The market for credit cards is constantly changing so it can be hard to find current credit card promotions. Whether you want a low fee, low interest, balance transfer, or Frequent Flyer rewards credit card - you can compare credit card promotions here to find a credit card to suit your needs. Each month we will compare credit card offerings from major Australian lenders and bring you a selection of new credit card promotions.
How do we choose the monthly promotions?
Each month, there's a range of promotional offers available from credit card providers and we highlight a selection of notable offers based on the relative size or discount offered by the provider. To qualify for listing on this page, the offer needs to be a special offer beyond the standard product construct offered normally on the credit card. For some of the credit cards on WhistleOut, we can receive commissions if you apply for the credit card. Please ensure you consider the full terms and conditions of each card and that whether the promotional offer suits you at this time.
Up to 50,000 Bonus Qantas Points
Receive up to 50,000 bonus Qantas Points if you apply by 31 January 2015 and make the eligible card spend(s). Offer available to new AMEX Qantas Ultimate cardholders. Pay only $250 Annual Fee for the first year with the Qantas American Express Ultimate Card. Plus pay 0.99% interest on Balances Transferred for the first 6 months. (1% balance transfer fee applies).
This promotion includes:
- Up to 50,000 Bonus Qantas Points
- 0.99% pa on balance transfers for 6 months
- Earn up to 3 points per dollar spent
- Up to 44 days interest free
- Reduced annual fee for first year
0% pa on Balance Transfers For 6 Months
Get 0% pa for 6 months on balances transferred to this Virgin Money Low Rate credit card, and enjoy a great low standard variable interest rate on purchases of just 10.99% pa. Offer available until 4 January 2015.
Virgin Money are promoting:
- 0% pa on balance transfers for 6 months
- Low 10.99% pa variable interest rate
- Up to 44 days interest free
- Additional card holders available
0% pa Purchases and Balance Transfers For 9 Months
The Clear Platinum credit card from Citibank offers 0% pa for 9 months on purchases and balance transfers. You also pay only half the usual annual fee of $99 - just $49 for the first year!
This promotion from Citibank includes:
- Up to 55 days interest free
- 0% pa for 9 months on balance transfers
- Visa 24 hour concierge service
- $49 Annual fee for the first year
Halved Annual Fee First Year
Apply for the BoQ Platinum Visa card before 30th January 2015 and you'll pay half the usual annual fee in the first year.
This promotion from BoQ includes:
- Annual Fee halved in first year, $99 instead of $199
- 0% pa on balance transfers for 12 months
- 55 days interest free on purchases
- Earn Q Rewards as you spend
About Balance Transfer Credit Cards
If you have built up debt on your existing credit card (or on several credit cards) then a balance transfer offer on a new credit card can provide a method to reduce this immediate debt obligation.
Switching to a balance transfer card means that you're asking the new credit card provider to pay off your outstanding balance on your old card and thereby transferring your existing debt to them, usually at a much lower interest rate (often 0% for 6 months). If you're struggling with rising interest costs on an existing credit card debt, this exchange his should ultimately save you money. For the 'balance transfer' period you will have a lower monthly credit card repayment and your debt will not continue to grow at such a fast rate.
However, this transfer does not erase the debt and you'll still need to pay that debt off the new card, ideally before the end of the balance transfer period when the interest rate on the new card returns to the default amount.
Getting Started with Balance Transfer Credit Cards
The obvious first step before you apply for a balance transfer credit card is to compare your options and to explore the market. If a balance transfer is your key objective with a new card, look for balance transfer cards with not only with a low or zero interest rate but those that also have long balance transfer periods.
Balance transfer rates that last for the life of the card are very difficult to find. A low balance transfer interest rate will usually revert to a higher standard rate of interest after a set period.
Length of Transfer
An important decision when selecting cards is the size of the balance you want to transfer and the options between longer transfers at a low rate vs. shorter transfers at zero percent interest.
To help understand how these things impact on your decision process, take this example.
If you've got a large balance of $10,000 and you're looking at two balance transfer cards:
- Credit Card A: 0% on Balance Transfers for 6 months
- Credit Card B: 2.9% on Balance Transfers for 12 months
The key decision operator should be the speed at which you can pay back the $10,000 balance.
If you can pay down the $10,000 balance in 6 months, then Credit Card A will be a better option as you won't be charged any interest if you pay the balance off within 6 months.
However, if you think it will take you longer, say 10-12 months to pay down the $10,000 balance, then paying a low rate for that entire period will be advantageous when compared against 6 months of zero interest on Credit Card A then 6 months at an APR of 20%.
It's a pretty simple rule to use - the longest possible periods of lower interest rates you will provide the longest break in repayment pressure. Don't be over exuberant just because you see a 0% offer. A balance transfer can help you get your finances back on track and you need to be realistic with this decision.
Why Banks Offer Balance Transfers
The credit card market is relatively saturated so to attract new customers, credit card providers have had to use new marketing ideas. With a balance transfer, they hope to tempt you with the low balance transfer rate to switch providers. From a profit perspective, cynical observers would say that the provider secretly hopes that you don't manage to repay all your debt within this low interest rate period and that your debt will switch back to the higher standard variable rate at the end of the balance interest period.
As with every credit product, it is prudent to take your time when switching credit cards. Check out the small print in the terms and conditions to make sure there are no hidden catches or fees. Make sure there are no fees for transferring your balance and assess the other features of the balance transfer card to check that it is suited to your needs. Does the cheaper interest rate apply just to balance transfers or to new purchases too? Ideally it is best not to spend on your balance transfer card whilst you try to reduce your existing debt but if you do be careful as some banks will use your credit card repayments only to pay off your new debt and you will make no progress with reducing your transferred debt.
Transferring Your Balance
When applying for a balance transfer card, your balance transfer application has to happen at the same time as the credit card application. There will be a section on the credit card application form.
It will usually take around two weeks for your balance to transfer across to a new credit card and you can often transfer store card balances too.
Compare Credit Cards
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WhistleOut is not suggesting that you apply for a particular credit card provided by any of the following credit providers, nor are we trying to assist you to apply for a credit card from any of the following providers. We recommend that you seek professional advice before acting upon any information provided on this web site.
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