Balance Transfer Credit Cards in NZ – Best Balance Transfer Credit Card in NZ

We have reviewed and compiled below a list of Balance transfer credit cards in NZ to help you find the “best balance Transfer credit card” to meet your needs. Keep in mind that the best credit card with balance transfer offer for you would depend on your personal circumstance and need.

A balance transfer credit card is a credit card that offers a low interest rate on balance transfered from one credit card to another credit card for a specified period. Compare credit card balance transfer offers in New Zealand below.

The American Express Airpoints Credit Card
Get 0% p.a. on purchases for the first 6 months with the Amex Airpoints Credit Card, plus NO ANNUAL FEE and you earn 1 Air NZ Airpoints DollarTM for every $100 you spend with the Card. CURRENT OFFER: 50 bonus Airpoints Dollars™ when you apply, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
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*Terms and conditions apply

Updated: 20 Dec, 2024

Compare Balance Transfer NZ Credit Cards

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CardDescriptionPurchase Rate (p.a.)Balance TransferCash Rate (p.a.)Annual FeeInterest Free Days
Westpac Fee Free MasterCard Credit Card
Platinum Award
Comes with a low rate of just 12.90% p.a. plus 5.95% p.a. for the life of the balance transferred to this card. it also comes with no annual fee, no cash advance fee and no foreign transaction fees.12.90% p.a.5.95% for life of balance transferred19.95% p.a.$0.0055 days
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ASB Visa Light Credit Card
Gold Award
The ASB Visa Light credit card has no annual fee, a low purchase rate and 0% balance transfer for 6 months plus 0% p.a. for 6 months when you spend $1,000 or more on any single eligible purchase13.5% p.a.0% p.a. for 6 months22.95% p.a.$0.0055 days
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Co-operative Bank Fair Rate Credit Card
Gold Award
The Fair Rate Credit Card has a very low purchase rate of 12.95% p.a. plus a balance transfer rate of 0% p.a. for 6 month. This might be a good card if you are looking for a credit card with a low interest rate and/or a card with a 0% p.a. balance transfer offer. 12.95% p.a.0% p.a. for 6 months12.95% p.a.$20.0055 days
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TSB Low Rate Mastercard Credit Card
Gold Award
The TSB Low Rate Mastercard has a very low interest rate of 11.95% p.a. for purchases and cash advances. 11.95%0% for 6 months11.95%$20.0055 days
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Westpac Hotpoints Platinum MasterCard Credit Card
Gold Award
Earn 1.5 hotpoints for every $1 spent on your card up to (and including) $7,000 then 1 hotpoint for every $1 spent on your card each month.
Reward Points Cash Equivalent:
$100 spend earns $0.83 cash equivalent (for up to $7,000 spend)^.
$100 spend earns $0.55 cash equivalent (for over $7,000 spend)^.
20.95% p.a.5.95% for life of balance transferred22.95% p.a.$70.0055 days
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ASB Visa Rewards Credit Card
Gold Award
Get one True Rewards Dollar for every $150 you spend on your ASB Visa Rewards. One True Rewards Dollar equals one New Zealand dollar.
Reward Points Cash Equivalent:
$100 spend earns $0.66 cash equivalent^.
20.95%0.00% for 6 months22.95%$40.0055 days
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ASB Visa Platinum Rewards Credit Card
Gold Award
Choose between True Rewards or Everyday Rewards points. Earn 1 True Rewards Dollar for every $100 you spend or 1 Everyday Rewards point for every $1 spent on your ASB card. This card also comes with travel insurance for you, your spouse and your dependent children.
Reward Points Cash Equivalent:
$100 spend earns $1.00 cash equivalent in True Rewards points^.
19.95%0% p.a. for 6 months22.95%$80.0055 days
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ANZ Low Rate Visa Card
Gold Award
Features a low interest rate of 13.90% and a balance transfer rate of 1.99% for 24 months13.90%1.99% p.a. for 24 months20.95%$0.0055 days
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Kiwibank Zero Visa Credit Card
Platinum Award
