St.George cuts 0% balance transfer offers across six cards
New St.George credit card customers will have 6 months less to repay their balances interest-free.
St.George is the latest bank to drop the length of its 0% balance transfer offers as we pass the post-Christmas period. As of today, the St.George Vertigo Visa, Vertigo Platinum, No Annual Fee, Amplify Classic, Amplify Platinum and Amplify Signature credit cards balance transfer offers will drop from 0% for 18 months to no interest for 12 months. This means that new cardholders will have approximately 33% less time to repay their balance without collecting interest. As such, cardholders will need to pay more each month to repay the entire balance before the promotional period ends.
So, let’s say you have an existing credit card debt of $5,000 and look at how your repayments would differ with the new balance transfer offer. When the 18-month interest-free period was in place, you would have needed to pay approximately $277 a month to repay the entire balance before the revert rate applied. With the 0% for 12 months offer, you’ll need to allocate at least $417 a month to clear the debt before the interest-free promotion ends.
If you can’t afford to repay your balance within 12 months and want to avoid interest costs, you’ll need to look for a card with a longer balance transfer promotion. You can compare cards with 0% on balance transfers for 15, 18 and 24 months using finder’s balance transfer guide.
However, St.George is just one of many banks lowering their balance transfer offers, with ANZ and Westpac trimming their offers last month. So, it is wise to start comparing your options soon and pay attention to the offer end dates to take advantage of the long-term balance transfer promotions while they’re still in place.
If you’re looking to take advantage of any of the St.George credit cards for the 0% purchase rate, you’ll be glad to know that these have remained at no interest for the first 6 months. The bonus points offer of 30,000 Amplify Rewards has also remained the same for the Amplify Platinum and Amplify Signature credit cards.
- St.George launches new rainbow credit cards to celebrate Mardi Gras
- Australians lost $89 million to scams in 2017
- Woolworths Qantas Platinum card to offer fewer points per $1
- Best frequent flyer and rewards credit cards Feb 2018
- ANZ and Westpac refund $21 million to credit card customers after ASIC investigation