Australia’s best balance transfer credit cards 2020
No one likes credit card debt. But it’s not always easy to shake it … especially without the right financial tools to help you.
One of those handy tools is a balance transfer credit card: an easy way to pay no or minimal interest for a period of time on your existing credit card debt.
Today, we announced the 2020 Mozo Experts Choice Awards for best Balance Transfer and best Balance Transfer Premium Credit Cards.
“This year we judged a range of different balance transfer offers from a number of credit card providers,” Mozo Expert Judge, Peter Marshall said.
“To make a fair judgement, we looked at which cards came with the best value offers for a typical credit card customer. We took into consideration not only the balance transfer terms, but also things like the annual fee and the cost of the card once the introductory rate expires.”
With this in mind our experts have found the best of the best cards to help Aussie customers kick debt to the curb. Here are some of this year’s winners:
Compare best balance transfer credit cards
St.George - Vertigo - Balance Transfer Offer
- 2020 Mozo Experts Choice Award winner^
- 0% balance transfer rate for 22 months (1.5% balance transfer fee)
- Annual fee waived in the first year ($55 after)
If you need a while to pay down your credit card debt, St.George’s award-winning balance transfer offer might be the right choice for you. With the Vertigo credit card, customers can access a 0% balance transfer rate for 22 months. Plus, St.George will waive the annual fee in the first year, which reverts to a low $55 each year afterwards. It’s no surprise it took home a 2020 Mozo Experts Choice Award^ for best Balance Transfer credit card. Just bear in mind, there is a 1.5% balance transfer fee and once the offer is up the rate reverts to the 21.49% cash advance rate. However, once you’ve paid down your debt and start making purchases again, this card comes with up to 55 interest free days (does not apply to transactions during the balance transfer period).
Bankwest - Zero Platinum Mastercard
- Multiple 2020 Mozo Experts Choice Award winner^
- 2.99% balance transfer rate for 9 months
- No annual fee
After a premium credit card with a top balance transfer offer and no annual fee? Look no further than the Bankwest Zero Platinum Credit Card. This card took home not one but two 2020 Mozo Experts Choice Awards^ for best Balance Transfer Platinum Credit Card and best No Annual Fee Platinum Credit Card. Bankwest offers a 2.99% balance transfer rate for 9 months which reverts to the 17.99% purchase rate afterwards. But that's not all. This card also has no annual fee attached to it so you won’t ever have to fork out a cent for this type of pesky yearly cost. And if you like to shop at international retailers (once you’ve cleared your debt of course!) there’s no foreign exchange margin and up to 55 interest free days to enjoy.
Great Southern Bank - Platinum Credit Card
- 2020 Mozo Experts Choice Award winner^
- 0% balance transfer rate for 20 months (21.74% after)
- $0 annual fee in the first year ($149 after)
For credit card customers looking to pay down their debt, switching to a CUA Platinum Credit Card could be the perfect way to do it. This card has a solid 0% balance transfer offer for 20 months as well as a waived annual fee in the first year ($149 after). Plus, there is a rewards system where you can earn 1 point per dollar on Mastercard (up to 100,000 points a year). Just remember, only spend once you’ve paid off your balance otherwise you’ll face a hefty 21.74% rate and won’t receive interest free days. CUA’s Platinum credit card won best Balance Transfer Platinum card in the 2020 Mozo Experts Choice awards.^
Bank of Melbourne - Vertigo - Balance Transfer Offer
- 2020 Mozo Experts Choice Award winner^
- 0% balance transfer rate for 22 months (1.5% balance transfer fee)
- $0 annual fee in the first year ($55 after)
Bank of Melbourne’s Vertigo Credit Card not only has a killer balance transfer offer but can save you on fees straight off the bat. This card comes with a 0% balance transfer rate for 22 months - just keep in mind there is a 1.5% balance transfer fee and the rate reverts to the hefty 21.49% cash advance rate once the offer term is up. And if you don’t like annual fees, you’ll be pleased to know that Bank of Melbourne waives the annual fee in the first year, which then reverts to a still low $55 for each year you hold the Vertigo card. Our experts loved this card and awarded it a 2020 Mozo Experts Choice Award^ for best Balance Transfer credit card.
^For more information on our Credit Card awards and for the full list of winners, head to the 2020 Mozo Experts Choice Awards page.
^See information about the Mozo Experts Choice Credit Card Awards
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