balance-transfer-250x250

Which banks can I balance transfer to?

Information verified correct on December 10th, 2016

Understand the finer rules around balance transfers, and learn which banks you can and can’t transfer your balance between.

It isn’t common knowledge, but some credit cards have restrictions around which institutions you can balance transfer your debts from. Why? This usually happens when credit card companies have financial ties to one another, or when both credit card companies are actually being financed by the same larger lending institution.

Credit cards you can and can’t transfer between based on the card issuer

This table shows which credit card issuers provide credit to other brands, and how this could impact on your ability to balance transfer your debt between them.

Credit card issuerCredit card brands owned by issuerBalance transfer between brands allowed?Conditions and other tips
Citibank (Citigroup) BOQYesBalance transfers are not allowed from one BOQ account to another BOQ account.
IMBYesBalance transfers are not allowed from one IMB account to another IMB account.
Suncorp BankYesBalance transfers are not allowed from one Suncorp account to another Suncorp account.
Virgin MoneyYesBalance transfers are not allowed from one Virgin account to another Virgin account.
CitibankYesBalance transfers are not allowed from one Citi account to another.
CommBankBankwestYesBalance transfers are not allowed from an existing Bankwest account to a new Bankwest account, but you can transfer a CommBank balance to Bankwest.
CommBankYesBalance transfers are not allowed from an existing CommBank account to a new CommBank account, but you can transfer a Bankwest balance to CommBank.
Latitude Financial Services28 DegreesNoBalance transfers are not allowed between Latitude accounts or its associated entities.
Coles credit cards*NoYou may not request a balance transfer from a credit card issued outside Australia or from a Coles MasterCard or Coles Platinum MasterCard, or any card issued by Latitude Finance Australia.
Myer credit cardsNoYou may not request a balance transfer from a credit card issued outside Australia, from any Myer branded card or from certain credit cards issued by Latitude Finance Australia.
MacquarieJetstarNoYou are unable to transfer balances between any account issued by Macquarie or Card Services account and your Jetstar Account. Foreign currency balance transfers and balance transfers to offshore accounts or debit accounts are also excluded.
WoolworthsNoBalance transfers are not permitted between any Macquarie or Card Services account and your Woolworths account. Foreign currency balance transfers and balance transfers to offshore accounts or debit accounts are also excluded.
MacquarieNoBalance transfers are not allowed from any account issued by Macquarie Bank. Foreign currency balance transfers and balance transfers to offshore accounts or debit accounts are also excluded.
Wesfarmers FinanceColes credit cardsBalance transfer exclusions include credit cards issued outside Australia, other Coles MasterCard cards and Latitude Financial Services issued credit cards.
WestpacBankSANoBalance transfers are not allowed from BankSA, St.George or Bank of Melbourne credit cards, or any other BankSA, Bank of Melbourne or St.George account.
Bank of MelbourneNoBalance transfer requests will not be accepted from another Bank of Melbourne, St.George or BankSA credit card, or if the transfer amount is from a credit card not issued in Australia.
St.GeorgeNoBalance transfers are only allowed from non-St.George, Bank of Melbourne and BankSA Australian issued credit, charge or store cards.
WestpacNoBalance transfers are only allowed from non-Westpac Australian issued credit, charge or store cards.

As you can see, some issuers allow balance transfers within their issued card brands while some don’t. Be sure to check when you do your balance transfer between cards by the same issuer that you will receive the balance transfer offer rate.

Some credit card companies may change card issuers from time to time. This makes it important to check your current card issuer when you’re about to request a balance transfer. In some cases the previous issuer may still be affiliated to your account, which could affect your ability to balance transfer to them or their other associated credit card brands.

What’s the difference between a credit card issuer and a credit card brand?

To understand this more clearly, let’s unravel the slightly tricky distinction between a credit card issuer and the credit card brand. While credit cards are often branded by banks, stores or even supermarkets (e.g. St.George, David Jones, Woolworths, etc.), these cards are in fact issued by larger financial institutions.

For example, St.George credit cards are issued by Westpac, David Jones credit cards are issued by American Express, and Woolworths credit cards by Macquarie Bank. At the same time, these card issuers also offer their own brand of credit cards, i.e. Westpac credit cards, Amex credit cards and Macquarie credit cards.

Coles credit cards are another example, which were previously issued solely by Latitude Financial Services but are now issued by Wesfarmers (the parent company of Coles). Nevertheless, Latitude is still listed as an “authorised credit representative” of Wesfarmers, which means you still cannot balance transfer between either of these issuers (ie. from a Coles credit card to a 28 Degrees MasterCard).

Now, to shed some light on why balance transfers are not allowed between cards by the same issuer, we look at the nature of a balance transfer itself. A balance transfer essentially lets you shift a debt from one creditor to another with the aim of refinancing your loan at a lower interest rate. The actual transfer takes place when your new credit card issuer transfers the amount of your debt to the previous issuer, usually charging a transfer fee in the process. Since balance transfer offers are typically promotions to bait new customers and gain new debt on their books, card issuers rarely permit existing customers the opportunity to refinance within their own umbrella of issued cards.

What happens if I apply for a balance transfer with the same credit card issuer?

If you accidentally apply for a balance transfer with the same provider, the impact will depend on the companies involved and your financial circumstances. Some possible results could include:

  • Your application may be declined. In most cases, the reason that your application gets denied usually has more to do with other factors including your credit score and credit history. Even if a balance transfer isn’t possible, you could still be approved for the card.
  • You could get a black mark on your credit history. If your application is denied, the credit inquiry potentially leaves a black mark on your credit report. However, it’s not terrible unless you repeatedly apply for credit and keep getting rejected. Learn more about good and bad credit ratings.
  • You could get an offer for the new card without the balance transfer. If your credit report is in good order, you will more likely receive an offer for the card, with a side note that your balance transfer request can’t be processed.

