December’s best balance transfer credit card offers

Posted: 6 December 2021 1:46 pm
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Put a freeze on credit card interest in time for Christmas with one of these 0% balance transfer offers that last for up to 36 months.

This time of year usually sees all of us spending more, with massive sales, gift-giving and social events. In 2021, the holiday season shopping kicked off with Black Friday and Cyber Monday – when we collectively spent $8 billion across 4 days according to NAB analysis of merchant transactions.

New Finder research also shows that Australians are set to spend $23.9 billion this Christmas, with the average person planning to spend $1,232 over the holiday period. And that's not including your everyday costs like rent, mortgage payments or bills.

If you've already racked up a credit card balance this year, moving it to a card that offers 0% interest on balance transfers means you'll save on interest and potentially pay it off faster. So, here's our pick of balance transfer offers you can get in December 2021.

How did we pick this month's line-up?

We selected the December line-up based on the length of the 0% p.a. balance transfer period, the annual fee and other valuable features on credit cards offered through Finder in December 2021.

A good balance transfer deal has a lengthy 0% p.a. interest offer, no balance transfer fee and a low or $0 annual fee. We've picked cards available through Finder with the longest 0% period and then weighed up their other features. There's no one best credit card for everyone, so check details that matter to you. (And remember: You may not be eligible for a balance transfer offer from your current credit card issuer or bank.)

Best long-term balance transfer offer

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Citi Clear Credit Card – Balance Transfer Offer

  • Balance transfer offer: 0% p.a. for 36 months with no balance transfer fee.
  • Revert rate: 22.24% p.a.
  • Annual fee: $99.
  • Purchase rate: 14.99% p.a.
  • Eligible debts: You can transfer up to 80% of your approved credit limit from credit cards, store cards, lines of credit and personal loans not issued by Citi.

The Citi Clear Credit Card has one of the longest 0% balance transfer offers on the market right now, giving you an interest-free period of 36 months when you apply and request a balance transfer by 28 April 2022. This means if you got a balance transfer to this card in December 2021, you would pay no interest on it until December 2024.

This offer also has no balance transfer fee and lets you move debt from other credit cards and personal loans, as well as store cards or lines of credit that are not issued by Citi.

As Citi is a major issuer for other credit card brands, you should check whether your current accounts are issued by Citi before you apply to see if this offer will work for you.

The Citi Clear Credit Card has a $99 annual fee, which you'll pay 3 times during the introductory balance transfer period. But the balance transfer offer has the potential to save you a lot more.

For example, you could save $2,069.70 over 36 months if you transferred a $5,000 balance from a card with a standard average credit card interest rate of 19.94% (based on RBA data). We used the calculator at the top of the balance transfer comparison table for this example – and it factors in the annual fee. You can enter your own balance and interest rate to see more specific calculations, as well.

One other key detail to note is that the Citi Clear Credit Card does not offer interest-free days when you have a balance transfer. That means any new purchases will be charged interest at the card's 14.99% p.a. purchase rate.

On top of that, any balance transfer amount you are still paying off after the first 36 months will be charged a high 22.24% p.a. interest rate. So it's ideal to focus on paying off your balance transfer before using the card for anything else.

Note: We chose the Citi Clear Credit Card for December because it offers value with a long 0% balance transfer period and accepts transfers from personal loans as well as credit cards. If you only want to transfer credit card debt (or have a card issued by Citi), you could also look at the HSBC Platinum Credit Card, which offers 0% interest on balance transfers for 36 months, no balance transfer fee and a reduced $29 annual fee in the first year (which goes to $129 after that).

Best 0% p.a. balance transfer and $0 annual fee offer

Kogan Money Black Card – Exclusive Offer

  • Balance transfer offer: 0% p.a. for 30 months with no balance transfer fee.
  • Revert rate: 21.74% p.a.
  • Annual fee: $0 (ongoing).
  • Purchase rate: 20.99% p.a.
  • Eligible debts: You can transfer up to 80% of your approved credit limit from credit cards, store cards, personal loans and lines of credit issued in Australia.

Exclusive to Finder, this introductory offer on the Kogan Money Black Card gives you 0% interest on balance transfers for 30 months with no balance transfer fee and no annual fee ever. It's available when you apply through Finder by 31 December 2021.

