Best 0% balance transfer credit cards December 2017
Get your credit card debt under control before the new year.
With Christmas coming up, it’s no surprise that December is the busiest spending period of the year. If you’re paying for presents on plastic but are already struggling to manage an existing debt, it might be time to consider a balance transfer. This way you can move your balance to a card with 0% on balance transfers and clear it faster without paying any interest. As there are a variety of 0% balance transfer offers on the market, we’ve rounded up some of our top picks for the month to narrow down your search. Although there is no one best balance transfer for everyone, this month’s lineup is based on the cards with the longest 0% promotional periods with no balance transfer fees that are available through finder in December. Please note that the rates, fees and features mentioned here are correct at the time of writing.
NAB Premium Card (Exclusive to finder)
0% for 25 months with no balance transfer fee
Earlier this year, finder was boasting an exclusive balance transfer offer of 0% for 24 months for new cardholders who applied for the NAB Premium Card. But we’ve gone one step further with this interest-free offer for 25 months! This is currently the longest 0% balance transfer offer on the market, giving you over two years to pay off your debt without any interest. It's also one of the few long-term balance transfer cards that also doesn’t charge a balance transfer fee, which can also cut back your overall card costs. When the 0% promotional offer ends, any unpaid debt will attract the standard cash advance rate of 21.74% p.a. This card has a $90 p.a. annual fee, so you should make sure that the interest you save with the 0% balance transfer at least outweighs this cost to justify getting the card.
0% for 24 months with no balance transfer fee
The St.George Vertigo Platinum is a close runner up with 0% on balance transfers for 24 months. This offer is only available when you apply online before 13 December 2017, so you only have a few weeks left. It also offers new cardholders $0 annual fee for the first year (reverting back to $99 p.a. thereafter). Once the interest-free balance transfer offer ends, any remaining balances will also collect the standard cash advance rate of 21.49% p.a. This card is another offer that doesn’t charge a balance transfer fee, which will also minimise your upfront costs.
0% for 18 months with no balance transfer fee
If you don’t need two years to pay off your debt, the Virgin Australia Velocity Flyer card currently offers 0% on balance transfer for 18 months. This card also doesn’t charge a balance transfer fee and is available to new cardholders who apply by 31 January 2018. If you’re unable to repay your debt before the introductory offer ends, your balance will collect the cash advance rate of 20.99% p.a. Although you can look forward to savings on interest and balance transfer fees with this card, it does have a reduced annual fee of $64 for the first year ($129 p.a. after that). If you were using the card for the length of the promotion, you'd pay the annual fee twice, so make sure that the interest savings outweigh these costs. This card also boasts a number of frequent flyer perks including Velocity Points, complimentary travel insurance and an annual Virgin Australia gift voucher. However, if you’re determined to clear your debt, you're probably not going to make use of these extra features.
0% for 12 months with no balance transfer fee
If you want to pay off your debt sooner rather than later, you might want to consider the ANZ Platinum credit card. It comes with 0% on balance transfers for the first 12 months and no balance transfer fee. You’ll also save in the first year with a $0 annual fee which increases to $87 p.a. after that. Once the balance transfer promotion ends, your balance will also collect the 21.49% p.a. interest rate. Although you shouldn’t be using your card for purchases if you’re paying off a debt, this card also comes with 0% on purchases for the first 3 months. This could prove useful if you want to make some purchases on plastic over Christmas, but make sure to factor in the extra repayments to cover both balances.
How do these balance transfer credit cards compare?
Although all of these cards offer 0% on balance transfers, here are the factors you can compare to decide which one is right for you.
Length of promotional period and revert rate
The promotional offers vary between 12 to 25 months, so you should base your decision on whether you can repay your balance before it ends. If you had a debt of $5,000 and opted for the NAB Premium Card exclusive offer, you’d have to pay $200 each month to clear the entire debt before it started collecting interest. Whereas you’d have to pay around $416 per month to clear your debt within 12 months with the ANZ Platinum credit card. So, you should choose your balance transfer card based on the length of the 0% offer and whether or not you can pay your balance in full before it ends. If you don’t think you can repay your debt within any of promotional periods, you can still pay a big chunk off your debt with a 0% offer. However, you should consider the revert rate and make sure you know when it applies.
While some of these cards offer $0 annual fee in the first year, it’s still important to consider the standard fees that come with these cards. You should always make sure that the savings you’ll get from the 0% balance transfer period outweigh the annual fee to justify getting the card.
These are just some of the 0% balance transfer credit cards you can compare this month. If you want to look beyond the offers with the longest promotional periods and no balance transfer fees, check out our balance transfer comparison to weigh up some more options.