A low rate credit card with no annual fee and a 1.99% balance transfer for 6 months12.90% p.a.1.99% p.a. for 6 months12.90% p.a.$0.0055 days
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Kiwibank Air New Zealand Airpoints Low Fee Visa Credit Card
Gold Award
Earn 1 Airpoints Dollar™ for every $200 spent on eligible purchases.
Reward Points Cash Equivalent:
$100 spend earns $0.50 cash equivalent^.
16.90% p.a.1.99% p.a. for 6 months16.90% p.a.$50.0044 days
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Kiwibank Air New Zealand Airpoints Platinum Visa Credit Card
Gold Award
Earn 1 Airpoints Dollar™ for every $115 spent on eligible purchases. This card also comes with complimentary overseas travel insurance for you and your immediate family travelling with you for up to 40 days.
Reward Points Cash Equivalent:
$100 spend earns $0.64 cash equivalent^.
20.95%1.99% p.a. for 6 months20.95%$180.0044 days
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Westpac Hotpoints MasterCard Credit Card
Gold Award
Earn 1 hotpoint for every $1 spent on your card up to (and including) $3,500 then 0.5 hotpoints for every $1 spent on your card each month.
Reward Points Cash Equivalent:
$100 spend earns $0.55 cash equivalent (for up to $3,500 spend)^.
$100 spend earns $0.27 cash equivalent (for over $3,500 spend)^.
20.95% p.a.5.95% for life of balance transferred22.95% p.a.$40.0055 days
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Westpac Hotpoints World MasterCard Credit Card
Gold Award
Earn 2 hotpoints for every $1 spent on your card up to (and including) $15,000 then 1 hotpoint for every $1 spent on your card each month. Plus Priority Pass lounge access to over 1,500 airport lounges around the world and overseas travel insurance for up to 120 days per round trip.
Reward Points Cash Equivalent:
$100 spend earns $1.11 cash equivalent (for up to $15,000 spend)^.
$100 spend earns $0.55 cash equivalent (for over $15,000 spend)^.
16.95% p.a.5.95% for life of balance transferred22.95% p.a.$285.0044 days
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Westpac Airpoints MasterCard Credit Card
3.5/5 Stars
Earn 1 Airpoints Dollar for every $150 spent on eligible purchases on your card up to (and including) $3,500 then 1 Airpoints Dollar for every $300 spent on your card each month. plus 5.95% p.a. for the life of the balance transferred to this card.
Reward Points Cash Equivalent:
$100 spend earns $0.66 cash equivalent (for up to $3,500 spend)^.
$100 spend earns $0.33 cash equivalent (for over $3,500 spend)^.
20.95% p.a.5.95% for life of balance transferred22.95% p.a.$70.0055 days
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Westpac Airpoints Platinum MasterCard Credit Card
Gold Award
Earn 1 Airpoints Dollar for every $110 spent on your card up to (and including) $7,000 then 1 Airpoints Dollar for every $220 spent on your card each month plus get 5.95% for the life of the balance transferred.
Reward Points Cash Equivalent:
$100 spend earns $0.90 cash equivalent (for up to $7,000 spend)^.
$100 spend earns $0.45 cash equivalent (for over $7,000 spend)^.
20.95% p.a.5.95% for life of balance transferred22.95% p.a.$125.0044 days
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Westpac Airpoints World MasterCard Credit Card
Gold Award
This card is a touch of everything including Airpoints, a relatively low interest rate of 16.95% and a balance transfer offer of 5.95% for life of balance transferred. It also comes with Priority Pass lounge access to over 1,500 airport lounges around the world.
Reward Points Cash Equivalent:
$100 spend earns $1.05 cash equivalent (for up to $15,000 spend)^.
$100 spend earns $0.52 cash equivalent (for over $15,000 spend)^.
16.95%5.95% for life of balance transferred22.95%$310.0044 days
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^ To help you compare reward points across different credit cards and rewards programs, we provide an estimate of the cash-equivalent of the reward points that you will get back for every $100 you spend on eligible purchases with your card. The cash equivalent value given is an estimate only based on a specific redemption example. In some cases you might earn less or more depending on how you redeem your ponts and some reward points cannot be redeemed for cash directly. Click on the card to find out how the estimate was calculated.

