Can I balance transfer a personal loan to a credit card?

Compare credit cards that let you balance transfer a personal loan debt and save with low or 0% interest during the introductory period.

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There are only a limited number of credit card providers that allow you to balance transfer a personal loan debt – including Citi, Coles, Qantas Money and Virgin Money. Most other credit cards that offer 0% balance transfer rates only let you move debts from other Australian credit cards, store cards or charge cards.

So if you are interested in this option, you can use this guide to compare balance transfer credit cards that will accept your personal loan debt. We also go through the steps you need to take to transfer your personal loan debt to a credit card and key factors to consider so you can find the right way to pay off your debt.

Compare cards that let you transfer a personal loan to a credit card

Data indicated here is updated regularly
% p.a.
Name Product Balance transfer rate Purchase rate Annual fee Amount saved
Citi Rewards Card
0% p.a. for 30 months
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee.
Qantas Premier Platinum
0% p.a. for 18 months with 1% balance transfer fee
19.99% p.a.
$199 annual fee for the first year ($299 p.a. thereafter)
Get 100,000 bonus Qantas Points, 75 bonus Status Credits and a 0% p.a. balance transfer rate for 18 months (with a one-time 1% BT fee).
Citi Simplicity Card
0% p.a. for 6 months
0% p.a. for 6 months, reverts to 21.49% p.a.
Get 0% p.a. interest for up to 6 months on purchases and balance transfers. Plus, a $0 annual fee for life.
Citi Clear Card
0.9% p.a. for 15 months
0.9% p.a. for 15 months, reverts to 14.99% p.a.
Save with 0.9% p.a. for 15 months on purchases and balance transfers. Plus, complimentary purchase insurance cover.
Coles Low Rate Mastercard
0% p.a. for 6 months
12.99% p.a.
Enjoy $100 off a Coles Supermarket shop and a 0% balance transfer for 6 months. Plus, earn Flybuys points as you spend. Ends 31 January 2021.
Coles No Annual Fee Mastercard
0% p.a. for 12 months
0% p.a. for 12 months, reverts to 19.99% p.a.
Save on new and existing interest charges with 0% p.a. on balance transfers and purchases for 12 months. Ends 31 January 2021.
Coles Rewards Mastercard
0% p.a. for 18 months with 1.5% balance transfer fee
19.99% p.a.
$0 annual fee for the first year ($99 p.a. thereafter)
Enjoy $100 off a Coles Supermarket, a $0 first-year annual fee and a 0% p.a. on balance transfers for 18 months (1.5% fee applies). Ends 31 Jan 2021.

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What are the benefits of transferring a personal loan balance to a credit card?

While it does depend on the size of the debt, the balance transfer offer and the card, below are some of the potential benefits you could get with this option.

  • Save money. Balance transfer credit cards give you a chance to save money on interest charges by offering a low or 0% introductory interest rate.
  • Pay off your personal loan debt faster. Paying low or no interest on a balance transfer card means that more of your repayments go directly towards the principal debt (rather than interest charges). This gives you a chance to pay off your debt in a shorter amount of time.
  • Longer balance transfer offers. Balance transfer credit cards offer introductory interest rates for up to 24 months (or sometimes longer). Depending on the amount of debt you owe and the repayments you can afford to make, you may even be able to pay off your personal loan debt before this period ends, avoiding higher interest charges in the process.
  • Pay off all your debts at once. You may be able to consolidate debt onto one credit card so that you only need to make one repayment each month. Plus, you’ll only have to deal with one interest rate for all of your debt.

What should I think about before transferring personal loan debt?

Take a look at the following factors to help you decide if this option will work for you.

