5 Top Balance Transfer Cards in Australia

By: Mark Brown

With increasing interest rates on many cards and loans, finding and using a great balance transfer credit card is a smooth financial move for any eligible Australian. These kinds of credit cards are the same as other Visas, MasterCards, and American Express products, but also allow a customer to transfer the balance from previous cards to the new card. This reduces the number of payments one has to make, frees up the original card, and in most cases significantly lowers the interest paid. This article is a guide to just five of the many balance transfer credit cards available in Australia.

1. Citibank Gold Credit Card
Citibank Gold Credit Card is a higher-end credit card that not only has 2.9 percent interest rate p.a. for 12 months, but also an extensive rewards program and free international travel insurance. In addition, potential customers can apply online and usually receive a response in 60 seconds or less. Other purchases have up to 55 days interest free, making this a great financial move.

2. Wizard Clear Advantage MasterCard
Wizard Clear Advantage MasterCard has no annual fee for the life of the account, and 4.99 percent interest p.a. for six months on balance transfers. Unlike some of its competitor’s cards, there are also no fees for ATM withdrawals, overseas transactions or cash advances. The regular interest rate is 18.49 percent p.a., but up to 55 days is interest free.

3. Commonwealth Bank No Annual Fee Credit Card
Commonwealth Bank No Annual Fee Credit Card issues a MasterCard to eligible applicants, and 5.99 percent p.a. for five months on balance transfers. One additional cardholder can be added free of charge, and the regular interest rate is 18.39 percent p.a.

4. Commonwealth Bank Awards Card
Commonwealth Bank Awards Card is also a MasterCard with 5.99 percent p.a. for five months on balance transfers. While this card does have an annual fee of $59 and charges $15 for another cardholder, it has a top-notch awards program that includes airfare, appliances, and cash back. The regular interest rate is 20.14 percent p.a.

5. Macquarie Bank Platinum Credit Card
Macquarie Bank Platinum Credit Card offers the prestige of carrying such a Visa card as well as zero percent interest p.a. for six months. Though the annual fee is $200, it includes four complimentary additional cardholders, as well as an incentive program that issues 1.25 points for each dollar spent. The regular interest rate is 19.95 percent p.a., and up to 55 days is interest free.