Low Balance Transfer Credit Cards

Citibank have come to market with a sensational new balance transfer offer on their Ready Credit product. Citibank delivers the longest balance transfer in market, allowing non-Citibank customers to transfer their personal loan, credit card and/or store card debt and pay just 2.9% p.a. for 24 months. If you need time to pay off your balance and you are currently paying high interest, this offer could be for you. This page showcases the best balance transfer credit cards available in Australia.

	Recommended Long Balance Transfer Credit Card:
	Citibank Ready Credit Start saving with a low 2.9% p.a. for 24 months on balances transferred. Pay no annual fee, no monthly servicing fees and no cash advance fees, ever. Only pay a once off establishment fee of $69 Receive complimentary insurance on purchase - Guaranteed Pricing Scheme, Purchase Cover Insurance and Exnteded Warranty Insurance

0% Balance Transfers Credit Cards

	Citibank Clear Platinum Credit Card 0% p.a. on purchases, cash advances and balance transfers for 6 months Half annual fee for the first year, only $49 - reverts to annual fee of $99 Low purchase rate of 11.99% p.a. and cash at 21.74% p.a. Complimentary International Travel Insurance, Purchase Cover & Extended Warranty Low annual platinum fee of $99 Up to 55 days interest free				ANZ Platinum No annual fee first year. 0% p.a. on purchases and balances transferred for the first 6 months Overseas Travel and Medical Insurance at no additional cost ANZ Car Rental Cover and Domestic Interstate Flight Inconvenience Insurance Extended Warranty on major personal and household purchases with 90 day Purchase Security				HSBC Credit Card Special offer: 0% on Balance Transfers for the First 8 Months (with 2% handling fee) $0 annual fee for the lifetime of the card An interest rate for purchases of 17.99% p.a. Up to 55 days interest-free on purchases Access to HSBC's home&Away Privilege Program with Instant Rewards in over 40 countries

Recommended 12 Month or Longer Credit Card Balance Transfer Offers

	Virgin Flyer Credit Card Exclusive Offer: $0 Annual Fee for the fist year 1.9% p.a. for 12 months on balance transfers Earn 1 Velocity Point per $1 spent up to $1,500 per month and then 1 Velocity Point for every $2 Buy a seat on Virgin Australia and get a second seat for FREE Annual fee of $99 Up to 44 Interest free days Please note a minimum income of $35,000 a year is required to apply for this card.				Emirates Citibank Platinum Credit Card Get 0.9% on Balance Transfers for 12 Months 25,000 bonus miles Complimentary lounge access in Australia and Dubai and chauffeur-drive service to and from Australian airports Complimentary international travel and purchase cover insurance 24/7 Personal concierge around the world Optional credit card insurance				NAB Gold Card Balance transfer rate of 1% for first 12 months (reverts to purchase rate) Annual card fee $90 Special insurances for Gold cardholders including complimentary National Gold Overseas Travel Insurance Up to 44 days interest free on purchases Additional cardholder at no extra cost Available as a NAB Gold Visa or NAB Gold MasterCard

	Citibank Rewards - Platinum Special Offer: 1.9% p.a. on Balance Transfers for 15 Months and Bonus Reward Points 20,000 On First Purchase Bonus 20,000 rewards points if you signup for a Citibank Plus Account Low annual Platinum credit card fee of $199 Complimentary International Travel Insurance, Transit Accident Insurance, Purchase Cover and Extended Warranty Maximum credit limit up to $100,000				ANZ First Visa Credit Card 2.9% p.a. on balance transfers for the first 12 months (reverts to purchase rate) Visa card acceptance at over 24 million locations worldwide. Up to 44 days interest free credit on purchases Receive extended warranty insurance and 90-day purchase security insurance. Up to three additonal cardholders for free

Recommended 6 Month Balance Transfer Credit Cards

	Citibank Clear Platinum Credit Card 0% p.a. on purchases, cash advances and balance transfers for 6 months Half annual fee for the first year, only $49 - reverts to annual fee of $99 Low purchase rate of 11.99% p.a. and cash at 21.74% p.a. Complimentary International Travel Insurance, Purchase Cover & Extended Warranty Low annual platinum fee of $99 Up to 55 days interest free				St.George Vertigo MasterCard A simple no frill credit card with a low purchase rate of 13.24% p.a. Balance transfer rate of 0.99% p.a. for the first 6 months Up to 55 days Interest Free on purchases Annual credit card fee of $55 Additional cardholders at no extra costs 24/7 Falcon® Fraud monitoring Shop online with MasterCard® SecureCodeTM				Westpac 55 Day MasterCard or Visa Card 0% p.a. on purchases for the first 5 months from when your account is opened Annual fee: $30 (waived for the first year and ongoing when you make purchases of at least $10,000 pa.) 3.99% p.a. on balance transfers for up to 6 months Up to 55 days interest-free on purchases An interest rate of 19.59% p.a. on purchases

What you need to know about Balance Transfer Credit Cards

What is a Balance Transfer?

A balance transfer credit card allows you to transfer the balance of your existing credit card or cards to the new card and pay an introductory interest rate or sometimes no interest on the transferred amount for a certain period of time.

Why would I need a Balance Transfer?

Transferring your existing balance from your current credit card or cards on to a balance transfer credit card usually allows you to pay less interest than you are currently paying. The lower rate for the introductory period means you have time to pay off more (or ideally all) of the old credit card debt.

How do I choose the right Balance Transfer for me?

0% Balance Transfer Credit Cards:
You will pay no interest on balances transferred from existing credit cards for a given length of time. If you have a large amount to transfer from your current credit cards, then choosing a 0% balance transfer credit card with a long pay-back period will maximise the amount you save in interest. This will allow you a chance to pay back the amount you owe quicker by saving paying an interest rate on it.

