Best Balance Transfer Credit Cards | BestCreditCard.com.au

Balance Transfer Credit Cards

Usually, people look at balance transfer credit cards because they want to find a cheaper interest rate while paying off an existing debt. You may even want to consolidate multiple debts and pay them off quickly and easily. Credit card providers are more than willing to accommodate you, but they will punish you in other areas if you're not careful.

These balance transfer cards represent some of the best currently available on market judged on basic criteria that we think will be important to the majority of users. Remember, details can change all the time, so double-check before making any financial commitments.

The Best Balance Transfer Credit Card

There is tight competition between banks wanting to attract balance transfers, and many offer 0% credit card balance transfer rates. However, the NAB Low Rate Visa Card strikes us as the best credit card for those looking to transfer small to mid-size balances that can be paid off in around six months. Bear in mind that if you have a larger balance, you may want to look at our other recommendations.

The NAB Low Rate Visa Card has the one of the most competitive interest rates, 0% interest on balance transfers for six months, 55 days interest free on purchases and a competitively priced annual fee. You would even consider using this credit card once you have paid off your debt - it represents fantastic value in its current form.

The Best Balance Transfer Credit Card For Mid-Size Debts

If you're debt is a little larger, or your payment plan simply involves making repayments over a longer period, we think the Citibank Gold Card is the best credit card currently available. With 2.9% interest rates on balance transfers and eligibility criteria that most people will meet, this balance transfer credit card is in a class of its own.

The yearly fee isn't ridiculous, and in the current market, you will struggle to find another product that meets the criteria this one achieves. The interest rate is about par for the course in this category, but really, you want to have your debt paid off after 12 months and then you can re-assess and look at your options. Want a cherry on top? The credit card comes with free travel insurance.

The Best Balance Transfer Credit Card For Large Debts

For whatever reason, you've racked up a whopping credit card debt, or you simply plan to pay off a larger debt over a longer time frame. It doesn't matter - the Citibank Platinum Card is here to save your backside (and a lot of cash).

This balance transfer credit card is a market leader in its current form, and you can expect 4.9% rates for the life of the balance transfer. You can pay off your debts gradually without the fear of being stung by 20% plus rates, and with larger debts, it's convenient to know you have time to pay it off. It's even better than taking out most personal loans on the market.

This is a platinum card, so the yearly fee is higher, and you need to earn over 50K to qualify, but the upside to that is the free international travel insurance and personal concierge services, which are pretty neat. The interest rates on purchases etc are currently 19.99%, but you're missing the point if you start spending money on this card from a balance transfer point of view.

Quick Tips For Balance Transfer Credit Cards

If you're clued-in, you probably know all this stuff already, but just in case, check out these basic tips to avoid any red faces with your balance transfer credit card.