Credit card providers fight for business with 0% balance transfer offers

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There are several dozen credit cards in Australia that currently offer 0 per cent balance transfers for at least one year.

Consumers who want to consolidate their credit card debt can, for example, transfer their balance to the HSBC Platinum Credit Card and pay 0 per cent interest on that debt for 22 months (see table below).

At the end of that 22-month balance transfer period, HSBC will charge an ongoing purchase rate of 21.99 per cent.

HSBC allows consumers to transfer debt equivalent to 100 per cent of their credit limit – so if the limit on their new credit card is $5,000, they can transfer a maximum balance of $5,000.

However, they have to pay a balance transfer fee of 2 per cent, which would be $100 on a $5,000 balance transfer.

As a general rule, while balance transfer credit cards might offer interest-free periods on old credit card debt, they will charge interest on any new credit card debt racked up on the new card.

It’s also important to note that a credit card with the longest balance transfer period might not be as suitable to some consumers as credit cards with a shorter balance transfer period.

Some of the best balance transfer offers

Provider Credit card Balance transfer rate Ongoing interest rate Balance transfer limit Standard annual fee
HSBC Platinum Credit Card 0% for 22 months 21.99% 100% of your credit limit $129
Virgin Money Virgin Australia Velocity Flyer Card (Balance Transfer & Points Offer) 0% for 18 months 20.99% 80% of your credit limit $129
Coles Rewards Mastercard 0% for 16 months 19.99% 80% of your credit limit $99
Jetstar Mastercard 0% for 14 months 14.99% 100% of your credit limit (minus $500) $69
Macquarie Bank Black Card 0% for 14 months 20.70% 100% of your credit limit (minus $500) $249



^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.

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