Balance transfer credit cards with Velocity Points

Balance transfer credit cards that earn Velocity Points allow you to transfer your credit card debt to a new card with a lower interest rate and earn Velocity Points on new purchases.

By   |   Verified by David Boyd   |   Updated 3 Apr 2024

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Comparing balance transfer credit cards with Velocity Points

St.George Amplify Signature Credit Card (Amplify)

Apply by 30 April 2024

St.George Amplify Signature Credit Card (Amplify)

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$199.00 for 1st year

Highlights

  • Earn up to 150,000 Bonus Amplify Rewards Points when you spend $12,000 on eligible purchases within the first 12 months from card approval.
  • $199 card fee for the first year ($295 p.a thereafter).
  • 0% p.a. for 24 months on balance transfers with a 1% balance transfer fee on amounts transferred.
  • Includes complimentary overseas travel insurance for up to 6 months

Pros

  • The 150,000 bonus Amplify Rewards Points.
  • Save $96 with the $199 card fee for the first year.
  • Enjoy 2 complimentary Priority Pass lounge visits each year when you enroll in Priority Pass.
  • Comes with concierge services.

Cons

  • After the initial year, the annual fee is $295 p.a.
  • There is a 1% balance transfer fee.
Westpac Altitude Black Credit Card (Altitude)

Apply by 31 July 2024

Westpac Altitude Black Credit Card (Altitude)

Balance transfer

N/A

Purchase rate

19.99% p.a. ongoing

Annual fee

$150.00 for 1st year

Highlights

  • Earn up to 150,000 bonus Altitude Points. Receive 100,000 Altitude bonus points by spending $6,000 on eligible purchases within 120 days of card approval. Additionally, get 50,000 points after your first eligible purchase in year 2. Exclusions apply.
  • Initial $150 p.a. annual fee ($295 p.a. thereafter), applicable to new cardholders only.
  • Earn 6 Altitude points per $1 on Qantas, Jetstar, Singapore Airlines, and Emirates flights bought in Australia, subject to eligibility criteria.

Pros

  • Earn up to 150,000 bonus Altitude Points when you meet the criteria.
  • Additional savings with the $150 first-year annual fee ($295 p.a. thereafter).
  • Earn 1.25 points per $1 spent on eligible purchases
  • Get 2 complimentary lounge passes each year with Priority Pass.

Cons

  • The high annual fee of $295 p.a. after the initial year.
St.George Amplify Platinum Credit Card (Amplify)

Apply by 30 April 2024

St.George Amplify Platinum Credit Card (Amplify)

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Earn 100,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. This could be worth up to $450 in eGift cards. Exclusions apply.
  • 0% for 24 months on balance transfers with a 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $49 p.a. discounted annual fee for the first year ($124 p.a. annual fee thereafter)

Pros

  • The 100,000 bonus Amplify Points.
  • Earn uncapped Amplify Points per dollar on eligible purchases.
  • 0% p.a. for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
BankSA Amplify Platinum Credit Card (Amplify)

Apply by 31 July 2024

BankSA Amplify Platinum Credit Card (Amplify)

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Earn up to 100,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 24 months on balance transfers with a 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $49 p.a. annual fee for the first year ($124 p.a. annual fee thereafter)

Pros

  • The 100,000 bonus Amplify Points.
  • 0% for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
Bank of Melbourne Amplify Platinum Credit Card (Amplify)

Apply by 31 July 2024

Bank of Melbourne Amplify Platinum Credit Card (Amplify)

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Earn up to 100,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 24 months on balance transfers with a 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $49 p.a. annual fee for the first year ($124 p.a. annual fee thereafter)

Pros

  • The 100,000 bonus Amplify Points.
  • 0% for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
NAB Rewards Business Signature Credit Card

NAB Rewards Business Signature Credit Card

Balance transfer

N/A

Purchase rate

18.5% p.a. ongoing

Annual fee

$175.00 p.a. ongoing

Highlights

  • 100,000 NAB Rewards Points when you spend $4,000 on everyday purchases in 60 days.
  • Triple the earn rate on overseas spending or purchases made at overseas stores and suppliers from Australia.
  • Double the earn rate on purchases made at partner department and hardware stores.

Pros

  • Receive a generous 100,000 bonus NAB Rewards Points when you spend $4,000 on everyday business purchases within 60 days of opening your account.
  • Earn 1.25 NAB Rewards Points per $1 spent on eligible everyday business purchases, with no cap.
  • ATO payments earn NAB Rewards Points at the same rate as everyday purchases.
  • NAB Rewards Points can be transferred to several other airline rewards programs, making it easier to find an awards seat.
  • Up to 44 interest-free days on purchases, giving you more flexibility and breathing room with your business expenses.
  • Complimentary NAB Commercial Cards Unauthorised Transaction Insurance and NAB Commercial Cards Transit Accident Insurance.
  • Works with major digital wallets, including Apple Pay, Google Pay, and Samsung Pay.

