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Which banks can I balance transfer to?

Before you consolidate your debts, learn which financial institutions you can and can't transfer your balance between.

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Balance transfer credit cards have restrictions around which Australian institutions you can balance transfer your debts from to enjoy a low or 0% introductory interest rate. You can never transfer balances between accounts under the same bank, but you also can't transfer debts with different credit card companies that have financial ties to one another. For example, when one company is the financial issuer of credit cards from the other company.

In this situation, your request for a balance transfer would typically be declined. To avoid this, it's important to find out which credit card companies you can and can't transfer a balance between so that you can choose the right balance transfer card for your circumstances.

Credit card balance transfer restrictions

Use this table to find out what restrictions major Australian credit card brands have around balance transfers from other credit cards.

Credit card brandBalance transfer brand restrictions
ANZBalance transfers are not allowed between two accounts issued by ANZ. You can transfer debts from other Australian card issuers, so long as the balance doesn't exceed 95% of your approved credit limit.
American ExpressIf you have an Amex, you can transfer balances from other non-American Express accounts.
BOQYou can't transfer balances between two BOQ accounts. You also can't transfer balances from other Citi-issued credit facilities (including Citi, IMB and Suncorp Bank).
IMBBalance transfers are not allowed between IMB or other Citigroup accounts. This includes cards from Citi, Suncorp Bank or Virgin Money.
Suncorp BankIf you have a Suncorp credit card, you can't request a balance transfer from Suncorp or other Citigroup accounts. This includes cards from Citi, IMB and Virgin Money.
Virgin MoneyVirgin Money may refuse to process a balance transfer request when it is from another Virgin Money or Citigroup account. This includes cards from Citi, Suncorp Bank and IMB.
CitiYou can't transfer balances from other Citi accounts or balances from other Citigroup accounts. This includes cards from Coles Mastercard, Suncorp Bank, IMB, Qantas Money and Virgin Money.
BankwestBalance transfers are not allowed from an existing Bankwest account to a new Bankwest account. While Bankwest is a division of CommBank, you can still request a balance transfer from a CommBank credit card to Bankwest.
CommBankYou can't transfer balances from one CommBank account to another. As mentioned, balance transfers between CBA and Bankwest are permitted.
ColesYou may not request a balance transfer between Coles credit cards and other Citigroup credit cards.
MyerBalance transfers are not permitted between any Macquarie Bank or Card Services account and your Myer account.
JetstarIf you have a Jetstar credit card, you are unable to transfer balances from accounts issued by Jetstar Mastercard, Macquarie or Card Services.
WoolworthsYou can't transfer balances from other Woolworths credit cards, Macquarie or Card Services 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.
BankSABalance transfers are not allowed from BankSA, St.George or Bank of Melbourne credit cards as all of these banks are under the Westpac Banking Corporation. However, you can transfer balances from Westpac.
Bank of MelbourneBalance transfer requests will not be accepted from another Bank of Melbourne, St.George or BankSA credit card. However, you can transfer balances from Westpac cards even though BankSA is a division of the Westpac Banking Corporation.
St.GeorgeYou can only transfer balances from non-St.George, Bank of Melbourne and BankSA Australian issued credit, charge or store cards. This means you can request a balance transfer from Westpac cards, even though St.George is a division of the Westpac Banking Corporation.
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.

As you can see in the table, most major credit card issuers do not allow balance transfers between other credit card brands that they underwrite. For example, if you had debt on a Citi credit card, you could not get a balance transfer to a credit card from BOQ, IMB, Suncorp Bank or Virgin Money because they are also issued by Citigroup. Sometimes there are exceptions. For example, you can transfer balances between Bankwest and CommBank credit cards, even though the former is owned by the latter.

This is why it's important to check the card issuer or underwriter as well as taking time to read the balance transfer terms and conditions to ensure your eligibility before you apply.

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

To understand this more clearly, let’s unravel the distinction between a credit card issuer and credit card brand. While credit cards could have branding for a bank, airline, store or even a supermarket (such as St.George, David Jones, Woolworths), these cards are issued by larger financial institutions.

For example, Qantas Money credit cards are issued by Citigroup, David Jones credit cards are issued by American Express and Woolworths credit cards are issued by Macquarie Bank. At the same time, these card issuers also offer their own brand of credit cards (such as Citi credit cards, Amex credit cards and Macquarie credit cards).

Changes between credit card brands and issuers

Some credit card brands 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 with your account, which could affect your ability to balance transfer your debt to other associated credit card brands.

Why 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 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 entice new customers, card issuers rarely allow 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 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 can 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.

Comparison of balance transfer credit cards

Updated March 30th, 2020
% p.a.
Name Product Balance transfer rate Purchase rate (p.a.) Annual fee Amount saved
Bankwest Breeze Classic Mastercard
0% p.a. for 26 months with 2% balance transfer fee
12.99% p.a.
$39 p.a. annual fee for the first year ($79 p.a. thereafter)
0% interest on balance transfers for the first 26 months, with a 2% balance transfer fee. Plus, a discounted first year annual fee.
Coles Low Rate Mastercard
0% p.a. for 6 months
12.99% p.a.
$58 p.a.
Save with a low purchase interest rate, earn flybuys points as you spend and get up to 55 days interest-free.
NAB Low Rate Credit Card
0% p.a. for 6 months with 2% balance transfer fee
0% for 6 months, reverts to 13.99% p.a.
$59 p.a.
Receive an introductory 0% p.a. interest rate for 6 months on purchases, Visa Entertainment offers and a competitive $59 ongoing annual fee.

Compare up to 4 providers

Pictures: Shutterstock

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15 Responses

  1. Default Gravatar
    PaulMay 2, 2017

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

    • Avatarfinder Customer Care
      DeeMay 3, 2017Staff

      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 credit worthiness among others. You can refer to our guide here for more information.

      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.


  2. Default Gravatar
    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?

    • Avatarfinder Customer Care
      DeeJanuary 30, 2017Staff

      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.


  3. Default Gravatar
    RobertDecember 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,

  4. Default Gravatar
    AlexAugust 7, 2016

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

    • Avatarfinder Customer Care
      MayAugust 7, 2016Staff

      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.


  5. Default Gravatar
    RowenaMarch 5, 2016


    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

    • Avatarfinder Customer Care
      SallyMarch 7, 2016Staff

      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.



    • Avatarfinder Customer Care
      JonathanMarch 7, 2016Staff

      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.



  6. Default Gravatar
    ChristineDecember 4, 2015

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

    • Avatarfinder Customer Care
      SallyDecember 4, 2015Staff

      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.



    • Default Gravatar
      KenFebruary 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

    • Avatarfinder Customer Care
      SallyFebruary 22, 2016Staff

      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.



Credit Cards Comparison

Updated March 30th, 2020
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee
Qantas American Express Ultimate Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$450 p.a.
Get 100,000 bonus Qantas Points, a $450 Qantas Travel Credit and 2 yearly complimentary Qantas Club lounge invitations.
Bankwest Breeze Classic Mastercard
12.99% p.a.
0% p.a. for 26 months with 2% balance transfer fee
$39 p.a. annual fee for the first year ($79 p.a. thereafter)
0% interest on balance transfers for the first 26 months, with a 2% balance transfer fee. Plus, a discounted first year annual fee.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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