January’s best balance transfer credit card offers: Start the new year with 0% p.a. for up to 30 months
Reach your money goals faster with one of these credit cards that let you pay off your debt interest-free until 2023.
Even if you don't believe in new year's resolutions, this time of year often inspires change and new goals around money – particularly for anyone who spent a lot over the silly season (Boxing Day sales, anyone?).
This year, it's likely that even more people are thinking about money matters, thanks to all the uncertainty of 2020. So if you have a balance on your credit card, moving it to a card with an introductory 0% p.a. interest rate could help you pay it off and save on interest charges in the process. Here's our pick of the offers that you can get right now.
How did we pick this month's line-up?
We selected January's 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 January 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 BT offer from your current credit card issuer or bank.)
Best long-term balance transfer offer
- Balance transfer offer: 0% p.a. for 30 months with no balance transfer fee.
- Revert rate: 22.24% p.a.
- Annual fee: $49 in the first year ($149 after that).
- Purchase rate: 21.49% p.a.
- Eligible debts: You can transfer a minimum of $500 from credit cards, store cards and personal loans not issued by Citi, with a maximum value up to 80% of your approved credit limit.
This balance transfer offer on the Citi Rewards credit card has one of the longest 0% p.a. introductory periods on the market and also comes with no balance transfer fee. Citi is also one of the few companies that let you balance transfer personal loan debt as well as card debt when the accounts are not issued by Citi. (You can see which brands Citi issues credit for here).
If you want to take advantage of this offer, you need to apply for the Citi Rewards card before 30 June 2021 and request a balance transfer as part of the application. As part of the offer, you'll also get a reduced annual fee of $49 in the first year, which reverts to $149 from the second year onwards.
While getting 0% p.a. for 30 months on your balance transfer means you wouldn't pay interest on it until around the middle of 2023, the 22.24% p.a. revert rate could quickly add to any debt you're still paying off by then. It's also worth noting the 21.49% p.a. purchase rate on this card, as you won't get interest-free days on purchases when you have a balance transfer. So remember to weigh up the potential savings, costs and other features before you decide to apply.
Best 0% p.a. balance transfer and $0 annual fee offer
ANZ Low Rate
- Balance transfer offer: 0% p.a. for 25 months with a 1.5% balance transfer fee.
- Revert rate: 20.24% p.a.
- Annual fee: $0 in the first year, then $58.
- Purchase rate: 12.49% p.a.
- Eligible debts: You can transfer a minimum of $100 from credit or store cards not issued by ANZ, with a maximum value up to 95% of your approved credit limit.
This offer on the ANZ Low Rate Credit Card gives you 0% p.a. on balance transfers for 25 months and a $0 annual fee in the first year. After that, a $58 annual fee applies.
There is also a 1.5% balance transfer (BT) fee that applies once your balance transfer is processed, which works out to $15 for every $1,000 you transfer. The BT fee is added to the total of your balance transfer debt, so you won't pay interest on it during the introductory period. But if you're still paying off your balance transfer after the first 25 months, a revert rate of 20.24% p.a. will apply to your debt.
Beyond the balance transfer offer, this card has a competitive purchase rate of 12.49% p.a. variable and offers up to 55 days interest-free on purchases when you pay the "adjusted closing balance" by the due date on your statement. This part of your balance is treated separately to your balance transfer debt, which gives you a way to make purchases interest-free when you're paying off your balance transfer.
To take advantage of the current offer, you need to apply as a new cardholder and include your balance transfer request as part of the application. There is no specific end-date for this offer but ANZ may withdraw it at any time.
Best 0% balance transfer and 0% purchase rate offer
Coles No Annual Fee
- Balance transfer offer: 0% p.a. for 12 months with no balance transfer fee.
- Revert rate: 19.99% p.a.
- Annual fee: $0
- Purchase rate: 0% p.a. for the first 12 months, then 19.99% p.a. variable.
- Eligible debts: You can transfer a minimum of $500 from credit cards, store cards, personal loans or lines of credit that are not issued by Citigroup, with a maximum value up to 80% of your approved credit limit.
The Coles No Annual Fee credit card offers 0% p.a. on both balance transfers and purchases for the first 12 months when you apply by 31 January 2021. This gives you a way to save as you pay off existing credit card debt as well as new purchases you might need to make over the next year. At the end of the introductory period, a 19.99% p.a. interest rate applies to purchases and any remaining balance transfer debt. So you'll get the most value from this offer if you can pay off what you owe in the first 12 months.
This card also has no annual fee ever and earns 1 Flybuys point per $2 on eligible purchases. It includes your Flybuys barcode on the back of the card and can be added to Apple Pay or Samsung Pay if you'd rather pay by mobile.
Compare these balance transfer offers side by side
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
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