If the urge to shop got the best of you in December and you’ve found yourself saddled with more credit card debt than you’d care to think about, it might be a good idea to look at a balance transfer credit card.
Not sure what a balance transfer is? That’s when you move the debt that’s been accumulated on your current credit card over to a new one, usually at a much lower interest rate, which can be helpful in getting it down to zero.
As long as you keep in mind that most cards in the market don’t offer an interest free period on any new purchases you make until you clear your transferred balance, they can be a useful tool. Below, we’ve compiled just a few balance transfer credit card offers to help you get off on the right foot.
0% p.a. balance transfer rate for 26 months (1.5% BT fee)
$49 annual fee in the first year ($149 after)
If you’re eager to clear some debt, the Citi Rewards Credit Card will give you a full 26 months to pay off transferred balances (a 1.5% balance transfer fee applies, and the interest rate on your balance will revert to 22.24% at the end of the 26 months). The purchase rate sits at 21.49% p.a., and while there’s an annual fee of $149, for the first year you’ll pay a discounted $49. To sweeten the deal, you'll get a free wine every time you dine with the Citibank Dining Program if you pay with your Citi Credit Card.
Suncorp Clear Options Platinum
0% balance transfer rate for 14 months
Complimentary perks like travel insurance and concierge
With the Suncorp Clear Options Platinum card, you’ll be looking at 0% balance transfer and purchase rates for the first 14 months, after which they will revert to 21.99% p.a. and 20.74% p.a., respectively. There are also a number of perks on the table, such as complimentary travel insurance, concierge, and purchase protection, along with exclusive access to various pre-sales, offers and competitions.
If you prefer excellent value over bells and whistles, the NAB Low Rate Card could be the card for you. For the first 6 months, the purchase rate and balance transfer rate will be 0%, before reverting to 13.99% p.a. and 21.74% p.a., respectively. Cardholders will also appreciate just how low the fees are. For example, the annual fee will only set you back $59, while late payment fees have been kept at a reasonable $15.
American Express Velocity Platinum Card
0% balance transfer rate for 12 months (1% BT fee)
Complimentary domestic return flight to selected cities
Two complimentary lounge passes each year at selected domestic airports
As far as credit cards go, the Amex Velocity Platinum Card is a bit on the pricey side, but that’s because it’s filled to the brim with useful features. For the first 12 months, the balance transfer and purchase rate will be 0% (1.00% balance transfer fee), and 20.74% p.a. thereafter. Each year, you’ll get a complimentary domestic return flight with Virgin Australia to selected cities after your first spend. And you’ll also be given two complimentary Virgin Australia lounge passes each year at selected domestic airports.