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End of year uptick in balance transfer cards

End of year uptick in balance transfer cards

The number of credit cards offering 0% balance transfers grew slightly at the end of 2017, offering some relief to Australians with post-holiday debt. However, despite this surge in card numbers, there are still fewer interest-free balance transfer cards available than there were in mid-2017.

There were 89 credit cards offering 0% balance transfers available on RateCity at the end of December 2017, up from a 6-month low of 86 at the end of November 2017. This is still a more limited number of balance transfer card options than the 104 that were available at the end of June 2017.

The 89 cards offering 0% balance transfers account for just under half of the total number of credit carts currently available on the market, which is currently at a high of 184.

Also, the average credit card interest rate (excluding Diners cards and cards that are part of home loan packages) remained at a low of 16.91% , with an average annual fee of $130.18 (excluding fee-free cards).

DateNo. of cards on the marketNo. of cards offering 0% balance transfersAverage rateAverage annual fee
31 May 201718210116.97%$128.63
30 June 201718210417.02%$132.07
31 July 20171819417.05%$131.74
31 August 20171829817.02%$131.67
30 September 20171829616.99%$131.19
31 October 20171839716.94%$130.29
30 November 20171828616.91%$130.71
30 December 20171848916.91%$130.18

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This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

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