Low Balance Transfer Credit Cards:
Choosing a balance transfer credit card that offers low interest on balances transferred from existing credit cards, is the next best thing after  0% balance transfer credit cards. This type of credit card might offer longer pay-back periods, giving you longer to pay off the transferred balance before the unpaid balance reverts to the standard purchase or cash rate of the card.

Length of Time Given to Pay Off Transferred Balance:
This can vary from three to twelve months, and sometimes longer. If you think you can pay off the debt on your existing credit cards quickly, choose a balance transfer credit card with a shorter pay-back period. If you think it will take you longer to pay off the transferred balance, choose a longer pay-back period.

Balance transfer credit cards offered over a shorter time will generally offer better interest rates than cards offered over a longer-term. Be sure to pick the best option for you, as any balance left unpaid at the end of the pay-back period will usually revert to the purchase or cash advance rate for that card.

With Rewards:
If you want to earn rewards on purchases made with your balance transfer credit card, you can choose a card with a good rewards program. Be aware that if you are using the balance transfer credit card to pay off existing debts from other credit cards, it's generally not recommended to use that card for purchases until the debt has been fully paid off.

Annual Fees:
Most balance transfer credit cards will charge an annual fee. Compare the annual fees between credit cards, and choose the option that will save you the most amount of money. The possibility of saving hundreds of dollars in interest on balance transfers will usually outweigh paying a few dollars more in annual fees.

A High Credit Limit:
The credit limit on your balance transfer credit card will depend on how much you are approved for. If you have a good credit history, then you will probably be given a higher credit limit on your balance transfer credit card. If you have a large balance to transfer from your current credit cards, then the higher the limit on your new card, the better.

Will I need to switch banks?

If you want to take advantage of the low or no interest periods of a balance transfer credit card, then you will usually need to switch banks to do so. Banks generally don't allow their existing customers to transfer balances onto new balance transfer credit cards if the customer already has a credit card with them. There is usually no fee to switch and the application process is hassle-free, so switching should give you minimal fuss.

Will I need to pay a fee to switch to a Balance Transfer?

In Australia, it's unusual to be charged a fee to switch to a balance transfer credit card, but it's always best to check the terms and conditions with the provider before you sign up.

Do I need to pay an annual fee?

Most will come with an annual fee. Credit card comparison sites will allow you compare the features of available balance transfer credit cards. Compare the features of each credit card to see which one is best for you, but bear in mind that higher annual fees are a small price to pay when you think of how much interest you may save on balance transfers.

What happens to the debt on my existing credit cards?

When you sign up for a balance transfer credit card, you will be asked to give details of any credit card balances you would like transferred onto the new card. If you are approved, the balance from your existing credit cards will be brought over to the new card under the promotional interest rate. This transfer usually takes place within two weeks of the new credit card account being opened.

Do all balance transfers need to be made before the account is opened?

You will be required to give details of any balance transfers from existing credit cards when you fill in your credit card application. Usually, balance transfers can be made after the account has been opened, but only for a specific length of time. Be sure to check this time limit, and be aware, some credit cards only allow transfers to take place with the promotional interest rate before the account is opened.

Can I transfer the balance on store cards?

Store card balances can be transferred in the same way as other credit cards when opening a balance transfer credit card.

Does my credit limit matter?

As it does with any card, your credit limit will depend on a number of factors, including the state of your current credit rating. If you have a large amount you wish to transfer from existing cards, then you may want as high a credit limit as possible.

Can I just pay the minimum monthly repayment?

While paying off the minimum monthly repayment is an option, the purpose of choosing a credit card with low interest rates is to allow you to pay off as much debt as possible, as quickly as possible. Just paying the minimum each month is never a good idea on any credit card, as the interest charged is added to the balance owed each month meaning the balance grows each month. Choose a balance transfer credit card that suits you, and pay off as much as you can within the low interest period.

Can I still buy stuff with my Balance Transfer Credit Card?

Although a balance transfer credit card works in much the same way as other credit cards, it's not recommended to use this card to make purchases until you have paid off all transferred balances. By transferring existing credit card balances onto a balance transfer credit card, you are being given a certain period of time where you will pay low or no interest on your debt. Use this time wisely by paying off as much off your debt as possible.

Using your card to make purchases or to take out cash while you have unpaid balance transfers on the account is not a good idea. The new purchases will be charged at the standard purchase interest rate and generally dont have any interest free days while you carry a balance. If this stops you paying your transferred balance you are wasting your balance transfer saving opportunity.

What happens if I haven't paid off the transferred balance at the end of the period?

Try to pay off as much of the transferred balance as you can within the given time period. Any transferred balance left unpaid at the end of the pay-back period will revert to the purchase or cash rate on that card. Always check this rate in the terms and conditions before completing the application.

Can you switch more than once?

As long as your credit rating allows your application to be approved, you can switch balance transfer credit cards more than once. When you reach the end of the balance transfer period on one credit card, it is possible to transfer the outstanding debt to a new balance transfer credit card. However, be aware that this may impact negatively on your credit score as it shows creditors you are not efficient at managing your debt.

Read our 5 part guide on credit card balance transfers

Or download out free ebook for further information

• What are Balance Transfer Credit Cards?
• Is a Balance Transfer Credit Card Right for You?
• Benefits of Balance Transfer Credit Cards
• How to Get the Most Out of Balance Tranfer Credit Cards
• How to Compare Balance Transfer Credit Cards at CreditCardOffers.com.au
  
  

Credit Card Offers have put together this free guide; Get out of debt faster, Unleash the money-saving power of balance transfer credit cards.

This is available for free download from our site in PDF format. Please let us know what you think and best of luck with choosing the best balance transfer credit card offer for your needs.