Find and compare no fee balance transfer credit cards

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Purchase Rate

20.74%

Balance Transfer Rate

0%

for 22 months then 20.99%

80%

of the approved credit limit

$0

Annual Fee

$64

for 12 months then $129

Interest Free Days

55

More details

Purchase Rate

20.24%

Balance Transfer Rate

20.24%

95%

of the approved credit limit

$0

Annual Fee

$295

Interest Free Days

55

More details

Purchase Rate

20.24%

Balance Transfer Rate

20.24%

95%

of the approved credit limit

$0

Annual Fee

$375

Interest Free Days

55

More details

Purchase Rate

20.24%

Balance Transfer Rate

20.24%

95%

of the approved credit limit

$0

Annual Fee

$95

Interest Free Days

55

More details

Purchase Rate

20.24%

Balance Transfer Rate

20.24%

95%

of the approved credit limit

$0

Annual Fee

$425

Interest Free Days

55

More details

Purchase Rate

20.24%

Balance Transfer Rate

20.24%

95%

of the approved credit limit

$0

Annual Fee

$95

Interest Free Days

55

More details

Learn more about credit cards

In terms of credit cards, low interest rates and annual fees are often the most-talked-about features when comparing what’s on offer in the market.

But if you’re looking for a change from your existing credit card provider, a balance transfer deal with no fees can be just as important as the other features, particularly if you’re looking at reducing your existing debt.

So what is a balance transfer?

A balance transfer is where part or all of a debit balance or debt owed to a lender is transferred from an existing credit card to another.

This is usually done by a card holder to save money on interest repayments from another card, or to consolidate multiple debts into one card at a lower overall repayment cost.

What is a balance transfer deal with no fees?

Many banks and financial institutions offer credit cards that have no extra fees when you move your balance across to the new card. This is referred to as a ‘no fee’ balance transfer.

Card providers will offer this deal in a bid to attract people to switch from their current provider to a new card provider so they can save money.

However, despite some card providers offering a zero balance transfer fee, they may then apply a higher interest rate or annual fee to the card in an effort to offset some of the commercial income they have forfeited by offering the balance transfer deal.

How do you find a balance transfer deal with no fees?

When you’re investigating options being offered on various cards in relation to finding a balance transfer deal with no fees, there are several questions you need answered:

  • How long does the no fee balance transfer period last? Some banks and financial institutions will vary substantially between their introductory periods, so it’s worth shopping around.
  • Is there a limit to how much you can transfer from another card? The card provider may have a particular policy on how much of the credit card limit can be attributed to a balance transfer.
  • Despite a zero fee on the balance transfer, is there also an interest rate attached to any balances transferred - and if so, what is that rate? Often a small percentage is applied to an initial balance transfer as a one-off rate.
  • What does the interest rate on balance transfers revert to after the promotional period finishes? This can vary significantly between providers, and if you haven’t paid off the balance before the period finishes, this increased rate applies to the outstanding balance.
  • What is the interest rate and annual fee attached to the same card?
  • Are there any other restrictions on where your funds are transferred from? Some card providers may not allow you to transfer funds from one of their cards to another card type. You need to check their policy before you apply.

How to maximise your no fee balance transfer deal

Once you have determined that you’ve found the best balance transfer deal for you, you need to put strategies into place to ensure you take full advantage of what it offers you.

The balance transfer deal centres on providing users with the opportunity to pay down debt at no cost. However, you can only achieve this by being disciplined about making repayments that pay off principal and interest over the promotional period so that, ideally, you pay off the whole debt during that period.

Further spending on top of the balance you have already transferred onto the card will negate any benefit gained from having no fees on the balance transfer amount. Setting a realistic personal and household budget is an effective way of restraining yourself through the promotional period to ensure making the switch to the new card has been financially worth it.

Is there an alternative to balance transfers?

If you’re an existing cardholder looking at different balance transfer deals as a mechanism to pay off debt more quickly, there is another alternative.

Consolidating the debt into your mortgage, by incorporating the extra amount into your repayment levels, is an option for some people who already have an existing loan and wish to pay down the additional debt accrued on a credit card.

While this can be an effective way of simplifying your overall debt structure, it does require ongoing control around any spending on the credit card as well as any further drawdowns on the mortgage. A consistent and concerted approach to prudent spending across all your transactions will allow you to keep in control of your finances.

Frequently asked questions

What is a balance transfer credit card?

A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card. 

How to pay a credit card from another bank

Paying or transferring debt from one lender to the other is called a balance transfer. This involves transferring part or all of the debt from a credit card with one lender to a credit card with another. As part of the process, your new lender will pay out the old lender, so that you now owe the same amount of money but to a new institution.