Most of the time, you will be able to balance transfer between non-affiliated lending institutions, but it’s safer to check before applying just to make sure. Call your prospective card company, provide details of your current issuer and ask them if you can transfer your existing balance to them.

Balance transfer credit cards comparison

Rates last updated December 10th, 2016.

Westpac Low Rate Card

Promotional BT period has been changed from 18 to 16 months and is valid until 30 January 2017.

October 12th, 2016

Virgin No Annual Fee Credit Card

Balance transfer and $100 cashback offers have been extended to 16 January 2017.

November 1st, 2016

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

Balance transfer offers has been extended until 16 January 2017.

November 1st, 2016

View latest updates

Jonathan Choi Jonathan
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance with a reduced annual fee in the first year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
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) Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Virgin No Annual Fee Credit Card
Enjoy a long term balance transfer plus a $100 cashback offer (spend criteria applies) and never pay an annual fee for this card.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 16 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 1% p.a. for up to 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer of 0% p.a. for 18 months and an introductory offer of 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 9 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cashback on retail purchases.
0% p.a. for 9 months 19.99% p.a. $0 p.a. Go to site More info
Back to top
Was this content helpful to you? No  Yes

Related Posts

American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
ME Bank frank Credit Card
ME Bank frank Credit Card

Interest rate

11.99

Annual fee

0
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

9 Responses to Which banks can I balance transfer to?

  1. Default Gravatar
    Alex | August 7, 2016

    Who issues NAB cards and where does NAB sit, with regards who you can transfer between?

    • Staff
      May | August 7, 2016

      Hi Alex,

      Thanks for your question.

      NAB is one of Australia’s largest financial institutions and they issue the NAB credit cards.

      As for conducting a balance transfer, generally, you cannot transfer a balance from a credit card that is issued by the same institution. So, you are not able to transfer a balance between NAB credit cards, but you can do a balance transfer from NAB card to any other credit card and vice versa, provided you meet the criteria and requirements of the card.

      I hope this has helped.

      Cheers,
      May

  2. Default Gravatar
    Jo | March 5, 2016

    Hi

    I have a Go Mastercard. As I understand it and please correct me if i am wrong. Is it not possible to transfer any balance to another Bank on an interest free balance transfer. Sorry if this is a dumb question.
    Regards Jo

    • Staff
      Sally | March 7, 2016

      Hi Jo,

      Thanks for your question.

      There are many promotional 0% balance transfer offers available. You can compare some of these balance transfer offers here.

      The terms and conditions of the balance transfer will depend on the card you have, the debt you carry and the card you’re looking to transfer to.

      So long as the balance doesn’t exceed the balance transfer amount (which is usually a percentage of the approved credit limit) and you meet the eligibility requirements, you should have no trouble transferring a balance from your Go MasterCard to a new card.

      I hope this has helped.

      Cheers,

      Sally

    • Staff
      Jonathan | March 7, 2016

      Hi Jo, thanks for your inquiry!

      You can transfer your balance to another bank/ credit card, excluding Latitude Financial Services credit cards since GO is a product of Latitude.

      Cheers,

      Jonathan

  3. Default Gravatar
    | December 4, 2015

    Are there any 0% rates for the self-employed? And is it possible to obtain a $19,000 credit limit

    • Staff
      Sally | December 4, 2015

      Hi Christine,

      Thanks for your question.

      Are you referring to 0% balance transfer rates? As long as you meet the eligibility requirements, such as the annual income, credit history and residential status, you should have no problem applying for a credit card. If you’re self-employed, you may be asked to provide your accountant’s contact details as proof of your employment.

      If you’re unsure, it’s best to contact your preferred provider to discuss your likelihood of approval before applying.

      I hope this has helped.

      Cheers,

      Sally

    • Default Gravatar
      Ken | February 20, 2016

      Hi Sally ,

      I am wanting to apply for a $0% balance transfer as I have 2 large debts on both credit cards but I got declined should I wait a bit or try other banks. …

      And my personal loan got declined too as I didn’t realize much cheaper for balance transfer than Loan….

      Because I don’t want to mass my credit history more in case I apply and get declined again… so just want to get some tips before going again !!!

      Kind regards

      Ken tmTse

    • Staff
      Sally | February 22, 2016

      Hi Ken,

      Thanks for your question and we’re sorry to hear about your rejected credit card applications.

      Unfortunately, multiple rejected applications will have a negative impact on your credit history, so you’ll want to wait a while before applying for your next card. Exactly how long you’ll need to wait will depend on the state of your credit history, so it’s difficult to provide precise advice. However, you might like to wait a few months before applying for your next card.

      In the meantime, you can work on improving your credit history by making timely repayments and demonstrating your ability to repay. Create a budget and do your best to pay more than the minimum repayment each month and pay off as much as you can. For more tips on how to improve your credit history, please see our credit repair guide. You might also be interested in more information on what to do if your credit card application has been rejected.

      Before you apply for your next card, make sure you carefully read over the eligibility requirements and ensure you’ve organised the necessary documents before beginning the application. For tips on increasing your chances of balance transfer approval, please see this guide.

      I hope this has helped.

      Cheers,

      Sally

Ask a question
feedback