  • The length of the introductory period. To get the most out of a balance transfer offer, you need to pay off the entire debt before the end of the low or 0% balance transfer period. Otherwise, the card's standard rate will apply to any remaining debt. You can divide your debt by the number of months in the introductory period to get an idea of the repayments required to clear your debt within the offer period. If you think it will take longer than that to pay off the balance, you could think about sticking with your current personal loan or compare other debt consolidation loans to find an option that's affordable for you.
  • Balance transfer fees. Some credit cards charge a one-time fee for processing balance transfers. This fee depends on the balance transfer offer and the card and is usually around 1% to 3% of the total debt you transfer. If you still owe a lot on your personal loan, you may want to compare credit cards with no balance transfer fee to avoid the added cost.
  • Fees and charges on your old account. As the balance transfer process can take a couple of weeks to complete, you'll need to continue making payments on your existing account/s until the debt is transferred. Some personal loans may also apply early exit fees or other charges when your debt is transferred. Make sure you check with your loan provider before doing a balance transfer so that you know exactly how much it will cost.
  • The revert rate. At the end of the introductory period, the low promotional interest rate for balance transfers will revert to a standard variable rate. This is usually the purchase or cash advance rate for your card, so aim to pay off your balance before this rate applies.
  • Keeping your old account open. Once the debt is transferred to your new credit card, make sure you close the personal loan account to avoid any additional fees or charges.
  • Making purchases during the introductory balance transfer period. If you use your new balance transfer credit card to make purchases, the standard purchase rate will apply to those charges, and any repayments you make will be allocated to these debts before your balance transfer debt. If that happens, you could end up carrying the balance until after the introductory period ends, so try to focus on paying off your existing debt before using your card for spending.

How can I make sure I'm eligible to transfer my personal loan to a credit card?

Each card has different requirements that you need to meet, but generally they will include the following:

  • Meet the credit card application criteria. You’ll need to meet the eligibility criteria for the specific credit card you’re applying for, including the minimum age, Australian residency status, credit score requirements, as well as the minimum income requirements.
  • Request a balance transfer from eligible accounts. You are only eligible to balance transfer existing debts if they are from a different Australian financial institution to the one you’re applying with. For example, you can’t transfer a Citi personal loan debt to a Citi credit card. Citi may also refuse to process a balance transfer request when it is from another Citigroup account.
  • Make sure the debt is in your name. The name for your credit card and balance transfer debt must match. This means you cannot request a balance transfer from an account held by someone else, such as your partner. Check out this guide for options that allow balance transfers from a spouse or partner.
  • Check the balance transfer limits. There may be minimum and maximum limits for your balance transfer. For example, Citi, Coles and Virgin Money state that you must balance transfer at least $500 per request, and you can transfer up to 80% of your credit limit. This means if you were approved for a credit card with a $10,000 limit, you could balance transfer up to $8,000 to the account.

How to request a balance transfer from a personal loan to a credit card

When you apply for your balance transfer credit card, there will be a section asking for details of the debt or debts you want to move onto the card. Here, you'll need to provide details of the personal loan debt you want to transfer, including:

  • The name on the account
  • The type of card or account (i.e. personal loan)
  • The account number
  • The amount of debt you want to transfer
  • The name of the issuing organisation
  • The Biller Code and Reference Number

If your application is approved, you should get your new credit card in around 10 working days. Depending on the issuer, you may need to activate the card so that the credit card company can begin the balance transfer process. This could take another 10 working days to be complete. Once that's done, you can close your old account and start paying off the debt on your new credit card.

Frequently asked questions about balance transferring a personal loan to a credit card

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20 Responses

    Default Gravatar
    JovankuOctober 13, 2018

    Can I do a balance transfer from a Bankwest Credit Card to a Commonwealth Bank Personal Loan?

      Avatarfinder Customer Care
      JeniOctober 13, 2018Staff

      Hi VW,

      Thank you for getting in touch with finder.

      Currently, you are not be able to do that. As per Bankwest’s balance transfer T&Cs, you may at any time request them, and they may agree, to transfer any debit balance of a credit card, store card or charge card account held with another Australian financial institution by you or an additional cardholder to the card account.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!


    Default Gravatar
    JoJune 22, 2017

    I applied for a Virgin Flyer Card with balance transfer 18 months interest free to clear a personal loan.

    Upon activation and calling to arrange the BT, I was advised by the call centre that they are unable to transfer to a personal loan (even after I supplied the Biller Code and Ref No).

    Instead they’re sending me a cheque for the BT amount!

      Default Gravatar
      JonathanJune 22, 2017

      Hello Jo!

      That sounds a surprise for you! But don’t be! :)

      Some credit card companies use “convenience checks” that will let you do balance transfer. If you sign and use that check to pay off your loan, the check amount gets drawn from the credit limit you have in your card, then the agreed rates and fees ensue.

      You may want to talk with your credit card company to confirm if this is a valid alternative instead of transferring your loan to your card themselves.

      Hope this helps.


    Default Gravatar
    BenJune 21, 2017

    Hi! When applying for a card for balance transfer (24 months interest free), can I specify that it’s for a balance transfer and the amount, such as $20,000 personal loan. Also, can I be notified of the card’s maximum before actually going ahead? Or is it more-so that once I have applied, if they approve it I need to pay the fee for the card and have it regardless of the maximum amount? My fear is that they may give a low maximum when the point of applying might have been to balance transfer close to a $20,000 personal loan figure. Thanks.

