month to pay off new balances.
Missing a payment or even being just a day or two late can cause a terrific low interest rate to skyrocket. It’s in the fine print – and some companies even reserve the right to monitor your credit and raise your rates if you are late on OTHER bills, so pay attention. Check default rates and be aware that you risk paying an even higher rate than on your original card if you miss a payment on your new balance transfer credit card.
With the BoQ Low Rate Visa Card you get a 13.49% pa Interest Rate.
With the BoQ Low Rate Visa Card you get a Balance Transfer Rate of 1.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the BoQ Low Rate Visa Card you get a 21.49% pa Cash Advance Rate.
With the BoQ Low Rate Visa Card you get up to 55 Interest Free days.
With the Citibank Clear Platinum Card you get a 11.99% pa Interest Rate.
With the Citibank Clear Platinum Card you get a Balance Transfer Rate of 2.90% pa for 12 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Clear Platinum Card you get a 21.74% pa Cash Advance Rate.
With the Citibank Clear Platinum Card you get up to 55 Interest Free days.
The Citibank Clear Platinum Card has an Introductory Annual Fee of $49 for the 1st year then $99 thereafter.
With the Virgin Flyer Credit Card you get a 20.99% pa Interest Rate.
With the Virgin Flyer Credit Card you get a Balance Transfer Rate of 1.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Virgin Flyer Credit Card you get a 20.99% pa Cash Advance Rate.
With the Virgin Flyer Credit Card you get up to 44 Interest Free days.
The Virgin Flyer Credit Card has a $99 Annual Fee.
With the BP-Citi MasterCard you get a 20.89% pa Interest Rate.
With the BP-Citi MasterCard you get a Balance Transfer Rate of 0% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the BP-Citi MasterCard you get a 21.39% pa Cash Advance Rate.
With the BP-Citi MasterCard you get up to 55 Interest Free days.
With the CitiBusiness Gold Card you get an Introductory Interest Rate of 0% pa for 4 months then 20.74% pa thereafter.
With the CitiBusiness Gold Card you get a Balance Transfer Rate of 0% pa for 4 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the CitiBusiness Gold Card you get a 21.49% pa Cash Advance Rate.
With the CitiBusiness Gold Card you get up to 55 Interest Free days.
With the Citibank Rewards Credit Card Platinum you get a 20.99% pa Interest Rate.
With the Citibank Rewards Credit Card Platinum you get a Balance Transfer Rate of 0.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Rewards Credit Card Platinum you get a 21.74% pa Cash Advance Rate.
With the Citibank Rewards Credit Card Platinum you get up to 55 Interest Free days.
The Citibank Rewards Credit Card Platinum has a $199 Annual Fee.
With the Citibank Rewards Credit Card Signature you get a 20.99% pa Interest Rate.
With the Citibank Rewards Credit Card Signature you get a Balance Transfer Rate of 0.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Rewards Credit Card Signature you get a 21.74% pa Cash Advance Rate.
With the Citibank Rewards Credit Card Signature you get up to 55 Interest Free days.
The Citibank Rewards Credit Card Signature has a $395 Annual Fee.
With the BoQ Platinum Card you get a 20.74% pa Interest Rate.
With the BoQ Platinum Card you get a Balance Transfer Rate of 1.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the BoQ Platinum Card you get a 21.74% pa Cash Advance Rate.
With the BoQ Platinum Card you get up to 55 Interest Free days.
With the Emirates Citi Platinum Card you get a 20.99% pa Interest Rate.
With the Emirates Citi Platinum Card you get a Balance Transfer Rate of 2.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Emirates Citi Platinum Card you get a 21.24% pa Cash Advance Rate.
With the Emirates Citi Platinum Card you get up to 55 Interest Free days.
The Emirates Citi Platinum Card has a $229 Annual Fee.
With the Virgin No Annual Fee Credit Card you get a 18.99% pa Interest Rate.
With the Virgin No Annual Fee Credit Card you get a Balance Transfer Rate of 2.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Virgin No Annual Fee Credit Card you get a 20.99% pa Cash Advance Rate.
With the Virgin No Annual Fee Credit Card you get up to 44 Interest Free days.
The Virgin No Annual Fee Credit Card has a $0 Annual Fee.
With the Citibank Select Credit Card you get a 20.74% pa Interest Rate.
With the Citibank Select Credit Card you get a Balance Transfer Rate of 6.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Select Credit Card you get a 21.24% pa Cash Advance Rate.
With the Citibank Select Credit Card you get up to 55 Interest Free days.
The Citibank Select Credit Card has a $700 Annual Fee.
These minimum requirements are intended as a guide only. Your application may still be rejected by the card issuer even if you can answer 'Yes' to all of these requirements. The final decision regarding your application is solely up to the card issuer.
