ANZ credit card balance transfer guide

Finding it a difficult to reduce your debt? Consider a low interest period with an ANZ balance transfer.

Finding your way into debt is easy, but digging your way out of debt is usually a little trickier. If you have an outstanding balance owing on a credit card and you’re not seeing your total reduce even after making the repayments, then a balance transfer might be worth considering. Discover how you could reduce your debt and avoid high interest costs with ANZ.

ANZ Low Rate

ANZ Low Rate Credit Card

This card comes with a promotional balance transfer rate combined with a competitive annual fee and low interest rate on purchases.

  • $58 p.a.
  • 12.49% p.a. on purchases
  • 0% p.a. for 16 months with 2% balance transfer fee on balance transfers
  • Cash Advance Rate of 21.74% p.a.
  • Up to 55 days interest free
  • Minimum Income Requirement of $15,000 p.a.

What is a balance transfer?

A balance transfer allows cardholders with an outstanding balance on a credit card to transfer the debt to a new credit card with a promotional low rate of interest. It’s important to make the most of this low interest time period and repay as much of your debt as possible before the credit card reverts back to higher interest rates.

What are the benefits of completing a balance transfer with ANZ?

You can transfer your non-ANZ credit card or store card debt onto any ANZ personal credit card account. You can save money faster by looking at ANZ cards that have promotional balance transfer rates.

You can decide which card is right for you by comparing the competitive balance transfer offers from ANZ below:

Rates last updated June 29th, 2017
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved Product Description
NAB Premium Card
0% p.a. for 20 months with 2% balance transfer fee
19.74% p.a.
$90 p.a.
Benefit from premium perks including travel insurance, Platinum Concierge Service plus 0% p.a. for 20 months on balance transfers.
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn 2 Velocity Points on top of the standard earn rate per $1 spent in the first 3 months, plus a $129 Virgin Australia Gift Voucher each year.
St.George Vertigo Platinum
0% p.a. for 20 months
12.74% p.a.
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
Citi Rewards Platinum Credit Card
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Offers a long-term balance transfer. Earn extra points on eligible international spend, plus complimentary travel insurance.
St.George Vertigo Visa
0% p.a. for 14 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 12 months
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$99 p.a.
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
Bank of Melbourne Vertigo Platinum
0% p.a. for 20 months
12.74% p.a.
$99 p.a.
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.
Bankwest Breeze Mastercard
0% p.a. for 21 months with 2% balance transfer fee
12.99% p.a.
$59 p.a.
Receive up to 55 day interest-free on purchases and free worldwide emergency card replacement.
BankSA Vertigo Visa
0% p.a. for 14 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Get up to 55 days interest-free on purchases and be protected by 24/7 Falcon® Fraud service.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
HSBC Low Rate Credit Card
0% p.a. for 15 months with 2% balance transfer fee
13.25% p.a.
$55 p.a.
Receive up to 55 days interest-free on purchases. Also enjoy exclusive offers with the home&Away Privilege Program.
Virgin Money Low Rate Credit Card
0% p.a. for 12 months
11.99% p.a.
$99 p.a.
Receive up to 44 days interest-free on purchases and the optional insurance coverage of CreditShield Edge.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% BT fee. Plus, the convenience of the Westpac mobile banking app.
NAB Low Rate Platinum Card
0% p.a. for 16 months with 2% balance transfer fee
13.99% p.a.
$100 p.a.
Enjoy the protection of 7 complimentary insurances including overseas travel and purchase protection insurance.
ANZ Low Rate Platinum
0% p.a. for 16 months with 2% balance transfer fee
11.49% p.a.
$99 p.a.
Enjoy platinum benefits with exclusive discounts, complimentary travel and purchase insurances and a 24/7 personal concierge.
American Express Essential®  Credit Card
0% p.a. for 12 months with 1% balance transfer fee
14.99% p.a.
$0 p.a.
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with your Essential Credit Card.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $100 eGift Card when you apply by 30 June 2017 and make an eligible purchase by 31 July 2017.
American Express Explorer® Credit Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$395 p.a.
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.

Compare up to 4 providers

Learn more about balance transfers here

ANZ credit cards review

  • ANZ First credit cardANZ First is ideal if you’re looking for an everyday credit card. This card has a low annual card fee of $30, so you can focus on your repayments without being hit with high fees. The minimum credit limit is $1,000 and you get up to 44 interest-free days on purchases.
  • ANZ Platinum credit cardANZ Platinum is worth considering if you’re looking for platinum privileges with a low annual account fee. The platinum rewards include overseas travel and medical insurance as well as a maximum credit limit of $6,000 and up to 55 interest-free days on purchases. But remember that you shouldn’t use your card for purchases until you’ve repaid your outstanding balance.

What else should I consider?

