Balance transfer is a strategy where you shift the debt from an existing credit card to another, usually with more favourable conditions like a lower interest rate. This can be a good solution if you’re looking to consolidate debts to keep your expenses in check, as long as the transfer conditions are favourable. Suncorp Bank can be the solution for you.
The Suncorp Bank Clear Options offers this feature with 20 months at 0% p.a. interest and a one-off transfer fee of 1%, which is better than the average 2% most banks charge.
If you’re trying to clear your debt, this could be a great way to start because the extended period eases the burden on your monthly budget.
Explore the other conditions to decide if it’s a good fit for your financial decisions.
Benefits that make a difference
- Interest rate on purchases: With a 12.74% p.a. rate, you can breathe easier when making purchases.
- Top-notch security: We know security is everything, and with the features that the bank and Visa offer, you get fraud protection and quick replacement if you lose your card.
- Access anywhere: No matter where you are, the Suncorp Clear Options is accepted at millions of locations worldwide, plus ATMs in 170 countries.
- Visa benefits: Want a special experience? You also get access to exclusive Visa offers and entertainment.
- Can be added to digital wallets
- Share the experience with trusted people: You can request up to 4 additional cards at no extra cost.
Where the Suncorp Bank Clear Options may fall short
Be cautious with the cash advance fee, which costs 21.99% p.a. Even if you don’t use the cash advance, if you miss a balance transfer payment, the deal might be treated as an advance, so keep your commitments in check to avoid a costly debt.
Additionally, the Suncorp Clear Option doesn’t offer interest-free days on retail purchases.
Lastly, consider the $55 annual fee, which might not appeal to everyone, although it’s lower than many other cards.
Who should consider this card?
If you’re looking to transfer balances with a 0% interest rate for a longer term, this option could be a game-changer for your financial planning.
It’s also ideal for those wanting a credit card with low purchase rates and the security that a major bank like Suncorp offers.
Check the fees:
✔️ Withdrawing cash in Australia: 3.5% of the transaction amount, minimum fee of $3.50
✔️ Late payments: $30
✔️ Overseas purchases: 3.40% fee on international transactions
✔️ Cash withdrawal overseas: 1.50% fee + exchange rate if withdrawing in a foreign currency
✔️ Purchase rate: 12.74% p.a.
✔️ Cash advance rate: 21.99% p.a.
What’s the credit limit of Suncorp Bank ?
It can be approved with a minimum of $2,000 and go up to $20,000, but keep in mind that everyone will receive an offer suited to their credit profile. To find out your limit, first, you need to know the eligibility criteria and then complete your application.
We’ve prepared a full guide to help you through this step.