Balance Transfer Credit Cards in Australia: 0% Offers and Fees

A balance transfer moves debt from one credit card to a new card charging 0% interest for a set period, usually for a one-off fee of about 3% of the amount moved. In September 2026, NAB and ANZ advertise 0% for 26 months, but any balance left at the end reverts to a rate above 20% p.a. The fee, the revert rate and your monthly repayment plan matter more than the headline length.

How does a balance transfer work in Australia?

You apply for a new card with a balance transfer offer and nominate the debts you want to move. The new issuer pays out your old card, and the debt sits on the new card at the promotional rate. A one-off fee, calculated as a percentage of the amount transferred, is added to your balance. When the promotional period ends, anything still owing is charged at the card's revert rate, which on most cards is the cash advance rate.

The details vary by bank. Westpac, for example, requires you to request the transfer when you apply, lets you move up to 80% of your available limit (minimum A$200), and accepts up to three non-Westpac Australian credit, charge or store cards. ANZ says a transfer can take 3 to 15 business days to process after the card is activated, so keep paying your old card until the transfer shows as complete.

According to Moneysmart, you usually have to make at least the minimum monthly repayment on time to keep the promotional rate, and missing one can cost you the offer.

Which balance transfer offers can you compare?

The table shows offers on each issuer's website in September 2026. Balance transfer deals change often, so check the current terms before you apply.

NAB Low Rate's ongoing purchase rate is 13.49% p.a., rising to 13.99% from 1 October 2026, and it offers up to 55 interest-free days on purchases. NAB also runs an alternative offer on the same card with cashback and a shorter 12-month transfer, so make sure you apply for the version you want.

How much can a balance transfer save?

It can save well over a thousand dollars on a mid-sized debt, provided you clear it in time. This worked example assumes interest is charged monthly at the annual rate divided by 12, you make no new purchases and no other fees apply.

• Stay put: A$6,000 on a card charging 20.99% p.a., repaid at A$237.69 a month, takes 34 months to clear and costs about A$1,986 in interest.
• Move it to NAB Low Rate: the 3% fee is A$180, so you owe A$6,180. Divided over 26 months, that is A$237.69 a month. You clear the debt within the offer, and the total cost is the A$180 fee plus the A$99 annual fee for the years you hold the card.
• Move it to Westpac Low Rate: the same A$6,180 over 20 months needs A$309 a month.

The same monthly payment clears the debt eight months sooner and saves about A$1,800 before annual fees. If you pay only A$150 a month on the NAB card, though, A$2,280 is left when the offer ends, and at 22.99% p.a. that costs about A$524 a year in interest.

Why does the revert rate matter?

The revert rate is what you pay on anything left when the 0% period ends, and on the cards above it is at least 18.99% p.a. and often above 22%. Two of the banks listed are raising their rates in late 2026, which makes a leftover balance more expensive. Plan to reach zero before the end date, not to deal with the remainder later.

Be careful with new spending on a balance transfer card. On many cards, interest-free days on purchases do not apply while you carry a transferred balance, so purchases can attract interest from the day you make them. Australian law does help here: card providers must apply repayments above the minimum to the balance with the highest interest rate first, as ASIC explained when the rule began. The simplest approach is still to use a different card for spending.

How do you use a balance transfer to clear your debt?

1. Add up what you owe on each card you want to move, and check the new card's transfer limit covers it.
2. Compare total cost, not just length: the transfer fee, the annual fee and the revert rate.
3. Nominate the transfers on your application. Some offers only apply to transfers requested at that point.
4. Divide the balance plus the fee by the months in the offer, and set that amount as an automatic monthly payment rather than the minimum.
5. Keep paying the old card until the transfer has gone through.
6. Stop using the old card, or close it, so you do not build up a second debt.
7. Put a reminder in your calendar three months before the offer ends to check you are on track.

Our step-by-step balance transfer guide covers the process in more detail, and 0% purchase vs balance transfer explains when each type of offer fits.

What should you do if you cannot clear the balance in time?

Act before the offer ends, not after. Three months out, compare what you still owe with what you can repay in the months left. If there is a gap, you have three main options:

• Increase your repayments for the remaining months, even by a small amount, to shrink what reverts.
• Transfer again to a new card from a different banking group. You will pay another fee, usually 3%, and the new lender will assess you again under responsible lending rules.
• Refinance the remainder with a fixed-term personal loan, which gives you a set repayment and a clear end date.

Avoid moving the debt again and again without paying it down: each transfer adds a fee, and each application is recorded on your credit report.

What rules limit balance transfers in Australia?

• No transfers within the same banking group. St.George, for example, excludes St.George, Bank of Melbourne and BankSA cards, and Westpac accepts only non-Westpac cards.
• Responsible lending. Since 1 January 2019, lenders must assess whether you could repay the whole credit limit within three years, so you may be offered a lower limit than you need.
• Transfer caps. Most issuers let you transfer only part of the new limit, such as 80%.
• Minimum repayments still apply during the 0% period, and missing one can end the offer early.

Is a balance transfer the right choice?

It suits you if the debt is a size you can realistically clear within the offer period and you can stop adding to it. If the monthly repayment needed is more than you can afford, a longer offer, a low rate card or a fixed-term personal loan with a set end date may work better. If debt is becoming hard to manage, the free National Debt Helpline on 1800 007 007 can put you in touch with a financial counsellor.

Compare the NAB Low Rate card and Bankwest Zero Platinum, see our guides to balance transfer cards and the best credit cards in Australia, or browse every card on the Australia credit cards hub.