The American Express Airpoints Credit Card
Get 0% p.a. on purchases for the first 6 months with the Amex Airpoints Credit Card, plus NO ANNUAL FEE and you earn 1 Air NZ Airpoints DollarTM for every $100 you spend with the Card. CURRENT OFFER: 50 bonus Airpoints Dollars™ when you apply, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
More Info »
*Terms and conditions apply

What are the Risks and Rewards of Balance Transfer Credit Cards

Potential Risks

When considering a credit card for balance transfer, it’s important to be aware of the potential risks involved:

  • Temptation to Spend More: Transferring your balance might give you a false sense of financial freedom, leading to more spending.
  • High-Interest Rates After Promotional Period: Once the promotional period ends, any remaining balance may be subject to high-interest rates.
  • Balance Transfer Fees: Some credit cards charge a fee for transferring a balance, which can add to your debt.
  • Impact on Credit Score: Applying for new credit cards can temporarily lower your credit score.

Long-term Rewards

Despite the risks, using a credit card for balance transfer can offer significant long-term rewards:

  • Lower Interest Payments: By transferring your balance to a card with a lower interest rate, you can save money on interest payments.
  • Debt Consolidation: Combining multiple debts into one can simplify your finances and make it easier to manage payments.
  • Improved Credit Score: Successfully paying off your balance can improve your credit score over time.

Is a Balance Transfer Right for You?

To determine if a balance transfer is the right choice for you, consider the following:

  1. Your Spending Habits: Are you disciplined enough to avoid new debt while paying off the transferred balance?
  2. Promotional Period: Can you realistically pay off the balance before the promotional period ends?
  3. Fees and Charges: Do the benefits outweigh the costs associated with the balance transfer?
  4. Credit Score: Is your credit score high enough to qualify for a balance transfer card with favourable terms?

How to better take advantage of a balance transfer offers

Strategies for Paying Off Debt

  1. Make Extra Payments: Aim to pay more than the minimum amount due each month. This helps reduce your debt faster, save on interest and avoid paying penalty fees. Some balance transfer deals are conditional on you meeting your minimum monthly repayments or the balance transfer offer is withdrawn. Make sure you read the terms and condition to help you find the best balance transfer offers suitable for you.
  2. Pay Off your Balance Before the Promotional Period Ends: Ensure you pay off the transferred balance before the promotional balance transfer rate expires to avoid higher interest rates.
  3. Track Your Spending: Avoid making new purchases on your balance transfer card, as these may not benefit from the promotional interest rate.

Avoiding Common Pitfalls

  • Close Old Accounts: After transferring your balance, consider closing old credit card accounts to avoid extra fees and reduce the temptation to accumulate more debt.
  • Understand Fees: Be aware of any balance transfer fees and how they affect your overall debt.
  • Monitor Promotional Periods: Keep track of when your promotional period ends to avoid unexpected interest charges.

Using Balance Transfers Wisely

  • Limit New Purchases: Focus on paying off your transferred balance rather than adding new charges to your card.
  • Create a Repayment Plan: Set up a clear plan to pay off your debt within the promotional period.
  • Review Terms and Conditions: Always read the fine print to understand the terms of your balance transfer offer.

Comparing Balance Transfer Offers

Interest Rates and Fees

When comparing balance transfer deals, the standard purchase rate is also important. Many banks offer special low rates for transferred balances, but these rates often revert to a higher standard rate after a promotional period. Be sure to check the following:

  • Balance transfer rate: This is the low rate offered for the balance transfer.
  • Revert rate: The interest rate that applies after the promotional balance transfer period ends.
  • Balance transfer fee: Some cards charge a fee for transferring a balance, usually a percentage of the amount transferred.

