Citi Clear Credit Card: A Top Low Fee Option in Australia

If you're looking for a credit card that combines low fees, 0% interest on balance transfers, and straightforward benefits, the Citi Clear Credit Card could be your perfect match. Known as one of the best balance transfer credit card options in Australia, it offers compelling features designed to help you consolidate and manage your debt more efficiently.

Citi Clear Credit Card Overview

The Citi Clear Credit Card stands out for its 0% interest balance transfer rate for the first 24 months, making it a fantastic option for those looking to pay off existing debt without accruing extra interest. When you apply through specific links, such as the one on Finder, you can vary your balance transfer from personal loans, lines of credit, as well as other credit cards. This broad flexibility can save you money and simplify your monthly payments.

Key Features and Benefits

0% Interest Balance Transfer

One of the most attractive features of the Citi Clear Credit Card is its 0% interest rate on balance transfers for 24 months. This means you can transfer existing high-interest debt to this card and pay it off over two years without interest. However, keep in mind that there's a 1.5% balance transfer fee, which would amount to $75 for a $5,000 transfer.

Low Annual Fee

In the first year, the annual fee is a very reasonable $49. After the first year, it increases to $99, which is still comparatively low in the credit card market. This low fee makes it easier for you to manage the cost of maintaining the card.

Additional Perks

The card provides extended warranty and purchase insurance options, offering added security for your purchases. Furthermore, you can add up to four additional cardholders at no extra cost—perfect for managing family expenses or shared budgets.

Interest Rates and Fees

Purchase Rate

The Citi Clear Credit Card offers a competitive purchase rate of 14.99% p.a. This is beneficial for those who occasionally carry a balance on their card, as it's lower than many other credit card rates available.

Interest-Free Period

Enjoy up to 55 days interest-free on purchases. However, remember that this is contingent on paying off your balance transfer first. If you carry a balance transfer, the interest-free days on purchases are not applicable.

Citi Clear Credit Card Pros and Cons

| Pros | Cons | |——|——| | 0% p.a. balance transfer for 24 months | One-time 1.5% balance transfer fee | | Low annual fee in the first year ($49) | High revert rate of 22.24% p.a. on balance transfers | | Extended warranty and purchase insurance | Annual fee increases to $99 after the first year | | Up to 4 additional cardholders at no extra cost | No rewards program or travel insurance |

Citi Clear Credit Card Eligibility

Minimum Income

To qualify for the Citi Clear Credit Card, you need a minimum income of $35,000. This is relatively accessible for many Australians, making the card a viable option for a wide range of applicants.

Residency and Age

This credit card is available exclusively to permanent Australian residents and citizens who are at least 18 years old. This ensures the card meets local regulatory requirements and serves the financial needs of Australians.

How to Apply for Citi Clear Credit Card Online

Applying for the Citi Clear Credit Card online is quick and straightforward. The application process can be completed in as little as 10 minutes, provided you have all the necessary information:

Required Documents

• Personal ID: Australian driver's licence or passport.
• Contact Details: Including address, phone number, and email address.
• Employment Information: Duration at your current job, employer's contact details and address.
• Income and Finances: Total gross salary, plus details of bills and recurring expenses (e.g., liabilities, debts, rent, school fees).
• Existing Debt: Information about any other credit card accounts, including account numbers and issuing organization’s details.

Rates and Fees Breakdown

• Annual Fee: $49 for the first year; $99 thereafter.
• Purchase Rate: 14.99% p.a.
• Balance Transfer Rate: 0% for 24 months, then 22.24% p.a.
• Cash Advance Rate: 22.24% p.a.
• Minimum Monthly Repayment: 2% of the closing balance or $30, whichever is greater.
• Late Payment Fee: $30.
• Foreign Currency Conversion Fee: 3.4%.
• Cash Advance Fee: 3.5% or $3.50, whichever is greater.
• Overseas Cash Advance Fee: $5.
• Additional Cardholder Fee: $0.

Citi Clear Card Insurance Options

One of the standout features of the Citi Clear Credit Card is its complimentary insurance options. These include extended warranty and purchase insurance, providing peace of mind when making high-value purchases. While the card does not include travel insurance, these additional protections offer valuable benefits for everyday spending.

Citi Credit Card NAB Partnership

On 1 June 2022, Citi’s consumer banking business was acquired by NAB. Despite this acquisition, Citi credit cards, including the Citi Clear Credit Card, remain available under the Citi brand. However, it's important to note that the contract for these cards is now with NAB, ensuring strong financial backing from one of Australia’s leading banks.

Final Thoughts

The Citi Clear Credit Card offers a mix of low fees and practical benefits, making it an excellent choice for those seeking a 0% interest credit card in Australia. It stands out among competitors, particularly for balance transfers, and provides a series of consumer protections that add value without convoluting the card’s features. Are you ready to tackle high-interest debts and streamline your finances? The Citi Clear Credit Card might be your ideal companion for money management. While the Citi Clear Credit Card excels in many areas, it’s essential to consider its limitations to make an informed decision. One notable drawback is the relatively high revert rate of 22.24% p.a. on balance transfers once the initial 24-month 0% interest period ends. Additionally, without a rewards program, it doesn’t offer points for spending, which could be a downside for those who maximize their credit card usage to earn rewards. However, the focus on practicality and financial management tools makes it an ideal option for consolidating and paying off debt, especially when compared to other low annual fee credit cards.

When managing financial responsibilities effectively, transparency and ease of use are crucial. The Citi Clear Credit Card shines in this regard, providing a straightforward user experience that focuses on essential financial benefits without the complexity of extensive perks. Moreover, the option to add up to four additional cardholders at no extra cost is a valuable feature, allowing families or small businesses to streamline their expense management seamlessly. The combination of a low annual fee, practical consumer protections, and straightforward balance transfer options makes this card a strong contender in Australia’s competitive credit card landscape.

Despite its strengths, the card's lack of a rewards program might leave some users wanting more in return for their spending. However, for those prioritizing low fees and effective debt management, the Citi Clear Credit Card remains a solid choice. Additionally, the limited eligibility criteria make it accessible to a broader audience, ensuring that more Australians can benefit from its offerings. Balancing the pros and cons is crucial in determining if this card aligns with your financial goals. If you're seeking another completely unique credit card with different benefits, discover an intriguing alternative that could be the perfect fit for your lifestyle and spending habits.