With the Easter credit card hangover well truly about to kick in, we have collated a list of cards offering the best balance transfer deals along with the ability to earn frequent flyer points (of course!).

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

The five best balance transfer deals

Our suggestions meet the following three 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
18 months20.99%75,000 Velocity Points
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 cards, including the applicable earn rates, are shown below:

American Express Essential

The American Express Essential card earns Amex Membership Rewards Gateway 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 18 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.

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.

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: April 23rd, 2019 by Daniel Sciberras