Can I transfer my credit card debt to another bank?

You can transfer your unpaid credit card balance to a new credit with a new bank. This is called a balance transfer. Here's how it works.

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Key takeaways

  • You cannot transfer balances within the same financial institution or its associated brands (with the exception of Westpac, which does accept balance transfers from St.George and its other banks).
  • Confirm bank transfer criteria before applying; applying with your current bank may impact your credit score.
  • Seek offers with 0% interest for up to 26 months.
There's a simple way to transfer credit card debt to another bank: a credit card with a balance transfer offer.

What is a balance transfer?

A balance transfer allows you to move your existing card balance to the new credit card and start paying it off. Most balance transfer credit card offers give you some time to pay the balance off with no interest, making it much easier to get your debt under control.

  • You can't do a balance transfer with your current bank or credit card company. You need to switch to a new one.

How to transfer a credit card balance to another bank or lender

    1. Choose a new credit card. You can get 0% interest on balance transfers for up to 26 months with some credit card offers on the market, which can help you save on charges when you switch.
    2. Check the eligibility requirements. As well as any income and residency requirements, check what details are needed for the balance transfer. For example, it usually needs to be from an account in your name with a different bank.
    3. Apply and provide the balance transfer request details. When you apply for a balance transfer, some financial institutions will ask for the account number and BSB. Others may ask for the card number, BPAY biller code or a cheque mailing address so that they can process the balance transfer.
    4. Activate the new card. If you're approved, you'll typically need to activate the new card to complete the balance transfer process.

If a repayment is due on your existing account before the process is complete, make sure you pay it by the due date. When the balance transfer is finalised, you'll see details on your new account and can cancel the old card.

You can't do a balance transfer with the same bank

If you had a NAB Rewards credit card with an unpaid balance, you couldn't take out a NAB Low Rate credit card and take advantage of the balance transfer offer. You'd need to find a new bank.

This rule also applies to banks with ties to each other. You can't do a balance transfer from a St.George credit card to a Bank of Melbourne card. They're both part of Westpac Group.

Credit card balance transfer restrictions

If you want to transfer card debt to another bank or brand, you can use this table to see when it is and isn't possible with major Australian banks and lenders.

Credit card brandBalance transfer brand restrictions
American ExpressBalance transfers are not currently available on new American Express cards.
ANZYou can't balance transfer between 2 accounts issued by ANZ. You can transfer debts from other Australian store or credit card issuers, as long as they accept BPAY or cheque payments. The transferred balance must be between $100 and up to 95% of your available credit limit.
Bank of MelbourneBalance transfer requests will not be accepted from another Bank of Melbourne, St.George or BankSA store, charge or credit card. But you can transfer balances from Westpac cards, even though Bank of Melbourne is a division of the Westpac Banking Corporation.
BOQYou can't transfer balances between 2 BOQ branded accounts.
BankSABalance transfers are not allowed from BankSA, St.George or Bank of Melbourne store, charge or credit cards, which are all part of Westpac Banking Corporation. But you can transfer balances from Westpac cards.
BankwestBalance transfers are not allowed from an existing Bankwest account to a new Bankwest account.
ColesYou can't request a balance transfer between 2 Coles credit cards.
Kogan MoneyBalance transfers are not allowed between Kogan Money accounts. Kogan Money credit cards are issued by NAB, and you can request a balance transfer from accounts with other financial institutions and stores.
Latitude FinancialBalance transfers will not be accepted from other Latitude Financial credit or loan accounts.
Macquarie BankBalance transfers are not allowed from any account issued by Macquarie Bank. This includes other Macquarie or Card Services accounts.
NABYou can't transfer a balance from one NAB account to another.
Qantas MoneyBalance transfers are not allowed between Qantas Money cards.
St.GeorgeYou can only transfer balances from non-St.George, Bank of Melbourne and BankSA Australian credit, charge or store cards. You can request a balance transfer from Westpac cards, even though St.George is a division of the Westpac Banking Corporation.
Virgin MoneyVirgin Money may refuse to process a balance transfer request when it is from another Virgin Money account. Virgin Money credit cards are issued by NAB. You can request a balance transfer from accounts with other financial institutions and stores.
WestpacBalance transfers are only allowed from non-Westpac Australian issued credit, charge or store cards. While Westpac is affiliated with St.George, Bank of Melbourne and BankSA, you can request balance transfers from any of these brands to Westpac.

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

      • Your application may be declined. The reason 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.
      • It could lower your credit score. If you apply for a lot of balance transfer credit cards in a small amount of time, your credit score might temporarily drop. See Finder's guide to good and bad credit ratings for more details.
      • You could get the new card approved without the balance transfer. Balance transfers are offers attached to certain credit cards. You can get a new card approved but not get the balance transfer offer approved. That means you have an extra card but the balance is stuck on the old one.

Tip: Check the balance transfer terms and conditions or ask the credit card brand about the balance you want to transfer before applying. This can help you avoid the scenarios we've mentioned here.

credit card with tick mark iconCan I get a balance transfer to my existing card?

Some banks and brands let you consolidate existing debts onto a card you already have, as long as the balances are held with a different issuer. For example, both NAB and Westpac let you request a balance transfer to an existing card through their mobile banking apps.

Just keep in mind that balance transfer offers for existing accounts usually aren't as competitive as the 0% introductory offers available to new cardholders.

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

A credit card issuer is legally the financial service provider for the account, while a credit card brand is the main point of contact for customers.

In really simple terms, this means credit cards could have branding for a supermarket or airline and be issued by larger financial institutions that have the required Australian Financial Services Licence (AFSL) and Australian credit licence.