Cons

  • Additional cardholders don't come cheap.
  • Lacks complimentary international travel insurance.
  • No complimentary airline lounge passes.
ANZ Rewards Platinum Credit Card

ANZ Rewards Platinum Credit Card

Balance transfer

N/A

Purchase rate

20.24% p.a. ongoing

Annual fee

$95.00 p.a. ongoing

Highlights

  • Receive 80,000 bonus Reward Points and $50 cashback when you spend $2,000 on eligible purchases in the first 3 months from approval.
  • A range of complimentary insurances for travel and purchases.
  • Earn ANZ Rewards Points on everyday purchases.

Pros

  • 80,000 bonus Reward Points and a $50 cashback when you meet the criteria.
  • Earn 1.5 points per $1 spent up to $2,000 per statement period.
  • No cap on the total number of points you can earn.
  • Comes with complimentary insurance covers, including international travel insurance and purchase protection insurance.
  • ANZ Rewards points can be transferred to several airline partners, giving you booking flexibility.
  • Up to 55 days interest-free on purchases.

Cons

  • There is a $65 annual fee per additional cardholder.
  • The earn rate drops to 0.5 points per $1 after $2,000 per statement period.
  • No balance transfer offer.
  • No lounge access.
ANZ Rewards Black Credit Card

ANZ Rewards Black Credit Card

Balance transfer

N/A

Purchase rate

20.24% p.a. ongoing

Annual fee

$375.00 p.a. ongoing

Highlights

  • Receive 180,000 bonus Reward Points and a $150 cash back when you spend $3,000 on eligible purchases in the first 3 months from approval.
  • Earn 2 Reward Points per $1 spent on eligible purchases up to $5,000 per statement period.
  • Free international travel insurance.

Pros

  • Receive 180,000 bonus ANZ Rewards points and earn a $150 cash back when you meet the criteria.
  • Earn 2 points per $1 spent on eligible purchases up to $5,000 per statement period.
  • There is no cap on the number of points you can earn.
  • Free international travel insurance and purchase protection insurance.

Cons

  • The $375 p.a. annual fee.
  • Doesn't come with lounge access or a concierge service.
  • No balance transfer offer.

In Australia's competitive market, several banks use the combination of introductory balance transfers and substantial sign up bonuses to attract new customers. You can use these offers to cut your interest rate, get out of debt, and boost your Velocity Frequent Flyer account.

How balance transfer credit cards with Velocity Points work

To be eligible for a balance transfer credit card with Velocity Points, you will typically need good credit and meet certain minimum income requirements. They are generally not aimed at the starter market.

  • To transfer a balance from another credit card, you will need to provide the account information for the card you wish to transfer the balance from and the amount you wish to transfer.
  • Once the transfer is complete, you can spend with the card and earn Velocity Points on eligible purchases.
  • You can redeem your points for flights, hotels, car rentals, and more through the Velocity Frequent Flyer program.

What to compare

  • Ongoing interest rates. Look for a card with a lower interest rate than your current one. This will help you save money on interest charges and pay off your debt faster.
  • Compare the introductory balance transfer. Things to look at include how long the introductory period lasts, the balance transfer fee (if there is one), and the balance transfer limit.
  • Check the points earn rates. Compare how many points are earned per dollar spent. Also, check if there is a cap on how many points can be earned monthly, quarterly, or annually.
  • How to trigger the sign up bonus. Any Velocity Points bonus is likely to come with strings attached. Make sure you can hit the spending target.
  • Don't forget the annual fee. This can vary substantially. Check the ongoing fee to keep the account open if the first year's fee is waived.
  • Minimum requirements. Check how much income is required. Check your credit score and ensure it is in good standing.

Pros and cons

Pros

  • Savings on interest. If you're currently carrying a balance on a high-interest credit card, transferring it to a card with a lower interest rate can help you save on interest charges and pay off your debt faster.
  • Boost your Velocity balance. Many of these cards have an attractive sign up bonus that can get you closer to your travel goals.

Cons

  • Fees. It's common to have balance transfer fees and annual fees.
  • Balance transfers don't earn points. This is the case for any rewards credit card on the market, including those linked with Velocity Frequent Flyer.

FAQs

Do balance transfers earn Velocity Points?

No. You cannot earn Velocity Points on the amount transferred.

Do cash advances earn Velocity Points?

No. You cannot earn Velocity Points on cash advances.

Do ATO payments earn Velocity Points?

This varies. Some cards earn Velocity Points on ATO payments (at a reduced rate), and others do not. It is possible to pay the ATO via a third-party payment platform and earn Velocity Points, even if the card itself does not classify ATO payments as eligible for earning points.