Three of the big four banks have credit cards with 0 per cent balance transfer offers for at least 18 months, a new market analysis has found.
NAB and Westpac both have products with 0 per cent balance transfer for 24 months, while ANZ has a credit card with 0 per cent balance transfer for 18 months (see table below).
BankSA, HSBC, St.George Bank, Suncorp Bank and Virgin Money are some of the other lenders in Australia that are offering 0 per cent balance transfers for at least 18 months.
Different lenders attach different conditions to their balance transfer offers, making some better value than others.
For example, the products in this analysis allow borrowers to transfer anywhere from 80 per cent to 95 per cent of their credit limit. Some lenders also impose balance transfer fees.
Borrowers may also want to consider the size of the annual fee (which may be waived in the first year) and the ongoing interest rate once the balance transfer period ends.
| Provider | Credit card | Balance transfer rate | Ongoing interest rate | Balance transfer limit | Standard annual fee |
|---|---|---|---|---|---|
| BankSA | Vertigo Platinum | 0% for 24 months | 12.74% | 80% of your credit limit | $99 |
| St.George Bank | Rainbow Vertigo Platinum | 0% for 24 months | 12.74% | 80% of your credit limit | $99 |
| NAB | Low Fee Platinum | 0% for 24 months | 19.74% | 90% of your credit limit | $90 |
| Westpac | Low Rate Card | 0% for 24 months | 13.49% | 80% of your credit limit | $59 |
| HSBC | Platinum Credit Card | 0% for 22 months | 19.99% | 90% of your credit limit | $129 |
| Westpac | 55 Day | 0% for 20 months | 19.84% | 80% of your credit limit | $30 |
| HSBC | Low Rate Credit Card | 0% for 20 months | 13.25% | 90% of your credit limit | $79 |
| Suncorp Bank | Platinum Card | 0% for 18 months | 21.99% | 80% of your credit limit | $129 |
| ANZ | First | 0% for 18 months | 19.74% | 95% of your credit limit | $30 |
| Virgin Money | Virgin Australia Velocity Flyer Card | 0% for 18 months | 20.74% | 80% of your credit limit | $129 |
Please note that the credit card with the lowest balance transfer rate won’t necessarily be the best balance transfer offer for your situation.
