January’s Best Balance Transfer Credit Card Deals

Do you want to pay off your credit card in 2022? These 0% balance transfer offers save you interest on 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 as they often get a workout during the holiday season and the average standard interest rate is high at 19.94% according to Finder analysis of the data. from the Reserve Bank of Australia.

There are also many credit cards that offer 0% interest during an introductory period when you transfer your existing balance to the new account. This allows you to save on interest when you pay off the card. And once that is paid off, you will have more money for your other goals.

So here is our selection of balance transfer offers that you can get in January 2022.

Best long term balance transfer offer

Citi Clear Credit Card – Balance Transfer Offer

• Balance transfer offer: 0% interest per year for 36 months with no balance transfer fees.
• Return rate : 22.24% per year
• Annual subscription : $ 99.
• Purchase price: 14.99% per year
• 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 today. It gives you 0% interest rate for 36 months with no balance transfer fees when you apply before April 28, 2022 and include your balance transfer request details on the app.

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

Citi is also one of the leading issuers that allows you to transfer personal loan or line of credit balances, as well as balances you have on other cards, giving you some options if you have some debt that you need. want to consolidate.

Want to know how much you could save? For example, if you transfer a balance of $ 5,000 from a card with an interest rate of 19.94% (the average standard rate for a credit card in Australia), you will save 2,069.70 $ during the launch period.

This is based on calculations using the Balance Transfer Comparison Table Calculator – which also takes into account Citi Clear’s $ 99 annual fee. You can also list your balance and interest rate at the top of the comparison table to get a better idea of ​​how much you can save with this offer – as well as the other balance transfer offers listed.

But keep in mind that any new purchase you make with the Citi Clear credit card will attract the buy rate of 14.99% pa, as there are no interest-free days for purchases when you have a balance transfer. It is therefore ideal to repay what you owe within the first 36 months.

To note: We chose the Citi Clear credit card for January because it has a long 0% balance transfer period and accepts personal loan balances as well as credit cards. If you only want to transfer credit card debt (or have a card issued by Citi), you can also check out the HSBC Platinum Credit Card, which offers 0% interest on balance transfers for 36 months, no fees. balance transfer fee and a reduced $ 29 annual fee the first year (which drops to $ 129 thereafter).

Best 0% balance transfer per year and $ 0 annual fee offer

Kogan Money Black Card – Exclusive Offer

• Balance transfer offer: 0% pa for 30 months with no balance transfer fees.
• Return rate : 21.74% per year
• Annual subscription : $ 0 (in progress).
• Purchase price: 20.99% per annum
• Eligible debts: You can transfer up to 80% of your approved credit limit from credit cards, bank 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 fees when you apply exclusively through Finder before February 28, 2022. This card also has no annual fee.

With this offer, you must 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 drops to 21.74% per annum if you still pay it back. If you’re not sure how long it will take to pay off the balance, you can use Finder’s credit card refund calculator to help you calculate it.

In addition to a balance transfer offer, the Kogan Money Black offers a $ 50 Kogan.com credit when you apply by February 28, 2022 and spend $ 1,000 on qualifying purchases in the first 60 days. It also gives you a free Kogan First membership and rewards that you can use to save on your purchases at Kogan.com.

But with a buy rate of 20.99% per annum and zero interest-free days when you have a balance transfer, you’ll generally get more value from this offer if you focus on paying off what you owe before you pay off. make new purchases.

Best 0% balance transfer offer and 0% buy rate

Bankwest Breeze Classic Mastercard

• Balance transfer offer: 0% pa for 15 months with no balance transfer fees.
• Return rate : 9.90% pa
• Annual subscription : $ 0 the first year, then $ 49.
• Purchase price: 0% pa for 15 months, then 9.9% pa
• 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 fees and $ 0 annual fee for the first year. After that, an annual fee of $ 49 applies for each year you have the card, which is on the lower end of the credit card account fee scale.

At the end of the interest-free introductory period, an annual interest rate of 9.90% applies to both purchases and balance transfers, which is 10.04 percentage points lower than the rate. average standard interest of credit cards 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 approval, as well as mobile payments through Apple Pay, Google Pay, and Samsung Pay.

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

Compare these balance transfer deals side by side

Images: Finder, Getty Images, provided