Aussies can save up to $755 by blasting bad debt with a balance transfer deal

Kelly Emmerton

16 Jan 2018

Bt offers content

Mozo research has revealed that with Australia’s post-Christmas credit card bill expected to reach a total $33 billion this year, picking up a balance transfer credit card might help Aussies avoid some of the sting.

Compared to a regular card charging interest on a credit card bill, a balance transfer card stands to save Aussie spenders up to $775 for those who use it effectively to blast debt.

“For those who are feeling the Christmas debt hangover, a balance transfer card can be a great way to gain some breathing room and get rid of that pesky balance. Thanks to the interest free period on offer with most balance transfer cards, all your payments will be chipping away at your debt - not going toward interest,” said Mozo Director, Kirsty Lamont.

But Lamont also warned cardholders to be careful when taking on a balance transfer and to have a plan in place to pay off your debt within the given interest free period.

“Choosing the right balance transfer deal, with a long enough interest free period that you can comfortably clear your entire balance before the revert rate kicks in is key. Having a plan for how to do that - including knowing how much you should be paying back every month to meet your goal - is also super important,” she said.

Debt-blasting balance transfer cards

Rates updated daily. Advertiser disclosure.

  • Apply By 30 June 2021

    Bendigo Bank Low Rate Credit Card

    0% p.a. for 24 months and then 11.99% p.a. (2.00% balance transfer fee)

    11.99% p.a.

    $45

    0% p.a. balance transfer for 24 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.

    • 11.99% p.a.

    • -

    • 0% p.a. for 24 months and then 11.99% p.a. (2.00% balance transfer fee)

    • 13.99% p.a.

    • 55

    • 3.00%

    • $45

    • $15.00

    • 0.50%, Min $3.25

    Read our Mozo Review to learn more about the Low Rate Credit Card

    Details Close

  • St.George Vertigo

    0% p.a. for 28 months and then 21.49% p.a.

    13.99% p.a.

    $55

    0% p.a. for 28 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. New cards only, Eligibility criteria and T&Cs apply. Offer ends September 28th 2021.

    • 13.99% p.a.

    • -

    • 0% p.a. for 28 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 3.00%

    • $55

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo

    Details Close

  • Apply By 07 September 2021

    Westpac Low Rate

    0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)

    13.74% p.a.

    $59 $0 in the first year

    Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. No annual card fee for the first year, $59 thereafter.

    • 13.74% p.a.

    • -

    • 0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $59 $0 in the first year

    • $15.00

    • 2%, Min $2.50, Max $150

    Read our Mozo Review to learn more about the Low Rate

    Details Close

  • St.George Amplify Platinum

    0% p.a. for 15 months and then 21.49% p.a. (1.00% balance transfer fee)

    19.74% p.a.

    $99

    80,000 bonus Amplify Points, worth up to $350 in eGift Cards (min $3,000 spend within 90 days. 0% p.a. for 15 months on balance transfers requested at card application (1% BT fee). New cards only, Eligibility criteria and T&Cs apply. Offer ends 28th September 2021.

    • 19.74% p.a.

    • -

    • 0% p.a. for 15 months and then 21.49% p.a. (1.00% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 3.00%

    • $99

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Amplify Platinum

    Details Close

  • NAB Low Rate Card

    0% p.a. for 26 months and then 21.74% p.a. (2.00% balance transfer fee)

    12.99% p.a.

    $59 $0 in the first year

    0% p.a. interest on balance transfers for the first 26 months (2% fee), plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.

    • 12.99% p.a.

    • -

    • 0% p.a. for 26 months and then 21.74% p.a. (2.00% balance transfer fee)

    • 21.74% p.a.

    • 55

    • 0.0

    • 3.00%

    • $59 $0 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Low Rate Card

    Details Close

^See information about the Mozo Experts Choice Credit cards Awards

Balance transfer tips to help you free yourself from debt

  • Avoid new purchases. New purchases put on your credit card are charged interest at the regular amount, not the 0% balance transfer rate. Plus, your repayments will go toward these new charges first, instead of working to chip away at your debt. That means it’s much wiser to hold off on new spending until you’ve cleared your existing balance.
  • Consider the BT fee. Many balance transfer cards with longer interest free periods up to 26 months also come with balance transfer fees of around 1%-3%. It’s worth checking on this, as these fees can run into the hundreds of dollars if you’re transferring a bigger chunk of debt across.
  • Watch out for hefty annual fees. Another thing to consider is that an annual fee can be another big cost, depending on the card you choose. It’s a good idea to look for an option with a low or no annual fee, or if you do opt for a card with all the features and a price tag to match, make sure you account for that in your repayment plan. Which brings us to...
  • Set a debt repayment plan. Perhaps one of the most important things to do when taking up a balance transfer credit card offer, is to make sure you have a realistic plan in place to pay off your debt. For example, if you’re paying off a $3,500 debt with an interest free period of 12 months, you should be aiming to repay around $300 every month.


Ready to clear your Christmas credit card debt? Check out the balance transfer offers in the table above, or head over to our credit card comparison table to see more options.