Best 0% balance transfer credit cards June 2018
Get your credit card debt under control this EOFY.
As this financial year is coming to an end, now is the perfect time to get your credit cards in order and your money resolutions off to a good start. If you’re struggling to pay off an existing debt because of interest costs, you could clear your debt faster and cheaper with a credit card that offers 0% on balance transfers.
To help you find the right interest-free credit card for you, we’ve highlighted some of our balance transfer picks to compare in June. As there is no one best credit card for everyone, this month’s round-up of offers is based on cards with long-term 0% offers that are available through finder.
The balance transfer offers, fees and features mentioned here are all correct at the time of publication.
St.George Vertigo Platinum (online offer)
0% for 24 months on balance transfers
You could repay your credit card debt with no interest for two years with this online offer from St.George. Apply for the St.George Vertigo Platinum card online by 30 June 2018 and you can repay your debt with no interest over 24 months.
A 1% balance transfer fee applies when you move over your debt, but you can also save with a $0 annual fee for the first year (which reverts to $99 p.a. after that). If you’re unable to repay your entire balance by the end of the 24-month introductory period, any remaining debt will collect the 19.49% p.a. cash advance rate.
HSBC Platinum credit card
0% for 22 months on balance transfers
Until 31 July 2018, you can clear your debt with 0% interest on balance transfers for the first 22 months with the HSBC Platinum credit card. This promotion also includes a $0 annual fee in the first year, saving you $129. Each subsequent year you spend at least $6,000 on eligible purchases, the annual fee is refunded. However, you might not want to take advantage of this if you’re using the card to repay your debt.
There is a balance transfer fee of 2% and any unpaid debt will collect the 21.99% p.a. cash advance rate at the end of the introductory period.
This platinum card is also linked to the HSBC Rewards program, includes airport lounge passes with your complimentary LoungeKey membership and complimentary travel insurance cover. Once again, you’ll only enjoy these perks if you’re using the card for purchases, so keep that in mind when weighing up the perks against the costs.
Suncorp Clear Options Platinum credit card (exclusive to finder)
0% for 18 months on balance transfers
Here’s an offer that’s exclusive to finder users. If you apply for the Suncorp Clear Options Platinum card through finder by 31 July 2018, you can pay down your debt with 0% interest on balance transfers for up to 18 months and save with no balance transfer fee.
At the end of the introductory period, any remaining debt from your balance transfer will collect the 21.99% p.a. cash advance rate.
You can reduce costs even further with a discounted $99 annual fee in the first year. This fee will revert to $129 p.a. every year after that.
This card is linked with the Suncorp Bank Rewards program, allowing you to earn 1.25 points per $1 spent on eligible purchases. If you pay an additional $49 annual fee, you can earn 0.5 Qantas Points per $1 spent on eligible purchases (capped at $8,000 per statement period) with this card. As you can’t earn points on balance transfers, these rewards perks might not be of interest if you’re concentrating on paying down your debt rather than using your plastic to make purchases.
Compare these 0% balance transfer credit cards side by side
Now that you’ve compared finder’s balance transfer picks for June, how do you decide which one is right for you? We’ve highlighted some of the key features to consider below:
Length of promotional period
Although all of these cards can be classified as long-term 0% balance transfer offers, the introductory periods vary between 18 to 24 months. You should pick a card with a promotional period that allows you to clear your debt in full before the revert rate applies.
For example, let’s say you have a debt of $5,000 and a card with 0% on balance transfers for 18 months. You’d need to pay around $278 each month to clear the balance in full by the end of the introductory period, assuming you’re not adding to the principal by making new purchases. If you can’t afford this, you should consider a card with a longer interest-free period to spread out and reduce your monthly payments.
If you don’t think you can repay your debt within any of the promotional periods, you can still pay off a bulk of your debt and save with an interest-free balance transfer offer. But you should pay close attention to the revert rate and when it applies. All of the cards in this round-up revert to the cash advance rate, so it’s wise to pay off the majority of the debt before this applies. If you don’t think you can clear the whole debt in this time, you should look for a card with a lower revert rate.
Some of these cards offer $0 or reduced annual fees in the first year, but you should still compare the standard yearly fee. This is especially true if the balance transfer period lasts longer than one year and you’ll have to pay the annual fee more than once before you clear your debt.
The interest you’ll save with the 0% balance transfer offer should outweigh the yearly cost to justify getting the card. If you’ve used the balance transfer calculator above, the interest saved already takes the cost of the annual fee into account.
These are just some of the 0% balance transfer credit cards available through finder this month. If you want to compare more interest-free balance transfer offers and get your credit card debt under control, you can check out our guide to balance transfer credit cards.
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