BNZ announced it had cut its credit card balance transfer rate to 4.99%, with a minimum transfer balance of NZ$500. The new transfer rate will apply over a six month period.

The offer will be open until April 10, BNZ said.

"It makes sense to reduce the interest on outstanding debt; it's one way to pay off the debt faster and improve your overall position," BNZ's General Manager of Strategy and Marketing Blair Vernon said. "For some customers it's about paying off debt faster, for others it's about improving cash flow, either way it's a better position," Vernon said.

The new rate brings BNZ in line with Kiwibank as leading bank's credit card balance transfer rates in New Zealand. The Warehouse is currently offering 3.99% for balance transfers. See all credit card rates here.

Of New Zealand's other banks, Westpac is offering a 5.95% transfer fee and ANZ-National is offering 8.75%. ASB and TSB are not currently offering rates. HSBC is offering 7.99% and 8.99%.