You can get a Coles credit card but the actual financial service provider will be NAB, for example.

two credit cards and arrows pointing at themWhy are balance transfers not allowed between cards by the same issuer?

This comes down to the structure of a balance transfer. This process lets you shift debt from one creditor to another with the aim of refinancing your debt at a lower interest rate.

Since balance transfer offers are typically promotions to entice new customers, card issuers rarely allow existing customers the opportunity to refinance within their own umbrella of issued cards.

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0% for 24 months
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$349 first year ($399 after)
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9.7 Excellent
Balance transfer rate p.a.
0% for 24 months
with 3% balance transfer fee, then 21.99%
21.99%
$169
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9.8 Excellent
Balance transfer rate p.a.
0% for 27 months
with 3% balance transfer fee, then 29.99%
28.99%
$143.40
Finder exclusive: Save with 0% p.a. for 27 months on Balance Transfers (with 3% balance transfer fee). Balance Transfer offer only available to new customers approved by 26 Feb 2027. Balance Transfer must be submitted by 31 Mar 2027. T&Cs apply.
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Finder score
9.7 Excellent
Latitude GO Mastercard
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9.7 Excellent
Balance transfer rate p.a.
0% for 26 months
with 3% balance transfer fee, then 29.99%
28.99%
$143.40
Balance Transfer offer only available to new customers approved by 26 Feb 2027. Balance Transfer must be submitted by 31 Mar 2027. T&Cs apply.
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9 Excellent
Latitude 28° Global Platinum Mastercard
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9 Excellent
Balance transfer rate p.a.
0% for 12 months
with 3% balance transfer fee, then 29.99%
28.99%
$0 first year ($96 after)
Offers $0 annual credit card fee in the first year (normally $96), plus $0 foreign exchange fee on purchases online or overseas. New and approved customers only. T&Cs apply.
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Kogan Money Credit Card - Balance Transfer Exclusive Offer image
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9.6 Excellent
Kogan Money Credit Card - Balance Transfer Exclusive Offer
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9.6 Excellent
Balance transfer rate p.a.
0% for 18 months
with 2% balance transfer fee, then 22.74%
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Finder exclusive: Save with 0% p.a. for the first 18 months on balance transfers (with a one-time 2% balance transfer fee). T&Cs apply.
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To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.
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Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024. See full bio

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Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

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19 Responses

    steve's avatar
    steveJanuary 21, 2025

    I want to do a balance transfer to a 0% credit card. However, my current credit card does not have BPAY and therefore I’m finding it difficult to find a new credit card that can do a balance transfer – can you suggest some cards that will do a transfer using a BSB and Account number

      Angus Kidman's headshotFinder
      AngusJanuary 22, 2025Finder

      Hi Steve, Many banks offer balance transfers using BSB and card details – it’s quite a common approach. Also remember that while you may not be able to use your card to make BPAY payments for other services, that doesn’t necessarily mean you can’t make payments into it via BPAY – that’s worth checking. Once you find a balance transfer you like, it’s worth contacting customer service for that bank to see what options it offers.

    Sandra's avatar
    SandraMarch 17, 2023

    Which credit cards will accept a balance transfer from a Latitude GEM Visa Card? It does not have a BSB or account number.

      Amy Bradney-George's headshotFinder
      AmyMarch 20, 2023Finder

      Hi Sandra,

      It varies between providers but there are some options. For example, some credit cards that accept balance transfers from personal loans require BPAY details rather than a BSB and account number. It also varies depending on the financial institution. In comparison, ANZ credit cards only accept balance transfers from Australia store or credit cards not issued by ANZ – and the bank’s website says “ANZ will only be able to facilitate a Balance Transfer if your bank or financial institution accepts BPAY or cheque payment.”

      Before applying for a balance transfer, you may want to call the financial institution to check what account details are required to make sure the Latitude GEM details will be sufficient. I hope that helps.

    Paul's avatar
    PaulMay 2, 2017

    How does know how much credit I can qualify or be approved for

      Anndy Lou's avatar
      AnndyMay 3, 2017

      Hi Paul,

      Thanks for your question.

      There is no definite way to determine what your credit limit might be, as credit card brands often follow their own unique policies when deciding your credit limit. There are certain factors that can affect our credit limit including your monthly income and your creditworthiness among others. You can refer to our credit card limit calculator to learn more.

      In addition, if you are making a balance transfer, the maximum amount that you can move to your new card depends on your approved and available credit limit.

      Cheers,
      Anndy

    PVO's avatar
    PVOJanuary 30, 2017

    If I do a balance transfer, is the old credit card closed? Can I keep the old card but not use it?

      Anndy Lou's avatar
      AnndyJanuary 30, 2017

      Hi PVO,

      Thanks for your question.

      When you transfer your balance from the old card to the new one, you have the option to retain or cancel the old card. Generally, it will be your personal choice.

      Cheers,
      Anndy

    rdr's avatar
    rdrDecember 29, 2016

    I would like a personal advice how I can get my credit card payments down as the way things are with my Bank I seem to be paying more interest charges than getting my total amount
    down not getting anywhere I have also stopped using any credit that I may have after paying the credit card that has been closed so no further credit usage allowed.
    Please advice as this will go on for ever.

    Thanking You,

      Anndy Lou's avatar
      AnndyDecember 29, 2016

      Hi RDR,

      Thanks for reaching out.

      You may want to read our guide on dealing credit card debts. It listed down the possible options for your situation.

      Cheers,
      Anndy

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