Many credit card providers offer an interest-free period on balance transfers to help new applicants better handle their debt. During this period, cardholders are not required to pay interest on the debt they brought over from the other card. This can be a great opportunity for consumers to pay off credit card debt with no interest. There are often fees associated with balance transfers; normally, these are a percentage of the amount transferred.

So make sure you read the terms and conditions of the card before transferring any debt across.

How do you cancel a credit card?

It’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.

How is credit card interest charged?

Your credit card will be charged interest when you don’t pay off the balance on your credit card. Your card provider or bank charges you the individual interest rate that is associated with your card, which is usually between 10 and 20 per cent. 

The interest will be added onto your bill each month or billing period if you don’t pay off the balance, unless you are in an interest-free period.

You will be charged interest on anything that hasn’t been paid for inside the interest-free period. Usually you will receive a notice on your bill or statement saying you will be charged interest so you have some form of notice before you’re charged.

How to calculate credit card interest

Credit card interest can quickly turn a manageable balance into unmovable debt. So being able to understand how interest rates translate into dollars is an important skill to acquire.

The common mistake people make is focusing on the credit card’s annual percentage rate (APR), which often sits between 15 and 20 per cent. While the APR does provide a rough idea of how much interest you’ll pay, it’s not entirely accurate.

This is because you actually accrue interest on your balance daily, not annually. So, you need to work out your daily periodic rate (DPR). To do this, divide your card’s APR by the number of days in a year (e.g. 16.9 per cent divided by 365, or 0.05 per cent). You can then apply this figure to the daily balance on your credit card.

How does credit card interest work?

Generally, when we talk about credit card interest, we mean the purchase interest rate, which is the interest charged on purchases you make with your credit card.

If you don’t pay your full balance each month (or even if you pay the minimum amount), you are charged interest on all the outstanding transactions and the remaining balance. However, interest is also charged on cash advances, balance transfers, special rate offers and, in some cases, even the fees charged by the company.

The interest rate can vary, depending on the credit card. Some have an interest-free period, otherwise you start paying interest from the day you make a purchase or from the day your monthly statement is issued. So avoid interest by paying the full amount promptly.

Which credit card has the highest annual percentage rate?

The credit card market changes all the time, so the credit card with the highest annual percentage rate is also liable to change.

Keep in mind that credit card interest rates are expressed as a yearly rate, or annual percentage rate (APR). A low APR is generally good but also consider:

  • There can be different APR's for each feature of the card (e.g. purchases may have an APR of 14 per cent, while cash advances on same card could have an APR of 17 per cent.
  • Credit cards with a variable rate can change throughout the year, affecting your APR, so check the full details.
  • If you pay your balance in full every month, having the lowest APR is not as important as the other fees associated with the card. However, if you carry a balance from month to month, then you want the lowest APR possible.

How do you use credit cards?

A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.

Monthly repayment

This is how much you can afford to pay on a monthly basis off your credit card. You can enter any amount you wish; but to make the balance transfer worthwhile the default is $200.

Can a pensioner get a credit card?

It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:

  • Annual income. Look for credit cards with minimum annual income requirements you can meet. 
  • Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee. 
  • Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.

Should I get a credit card?

Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch. 

What should you do when you lose your credit card?

Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.

Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.

Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.

Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.

Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.

How do you pay off credit cards?

The best way to pay off a credit card bill is to set a realistic spending budget and stick to it. Each month, you’ll get a credit card statement detailing how much you owe and how long it will take to pay off the balance by making minimum repayments. If you only make the minimum repayments, it will take you years to pay off your outstanding balance and add extra costs in interest charges. To avoid any extra charges, you should pay the entire bill. 

How do you use a credit card?

Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.

How to get a credit card for the first time

A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.

If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.

Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.

When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.

Current Interest Rate

This is the current interest rate on your existing credit card.

What should you do if your credit card is compromised?

Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.

Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.

Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.

Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.

What's the best credit card for rewards?

There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice. 

Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward. 

How to make a credit card online

If you’re wondering about how to make a credit card online application, here are some steps to follow:

  • Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
  • Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
  • Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
  • Review details. Ensure the information you’ve entered is correct.

How to pay a credit card

There are a few ways to pay a credit card bill. These include:

  • BPAY - allows you to safely make credit card payments online.
  • Direct debits - set up an automatic payment from your bank account to pay your credit card bill each month. You can choose how much you want to pay of your credit card bill when you set up the auto payments.
  • In a branch.
  • Via your credit card provider's app.