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Enjoy 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate. Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. Balance transfer fee applies. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
Enjoy 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate. Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. Balance transfer fee applies. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
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Pay no interest and no late payment fees, just a $20 monthly fee for a $3,000 credit limit. If you don't make any purchases and have an outstanding balance of $0 during the whole statement period, the monthly fee will be reversed. Pay no foreign currency fees when you buy online or overseas.
Pay no interest and no late payment fees, just a $20 monthly fee for a $3,000 credit limit. If you don't make any purchases and have an outstanding balance of $0 during the whole statement period, the monthly fee will be reversed. Pay no foreign currency fees when you buy online or overseas.
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There are a few different ways you can get an interest-free credit card, though each comes with its own set of conditions.
It’s important to remember that even if a card is touted as being interest-free, you may end up paying for it in other ways, or it may only offer zero interest for a limited time.
No interest credit cards take a subscription-like approach to borrowing money. Instead of paying interest, you’ll be charged a monthly or annual fee which can range between $10 to $30 a month.
In some cases, the provider can waive the monthly fee if you haven’t used the card during the statement period, and you’ve paid off what you owe from the previous statement period.
No interest cards typically come with a lower credit card limit compared to regular credit cards, which means you may only be able to borrow money up to $3,000.
Depending on your spending habits, the monthly or annual fee attached to a no interest credit card may actually be more expensive than what you’d pay on a low rate card, or a regular card that isn’t accruing interest.
Some regular credit cards will come with a 0% introductory interest rate when you first sign up. These offers are only available for a limited time – typically for your first six months with the card.
A major caveat is that the banks will usually require you to meet minimum repayments each statement period in order to keep your 0% introductory interest rate.
If you’re unable to make a minimum repayment, the interest rate can revert back to the standard offer and may be much higher. Be mindful of this before being lured in by a 0% introductory interest rate.
A balance transfer is when you take your debt from an existing credit card (your balance) and move it to a new one. These cards typically apply a low or 0% interest rate to your transferred debt, but only for a limited time (typically between one to two years).
The card’s interest rate can increase significantly after the balance transfer period is over, and if you were unable to pay off your existing debt during this timeframe, it will be subject to the higher interest rate.
Even if you do manage to pay off your balance transfer during the set time period, you may be charged a balance transfer fee when you first sign up, which can be between 1-3% of the total existing debt.
You can compare balance transfer credit cards using our in-depth guide.
The majority of credit cards on the market come with an interest-free period. This interest-free period typically runs for 44 or 55 days – it starts when your statement period begins, and it ends when your statement is due to be paid.
It’s important to note, your interest-free period does not renew for each new purchase you make.
Therefore, each purchase you make throughout your interest-free period will have a varying amount of interest-free days for you to pay off your purchase.
Let’s look at an example with an interest-free period of up to 44 days.
You make a $200 purchase on the first day of your interest-free period, which means you have the maximum amount of days to pay this purchase off your credit card balance and avoid interest charges. In this case, you have 44 days.
Halfway through your interest-free period, you use your credit card again for a $300 purchase. Because you’re halfway through, you only have 22 days before your statement is due and you’ll need to pay off this purchase to avoid paying interest.
You spent $500 on your credit card during your 44-day interest-free period, and you need to repay these purchases in full by the statement due date.
If you don’t repay your credit card balance in full before the due date, you’ll lose your interest-free period for the next statement cycle. You’ll also be charged interest on the remaining amount you owe until it is paid off.
In some cases, your bank may even take away your interest-free period until two consecutive statements are paid in full on time.
You can get your interest-free period back by repaying your credit card debt off in full. Your new interest-free period will generally start from the day your balance is paid, unless your credit card provider requires you to pay two consecutive statements in full and on time.
An interest-free period does not apply to cash advances. A cash advance is when you use your credit card to withdraw cash from an ATM or at a point of sale. You’ll be charged interest straightaway if you use your credit card for a cash advance.
Cash advances can include:
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Zero interest credit cards are available, but they come with caveats and conditions attached.
Some of these conditions include:
It depends on how you use it. An interest-free credit card can be risky if you’re unable to meet minimum repayment requirements, or you struggle with paying off your entire balance each statement period in order to keep your interest-free period.
If you have trouble meeting the conditions of the interest-free credit card, you may be subjected to a much higher interest rate, which can put you at risk of getting into debt.
Credit cards that charge you a monthly or annual fee instead of an interest rate tend to come without rewards.
However, there are plenty of credit cards that have an interest-free period which offer rewards. Similarly, balance transfer credit cards can offer a 0% interest rate alongside some perks.
Pros you get flexible payment terms and con is the interest rates and not much rewards
Read full reviewPros you get flexible payment terms and con is the interest rates and not much rewards
I like this product for the free flybuys on signing up and the ongoing rewards system, but the annual fees are too high to keep the credit card past the first year. I have previous experience of ANZ signing me up to products I haven't asked for in what I consider an unethical way.
Read full reviewI like this product for the free flybuys on signing up and the ongoing rewards system, but the annual fees are too high to keep the credit card past the first year. I have previous experience of ANZ signing me up to products I haven't asked for in what I consider an unethical way.
Changed my payments date back eleven days. So went from towards end of the month repayments to the tenth of the month. My budget was perfect the way it was now I am very inconvenienced. Cannot understand who thought changing my payment date without notice was a good idea.
Read full reviewChanged my payments date back eleven days. So went from towards end of the month repayments to the tenth of the month. My budget was perfect the way it was now I am very inconvenienced. Cannot understand who thought changing my payment date without notice was a good idea.
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