January’s best balance transfer credit card offers

Want to pay off your credit card in 2022? These 0% balance transfer offers give you a way to save on interest for up to 36 months.

If you've set a New Year's resolution around money, you're in good company, with Finder research showing 78% of Australians have set financial goals for the year ahead.

Dealing with credit card debt can be a great place to start because they often get a workout over the holiday season and the average standard interest rate is high at 19.94% according to Finder analysis of Reserve Bank of Australia data.

There are also lots of credit cards that offer 0% interest for an introductory period when you move your existing balance to the new account. This gives you a way to save on interest as you pay off the card. And once it's paid off, you'll have more money for your other goals.

So, here's our pick of balance transfer offers you can get in January 2022.

Best long-term balance transfer offer

Citi Clear Credit Card – Balance Transfer Offer

• Balance transfer offer: 0% p.a. interest 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.

This Citi Clear Credit Card balance transfer offer is one of the longest introductory interest rate offers on the market right now. It gives you a 0% interest rate for 36 months with no balance transfer fee when you apply by 28 April 2022 and include details of your balance transfer request on the application.

To put that in perspective, if you got this card in January 2022, the 0% balance transfer rate would last until January 2025. When the introductory period ends, a high 22.24% p.a. variable rate applies to any remaining balance transfer debt.

Citi is also one of the major issuers that let you transfer personal loan balances or lines of credit as well as balances you have on other cards, giving you some options if you have a few debts you want to consolidate.

Want to know how much you could save? As an example, if you transferred a $5,000 balance from a card with a 19.94% interest rate (the average standard credit card rate in Australia), you'd save $2,069.70 during the introductory period.

This is based on calculations using the balance transfer comparison table calculator – which also factors in the Citi Clear's $99 annual fee. You can also put your balance and interest rate in at the top of the comparison table to get a better idea of how much you can save with this offer – as well as for other balance transfer offers listed.

But keep in mind that any new purchases you make with the Citi Clear Credit Card will attract the 14.99% p.a. purchase rate, as there are no interest-free days for purchases when you have a balance transfer. So it's ideal to pay off what you owe within the first 36 months.

Note: We chose the Citi Clear Credit Card for January because it has a long 0% balance transfer period and accepts balances 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.

This introductory offer on the Kogan Money Black Card gives you 0% interest on balance transfers for 30 months with no balance transfer fee when you apply exclusively through Finder by 28 February 2022. This card also has no annual fee ever.

With this offer, you need to request your balance transfer within 90 days of approval to get the 0% balance transfer rate. Similar to the Citi Clear Credit Card, you can transfer balances from credit cards, store cards, personal loans and lines of credit issued in Australia (Kogan Money credit cards are also issued by Citigroup).

At the end of the introductory period, the balance transfer rate goes to 21.74% p.a. if you're still paying it off. If you're not sure how long it will take you to repay the balance, you can use Finder's credit card repayment calculator to help work it out.

As well as a balance transfer offer, the Kogan Money Black offers $50 of Kogan.com credit when you apply by 28 February 2022 and spend $1,000 on eligible purchases in the first 60 days. It also gives you complimentary Kogan First Membership and rewards you can use to save on shopping through Kogan.com.

But with a 20.99% p.a. purchase rate and no interest-free days when you have a balance transfer, you'll usually get more value from this offer if you focus on paying off what you owe before you make new purchases.

Best 0% balance transfer and 0% purchase rate offer

Bankwest Breeze Classic Mastercard

• Balance transfer offer: 0% p.a. for 15 months with no balance transfer fee.
• Revert rate: 9.90% p.a.
• Annual fee: $0 in the first year, then $49.
• Purchase rate: 0% p.a. for 15 months, then 9.9% p.a.
• Eligible debts: You can transfer a minimum of $500 from credit cards not issued by Bankwest, with a maximum amount of up to 95% of your approved credit limit.

The Bankwest Breeze Classic Mastercard offers 0% interest on balance transfers and purchases for 15 months, with no balance transfer fee and a $0 annual fee in the first year. After that, a $49 annual fee applies for each year you have the card, which is on the lower end of the scale for credit card account fees.

At the end of the introductory interest-free period, a 9.90% p.a. interest rate applies to both purchases and balance transfers, which is 10.04 percentage points lower than the average standard credit card interest rate in Australia. This makes it a competitive low rate credit card, even after the introductory period.

The Bankwest Breeze Classic also offers a digital credit card that you can set up within 24 hours of being approved as well as mobile payments through Apple Pay, Google Pay and Samsung Pay.

While Bankwest has not listed a date when this offer will end, it is only available for a limited time.

Compare these balance transfer offers side by side

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Name	Purchase rate p.a.	Annual fee	Balance transfer rate p.a.	Amount Saved
Citi Clear Card - Balance Transfer Offer	Purchase rate p.a. 14.99%	Annual fee $99	Balance transfer rate p.a. 0% for 28 months with 2% balance transfer fee, then 22.24%	Amount Saved $1,648.59 over 28 months	More Info Compare	Offers 0% p.a. on balance transfers for 28 months with a one-time 2% balance transfer fee. Plus, complimentary insurance covers.
Kogan Money Card – Exclusive Offer ExclusiveKogan Rewards Program	Purchase rate p.a. 20.99%	Annual fee $0	Balance transfer rate p.a. 0% for 18 months with 1% balance transfer fee, then 21.74%	Amount Saved $1,335.99 over 18 months	Go to siteMore Info Compare	Get 0% p.a. on balance transfers for 18 months with a 1% balance transfer fee. Plus an ongoing $0 annual fee. Ends 30 November 2023.
Bankwest Breeze Classic Mastercard	Purchase rate p.a. 0% for 12 months, then 12.99%	Annual fee $49	Balance transfer rate p.a. 0% for 12 months with 2% balance transfer fee, then 12.99%	Amount Saved $878.32 over 12 months	Go to siteMore Info Compare	Save with 0% p.a. on purchases and balance transfers for 12 months (with a 2% BT fee).

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Images: Finder, Getty Images, Supplied