Big banks offering big balance transfer deals


Nick Bendel
Sep 1, 2018( 2 min read )

article header

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.

Advertisement

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Compare your product with the big 4 banks, or add more products to compare
As seen on