0% on balance transfers extended
With Australian credit card debt at more than $32billion -- it’s no wonder many people are tempted to get their finances back on track by transferring their debt to a credit card with a long interest-free period.
Consolidating your debts into one place with low interest for an extended period can help you reduce your debt, since you won’t be accumulating any additional interest on the debt as you pay it off.
Compare credit cards with 0% interest
Interesting research from a recent Sydney Morning Herald survey found the average date most Aussies will finally get clear of their credit card debt is March 10. However, it’s likely that many of us will not have cleared our debt this year - and if that’s the case for you it’s important to consider sensible ways of managing your finances.
Government site Moneysmart.gov.au is a great resource for advice and guidance on credit cards, credit and debt.
However, extensions of long interest-free periods offers on certain cards mean that you can still avoid interest for up to 30 months on the balance you transfer to the new card. We’ve taken a look at what’s available this month:
Longest 0% balance transfer period:
This huge offer of 0% p.a for 30 months on balance transfers was set to end on February 28, but the offer has now been extended March 28.
The Westpac Low Rate Credit Card Offer*
- 0% p.a. for 30 months on balance transfers. (2% balance transfer fee applies).
- Reverts to variable cash advance rate.
- $0 p.a. annual fee for the first year.
Longest 0% balance transfer with rewards:
Citi Rewards Platinum Card Balance Transfer Offer
- 0% p.a. for 26 months on balance transfers.
- A one-off 2.5% balance transfer fee.
- A reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
Long 0% balance transfer card that revert to a low rate:
A long period of 0% interest on balance transfers is great, but if the card reverts to a high rate of interest after the 0% period ends, you could get stung if you have outstanding balance on the card.
Bankwest Breeze Mastercard*
- 0% p.a. for 24 months on balance transfers with a 2% balance transfer fee.
- Reverts to low 12.99%p.a. interest rate
- $79 p.a. annual fee
Long 0% balance transfer card with low ongoing rate on purchases
St George Vertigo Platinum Credit Card Exclusive Offer
- 0% p.a. for 24 months on balance transfers with no balance transfer fee. Reverts to cash advance rate.
- Low ongoing variable purchase interest rate of 12.74% p.a.
- Complimentary insurance for overseas travel for 6 months.
One-year Balance Transfer with no fees:
American Express low rate card
- 0% interest on balance transfers for 12 months
- Reverts to low purchase rate of 11.99% p.a.
- No annual fee
Longest super-low 3% rate on balance transfers with rewards and Qantas points programs:
St.George Amplify Credit Card*
-
3% p.a. for 36 months on balance transfers with no balance transfer fee.
- $0 p.a. annual fee for the first year (save $79).
- Earn points into either the Amplify Rewards program or Amplify Qantas program.
Long 0% Balance Transfer with multiple free insurances:
- 0% p.a. for 20 months on balance transfers with a 2% transfer fee.
- 7 complimentary insurances: Overseas Travel Insurance, Interstate Flight Inconvenience Insurance, Transport Accident Insurance, Domestic Hotel Burglary Insurance, Purchase Protection Insurance, Extended Warranty Insurance, Price Protection Insurance.
- Platinum Concierge Service—your own 24 hour, 7 day personal assistant.
*Credit Card Compare
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