      Default Gravatar
      JonathanJune 21, 2017

      Hi Ben!

      Thanks for your inquiry.

      Usually, during the application process, it is not necessary for you to declare the purpose why and how much you need when you’re applying for a card. The approval will depend on the bank’s internal criteria and this will determine your credit limit and how much you can transfer (most only allow 80% of your approved limit to ensure you don’t go over).

      We understand it concerns you that you might be approved for a card with inadequate credit line and you need to bear with the fees, but take note that whatever balances you successfully transferred and get a 0% offer, would still translate to some savings on your wallet.

      Another solution is you might consider talking with your existing lender to give you more friendly repayment plan for your personal loan, that way you don’t need to be concerned about transferring debt.

      Hope this helps.


    Default Gravatar
    JoanApril 27, 2017


    Can you please advise if there is any fee charged if you pay off the balance transfer amount prior to the allocated period expires?

    Thank you

      Default Gravatar
      LiezlApril 28, 2017

      Hi Joan,

      Thanks for your question.

      There is no fee for paying off your bill before the end of the promotional period. It’s ideal to pay off the debt before the end of the introductory period so that you can avoid higher interest charges.

      Best regards,

    Default Gravatar
    moeJune 1, 2016


    Once I transfer my personal loan to the credit card with Citibank, would this new credit debt, would it be considered a personal loan or a credit card debt? if it considered a credit card debt, after the 24 months period end, can I balance transfer this remaining amount to another credit card with another bank institution, to still keep going with the balance transfer with no interest?

      Avatarfinder Customer Care
      MayJune 1, 2016Staff

      Hi Moe,

      Thanks for your inquiry.

      Yes, once you have successfully transferred your personal loans to a balance transfer credit card with Citibank, that debt will be considered as a credit card debt. So if you want to transfer the remaining balance to another credit card from a different card issuer after 24 months, you may do so.


    Default Gravatar
    MibbiesMay 29, 2016

    I have a personal loan and credit card with ANZ. Is it possible to do a balance transfer to Citibank or Virgin?

      Avatarfinder Customer Care
      MayMay 31, 2016Staff

      Hi Mibbies, thanks for your inquiry!

      Yes, you can. It would be best to contact Citibank or Virgin before you apply for the balance transfer so you can discuss your options and chances of approval. Make sure to read the eligibility criteria and requirements as well before applying.


    Default Gravatar
    KatieMarch 9, 2016

    I have a personal loan with Citi, can I do a balance transfer to a Virgin card?

      Avatarfinder Customer Care
      YsaMarch 9, 2016Staff

      Hi Katie,

      Thanks for your question.

      Generally, with Citi and Virgin, you are allowed to balance transfer a personal loan to a credit card.
      However, you may wish to speak directly with Virgin, to confirm if you are able to transfer a Citi balance over to a Virgin credit card.
      I’ve emailed you the link of their contact information for your convenience.


    Default Gravatar
    LeeFebruary 28, 2016

    Can I use this balance transfer option to pay off an existing car loan?

      Avatarfinder Customer Care
      SallyFebruary 29, 2016Staff

      Hi Lee,

      Thanks for your question.

      Whether you can balance transfer a personal loan on to a credit card will depend on the card.

      Did you have a particular card in mind? If so, we could do some research and confirm that for you.



    Default Gravatar
    DanFebruary 25, 2016

    Hello, I have a $210k home loan through commonwealth bank at which i pay a normal home loan interest rate of 4.9%. I am wondering there is a way i can balance transfer from a credit card into a home loan offset account for 18 months? Any ideas and suggestions would be great.

      Avatarfinder Customer Care
      JonathanFebruary 26, 2016Staff

      Hi Dan, thanks for your inquiry!

      Unfortunately balance transferring to offset accounts are not possible since you can only deposit funds in this type of account. You may like to compare balance transfer credit cards if you are looking to consolidate your debt.



    Default Gravatar
    honSeptember 7, 2015

    What is the best deal to do balance tranfer on a personal loan plus existing card with minimum annual fee, 0% interest?

      Avatarfinder Customer Care
      JonathanSeptember 8, 2015Staff

      Hi Hon, thanks for your inquiry!

      Citibank and Virgin Money are the only providers to allow balance transfers from a personal loan to credit card. You can compare the best deals for you on this page on the comparison tables we have provided.



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