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Stop paying interest in 2023


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You can pay off your credit card debt and save at the same time.

If you happened to go a little crazy with the credit card over the Christmas break, unfortunately now is the time to think about paying it off.

Thankfully, there's a simple way to pay off your season splurges without having to pay any interest.

That's right, switching to a 0% balance transfer credit card can give you up to 36 months to pay off your card and avoid expensive interest payments.

How much could that help you save?

    1. The average credit card balance in Australia is $2,948.
    2. The average standard credit card rate is 19.94% (RBA data for December 2022).
    3. With a 0% balance transfer, you could pay that off in 12 months and save $284 in interest*.

*Calculation assumes balance would be paid off over the same 12-month period. Savings are based on 1.5% balance transfer fee and excludes all other fees and charges. Typical balance transfer fees range from 0-3%.

Your actual savings, if any, may differ from (and potentially be less than) the amount shown, and will depend on a number of factors including your personal circumstances and the terms and eligibility criteria of each individual provider such as the final amount of any interest rate, fees and charges offered by the provider.

How to do a balance transfer

  1. Check out balance transfer offers. Compare credit cards here and see how much you could save.
  2. Apply for a new card. Read the requirements, gather your documents and request the balance transfer during the application.
  3. Activate your new card. When you receive the card, activate it by phone or Internet banking (and start making repayments).
  4. Close your old account. You are not required to close your old account, but it's usually a good idea to help you stay out of debt.

Balance Transfer Offer
Citi Clear Card - Balance Transfer Offer

0% Balance Transfer Offer
Annual fee
Purchase rate
Get a 0% p.a. interest on balance transfers for 28 months with a one-time 2% BT fee.
  • 0% p.a. on balance transfers for 28 months with a one-time 2% BT fee
  • Extended warranty and purchase insurance options
  • Up to 4 additional cardholders at no extra cost
  • Balance transfer reverts to a high 22.24% p.a. cash advance rate
  • No rewards program or travel insurance
Rewards program N/A
Annual fee $99
Purchase rate p.a. 14.99%
Welcome offer 0% Balance Transfer Offer
Interest-free period Up to 55 days on purchases
Balance transfer p.a. 0% for 28 months with 2% bt fee, then 22.24%
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee 3.4%

What to look out for with balance transfers

      • Look for a long offer. The longer the offer term, the more time you'll have to pay off your debt at a low or 0% rate.
      • Beware of transfer fees.Some cards charge a balance transfer fee worth between 1% to 3% of the amount you transfer, which can eat into your potential savings.
      • Take note of the revert rate. If you haven't paid off the balance transfer by the end of the offer period, the higher revert interest rate will be charged on your leftover debt.

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