You can use this offer to transfer balances from credit cards, personal loans, lines of credit or store cards. If this sounds similar to the Citi Clear balance transfer offer we've included in December's line-up, it's because Kogan Money credit cards are also issued by Citigroup.

As well as a long balance transfer offer, the Kogan Money Black Card offers $50 credit for Kogan.com when you spend at least $1,000 on eligible purchases in the first 60 days from card approval. It also earns points per $1 spent that you can redeem for Kogan.com purchases.

But you won't get any interest-free days if you shop with this card while you're paying off a balance transfer. This means a 20.99% p.a. interest rate will apply to new purchases.

As well as interest charges, new purchases can draw out the time you take to pay off your balance transfer. And with a 21.74% p.a. revert rate, you'll get the most value from this offer when you can pay off the balance transfer during the introductory period.

Tip: Want to know how long it will take to pay off your balance transfer? Use Finder's credit card repayment calculator to put in how much you owe, the interest rate (0% during the promotional balance transfer period) and a monthly repayment amount that's affordable for you. This can help you compare and choose a balance transfer offer.

Best 0% balance transfer and 0% purchase rate offer

The St.George Vertigo Visa Credit Card.

St.George Vertigo Credit Card

  • Balance transfer offer: 0% p.a. for 32 months with no balance transfer fee.
  • Revert rate: 21.49% p.a.
  • Annual fee: $0 in the first year, then $55.
  • Purchase rate: 0% p.a. for 6 months, then 13.99% p.a.
  • Eligible debts: You can transfer a minimum of $200 from credit cards not issued by St.George, Bank of Melbourne, or BankSA, with a maximum amount of up to 80% of your approved credit limit.

If you want to pay off your credit card balance but still have some holiday shopping left to do, the introductory offer on the St.George Vertigo Credit Card gives you 0% interest on balance transfers for 32 months and 0% interest on purchases for 6 months.

It also has no balance transfer fee and no annual fee for the first year. A $55 annual fee applies after that, which is still competitive with other low rate cards.

To get this offer, you need to apply as a new cardholder by 24 February 2022 and include your balance transfer request as part of the application.

You can use the balance transfer offer for any credit card balances not issued by St.George, Bank of Melbourne or BankSA. Just be aware that, unlike the other 2 balance transfer offers featured this month, you won't be able to get a balance transfer from any personal loans, lines of credit or store cards.

With the 0% purchase rate offer, you'll have 6 months to shop interest-free before the interest rate goes to 13.99% p.a. That's in-line with other low rate credit cards and is 5.95 basis points lower than the standard average credit card interest rate in Australia (19.94%).

The rate that applies to any unpaid balance transfer after 32 months, on the other hand, is a relatively high 21.49% p.a. Again, this shows that you'll usually get the most value from the 0% introductory interest rates if you can pay off your balance in full before both the introductory periods end.

Note: We chose the St.George Vertigo Card for December because it offers value with a long 0% balance transfer period of 32 months, a 0% purchase rate for 6 months and a waived annual fee in the first year (then $55). If you're more focused on new purchases, you could also look at the Bankwest Breeze Classic Mastercard, which offers 0% interest on balance transfers and purchases for 15 months and a $0 annual fee in the first year (then $49).

Compare these balance transfer offers side by side

$
% p.a.
Name Product Balance transfer rate Purchase rate Annual fee Amount saved
Citi Clear Card - Balance Transfer Offer
0% p.a. for 36 months
14.99% p.a.
$99
Offers 0% p.a. on balance transfers for 36 months with no balance transfer fee. Plus, complimentary insurance covers.
Kogan Money Black Card - Exclusive Offer
0% p.a. for 30 months
20.99% p.a.
$0
Save with a $0 annual fee and a 0% introductory rate on balance transfers. Plus, earn $50 Kogan.com Credit and uncapped rewards points.
St.George Vertigo Card
0% p.a. for 32 months
13.99% p.a.
$0 annual fee for the first year ($55 p.a. thereafter)
Get a 0% interest rate on balance transfers for 32 months (with no balance transfer fee) and a $0 annual fee for the first year.
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Compare up to 4 providers

Remember: This is a selection of credit cards with competitive balance transfer offers available right now on Finder. You can compare other balance transfer offers here. Looking for a new credit card but don't need a balance transfer? Check out a wider range of credit card offers here.

Images: Finder, Getty Images, Supplied

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