The FNB Credit Card Balance Transfer Campaign stands out in South Africa for those wanting to move high-interest balances at a low rate. This offer is available to select FNB credit cardholders, including Aspire, Premier, Private Clients, Private Wealth, and Signet. For eligible cardholders, the transfer deal is compelling: a fixed 9.9% interest rate for the first nine months, with a minimum transfer amount of R5000 and a minimum term of 18 months. After the fixed-rate period ends, the card will revert to your normal personalised rate for any remaining balance.

This campaign requires your FNB accounts remain in good standing and only allows one balance transfer at a time. The campaign period runs from 1 April to 30 June 2024. FNB credits the balance into your straight facility and debits your budget balance, making the offer easy to understand and track for repayments.

How to Apply for the FNB Balance Transfer

1. Check if you’re an eligible FNB Credit Card holder and ensure your accounts are in good standing.
2. Decide on a transfer amount above R5000, ensuring you have available budget facility.
3. Contact FNB Credit Card services or use your online banking platform to request a balance transfer during the campaign window.
4. Review the terms – including the fixed interest period and repayment schedule.
5. Confirm and track the transfer on your next FNB card statement.

Pros of the FNB Balance Transfer

The fixed low rate of 9.9% for 9 months is outstanding against other credit solutions. This can help cardholders significantly cut costs on existing debts.

With a minimum of R5000 and reasonable repayment terms, the campaign provides flexibility for a variety of financial needs. Your monthly repayments are predictable, making budgeting easier.

Cons of the FNB Balance Transfer

Only FNB cardholders who meet specific criteria and are not in legal or financial default are eligible, which restricts access for many South Africans.

After the 9-month fixed-rate period, the interest rate reverts to each user’s normal personalised rate, which could be considerably higher than 9.9%.

Our Verdict

The FNB Credit Card Balance Transfer Campaign is an attractive solution for people seeking short-term savings on credit balances. The fixed 9.9% rate for 9 months is the key selling point, especially if you clear your debt within that timeframe. However, eligibility restrictions and the reversion to a higher interest rate post-campaign should be considered. If you have an FNB card and need to consolidate debt, this offer is worth considering as part of your overall financial planning.