Australia: Citi lands 10-year deal to manage Coles credit cards

Citi is now offering a 0% balance transfer for 24 months on its Citi Rewards Platinum credit card. Citi, however is not the first bank to offer a 24-month interest free term. Citi follows Westpac and NAB, both of which launched 0% for 24 months balance transfer deals in late December. Citi presents the most attractive offer to credit cardholders wishing to balance transfer charging only a 1.5% balance transfer fee, compared to the higher fees of 2% and 3% which are charged by Westpac and NAB respectively. RFi Group data suggests that balance transfers are becoming less attractive to credit card holders. Between December 2015 and December 2016, the proportion of credit cardholders who have taken out a balance transfer has fallen by 6%. The decline may explain why banks have introduced new deals for balance transfers.

RFi Group data suggests that balance transfers are becoming less attractive to credit card holders. Between December 2015 and December 2016, the proportion of credit cardholders who have taken out a balance transfer has fallen by 6%.

Although the 24-month interest free period is highly appealing finder.com.au suggests that all those considering transferring should first consider the fees which will be incurred once the interest free period ends. Citi, for example, will charge an interest rate of 21.74% on any balance remaining after the 24 months and an annual fee of $199 in the first year and $249 in subsequent years.


Source: RFi Group

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