Pay off your debt interest-free over 2 years with one of these 0% balance transfer credit card offers.
If you're struggling to pay off credit card debt, moving the balance to a card that offer 0% p.a. interest for 24 months or more could help you save on interest charges and pay it off faster.
Use this guide to compare balance transfer credit cards that offer 0% p.a. for 2 years or more and learn how this process works. You can also see how much you could save on interest charges by entering the amount of debt you want to transfer and your current interest rate at the top of the comparison table.
0% p.a. for 24 months
on balance transfers
with a one-time 1.5% balance transfer fee
Discounted $49 first year annual fee
Offer ends 30 September 2018
Eligibility criteria, terms and conditions, fees and charges apply
Exclusive to finder.com.au - Citi Credit Card Offer
Exclusive to finder, save with a reduced annual fee for the first year and a 0% balance transfer offer for up to 24 months.
- $49 p.a. annual fee for the first year ($99 p.a. thereafter).
- 14.99% p.a. on purchases
- 0% p.a. for 24 months with 1.5% BT fee on balance transfers
- Cash advance rate of 21.74% p.a.
- Up to 55 days interest free
- Minimum income requirement of $35,000 p.a.
Compare credit cards with 0% p.a. on balance transfers for 24 months or more
How balance transfers work in 60 seconds
What is a 24-month balance transfer credit card?
These cards let you transfer a balance from an existing credit card (or cards) to a new card with a long, introductory 0% p.a. interest rate. At the end of the introductory period, any unpaid debt from the balance transfer is charged interest at the standard rate for that card, which is usually the cash advance rate and can be as high as 22% p.a.
So if you have a lot of debt to pay off, getting a card with an introductory 0% p.a. period of 2 years or more could help you pay off the entire debt before the higher standard interest rate applies. Keep in mind that only your balance transfer debt will be eligible for the introductory 0% p.a. interest rate and any new purchases you make will be charged interest at the standard purchase rate without the benefit of interest-free days.
Making payments on a balance transfer credit card
Even if a balance transfer credit card offers 0% p.a. interest, you'll still need to pay at least the minimum amount posted on your statement by the due date. If you want to pay off your debt before the introductory period ends, you'll also need to pay more than the minimum amount each month.
How to compare credit cards that offer 0% p.a. on balance transfers for 24 months or more
Here are the key details you should consider when you're comparing different balance transfer credit card offers in Australia:
- Promotional balance transfer rates and fees. Most of these cards offer 0% p.a. for a 24-month introductory period, although some may offer even longer 0% p.a. periods. Depending on the card, you could also pay a one-time balance transfer fee, which is usually around 1% to 3% of the total debt you transfer. If the introductory interest rate is not 0% or if there is a balance transfer fee, you'll need to consider the cost compared to other long-term balance transfer options.
- Annual fee. Most balance transfer credit cards charge an annual fee. Sometimes this is waived in the first year. Either way, it's important to make sure that the annual fee is affordable based on your debt, repayments and the other features of the card.
- Standard interest rate. After the introductory period, any remaining balance from your transfer will be charged interest at the standard rate for that card. This could be as high as 22% p.a., so it's important to check what rate will apply if you don't pay off the debt within the introductory period.
Pros and cons of a 24-month balance transfer credit card
- Save on interest. The savings you'll make from paying no interest for 24 months or more can help you pay off your debt faster.
- Long repayment period. Balance transfers generally last between 6 and 24 months, so this is one of the longest repayment period available for low balance transfer offers. As long as you understand how much you need to repay each month, it should be a generous time frame to repay any existing loans before the interest applies.
- Standard rate applies to new purchases. Avoid buying new items using this credit card because the standard rate applies. As your repayments go to the debt that's collecting the highest interest, you’ll be paying the interest for new purchases first. As interest-free days only apply if you're not carrying a balance, you won't be able to take advantage of these until you've completely repaid your debt.
- High revert rates. The low or 0% interest rate is only in place for the introductory period, after which a much higher interest rate applies to any remaining balances.
FAQs about credit cards with 0% p.a. on balance transfers for 24 months or more
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