Promotional Periods

The promotional period is the length of time the low interest rate applies to your transferred balance. This period can vary significantly between offers. Key points to consider include:

  • Duration: How long the promotional rate lasts, typically ranging from 6 to 24 months.
  • Terms and conditions: Ensure you understand what happens if you miss a mininum repayment and what happens when the balance transfer promotional period ends.

Eligibility Criteria

Each credit card issuer has specific eligibility criteria for balance transfer offers. These criteria can include:

  • Credit score requirements: Higher credit scores may be needed to qualify for the best balance transfer credit cards.
  • Existing debt limits: Some issuers may limit the amount of debt you can transfer based on your credit limit.
  • Account status: You may need to have your current account in good standing to qualify for a balance transfer.

Beyond Balance Transfers: Other Credit Card Options

Once you have paid off your balance using a balance transfer credit card it often makes sense to review your existing credit card to make sure it is the right credit card to meet your needs. Below are a few credit card types you might want to consider after paying off your credit card debt.

Low Interest Rate Credit Cards

If you are looking to save on interest and have already paid of your transfered balance then a low interest credit card might be a great option. These cards typically offer a lower purchase rate, which can help you save money over time. Key benefits include:

  • Lower interest rates on purchases
  • Potential savings on interest charges
  • Some low interest rate credit cards do not charge an annual fee

Rewards Credit Cards

For those who pay off their credit card balance in full each month, rewards credit cards or cashback credit cards can be very beneficial. These cards offer points or cashback on your spending, which can be redeemed for various rewards. The best rewards credit card for you needs to align with your spending habbits. Advantages of these cards include:

  • Earning points or cashback on everyday purchases
  • Access to exclusive deals and offers
  • Potential to offset annual fees with rewards earned or benefits offered by the card such as free travel insurance

Travel Credit Cards

If you love to travel then Travel credit cards or Airpoints credit cards might be the perfect fit for you. These cards allow you to earn points on your spending that can be redeemed for flights, accommodation, and other travel-related expenses. With so many travel credit cards available in New Zealand our filtering tool can help you find the right NZ Travel credit card to meet your needs. Benefits include:

  • Earning reward points towards free flights and upgrades
  • Access to free travel insurance and other travel perks
  • Special offers and discounts on travel-related purchases

Frequent Flyer Credit Cards

If you are a frequent flyer then Frequent Flyer Credit Cards might be a suitable choice. Frequent flyer credit cards tailored to frequent flyers and offer benefits such as Airpoints, Free travel insurance, Free Airport lounge access and more. Benefits include:

  • Earning reward points towards flights and upgrades
  • Access to complimentary travel insurance and other travel perks
  • Special promotion and discounts on travel-related purchases

Interest Free Credit Cards

If you occassionally make big purchases or are planning to make a big purchase you could consider getting an Interest Free Credit Card. These cards allow you to make a purchase and pay no interest for a fixed period. Benefits include:

  • Save on Interest
  • Spread your payments over a few months

Unsure which credit card to get after paying off your balance? We’ve put together a list of the best credit cards in NZ to help you decide alternatively you can browse through all NZ Credit Cards on our home page.

Balance Transfer Credit Cards FAQs

What is a balance transfer credit card?

A Balance transfer credit card is a type of credit card that allows you to transfer your existing credit card debt from another credit card on to it and repay your transferred debt at a low rate of as low as 0% usually for a fixed period of between 6 to 12 months.

What to consider before getting a Balance transfer credit card?

It is important to remember that even with a balance transfer offer of 0% you must still make your minimum monthly repayments in order not to incur a monthly penalty fee, so it pays to review the penalty fee before applying for a balance transfer.

It is also important to note that credit card balance transfer offers do NOT apply to newly incurred debt on your new credit card, and once the credit card balance transfer period lapses, you would be charged at the normal purchase rate for the balance transferred. Below are some of the frequently asked questions about credit card balance transfer offers to help you with your search.

