*Disclaimer: Citi credit card product names have changed effective 20 Jan 2020 as following: Citi Clear Platinum is now Citi Clear; Citi Rewards Platinum is now Citi Rewards; Citi Signature is now referred to as Citi Premier; Citi Signature Qantas now known as Citi Premier Qantas. Balance transfer credit cards give you the opportunity to make real inroads into hard-to-shift consumer debt. By giving you a long honeymoon period with no, or a very low rate of interest, your repayments are going entirely to paying off the principal amount. There are couple of tricks to look out for, however. If you miss a repayment, you could lose the interest free deal. If you don’t repay the entire balance transferred to the new card in the honeymoon period, you could pay end up paying a higher rate on that debt. And if you are using your balance transfer card for spending as well, your repayments need to be enough to cover the purchases and repay the balance. So if you are looking for a balance transfer credit card, you need to check: How long is the ‘honeymoon’ period? At the end of the honeymoon period the balance begins to attract interest. What is the rate for purchases and the rate I will be charged on the balance when the honeymoon is over? Are there any balance transfer fees? Some cards charge a percentage fee for transferring a balance from another card to the new card. Right now, there are some amazing deals on balance transfer credit cards available on InfoChoice. Here are just five. Check out balance transfer credit cards from Australia’s banks, credit unions and other credit card issuers at InfoChoice. 1. The ANZ Platinum Visa credit card has an 18-month zero- interest balance transfer period with a 2 per cent balance transfer fee. After 18 months the rate reverts to 20.24% p.a. (variable). The ANZ Platinum Visa has an $87 annual fee (waived in year one). ANZ credit cards come with Apple Pay and Google Pay functionality. 2. The Virgin Money Low Rate Visa credit card combines a low ongoing purchase rate with a reasonably long zero-interest balance transfer period of 14 months. After 14 months, if there is any remaining balance left it is charged at the cash advance rate, currently 21.69 per cent pa. The purchase rate on this card is 11.99 per cent. 3. The NAB Qantas Rewards Signature Visa credit card doesn’t have a particularly spectacular BT offer – 6 months of zero interest with a 2 per cent BT fee, a purchase rate of 19.99 per cent pa, cash advance rate of 21.74 per cent pa – but this card does offer to give you 120,000 bonus Qantas points. You become eligible for the Qantas points giveaway when you keep the card active for 12 months and spend $3,000 in the first 2 months. 4. The HSBC Platinum Visa credit card offers 22 months of zero interest on balances you transfer with a 2 per cent BT fee and an annual fee of $129. The annual fee is refunded when you spend $6,000 on eligible purchases. This card has a purchase interest rate of 19.99 per cent pa, cash advance rate of 21.99 per cent pa and up to 55 days interest free. 5. The Citi Clear Platinum Visa credit card has no BT fee and zero interest on balances transferred for 9 months. This card has an annual fee of $99, purchase rate of 14.99 per cent pa and cash advance rate of 22.24 per cent pa. This card gives you access to the Citibank Dining Program, early event tickets through Visa Front Line Access and complimentary purchase cover insurance and extended warranty. You can compare balance transfer credit cards from Australia’s banks, credit unions and other institutions at InfoChoice. The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.