Citi Rewards Mastercard 0% BT (30 Months), $49 Annual Fee (1st Yr), No Transfer Fee (via Finder)

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bargain ben on 02/11/2020 - 12:03 finder.com.au (224 clicks)
Last edited 02/11/2020 - 14:52 by 1 other user

pretty good deal for those looking to annihilate credit card interest for 2021.
Be careful not to use the card for every day purchases as the interest rate is 21.49% but has 55 days interest free. (Edit: The 55 days interest fee does not apply if you have a BT debt).

Save with a discounted annual fee for the first year and 0% interest on balance transfers for 30 months.
$49 annual fee for the first year ($149 p.a. thereafter).

Min credit limit $6,000
Max credit limit $100,000
Balance transfer can only be 80% of maximum credit limit approved.

Note: This deal is not for everyone. It is probably the best out there currently for those looking to transfer their existing balance to a low interest option.

Related Stores

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• 

  badinh on 02/11/2020 - 12:13

  -8

  Hello,
  I have never used a credit card before. I just use my CommonWealth master card with saving account. So I have no ideas about this deal.
  - Why is this a deal?
  - Does this deal mean: I can borrow $6000 and if I pay it back in 55 days then there is no interest?

  • 

    SwedishChef on 02/11/2020 - 12:26

    +8

    Mate, it seems like you don't understand the basics of a credit card. Best to do a bit of research and read up on how credit cards and interest free periods work before getting yourself into financial trouble.

    But basically if approved for the credit card, you can spend up to the limit the bank approved you for, and no interest will be charged on your purchases if you pay off the TOTAL balance of the credit card statement from the previous month.

    The deal is for the 0% balance transfer which is helpful for people who may have a credit card debt with another bank, it lets them reduce/avoid being charged interest while they pay it off.

    • 

      badinh on 02/11/2020 - 13:31

      Thank you :)

  • 

    vr4indian on 02/11/2020 - 12:43

    +1

    Assume Person has credit card from Bank "A" . Bank "A" approves card limit of "10,000" based on Person's profile.

    Now Person has started spending. Total spent is 8000. So needs to give back Bank "A" 8000 that was spent. He still can spend another 2000 if wishes.

    Person has below options

    Option 1 : return 8000 to bank "A" within 55 days , failure to do so means bank "A" will start charging 15 to 20% interest rate.

    Option 2 : get bank "B" to approve 8000 on behalf of person. now bank "B" pays 8000 to bank "A. Person gets almost 2.5 years to repay bank "B". Technically person "borrows" 8000 from market with "0" interest rate and transfer fee for almost 2.5 years.

    PS :Spend can be on car , grocery for majority while for wise person , home deposit or offset account.

    • 

      badinh on 02/11/2020 - 13:31

      Thank you :)

• 

  cloudie9 on 02/11/2020 - 12:24

  Annual fees kills the deal. I guess if you have heaps of balance transfer and finish paying it within less than 2.5 years, that could work out well…

  • 

    bargain ben on 02/11/2020 - 12:39

    +2

    Most folks with a credit card balance accruing interest would probably pay more than $49 in interest per month. The $49 fee would be covered relatively quickly.

    • 

      dlovep on 02/11/2020 - 14:00

      reference above $8000 balance easily attract interest $180+ per month.

• 

  mickmac on 02/11/2020 - 12:55

  Or if you can get $50k balance transfer out of it, transfer it to your offset account then it’s 2-3% off you home loan. 50k would save roughly $1500 (a bit less as you’ve got to make min payments) in interest per year at 3%.

  • 

    dlovep on 02/11/2020 - 13:51

    -1

    cash advance has different charge….

    Cash advance rate
    22.24% p.a.

    • 

      mickmac on 02/11/2020 - 14:32

      +1

      Did you not read my post? Where did I mention anything about a cash advance?

      • 

        dlovep on 02/11/2020 - 16:14

        so how to balance transfer out ?

        • 

          mickmac on 02/11/2020 - 16:24

          +1

          @dlovep: Some credit card companies allow you to transfer a positive balance out without incurring any fees. Citi is one, as I’ve balance transferred into a citi account before and then asked them to transfer the positive balance out into another account. You need to contact your bank first and ask them if you’re able to do this.

          • 

            dlovep on 02/11/2020 - 16:27

            @mickmac: Good to know, was hoping to do that too, last checked with WestP said no.

  • 

    sjtaylor on 02/11/2020 - 15:15

    Does this article suggest you can't do this anymore with cheque-to-self no longer being an option? https://www.finder.com.au/what-is-a-cheque-to-self

    • 

      countmein on 03/11/2020 - 07:39

      It was back long good old time ago, i took a cheque to buy my 2nd hand car with that. Afraid is no longer the case

  • 

    mikmac on 02/11/2020 - 18:55

    +1

    Cool user name..

    • 

      mickmac on 03/11/2020 - 00:10

      +1

      Likewise ;)

• 

  gadgetguy on 02/11/2020 - 15:16

  Virgin (also effectively a Citi card) has a similar offer on their Virgin Flyer card.

  0% p.a. for up to 22 months on balance transfers, no BT fee, $129 per year but reduced to half in the first year.

  https://virginmoney.com.au/credit-card/compare-our-credit-ca…

  I've just finished 22 months with them but they won't give me the offer again. I've closed my account and may try signing up again.

• 

  gadgetguy on 02/11/2020 - 15:20

  This offer mentions a linked Diners Club card - does this provide access the Diner's Club rewards like the international lounge access? I'm paying for a Diners card just for this benefit right now and I could possibly ditch it.

• 

  thomalfa on 02/11/2020 - 15:57

  beware of citi credit card… even though it says BT 0%, however, being able to get approved for the card is very hard.

  their requirement seems LOT tighter than other financial institutes…

  just got turned down for $6k limit for citi rewards $500 e-voucher…

  having very pissed I turned away and go for StG amplify platinum QFF and got approved…

  absolutely weird… very weird…

  • 

    ajole on 02/11/2020 - 16:08

    Not my experience at all. Have churned about 5 citi cards and balance transfers, no issue.