While credit cards with great sign-up bonuses are more popular, we thought we’d also collate a list of cards offering the best Balance Transfer deals for those who are looking to transfer balances from their existing accounts.

Of course, we have to consider the points-earning potential too so only cards with the ability to earn frequent flyer points are included in this list.

Note: You should consult your accountant or a finance professional on your financial situation before completing a Balance Transfer.

The six best Balance Transfer deals

Here are six cards that we think have the best Balance Transfer offers currently available, but we also include a more comprehensive list further down in the guide to give you more options to choose from.

Our suggestions meet the following four criteria:

  1. Low or no first year annual fee
  2. Low Balance Transfer rate
  3. Longer Balance Transfer term
  4. Reward points can be earned for purchases made using the card

Based on the above criteria, the results are shown below:

CardsAnnual FeeBalance Transfer RateTermsReverting Interest RateSignup bonusOur guide
American Express Essential ↓$00% p.a. with
3% BT fee
12 months14.99%N/A
American Express Velocity Escape ↓$00% p.a. with
1% BT fee
12 months20.74%N/A
Qantas American Express Discovery ↓$00% p.a. with
1% BT fee
12 months20.74%N/A
HSBC Platinum Qantas Visa ↓$0 for the first year, $79 p.a. ongoing0% p.a. with
2% BT fee
12 months21.99%N/A
Virgin Money Flyer ↓$64 for the first year, $129 ongoing0% p.a. with
no BT fee
22 months20.99%N/A
Citi Platinum$0 for the first year, $199 p.a. ongoing0% p.a. with 1.5 BT fee26 months21.74%N/AN/A

Further details on the above cards, including the applicable earn rates, are shown below:


American Express Essential

The American Express Essential card earns Amex Membership Rewards points on spend and comes with complimentary insurances including a smartphone screen insurance.

There is a 3% one-off credit establishment fee and a relatively low 14.99% p.a. interest rate on any remaining balance after 12 months.

American Express Velocity Escape

The American Express Velocity Escape is another of Amex’s no annual fee cards and earns Velocity Points on spend.

Qantas American Express Discovery

The Qantas American Express Discovery also has no annual fee and earns Qantas Points on spend.

The maximum Balance Transfer for these three American Express cards is $10,000 or 70% of your approved credit limit, whichever is less. Then there is a 1% one-off credit establishment fee and a 20.74% p.a. interest rate on any remaining balance after 12 months for both the Qantas Discovery and Velocity Escape.

HSBC Platinum Qantas

The HSBC Platinum Qantas Visa has $0 first year annual fee ($79 p.a. ongoing), complimentary insurances and Qantas Points earn on spend. There is a 2% Balance Transfer fee and the amount must not exceed 90% of your credit limit.

Virgin Money Flyer

Rounding up the list is the Virgin Money Flyer. The card has a reduced first year annual fee of $64 ($129 p.a. ongoing) on offer which is offset by the complimentary $129 Virgin Australia flight credit, and earns Velocity Points on spend.

There is no Balance Transfer fee and total amount must not exceed 80% of your credit limit but any remaining balance after the 22 month period will attract a 20.99% p.a. interest.

Note that the Balance Transfers on all these cards must be availed at the time of application for the credit card in order take advantage of these rates.

We also mentioned the Citi Platinum above but have not included a more detailed breakdown of the card’s features as we are still working on our guide for it.


Other cards with Balance Transfer offers

Aside from those mentioned above, there are also other frequent flyer credit cards that offer Balance Transfers, albeit with either higher annual fees, higher BT rates or shorter terms. Check the list below for some of the latest offers:

CardsAnnual FeeBalance
Transfer
Rate
Terms
(months)
Reverting
Interest
Rate
Signup
bonus
Expiry
Qantas Points
Qantas Premier Platinum$199 for the first year,
$299 p.a. ongoing
0%1821.99%Up to 120,000
Qantas Points
26 Feb
2020
Qantas American
Express Ultimate
$4500% with
1% BT fee
12
20.74%55,000
Qantas Points
N/A
Qantas Premier Everyday$29 for the first year,
$49 p.a. ongoing
0%
1221.99%Up to 25,000
Qantas Points
26 Feb
2020
NAB Qantas
Rewards Signature
$295 for the first year,
$395 p.a. ongoing
0% with
2% BT fee
621.74%Up to 120,000
Qantas Points
N/A
St.George, BOM, BankSA
Amplify Signature -
Qantas Rewards
$139 for the first year,
$279 p.a. ongoing
0% with
no BT fee
621.49%80,000
Qantas Points
12 Feb
2020
St.George, BOM, BankSA
Amplify Platinum -
Qantas Rewards
$990% with
no BT fee
621.49%60,000
Qantas Points
12 Feb
2020
NAB Qantas
Rewards Premium
$2500% with
2% BT fee
621.74%30,000
Qantas Points
N/A
NAB Qantas
Rewards Classic
$950% with
2% BT fee
621.74%N/AN/A
Qudos Bank
Platinum Visa
$2494.99%518.99%N/AN/A
Velocity Points
Virgin Money High Flyer$2890% with
no BT fee
1520.99%Up to 100,000
Velocity Points
24 Feb
2020
American Express
Velocity Platinum
$3750% with
1% BT fee
1220.74%50,000
Velocity Points
N/A
Flexible rewards Points
American Express Explorer$3950% with
1% BT fee
1220.74%50,000 MR PointsN/A
American Express
Platinum Edge
$1950% with
1% BT fee
1220.74%$200 travel creditN/A
St.George, BOM, BankSA
Amplify Signature -
Amplify Rewards
$139 for the first year,
$279 p.a. ongoing
0% with
no BT fee
621.49%Up to 200,000
Amplify Rewards
12 Feb
2020
St.George, BOM, BankSA
Amplify Platinum -
Amplify Rewards
$990% with
no BT fee
621.49%Up to 100,000
Amplify Rewards
12 Feb
2020
NAB Rewards
Signature
$2950% with
2% BT fee
621.74%90,000 NAB
Rewards Points
N/A
NAB Rewards
Premium
$2500% with
2% BT fee
621.74%60,000 NAB
Rewards Points
N/A
NAB Rewards
Classic
$950% with
2% BT fee
621.74%30,000 NAB
Rewards points
N/A

Summing up

While most low or no annual fee cards, especially those offering 0% Balance Transfers, generally have no rewards programs attached to them, we have compiled a list of cards that don’t skimp on the ability to earn frequent flyer points.

If you are willing to spend more on the annual fee, then the number of frequent flyer cards that you can consider for Balance Transfer increases significantly.

This is good news for readers carrying a balance on their credit cards, as it allows you to reduce your interest without sacrificing your ability to earn reward points on spend.

Top credit cards offering 0% Balance Transfer plus rewards points was last modified: December 2nd, 2019 by Daniel Sciberras