
Get exclusive money-saving offers and guides
Straight to your inbox
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
The right balance transfer card for you depends on the size of the debt you're transferring. This is because many banks only allow you to transfer up to a percentage of your approved credit limit. Use this guide to understand how balance transfer limits work and compare your card options.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
The most competitive 0% p.a. credit card offers of 2020.
Not sure what type of card is right for you? Take our quick quiz.
Get an instant answer on your credit card application.
Get your credit score and report for free through Finder.
Input your current credit card balance and interest rate to calculate your potential savings.
Find out moreStraight to your inbox
When you apply for a credit card, the card issuer assigns you a maximum credit limit based on your income, credit history and other factors (including any credit limit you request during the application). If you're also applying for a balance transfer, your approved credit limit could have an impact on how much debt you're able to move onto the new card.
Usually, you can transfer between 70% and 100% of the new card's approved credit limit, although this varies between card issuers. For example, if a card allows you to transfer 80% of your credit limit and you're approved for a $10,000 limit, you'd be able to balance transfer $8,000 worth of debt.
If you're transferring multiple debts from more than one account, you need to make sure that the combined debt doesn't exceed this balance transfer limit. Otherwise, the bank may only transfer the maximum amount of debt, which could leave you with a balance on your old account. You may also find that there is a minimum transfer limit, which is usually between $200 and $500. Balance transfer credit limits vary between cards, so you can compare your options below.
The table below shows balance transfer limits for different financial institutions. If you're looking at a particular balance transfer credit card, you can also find these details on the review pages.
Bank | Balance transfer limit |
---|---|
Commonwealth Bank | Commonwealth Bank can process balance transfer requests from $500 up to your available credit limit. |
Bankwest | You can use up to 95% towards a balance transfer with Bankwest. |
ANZ | Minimum balance transfer limit of $100 and a maximum balance transfer limit up to 95% of your credit limit. |
NAB | NAB’s minimum balance transfer limit is $200. NAB’s maximum balance transfer limit is up to 90% of your approved credit limit at the time of processing the balance transfer request. |
Westpac | Westpac lets you to use up to 80% of your credit card limit towards a balance transfer. |
St.George | St.George’s minimum balance transfer is limit $200 and maximum balance transfer limit is up to 80% of your credit limit. |
Bank of Melbourne | You can balance transfer a minimum of $200 and up to 80% of your credit limit with Bank of Melbourne. |
BankSA | Balance transfer as little as $200 and up to 80% of your credit limit with BankSA. |
Bank of Queensland | You can balance transfer up to 80% of your approved credit limit. |
Citi | The minimum credit limit is $500 and up to 80% of your approved credit limit. |
Coles Mastercard | You can transfer up to a maximum of 80% of your approved credit limit to a Coles credit card. |
Community First | Balance transfers to Community First credit cards start at $500 and are capped at your Community First credit card credit limit. |
HSBC | You can transfer up to 90% of your credit limit. |
ME | You can transfer up to $100 less than your available credit limit. |
Suncorp Bank | You can transfer up to of your approved credit limit. |
Woolworths | Woolworths can process balance transfer requests from $500 up to your available credit limit. |
As well as the size of your debt, you may need to meet income requirements and have a good credit score to be approved. Before you apply, you can get your free credit score and report for free through Finder.
The amount of debt you can balance transfer to a new card must be less than or equal to the approved credit limit for that card. The amount you can transfer is also subject to maximum balance transfer requirements and approval.
This means you won't know exactly how much you can balance transfer until your application is approved. So in some cases, you could be approved for a balance transfer credit card with a credit limit that is worth less than the debt you wanted to transfer.
There are four main options you can consider if your balance transfer debt is higher than the credit limit you're approved for on a new card:
Let's say you owe $5,000 on a credit card with an interest rate of 19.99% p.a. and can afford to pay $400 off it per month. If you stuck with this card as it is, it would take 15 months to pay off the debt and cost you $653.35 in interest.
Now, say you're approved for a balance transfer credit card offering 0% p.a. for 18 months but can only transfer $3,000. If you went ahead with the transfer, you could split up your $400 payment between the cards to help save on interest.
For instance, if you paid $300 per month off the card with the $2,000 debt and interest rate of 19.99% p.a., it would take around 8 months to clear the debt and cost you $137.91 in interest. During this time, you'd also be paying $100 per month off your new balance transfer card's debt. So after 8 months, the balance on that card would be $2,200 and you'd still have 10 months of the 0% interest rate.
If you then continued to pay $400 per month on the debt, it would take you 6 more monthly repayments to clear the debt. So in this scenario, you'd enjoy a 0% p.a. interest rate on your $3,000 balance transfer for the whole time before you paid it off.
Even if you aren't approved for the full $5,000 balance transfer, transferring the $3,000 you're eligible to transfer to a new 0% p.a. card saves you $515.44 in interest and you'd be out of debt one month sooner.
Keep these factors in mind when you're comparing credit cards or applying for a balance transfer, so you can find an option that suits your needs.
Credit card providers use details of your income and employment to help determine your credit limit. By law, they can only approve you for a credit limit that you could afford to reasonably pay off, with interest, over a three-year period. This means that if you earn a low income, work casually or part-time or have recently changed jobs, you may be approved for a lower credit limit than if you were working full-time.
