New deals ... many balance-transfer offers are flooding onto the market in the new year to entice new customers who have overspent at Christmas to sign up. Picture: Supplied. Source: News Limited

The nation’s 15.6 million cardholders will be given some reprieve if they take up attractive honeymoon zero per cent deals — already 17 new offers have hit the market this month according to financial comparison site Finder.com.au.

Latest Reserve Bank of Australia figures show credit card debt in Australia has climbed to its highest level since June 2012 - it rose to $50.5 billion in November.

Despite the central bank keeping the cash rate on hold at 2.5 per cent, interest rates on cards have barely budged and in some cases gone beyond the 20 per cent mark.

Citibank has put heat on the market by offering what is understood to be the nation’s longest interest-free balance-transfer deal spanning 24 months.

It has also dumped it’s three per cent balance-transfer fee that was originally charged when customers signed up.

Finder.com.au’s spokeswoman Michelle Hutchison said many cardholders often rush to sign up to these deals at this time of year in a desperate bid to cull festive season card debt.

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Look around ... Finder.com.au spokeswoman Michelle Hutchison said there’s some great deals out there for customers to reduce their card debt. Picture: News Corp Australia. Source: News Corp Australia

“We have a seen a 20 per cent increase in people shopping for balance-transfer credit cards every January for the past four years on average,’’ she said.

“After people spent up big at Christmas many cardholders get their bill in January and look to get rid of their debt with interest-free with balance-transfer deals.”

Minimum repayments on credit cards are usually only set at 2 per cent of the debt owing.

For the average card debt of $3173, minimum repayments would start at just $63 per month and the customer would end up paying more than $5700 in interest repayments on the average card rate of 17 per cent.

It would take 23 year to pay the card off.

Citi Australia’s Head of Cards Alan Machet said balance-transfer cards remained popular with customers but they needed to be careful of how they use them.

Be prepared ... Citibank head of cards Alan Machet says card users need to make sure they have a good plan to pay back their card debt. Picture: Supplied. Source: Supplied

“To make the most of a balance transfer offer and reduce credit card interest, we encourage customers to be disciplined with their spending and repayments,’’ he said, noting new purchases on these cards are often subject to the headline interest rate.

“If you’re carrying a credit card balance and paying interest, a balance transfer can provide a significant saving on interest payments.”