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 three 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 Rewards$0 for the first year, $149 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:

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
Qantas Points
Qantas Premier Everyday$29 for the first year,
$49 p.a. ongoing
1221.99%Up to 25,000
Qantas Points
30 June
NAB Qantas
Rewards Signature
$295 for the first year,
$395 p.a. ongoing
0% with
2% BT fee
621.74%Up to 130,000
Qantas Points
NAB Qantas
Rewards Premium
$2500% with
2% BT fee
Qantas Points
Qudos Bank
Platinum Visa
Flexible rewards Points
NAB Rewards
$2950% with
2% BT fee
621.74%90,000 NAB
Rewards Points
NAB Rewards
$950% with
2% BT fee
621.74%30,000 NAB
Rewards points

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: March 28th, 2020 by Daniel Sciberras