Should I apply for a balance transfer credit card in NZ?

If you currently have a significant credit card debt, then a balance transfer credit card might be suitable for you. If you expect to take on more credit card debt, then you might want to choose a balance transfer credit card with a low ongoing purchase rate.

When is a balance transfer credit card not suitable for me?

If you do not have a current credit card debt, then it does not make sense to get a balance transfer credit card – you might be better off with a low rate credit card instead.

If you have a small credit card debt, but expect to take on a significant credit card debt in the future, then you might benefit more from a low interest credit card with a balance transfer offer.

Are there any hidden fees or surprises with balance transfer credit cards?

Some credit card providers might charge a setup fee, but this is NOT common in New Zealand. What is important to note is that even with a balance transfer rate of 0% you would still be required to make a minimum repayment of about 2% to 3% of your credit card debt each month, and if you miss this monthly repayment, then a penalty fee would be charged each month and added to your credit card debt. Furthermore, these penalty fees would begin to incur interest at the normal higher interest rate NOT the balance transfer rate, so it is worth paying your minimum repayments.

Are there any balance transfer NZ credit cards with low interest rate?

Yes, there are several balance transfer credit cards with low interest rates. You can use our credit card finder tool to filter through all the credit cards on our website to find exactly what you are looking for, but we have also put together a list of these low rate credit cards with balance transfer offers just for you.

Does the balance transfer rate apply to new debt too?

No, the balance transfer rate applies only to the balance transferred. Any new debt on your credit card would incur interest at the standard purchase rate. If you expect to incur more debt then we suggest you use your credit card finder tool to find a balance transfer credit card with a low purchase rate.

Are there balance transfer NZ offers longer than 12 months?

Yes, some balance transfer offers last for the lifetime of the balance transferred, but these tend to have a slightly higher balance transfer rate. The best balance transfer deals are usully the ones that offer you enough time to pay off your balance.

Do I have to pay a setup or joining fee for a balance transfer credit card?

Setup or joining fees for balance transfer offers are not common in New Zealand, but most balance transfer credit cards have an annual fee of between $30 to $150.

What is the best credit card balance transfer offer?

The best balance transfer credit card depends on your personal circumstance, however, we have put together a list of our favourite balance transfer offers on our Best Credit Card Balance Transfer offers page.

Do I have to pay a minimum repayment each month with my Balance transfer credit card?

Yes, you would usually have to pay a minimum repayment which is usually between 2% to 3%, and a failure to make your minimum repayment each month would result in a penalty fee charged to your account, but considering the savings from the low balance transfer rate, it might still be worth your while.

Can I pay off my transferred balance before the Balance transfer period lapses?

Yes, you can pay off your balance transferred as quickly as you like. The balance transfer period is simply the period in which the balance transfer rate is applied to the transferred credit card balance.

How are my balance transfer repayments allocated?

Any repayments that you make goes towards paying off your transferred balance first, then your newly incurred debt. This means you would have to pay off your entire transferred balance first in order to be able to start paying off your newly incurred debt. Keep in mind, you would be charged at the normal higher rate for newly incurred debt.

Can I do a second balance transfer to another bank?

Yes, you can transfer your balance to another bank or provider when you balance transfer period lapses. This is a good way to help you pay off your debt fast.

How do I apply for a balance transfer credit card?

It’s simple, you can either do the transfer right from the start or get the credit card first, and then transfer your balance to the new credit card later. If you plan to do the balance transfer after you have secured your credit card, keep in mind there is usually a minimum window to do this to get the introductory rate.

Follow the steps below to transfer your balance across to a new card.