  • How much debt can I transfer? You can transfer from $100 to up to 95% of the available credit limit. If your outstanding balance exceeds 95% of the available credit limit, you may still be able to process a portion of the balance and have the rest will remain in your old account.
  • Institutions ANZ accepts balance transfers from. ANZ does not accept balance transfers from other ANZ accounts or from credit cards issued outside of Australia.
  • Ensure your accounts are up to date. You won’t be approved if you are in default on any existing ANZ credit card account or if the other account you are transferring from is in default at the time of the application.
  • Transfer fee. You may need to pay a one-off balance transfer fee when you take up a promotional balance transfer offer. The balance transfer fee will be calculated as a percentage of the balance being transferred to your ANZ credit card account.
  • Interest-free periods. If you have a credit card that offers interest-free periods on purchases, these interest-free days only apply if you’ve paid your closing balance in full by the due date. Remember that you shouldn’t be using the card for purchases until you’ve repaid your transferred balance in full.

Applying for a balance transfer with ANZ

Applying for a balance transfer with ANZ should only take 5-10 minutes and you can expect to receive a response within 60 seconds. Make sure you meet the eligibility criteria and have  your personal information on hand before beginning the application.

Eligibility requirements

  • Must be over the age of 18
  • Good credit rating
  • Minimum annual income
  • If you’re a non-Australian permanent resident, you’ll need to prove that you have more than nine months remaining on your visa. You’ll also need to meet the minimum annual income or have a set sum of savings remaining in an account with an authorised Australian deposit-taking institution.

To be approved for a credit card, you must be over the age of 18 and have a good credit rating. Each credit card has a set of requirements for eligibility. For permanent Australian residents, the credit card you apply for will dictate the minimum required annual income needed for approval. Non-Australian permanent residents will have to prove they have more than nine months remaining on their visa and must be earning the minimum annual income required for that credit card or have a sum of savings in an account with an authorised Australian Deposit-taking institution.

Once you’ve confirmed that you meet the eligibility requirements, make sure that you have your Australian driver’s licence number, details of your income, expenses and assets on hand. If you’re self-employed, you’ll need to provide your accountant’s details too.

Here are the steps you’ll need to follow if you’re applying for an ANZ balance transfer credit card online:

Step 1: Select a credit card

After you’ve compared your options, select the credit card you’d like to apply for.

Step 2: Start the application process

ANZapplication

Make sure to have all of the required documents and information by your side before beginning the application.

  • Provide personal information. The first section of the form asks for your personal information, including your name, address, contact details and identification, so make sure to your driver’s license and any other required forms of identification on hand.
  • Income and employment. This is where you’ll need your financial details to help you answer questions about your income, rent and other expenses or assets you have. This is where you’ll need to have some recent bank statements, invoices and payslips.
  • Card details. In this section, you’ll need to specify the credit limit you want to apply for, whether you’d like to add an additional cardholder and if you would like to complete a balance transfer. If you’d like to apply for a balance transfer, make sure to have the details of your old account and the amount you’d like to transfer prepared.

Step 3: Request the balance transfer

After completing your financial details, ANZ will provide you the option to 'Transfer balances from other cards'.

ANZBTprocess

  • Select 'Yes, I'll transfer a card' and fill in your card details. You can transfer a maximum of 2 card balances in this application process.

ANZBTdetails

Step 4: Summary

Ensure all details are correct before proceeding.

Step 5: Local branch

Confirm the local branch selected is your preferred branch. If you’re not sure which is your local branch, use the Westpac website to find the closest branch.

Step 6: Terms and conditions

Make sure you understand the terms and conditions before agreeing to them.

Step 7: Submit your application

Once you’ve completed all of the information, you can submit your application.

Step 8: Response

You’ll receive a response within 60 seconds stating whether or not your application was successful. You’ll either be told that your application has been approved, is pending or has been declined. If your application has been declined, you may need to work on improving your credit score before applying for another card.

  1. If it’s pending, you’ll have to wait until ANZ can follow up on some information before you know whether you’ve been approved or not. Contact ANZ directly if you haven’t heard back within a few days.
  2. If your application is approved, a new ANZ credit card will be sent to you for activation. Once the card has been activated, the balance transfer will be done automatically within 3-15 business days, depending on which bank you transferred from.

Start consolidating!

Now that you’ve made a start on consolidating your debt, it’s time to start saving. It’s tempting to tap your card for quick purchases, but avoid using your credit card while the balance transfer is in place  as you will only find yourself falling further into debt. The main feature of balance transfers is the low interest rate, so make the most of the promotional period and aim to have your debt repaid before the card reverts back to high interest rates.

How to compare balance transfer credit cards

Isaiah James Peralta

Isaiah is a Personal Finance Publisher for finder.com.au, when comes to Credit Cards and Travel Money, you're speaking his language. His forefront value is genuine help, and empowering users to make better informed decisions is almost quite simply, second nature.

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