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Bank Australia credit card balance transfer guide

Want to move your existing debt onto a Bank Australia credit card? Here’s what you need to know.

Bank Australia sometimes offers balance transfer promotions that let you move existing debt onto a new credit card with a low or 0% p.a. introductory interest rate. This gives you a period of time during which you can save on interest as you pay off your debt.

However, unlike most credit card companies, Bank Australia does not always advertise balance transfer offers. This means you may need to contact the bank directly to find out if an offer is currently available. You can use this guide to learn more about balance transfers with Bank Australia to decide if this option is right for you.

How can I find out about Bank Australia balance transfer offers?

If you want to move your current debt onto a new Bank Australia card that offers an introductory low or 0% p.a. interest rate, you can contact the bank on 13 28 88 to ask about any current promotions.

Alternatively, you can submit a loan enquiry through the Bank Australia website. Just select “Credit card” as the product you’re interested in and ask about balance transfer offers in the comments section.

What you'll find in this guide

What are the benefits of getting a balance transfer with Bank Australia?

Here are the main ways you could get value from a Bank Australia credit card balance transfer offer:

  • Save on interest. If you move your debt to a Bank of Australia credit card with a low or 0% p.a. balance transfer offer, you’ll cut down on charges during the introductory period.
  • Consolidate multiple debts. If you have several debts, you could request a balance transfer to combine them on your Bank Australia credit card. If approved, you’d only have to make one monthly repayment and deal with one account.
  • Pay off debt faster. When the introductory balance transfer rate applies, all or most of your repayments will go straight towards paying off your debt, which can help you get the balance to $0 faster. You could save even more by using this calculator to plan your repayments based on the length of the introductory period.
  • Joint applications. If you want to share a Bank Australia credit card with your partner, you can apply to be joint account holders. This means you’ll both share responsibility for managing the card and paying off the balance transfer debt.

Are there any risks if I get a balance transfer with Bank Australia?

Moving your debt to a Bank Australia credit card comes with similar risks to other balance transfer options. These include:

  • High standard interest rates. If you still have debt left over at the end of the low or 0% p.a. balance transfer period, it will be charged interest at the standard variable rate for your Bank Australia credit card. As well as adding to your balance, these charges could mean it takes you longer to pay off your debt.
  • No active balance transfer offer. If you move your debt to a Bank Australia card that doesn’t have a balance transfer offer, the card’s standard variable rate will apply from the date that the debt is added to your account.
  • Impact on your credit score. Applying for a new credit card, carrying a large balance and keeping your old accounts open can all hurt your credit score. This could make it harder to get approved for cards or other loans in the future, so make sure you consider the potential impact of a balance transfer before you apply.

What rates and features should I look at when choosing an offer?

  • The introductory interest rate and how long it applies. These details give you an idea of how much you can save when you first move your balance to a new Bank Australia credit card that has a balance transfer offer.
  • The standard variable interest rate. This is the rate that will apply when the introductory balance transfer period ends, and is the same as the interest rate that applies for new purchases. If there is no introductory period, this standard variable rate will apply to your balance as soon as it is added to your account.
  • The annual fee. If you get a Bank Australia credit card with an annual fee, this will be charged when you first open the account and then each year on that anniversary. Make sure you factor this cost into your repayments.
  • Eligible debts. Bank Australia does not publicly list details about the types of debt that are eligible for a balance transfer. Before you apply for a credit card, contact the bank on 13 28 88 to find out if the debt you want to transfer will be accepted.

Application requirements for a Bank Australia balance transfer

When you apply for a Bank Australia credit card, the first form you need to fill out will ask for details of your current liabilities. In this section, there is a field marked “Pay out?” Select “Yes” from the dropdown menu if you want to go ahead with a balance transfer request. In the next section, select “Debt consolidation” as the reason you want the card and state that you want a balance transfer in the box marked “Further details”.

Remember that both your credit card and balance transfer applications are subject to approval. Before getting started, make sure you review the eligibility requirements and other essential details listed on the Bank Australia application page.

Other details to keep in mind

  • How long the balance transfer takes. Bank Australia does not publicly list how long it will take to process a balance transfer after it’s been approved, so you may have to ask a customer service representative for details. Check out this guide to see how long balance transfers take with other credit card companies and to learn more about what to do while you wait for the debt to be processed.
  • Minimum payments. Even if you get a Bank Australia credit card that offers 0% p.a. on balance transfers during the introductory period, you will still need to pay at least the minimum amount listed on each statement by the due date. If you want to pay off your debt before interest applies, you will need to make higher repayments.
  • No interest-free days. New purchases you make when you’re carrying a balance transfer debt won’t be eligible for an interest-free period. This means you’ll be charged interest from the day the purchases are made, which could make it harder to pay off your balance.
  • Closing your old account. Once you’ve transferred your debt, you can close your old credit card account in a few simple steps.
  • Reward points. If you get a Bank Australia credit card that offers reward points, you won’t earn any from your balance transfer. This is because points are only earned on eligible, new purchases made with your card.
  • Payment allocation. Your repayments will go towards the part of your balance that attracts the highest interest rate first. Therefore, if you make new purchases during the introductory balance transfer period, it will be paid off before your balance transfer debt.

What if I already have a Bank Australia credit card? Can existing customers still get a balance transfer?

Bank Australia does not offer any public information about balance transfers for current customers. If you want to move debt onto your current Bank Australia credit card, call 13 28 88 to discuss your options. If you have debt on a Bank Australia credit card, you can compare balance transfer offers from other companies to find a card that works for you.
Images: Shutterstock

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