However, it is less about the absolute numbers and more about how your income compares to your expenses. When you apply for a credit card, you will have to provide details of all of your sources of income as well as your expenses (rent or mortgage payments, childcare, groceries). If you're spending the majority of what you earn (or more), it will be looked upon less favourably than if you were saving every month.
Just as there is usually a minimum balance transfer amount, providers will list a minimum credit limit for different cards. While this could be as low as $500 on some credit cards, there is also a range of credit cards that offer high minimum credit limits of say $6,000 or $15,000 (subject to approval). If you have a lot of debt, you could look for balance transfer offers on one of these cards. Just make sure you compare the card's features and meet the application requirements before you apply because these cards also typically require high minimum incomes.
When you apply for a credit card, lenders review your credit report. You're unlikely to be approved for a credit card if you have a low credit score, but your credit history (and existing debts) is something the bank will consider when determining your credit limit. This includes existing credit cards or loans and your current credit limits.
How much credit you're already accessing could also impact the credit limit you're approved for on your new balance transfer card. You can get a free copy of your credit report and credit score through Finder to see what details are listed and how they could impact your application.
Get your credit score and comprehensive report now!
Picture: Shutterstock
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
With bonus Qantas Points and a range of complimentary insurance covers, the Westpac Altitude Platinum - Qantas is worth considering if you want more frequent flyer points.
Earn Altitude rewards with Westpac’s Altitude Platinum credit card, while enjoying the benefits and privileges of platinum status.
Get $250 credit back when you meet the eligibility requirements and 55 days interest-free on purchases.
Pay no interest on your credit card debt and clear it faster with a 0% balance transfer credit card. Compare and apply here.
The ANZ Rewards Platinum Credit Card offers a competitive rewards program, $0 annual fee for the first year, a $500 gift card, a balance transfer offer and a range of complimentary insurance covers.
SPONSORED: In a time of financial volatility, here are the key ways to find a credit card that offers you bang for your buck.
This low rate credit card has a $0 annual fee and is available to firefighters and other service workers or volunteers.
A low rate platinum credit card that includes a cashback offer and perks such as complimentary travel insurance and purchase insurance.
The BankSA Vertigo Platinum card offers a $300 cashback a low ongoing purchase rate and a range of complimentary insurance covers.
The St.George Vertigo Platinum card offers a $300 cashback offer, up to 55 days interest-free period and a 12.99% p.a. interest rate on purchases.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
I have been approved for a balance transfer credit card. They have advised me that they will transfer the full amount of my credit card limit in the next 2-3 working days. While I have been waiting on this approval I had to make a minimum payment to the existing credit card. With the minimum payment now applied the balance owing on the existing credit card is now less than the amount that my new credit card will be transferring. My question is what happens to that difference in balances? For example, if my existing credit card limit was $5000 and the new credit card will be transferring the balance of $5000 but I made the payment of $200 to the existing credit card. The true owing balance to the existing credit card is now $4800 (not counting interest fees). My new credit card provider has said that they will still transfer the full $5000. Therefore what happens to the $200 that I had to pay as a minimum payment to my existing credit card?
Hi Kim,
Thank you for getting in touch with finder.
You may discuss the amount you’ve paid with your existing credit card issuer if becomes an over payment. As you know, if the balance transfer amount has not been completed then you have to pay your minimum repayment on or before the due date with your existing credit card issuer to prevent missed/late payment.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
I’m on centerlink benefits I’m looking for a credit card that we’re I’m not paying alot back but have a minimum card useage of 1000. Thanks
Hi Aleashea,
Thank you for reaching out to finder.
Please click on this link to go to our finder page “Credit cards for retired and pensioner applicants”. This page will give you details on the requirements for each credit card provider when you make an application. The page also provides you tip on what you could do when comparing these cards. Hope this helps!
Cheers,
Reggie
Hi
Not sure if my last question came thru but basically, what happens if you pay off your balance transfer quicker than 14months etc?
Also, is it possible to do another balance transfer from the same card? Obviously with a different bank.
Or is that a bad idea..
Thanks
Hi Jazz, thanks for your question.
If your balance transfer debt is repaid then you can use the credit card as normal. If you meet the eligibility requirements for the next bank/ card you are applying for then you can request a balance transfer to pay less interest.
Cheers,
Jonathan
Hi,
I have been accepted for a st George vertigo card, however my credit limit is very low.
Would it be best to amend the amount to transfer rather than cancelling the card? Would this help credit limits or do Banks just stick to initial credit limit.
Also, if I cancel this card, how long should I wait before applying or another credit card balance transfer?
Thank You.
Hi Jazz, thanks for your inquiry!
If the approved credit limit for your St.George Vertigo card is insufficient to transfer all your existing credit card debt, then a credit limit increase can be requested. In regards to applying for another credit card typically it is best to wait at least a few months (4-6 months) before applying for another card.
Cheers,
Jonathan
Hi,
Another question:
If the smaller amount of balance transfer is paid off say in couple months time, would it be a bad idea to apply for another credit card for another balance transfer, In the hopes that the credit limit be extended?
Thank U.
Hi Jazz, thanks for your inquiry!
Credit limits are subject to a bank’s lending criteria who take into account income, liabilities, employment history and credit history. As a result applying for another credit card balance transfer offer will not guarantee a credit limit extension. Frequent credit applications can display negative signals to a bank, so it can be recommended to wait at least a few months before applying for another card.
Cheers,
Jonathan