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

Kelly Emmerton

16 Jan 2018

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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 31 May 2021

    Bendigo Bank Low Rate Credit Card

    0% p.a. for 18 months and then 11.99% p.a. (2.00% balance transfer fee)

    11.99% p.a.

    $45

    0% p.a. balance transfer for 18 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 18 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

  • Bankwest Breeze Mastercard

    0% p.a. for 26 months and then 10.99% p.a. (2.00% balance transfer fee)

    10.99% p.a.

    $49 $0 in the first year

    Enjoy 0% p.a on balance transfers for 26 months (2% BT fee applies) then 10.99% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Mastercard Breeze customers only.

    • 10.99% p.a.

    • -

    • 0% p.a. for 26 months and then 10.99% p.a. (2.00% balance transfer fee)

    • 21.99% p.a.

    • 55

    • 0.0

    • 2.95%

    • $49 $0 in the first year

    • $25.00

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the Breeze Mastercard

    Details Close

  • St.George Vertigo

    0% p.a. for 24 months and then 21.49% p.a.

    13.99% p.a.

    $55 $0 in the first year

    0% p.a. for 24 months on balance transfers requested at card application. No balance transfer fee. Rate then switches to applicable variable cash advance rate. First year annual card fee waived for the first year ($55 thereafter). Available to new cards only, Eligibility criteria and T&Cs apply. Offer ends March 2nd 2021. Mozo Experts Choice Balance Transfer Credit Card Winner 2020^.

    • 13.99% p.a.

    • -

    • 0% p.a. for 24 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $55 $0 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo

    Details Close

  • Hot Deal Limited time balance transfer offer

    Westpac Low Rate

    0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)

    13.74% p.a.

    $59

    Enjoy 0% p.a. interest on balance transfers for the first 24 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.

    • 13.74% p.a.

    • -

    • 0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 3.00%

    • $59

    • $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 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    0% p.a. for 7 months then 19.74% p.a.

    $99 $0 in the first year

    Get 0% p.a. for 22 months on balance transfers requested at card application. 1.5% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. Bonus 0% p.a. on purchases for 7 months. Rate then switches to applicable variable purchase rate. Get your first year annual card fee waived for the first year ($99 thereafter). New cards only, Eligibility criteria and T&Cs apply. Offer ends March 2nd 2021.

    • 0% p.a. for 7 months then 19.74% p.a.

    • 0% p.a. for 7 months

    • 0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $99 $0 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Amplify Platinum

    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.