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Balance transfer credit cards allow you to move your debt from one card to another to save money on interest and fees. However, you can't do this between cards from the same bank or lender. So if you have an ANZ Frequent Flyer credit card with debt on it, you can't apply for a balance transfer to the ANZ Low Rate card, for example. Usually, you also can't transfer debts with different credit card companies that have financial ties to one another. For example, transferring from Virgin Money to Qantas Money is not allowed since they're both part of Citigroup.
This table will tell you which debts aren't eligible to be transferred to these major Australian banks and lenders.
| Credit card brand | Balance transfer brand restrictions |
|---|---|
| American Express | If you have an Amex, you can transfer balances from other non-American Express accounts. |
| ANZ | Balance 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. |
| Bank of Melbourne | Balance 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. |
| BOQ | You 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). |
| BankSA | Balance 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. |
| Bankwest | Balance 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. |
| Citi | You 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. |
| CommBank | You can't transfer balances from one CommBank account to another. As mentioned, balance transfers between CBA and Bankwest are permitted. |
| Coles | You may not request a balance transfer between Coles credit cards and other Citigroup credit cards. |
| IMB | Balance transfers are not allowed between IMB or other Citigroup accounts. This includes cards from Citi, Suncorp Bank or Virgin Money. |
| Jetstar | If you have a Jetstar credit card, you are unable to transfer balances from accounts issued by Jetstar Mastercard, Macquarie or Card Services. |
| Latitude Financial | Balance transfers will not be accepted from other Latitude Financial credit or loan accounts. |
| Macquarie Bank | Balance transfers are not allowed from any account issued by Macquarie Bank. This includes other Macquarie or Card Services accounts. |
| Myer | Balance transfers are not permitted between any Macquarie Bank or Card Services account and your Myer account. |
| NAB | You can't transfer a balance from one NAB account to another. |
| St.George | You 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. |
| Suncorp Bank | If 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 Money | Virgin 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. |
| Westpac | Balance 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. |
| Woolworths | You can't transfer balances from other Woolworths credit cards, Macquarie or Card Services accounts. |
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.
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).
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.
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.
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:
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.
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How does know how much credit I can qualify or be approved for
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
If I do a balance transfer, is the old credit card closed? Can I keep the old card but not use it?
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
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,
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
Who issues NAB cards and where does NAB sit, with regards who you can transfer between?
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 a 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
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
Hi Jo,
Thanks for your question.
There are many promotional 0% balance transfer offers available. You can compare some of these Balance Transfer Credit Cards.
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 helps.
Cheers,
Sally
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