  • First you need to find a credit card balance transfer offer that is suitable for you. You can use our credit card finder tool to find the right credit card for your personal circumstance.
  • Make sure you choose a balance transfer credit card with a suitable credit limit for you. Note that your approved balance transfer amount could be as low as 80% of your approved credit limit. It is also possible that between the time you request a transfer and when it happens, you might incur further interest, late payment fee and annual fee on your old credit card. You should contact your current bank to get an estimated final payout amount based on when you expect the balance to be transferred.
  • Click on the “go to site” link on our website to apply for your selected balance transfer credit card.
  • Wait for your application to be approved. This can take between 2 minutes to 1 week. Usually, you would get an indication of how long your application would take during the application process
  • Once you get your new card you should contact your old provider to let them know if you wish to cancel your old card to avoid paying any annual fees.

Do I have to let my old bank know when I transfer my credit card balance?

Depends, in most cases your new credit card provider would sort that out, but you need to provide the details of your bank to your new credit card provider to allow them to do this.

It might be useful to contact your current provider to find out what your final balance would be before arranging the balance transfer.

You might also want to contact your old credit card provider to cancel your old card once the balance transfer is complete to avoid paying the annual fee if applicable.

What is in it for the bank offering 0% balance transfer rate?

It does seem odd that your new credit card provider would charge you practically nothing for 6 to 18 months, and you are free to transfer your balance to a new credit card provider at any time, but credit card providers are banking on you staying with them after the balance transfer period lapses – there is also a good chance you might incur new debt on your credit card while with them which would incur interest at the normal higher rate. Also, if you fail to make your minimum repayments, you would be charged a penalty fee which starts to incur interest at the normal higher purchase rate.

Of course, if you manage to pay off your credit card debt while with your new credit card provider, then you are more likely to stay with the new provider moving forward.

Are there any 0% balance transfer credit card offers?

Yes, many banks and card providers offer zero interest balance transfer in NZ. You can use our credit card filters on this page to narrow down the list of credit cards to show only interest free balance transfer credit cards or visit our dedicated 0% balance transfer offers page.

How do I transfer credit card balance?

If you would like to transfer your existing credit cards balance to a new credit card then you can start by finding a suitable balance transfer credit card by visiting our Balance Transfer page and use the filters to find a suitable card.

After you have found a suitable balance transfer credit card you can simply click through by hitting the “go to site” button to go to the credit card provider’s website to get your credit card online or to arrange a visit to your local store.

If you have any questions regarding credit card balance transfer NZ offers please feel free to contact us, but please keep in mind that we do not offer advice on which credit card to get or which reward program to join – we simply offer the information you need to make a decision.

If you are unsure about which type of credit card to get then visit our home page to start your credit card search from there. We hope you enjoy our website and that we are able to help you find the right credit card to suit your needs.

What are the benefits of Balance Transfer Credit Cards?

  • Lower Interest Rates: Enjoy reduced interest rates during the promotional period, which can help you save money.
  • Simplified Payments: Consolidate multiple debts into one payment, making it easier to manage your finances.
  • Debt Reduction: With lower interest, more of your payment goes towards reducing the principal amount, helping you pay off debt faster.

What are the benefits of Balance Transfer Credit Cards?

  • Lower Interest Rates: Enjoy reduced interest rates during the promotional period, which can help you save money.
  • Simplified Payments: Consolidate multiple debts into one payment, making it easier to manage your finances.
  • Debt Reduction: With lower interest, more of your payment goes towards reducing the principal amount, helping you pay off debt faster.

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What is the best credit card with balance transfer in NZ?

We often get asked what is the best credit card with balance transfer in NZ but the truth is that the best balance transfer credit card for you depends on your personal circumstance and how you plan to use your credit card. We’ve compiled above a list of all the balance transfer credit cards to help you choose the right credit card for you. To find the right credit card for you, we recommend that you compare all credit cards in NZ on our website or narrow down your search by a credit card type as shown below. You can select more credit card types using the top menu of this page.

The American Express Airpoints Credit Card
Get 0% p.a. on purchases for the first 6 months with the Amex Airpoints Credit Card, plus NO ANNUAL FEE and you earn 1 Air NZ Airpoints DollarTM for every $100 you spend with the Card. CURRENT OFFER: 50 bonus Airpoints Dollars™ when you apply, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
More Info »
*Terms and conditions apply

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