Citi Clear Credit Card – Balance Transfer Offer

Offers 0% interest on balance transfers for 36 months with no balance transfer fee, plus a discounted annual fee in the first year.

The Citi Clear credit card currently has one of the longest 0% balance transfer offers on the market, giving you 36 months interest-free and no balance transfer fee when you apply by 31 August 2022. You can also save with a $49 annual in the first year, but that goes to $99 from the second year on.

This card also offers a low purchase interest rate of 14.99% p.a., although you won’t be eligible for interest-free days on purchases if you have a balance transfer. This is competitive with other low rate cards that offer complimentary insurance and other perks. But you should still make sure you’ll use these benefits if you want to justify the card’s ongoing costs.

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Amy Bradney-George

Last Updated Jun 29, 2022

0% p.a.

Balance transfer rate

for 36 months

14.99% p.a.

Purchase rate

$49 p.a.

Annual fee

for the first year ($99 p.a. thereafter)

55 days

Interest free period

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Details

Product Name	Citi Clear Card - Balance Transfer Offer
Balance transfer rate p.a.	0% for 36 months
Balance transfer revert rate	Cash Advance Rate (22.24% p.a.)
Balance transfer limit	80% of available limit
Purchase rate p.a.	14.99%
Annual fee	$49 for the first year ($99 thereafter)
Interest-free period	Up to 55 days on purchases
Cash advance rate	22.24% p.a.
Min credit limit	$6,000
Max credit limit	$100,000
Card type	Mastercard
Foreign currency conversion fee	3.4%

Minimum income	$35,000
Available to temporary residents	No
Joint application	No

Pros

0% p.a. on balance transfers for 36 months with no BT fee
Pay a reduced annual fee in the first year
Includes extended warranty and purchase cover insurances
Up to 4 additional cardholders at no extra cost

Cons

A $99 p.a. annual fee applies from the second year onwards
Balance transfer reverts to the high 22.24% p.a. cash advance rate
No rewards program and travel insurance

Bonus points	N/A

Annual fee	$49 for the first year ($99 thereafter)
Minimum monthly repayment	2% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	3.4%
Cash advance fee	3.5% or $3.50, whichever is greater
Overseas cash advance fee	$5
Additional cardholder fee	$0
Number of additional cardholders	4

Go to Citi's site More info

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The Citi Clear credit card gives you a long 0% balance transfer period with this introductory offer, which can help if you have existing debt you want to pay off. To give you an idea of the potential savings, if you balance transferred a $2,000 debt to this card, you could save $699.68 over the 36-month introductory period, compared to what you'd pay if the average standard credit card rate of 19.94% was charged.

But if you’re still paying off your balance transfer after that, a high interest rate of 22.24% p.a. applies. This card's $99 annual fee isn't as high as some other credit card in Australia – and is reduced to $49 in the first year – but it's worth checking how much value you'll get from the balance transfer and other features to decide if you can justify the ongoing cost.

On 1 June 2022, Citi's consumer banking business was acquired by NAB. Citi credit cards are still available for application and will have the Citi brand. However, the contract for these cards is now with NAB.

How to apply

You can apply for the Citi Clear Credit Card online in 15 minutes. Before you get started, check if you meet the eligibility criteria and have the necessary information on hand:

Eligibility criteria

Income. Earn a minimum taxable annual income of $35,000.
Eligible balance transfer debt. You can transfer balances from credit cards, store cards and personal loans not issued under the Citi brand, up to 80% of your credit limit.

Residency. This card is only available to permanent Australian residents and citizens.
Age. Applicants must be at least 18 years of age.

Required documents

Personal details. Including your full name and proof of identification (such as your Australian driver's licence or passport).
Contact details. Such as your address, phone number and email address.
Employment. Including time spent at your current job and your employer's contact details and address.
Income and finances. You'll need to include your total gross salary as well details regarding expenditure and recurring expenses (such as any liabilities, debts, rent and school fees).
Existing debt. You'll need to provide details regarding any other credit card accounts you have, including the account number and issuing organisation's name and address.

Card benefits

Balance transfer offer. You can consolidate existing debts with a 0% interest rate for the first 36 months with no balance transfer fee when you apply through Finder, request the balance transfer and get approved for this card by 31 August 2022. Any unpaid balance after the promotional period ends will be charged at the variable cash advance rate, currently 22.24% p.a.
Discounted first-year annual fee. Apply by 31 August 2022 and you'll save with an annual fee of $49 in the first year, which goes to $99 p.a. after that.

Complimentary insurance. When you use this card for shopping, you can get access to complimentary purchase cover insurance, extended warranty insurance and a guaranteed pricing scheme. When you meet the eligibility criteria, you, your spouse and any dependants will also be covered with Transit Accident Insurance if you're injured during transport on an eligible trip.
Cashback on Deliveroo orders. You can get $10 back on your account each month when you use your Citi card to pay for a single Deliveroo order worth $25 or more. This offer is available until 31 December 2022. Note that if you have a balance transfer, you'll pay interest on your purchases from the date they are made.
Luxury Escapes discount. Until 1 March 2023, you can get 10% off (up to $250) on Limited Time LUX Exclusive hotel offers when you pay with your Citi card through the Luxury Escapes website or app and use the promo code CITI10.
Mastercard benefits. With Mastercard Priceless Cities, you'll get access to exclusive entertainment, dining, travel and other lifestyle experiences in more than 40 cities around the world.
Mobile payment technology. The Citi Clear Card allows you to use your qualifying Samsung and Apple devices to make contactless payments via Samsung Pay and Apple Pay.

Rates & fees

Annual fee. Outside of any promotions, this card charges an annual fee of $99.
Purchase interest rate. This card has a 14.99% p.a. interest rate for purchases, which is lower than the average standard rate according to the Reserve Bank of Australia.

Interest-free days. When you pay your balance in full, you can take advantage of up to 55 interest-free days on your purchases. Note that interest-free days don't apply if you're carrying a balance transfer debt.
Cash advances. If you make a cash advance transaction using your card, you will be charged interest at the cash advance rate of 22.24% p.a. from the day the transaction is made. You will also be charged a one-time fee of $3.50. If you make a cash advance overseas, the fee is $5.
Additional cards. Customers can get up to 4 additional cards at no extra cost.

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2 Comments

Ben
November 15, 2021

Can i transfer a 15,000 credit card debt from humm MasterCard?

Reply
- finder Customer Care
  
  Chris
  November 17, 2021
  
  Hi Ben,
  
  Transferring a balance of $15,000 from humm90 Mastercard is going to depend on the new card’s general terms and conditions and the credit limit that you’re approved for.
  
  If you’re interested in applying for Citi’s Clear Credit Card, please review first the eligibility requirements. The bank can allow you to transfer up to 80% of your approved credit limit without a balance transfer fee. They will usually base their approval of your credit limit on assessing your financial situation and overall qualifications.
  
  I hope this has helped.
  
  Chris
  
  Reply

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Citi Clear Credit Card – Balance Transfer Offer