Low Interest Balance Transfer credit cards charge a low interest rate of 6% or less on balance transfered to the credit card. Low Interest Balance Transfer Credit Cards can be suitable if you have a significant balance on your credit card.
Compare and find the right low interest balance transfer credit cards below.
Updated: 14 Oct, 2024
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Card | Description | Purchase Rate (p.a.) | Balance Transfer | Cash Rate (p.a.) | Annual Fee | Interest Free Days |
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TSB Low Rate Mastercard Credit Card
Gold Award | The TSB Low Rate Mastercard has a very low interest rate of 11.95% p.a. for purchases and cash advances. | 11.95% | 0% for 6 months | 11.95% | $20.00 | 55 days
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Westpac Hotpoints Platinum MasterCard Credit Card
Gold Award | Earn 1.5 hotpoints for every $1 spent on your card up to (and including) $7,000 then 1 hotpoint for every $1 spent on your card each month. Reward Points Cash Equivalent: $100 spend earns $0.83 cash equivalent (for up to $7,000 spend)^. $100 spend earns $0.55 cash equivalent (for over $7,000 spend)^. | 20.95% p.a. | 5.95% for life of balance transferred | 22.95% p.a. | $70.00 | 55 days
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ASB Visa Light Credit Card
Gold Award | The ASB Visa Light credit card has no annual fee, a low purchase rate and 0% balance transfer for 6 months plus 0% p.a. for 6 months when you spend $1,000 or more on any single eligible purchase | 13.5% p.a. | 0% p.a. for 6 months | 22.95% p.a. | $0.00 | 55 days
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ASB Visa Rewards Credit Card
Gold Award | Get one True Rewards Dollar for every $150 you spend on your ASB Visa Rewards. One True Rewards Dollar equals one New Zealand dollar. Reward Points Cash Equivalent: $100 spend earns $0.66 cash equivalent^. | 20.95% | 0.00% for 6 months | 22.95% | $40.00 | 55 days
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Co-operative Bank Fair Rate Credit Card
Gold Award | The Fair Rate Credit Card has a very low purchase rate of 12.95% p.a. plus a balance transfer rate of 0% p.a. for 6 month. This might be a good card if you are looking for a credit card with a low interest rate and/or a card with a 0% p.a. balance transfer offer. | 12.95% p.a. | 0% p.a. for 6 months | 12.95% p.a. | $20.00 | 55 days
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ASB Visa Platinum Rewards Credit Card
Gold Award | Choose between True Rewards or Everyday Rewards points. Earn 1 True Rewards Dollar for every $100 you spend or 1 Everyday Rewards point for every $1 spent on your ASB card. This card also comes with travel insurance for you, your spouse and your dependent children. Reward Points Cash Equivalent: $100 spend earns $1.00 cash equivalent in True Rewards points^. | 19.95% | 0% p.a. for 6 months | 22.95% | $80.00 | 55 days
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ANZ Low Rate Visa Card
Gold Award | Features a low interest rate of 13.90% and a balance transfer rate of 1.99% for 24 months | 13.90% | 1.99% p.a. for 24 months | 20.95% | $0.00 | 55 days
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Kiwibank Zero Visa Credit Card
Platinum Award | A low rate credit card with no annual fee and a 1.99% balance transfer for 6 months | 12.90% p.a. | 1.99% p.a. for 6 months | 12.90% p.a. | $0.00 | 55 days
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Kiwibank Air New Zealand Airpoints Low Fee Visa Credit Card
Gold Award | Earn 1 Airpoints Dollar™ for every $200 spent on eligible purchases. Reward Points Cash Equivalent: $100 spend earns $0.50 cash equivalent^. | 16.90% p.a. | 1.99% p.a. for 6 months | 16.90% p.a. | $50.00 | 44 days
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Kiwibank Air New Zealand Airpoints Platinum Visa Credit Card
Gold Award | Earn 1 Airpoints Dollar™ for every $115 spent on eligible purchases. This card also comes with complimentary overseas travel insurance for you and your immediate family travelling with you for up to 40 days. Reward Points Cash Equivalent: $100 spend earns $0.64 cash equivalent^. | 20.95% | 1.99% p.a. for 6 months | 20.95% | $180.00 | 44 days
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Westpac Fee Free MasterCard Credit Card
Platinum Award | Comes with a low rate of just 12.90% p.a. plus 5.95% p.a. for the life of the balance transferred to this card. it also comes with no annual fee, no cash advance fee and no foreign transaction fees. | 12.90% p.a. | 5.95% for life of balance transferred | 19.95% p.a. | $0.00 | 55 days
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Westpac Hotpoints MasterCard Credit Card
Gold Award | Earn 1 hotpoint for every $1 spent on your card up to (and including) $3,500 then 0.5 hotpoints for every $1 spent on your card each month. Reward Points Cash Equivalent: $100 spend earns $0.55 cash equivalent (for up to $3,500 spend)^. $100 spend earns $0.27 cash equivalent (for over $3,500 spend)^. | 20.95% p.a. | 5.95% for life of balance transferred | 22.95% p.a. | $40.00 | 55 days
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Westpac Hotpoints World MasterCard Credit Card
Gold Award | Earn 2 hotpoints for every $1 spent on your card up to (and including) $15,000 then 1 hotpoint for every $1 spent on your card each month. Plus Priority Pass lounge access to over 1,500 airport lounges around the world and overseas travel insurance for up to 120 days per round trip. Reward Points Cash Equivalent: $100 spend earns $1.11 cash equivalent (for up to $15,000 spend)^. $100 spend earns $0.55 cash equivalent (for over $15,000 spend)^. | 16.95% p.a. | 5.95% for life of balance transferred | 22.95% p.a. | $285.00 | 44 days
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Westpac Airpoints MasterCard Credit Card
3.5/5 Stars | Earn 1 Airpoints Dollar for every $150 spent on eligible purchases on your card up to (and including) $3,500 then 1 Airpoints Dollar for every $300 spent on your card each month. plus 5.95% p.a. for the life of the balance transferred to this card. Reward Points Cash Equivalent: $100 spend earns $0.66 cash equivalent (for up to $3,500 spend)^. $100 spend earns $0.33 cash equivalent (for over $3,500 spend)^. | 20.95% p.a. | 5.95% for life of balance transferred | 22.95% p.a. | $70.00 | 55 days
