January balance transfer deals to help you drop debt fast


If 2021 is the year you say goodbye to lingering credit card debt, you might be considering picking up a balance transfer credit card

A balance transfer credit card allows you to transfer credit card debt you’ve built up over the years onto another card with a 0% interest rate - for a certain period of time. If used correctly, these cards do a fantastic job at saving you on interest and other fees you might be paying with your current card. 

Want to find out what’s on offer in January? Check out our top three balance transfer picks below!

St.George Vertigo Credit Card
  • 2020 Mozo Experts Choice Award winner^
  • 0% balance transfer for 24 months (then 21.49%)
  • $0 annual fee in the first year ($55 after)
Find out more

Take a stand against your debt with an award winning balance transfer credit card. The St.George Vertigo Credit Card features a generous 0% balance transfer period of 24 months, giving you sufficient time to get debt free. This card also comes with no annual fee in the first year ($55 after), making it a budget-friendly option as well. Just keep in mind that once the 24 months are up, the card will then revert to a rate of 21.49%.

CUA Low Rate Credit Card
  • 0% balance transfer rate for 20 months (then 21.74%)
  • No balance transfer fee
  • $0 annual fee in the first year ($49 after)
Find out more

If you’re looking for a balance transfer credit card that’s low on fees but big on value, look no further than the CUA Low Rate Credit Card. This nifty plastic can help you make debt a thing of the past, thanks to its lengthy 20 month 0% balance transfer period (then 21.74%)! There’s no balance transfer fee either, which means you won’t have to worry about any additional costs on your debt free journey.

ANZ Low Rate Credit Card
  • 0% balance transfer rate for 25 months (then 20.74%) (1.50% balance transfer fee)
  • Five minute application process
  • Zero annual fee in the first year ($58 after)
Find out more

Prefer to do your banking with a big bank? Then why not give the ANZ Low Rate Credit Card a look. This card has a 0% balance transfer period for an impressive 25 months before reverting to a variable rate of 20.74%, plus you won’t pay an annual fee in the first year ($58 after). And with its five minute application process, this card could be a great pick for Aussies who don’t want to waste time getting debt free in 2021. Just remember there is a 1.50% balance transfer fee with this plastic.

Mozo’s top four balance transfer credit card tips

Like we said earlier, if used correctly a balance transfer credit card could be your answer to finally living a debt-free life. As these cards work a little differently to your regular credit card, there are a few things to be aware of before signing the dotted line. They are:

  • No spending: Spending with a balance transfer credit card is a big no for two reasons: it defeats the purpose of the card and any new purchases will need to be paid off first and at the card’s high interest rate.  
  • Choose the balance transfer length: Whether you’re looking to get rid of a $1,000 or $6,000 balance, you’ll need to work out how long you need the 0% balance transfer period. This is to ensure that you pay off the balance before the interest-free period ends and avoid being stung with the revert rate. You can work this out by using Mozo’s Credit Card Debt Payments calculator.
  • Try to minimise fees: If possible, try to opt for a card that’s low on fees. This could include things like the annual fee, a balance transfer fee or late payment fee. The goal is to allow more than the majority of your funds to go toward reducing your debt. 
  • Always read the fine print: Like before applying for any product, it’s always wise to read the fine print. Many balance transfer credit cards often come with a balance transfer fee, which can range from 1% - 3%. While that might not seem like much, a 3% BT fee on a $10,000 balance equates to an extra $300.

Want to compare more options? Make your next stop our balance transfer credit card comparison tool!

^More information about our 2020 Mozo Experts Choice Credit Card Awards

^See information about the Mozo Experts Choice Credit Card Awards

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