Westpac extends Balance Transfer War to 30mths

A war between the banks means you could now pay 0% interest on your Credit Card balance for up to 30 months.

A war has broken out among the banks’ credit card Balance Transfer offers, with Westpac now offering no interest on your transferred balance for up to 30 months and Citibank up to 26 months.

The new offers have leap-frogged a handful of 24-month balance transfer offers already competing with each other.

Balance Transfers are a popular way for credit card holders to take the sting out of their post-Christmas debt, which averages over $1500, according to the RBA.

3 ways to save on credit cards:

The new Westpac Low Rate Credit Card Offer* features:

  • 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.

You should be aware of the Pros and Cons before signing up to Balance Transfers, which you can read about at the ASIC Moneysmart website or in 9Saver’s Credit Card Savings Guide.

For example, some offers charge a one-off balance transfer fee, whereas some do not. Some revert to the higher cash advance rate after the Balance Transfer period, some do not.

Other long Balance Transfers currently available include:

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).

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.
  •      $0 p.a. annual fee for the first year (save $99).
  •      Complimentary insurance for overseas travel for 6 months.

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.

*Comparisons are provided by Credit Card Compare and do not cover all available products and may not compare all features relevant to you. Credit Card Compare may pay 9Saver a fee per click on affiliate links on the Credit Card Compare website. For more information view Credit Card Compare’s Term & Conditions- http://www.creditcardcompare.com.au/terms.php

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