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Westpac Airpoints Platinum MasterCard Credit Card
Gold Award | Earn 1 Airpoints Dollar for every $110 spent on your card up to (and including) $7,000 then 1 Airpoints Dollar for every $220 spent on your card each month plus get 5.95% for the life of the balance transferred. Reward Points Cash Equivalent: $100 spend earns $0.90 cash equivalent (for up to $7,000 spend)^. $100 spend earns $0.45 cash equivalent (for over $7,000 spend)^. | 20.95% p.a. | 5.95% for life of balance transferred | 22.95% p.a. | $125.00 | 44 days
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Westpac Airpoints World MasterCard Credit Card
Gold Award | This card is a touch of everything including Airpoints, a relatively low interest rate of 16.95% and a balance transfer offer of 5.95% for life of balance transferred. It also comes with Priority Pass lounge access to over 1,500 airport lounges around the world. Reward Points Cash Equivalent: $100 spend earns $1.05 cash equivalent (for up to $15,000 spend)^. $100 spend earns $0.52 cash equivalent (for over $15,000 spend)^. | 16.95% | 5.95% for life of balance transferred | 22.95% | $310.00 | 44 days
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^ To help you compare reward points across different credit cards and rewards programs, we provide an estimate of the cash-equivalent of the reward points that you will get back for every $100 you spend on eligible purchases with your card. The cash equivalent value given is an estimate only based on a specific redemption example. In some cases you might earn less or more depending on how you redeem your ponts and some reward points cannot be redeemed for cash directly. Click on the card to find out how the estimate was calculated.
When you opt for a balance transfer, you are essentially moving your existing credit card debt to a new card that offers a lower interest rate. Here are the steps involved:
Opting for Low Interest and Balance Transfer Credit Cards can offer several advantages:
While balance transfer credit cards can be beneficial, they often come with hidden fees and charges that can negate the advantages. Common fees include balance transfer fees, which typically range from 3% to 5% of the transferred amount. Additionally, some cards may have annual fees or other charges that can add up over time. It is crucial to read the fine print and understand all associated costs before proceeding with a balance transfer.
Transferring a balance can impact your credit score in several ways. Firstly, applying for a new credit card results in a hard inquiry on your credit report, which can temporarily lower your score. Secondly, opening a new account can affect your average account age, another factor in your credit score. Lastly, if you close the old account after transferring the balance, it can reduce your overall available credit, potentially increasing your credit utilisation ratio. To mitigate these effects, consider keeping the old account open and avoid applying for multiple new credit cards in a short period.
The promotional period of a balance transfer credit card is a key feature, often offering low or 0% interest rates for a limited time. However, mismanaging this period can lead to financial pitfalls. Failing to pay off the balance before the promotional period ends can result in high-interest rates on the remaining balance. Additionally, missing a payment can void the promotional rate, causing the interest rate to revert to the standard APR. To avoid these issues, create a repayment plan that ensures the balance is paid off within the promotional period and set up automatic payments to avoid missing due dates.
To maximise the benefits of low interest balance transfer credit cards, focus on paying off your debt as quickly as possible. The lower interest rate allows more of your payment to go towards the principal balance rather than interest. Here are some strategies to help you pay off debt faster:
One of the key benefits of a low interest balance transfer credit card is the opportunity to reduce existing debt. However, it is crucial to avoid accumulating new debt during this period. Consider the following tips:
Take advantage of various financial tools and resources to help you manage your balance transfer credit card effectively. These tools can provide valuable insights and assist in staying on top of your finances:
To be eligible for a low interest balance transfer credit card, you typically need to meet certain criteria set by the issuing bank. These may include:
Low interest balance transfer credit cards often come with an introductory interest rate that can be as low as 0%. This promotional rate usually lasts for a period ranging from six to 18 months. After the promotional period ends, the interest rate will revert to the standard rate, which varies depending on the card issuer.
The duration of the promotional period for low interest balance transfer credit cards can vary. Most commonly, these periods last between six to 18 months. It is crucial to pay off your transferred balance within this timeframe to maximise your savings and avoid higher interest rates once the promotional period ends.
A balance transfer credit card allows you to transfer an existing balance from one credit card to another, typically at a lower introductory APR. This can help you save on interest payments.
A balance transfer involves moving your credit card debt to a new card with a lower promotional interest rate. You then pay off the debt before the end of the low-rate period to maximise savings.
These cards can help you save money on interest, pay off debt faster, and simplify your finances by consolidating multiple debts into one payment.
Yes, many balance transfers come with fees, typically ranging from 3% to 5% of the transfer amount. Some credit card companies may waive these fees during promotional periods.
A balance transfer can temporarily lower your credit score due to the hard inquiry on your credit report and the new account opening. However, if managed well, it can improve your score in the long run by reducing your overall debt.
Look for a card with a low or 0% introductory APR, low fees, and a long promotional period. Additionally, read the fine print to understand any conditions or restrictions.