Clear your existing credit card debt without paying interest or an annual fee.
If you want to maximise your savings and cut down debt, use this guide to compare 0% balance transfer credit cards with no annual fee.
Offer ends 31 March 2019 Eligibility criteria, terms and conditions, fees and charges apply Save with a $0 annual fee for the first year and a long-term balance transfer offer. Plus, enjoy complimentary insurance covers.
0% p.a. for 14 months on balance transfers
$0 first year annual fee
Citi Credit Card Offer
Offer ends 31 March 2019
Eligibility criteria, terms and conditions, fees and charges apply
Save with a $0 annual fee for the first year and a long-term balance transfer offer. Plus, enjoy complimentary insurance covers.
Compare balance transfer credit cards with $0 annual fee
How to compare credit cards with no annual fee and a 0% balance transfer offer
Before you apply for a credit card with an interest-free balance transfer offer and no annual fee, here are some of the factors you should consider first:
- Annual fee waiver. Some cards charge no annual fee for the entire life of the card while others only waive it as a promotional offer for the first year. In the latter case, you should know when the annual fee will kick in (for example, in the second year) and how much it will cost from then on. This is especially crucial if you have a card with 0% on balance transfers for more than 12 months.
- Balance transfer period. Promotional balance transfer offers can vary from 0% for 6 months to 0% for 24 months (or sometimes even longer). This is important to think about because the length of the offer could significantly impact how much you could save on interest costs. Before you apply, make sure that the length of the interest-free offer gives you enough time to repay your entire balance before the introductory ends. If you don't, the remaining balance will collect the higher revert interest rate.
- Revert rate. The revert rate is usually the standard cash advance rate or purchase rate that applies to your balance if you're unable to repay the entire debt before the introductory offer ends. You should pay attention to the revert rate if you're uncertain that you can clear your debt within this promotional period.
- Balance transfer fee. This is a one-time fee that you may have to pay to move your balance over to the new card. There are credit cards that don't have a balance transfer fee, but some cards charge up to 3% on your balance transfer amount, which could mean a fee of $300 on a $10,000 debt. The balance transfer fee is usually a small amount compared to the interest you will save, but you should still factor it in to your overall costs.
- Balance transfer amount. Some credit cards allow you to transfer debts up to 100% of your new credit card limit, while some may impose a balance transfer limit. For example, some cards only let you transfer a balance up to 80% or 90% of your approved card limit to the new credit card. This is important to consider when you're comparing products and requesting your ideal credit limit when you're applying for the card.
- Purchase rate. Any new purchases made on the card will attract the standard purchase interest rate. These will not be eligible for interest-free days and your card repayments will go towards your purchases first (rather than your balance transfer debt) if it's collecting a higher purchase rate.
- Cash advance rate. Cash advances, such as ATM withdrawals, usually incur a higher interest rate of around 20% to 22%. Cash advances collect interest immediately and a cash advance fee, so you might want to avoid them if you’re trying to save on interest costs.
Compare no annual fee credit cards
How to apply for a credit card with no annual fee and 0% balance transfer
Once you’ve compared your options and decided which card you want, you can apply and request a balance transfer online. It usually takes 15 minutes to complete a credit card application, but you'll need to make sure you meet the eligibility criteria and have all of the necessary information and documents to complete your application.
- Age. You must be at least 18 years old to apply.
- Residential status. You must be an Australian citizen or permanent resident, although some credit cards allow certain visa holders to apply.
- Annual income. Each credit card has its own stipulated annual income requirement, generally starting from $15,000 p.a.
- Credit history. You usually need to have a clean credit history and a good or very good credit score to be approved.
Necessary information and documents
- Proof of identification. You will need to provide a copy of your driver’s licence and/or passport.
- Financial information. The application form will ask for financial details and you may also need to provide bank statements and/or other financial documents.
- Employment details. You’ll be asked to provide details of your current and previous employment, as well as your employer contact details. You will also need to provide recent payslips and sometimes your employment contract. If self-employed, you will generally be asked for your tax assessment notice and other proof of income.
- Assets, liabilities and expenses. The application will ask for details of your assets, liabilities and expenses.
- Credit limit and balance transfer. The application will also ask for your desired credit limit and the amount you'd like to balance transfer. You will need to provide the account details of your current credit card(s) from which you wish to transfer your balance(s).
A credit card with a $0 annual fee and 0% balance transfer offer can be a great way to clear your credit card debt while cutting down on costs. To get the most out of your balance transfer, you should pay attention to the specific features of the card and aim to pay your balance in full before the introductory offer ends.
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