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BankSA Balance Transfer guide
Looking to balance transfer your existing debt onto a BankSA credit card? Here’s everything you need to know.
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If you’re struggling to pay off a credit card debt, you can use a balance transfer credit card to pay it off with low or no interest for a promotional period. BankSA is just one of many Australian banks that currently offers new cardholders low interest or 0% balance transfer offers. The promotions vary between cards, but these balance transfer can sometimes last up to 18 months. At the end of this introductory period, a higher revert rate will apply to any remaining debt.
If you’re looking to take advantage of a balance transfer deal from BankSA, you can use this guide to compare your options and learn how to find the right credit card for you.
Comparison of balance transfer credit cards
How can I benefit from a balance transfer with BankSA?
- Save on interest. Balance transfer credit cards are designed to help you save on interest costs when you’re paying off a debt. Generally the lower the interest rate and the longer the promotional period, the more you can save. You can use the table above to compare cards by the potential interest savings. Just enter the amount you’re transferring and the interest rate you’re currently paying to see which BankSA cards offer the biggest savings.
- Consolidate multiple debts. You can transfer up to 3 credit, charge or store card debts to a new BankSA credit card. Not only does this mean you can pay off all of your card debts with a low interest rate, but you can also manage them easier under one account.
- Pay off your debt faster. Without the burden of additional interest costs, you should be able to pay off your credit card debt much faster with a low or 0% balance transfer offer.
Are there any risks when completing a balance transfer with BankSA?
As with any debt product, there are some risks that come with doing a balance transfer with BankSA.
- Revert interest rate. The first of these is failing to pay off your debt before the end of the introductory period. This is because the balance transfer rate switches to the variable cash advance rate at the end of the promotional period. While your introductory balance transfer rate is usually between 0% or 2%, the cash advance rate can be as high as 21.49% p.a. You should aim to pay off your balance in full before this applies, but make sure you check what the revert rate is and when it applies before you apply for a balance transfer with BankSA.
- Impact on your credit score. As with any new card application, it may harm your credit score. This is especially true if your application is rejected, which is why it’s so important to ensure you’re eligible for the card before you apply. However, if you transfer your debt to a balance transfer card and pay it off in full, this could also have a positive impact on your credit score in the long run.
What else do I need to know?
- Introductory interest rate and offer length. BankSA currently offers four balance transfer credit cards. The right interest rate for you will depend on how long you need to pay it off in full. This is because the 0% offers from BankSA last for 12, 16 or 18 months. If you can pay your balance off in two years or less, you’re better off going for the interest-free offer. Whereas if you need longer, you might save more with the longer low rate balance transfer option.
- The revert rate. At the end of the promotional period, any unpaid debt will collect the standard variable cash advance rate. The revert rate for BankSA Vertigo Visa, No Annual Fee, Amplify Signature and Amplify Platinum cards is the 21.49% p.a. cash advance rate. This a high interest rate that could cause you to fall back into debt if charged to the remainder of your balance. This is why it’s so important to stick to a repayment budget and to pay off your balance transfer in full while the promotional interest rate applies.
- Balance transfer fee. The BankSA No Annual Fee Visa charges a one-off transfer fee when you first move your balance. Meanwhile, the Vertigo and Amplify Signature cards currently do not charge a balance transfer fee. 1-2% of your transfer amount may not seem like much, but it can nibble into your overall savings that you’ll get from your balance transfer card.
- Annual fee. BankSA balance transfer credit cards charge annual fees that range from $0 to $279 p.a. This yearly fee shouldn’t offset the savings you get from the interest-free period. When you use the calculator in the comparison table above, it factors in the annual fee and balance transfer fee when calculating your potential savings, which can help you find the right card for you.
- Eligible debts to transfer. You can’t transfer debts between accounts from the same institution, so you can’t move a debt from one BankSA card to another. As they all belong to the Westpac group, you also can’t conduct balance transfers between BankSA, Bank of Melbourne and St.George. If you try to, your application will be rejected. You can see our guide to which banks you can and can’t transfer between for more information.
- How much you can transfer. You can transfer up to 80% of your approved credit limit you a BankSA credit card. If your card has a $20,000 credit limit, you could transfer a maximum of $16,000.
What if I already have a BankSA credit card? Can existing customers still balance transfer?
If you already have a BankSA credit card, you can request to transfer a balance from up to 2 non-BankSA accounts to your current card. If you do this, you can usually apply for a low promotional offer such as 6.99% for 12 months. You can nominate to do a balance transfer by calling BankSA on 13 13 76 or by logging into your online account. Once logged in, you can select “Transfer & payments” and then “Pay out a credit card held with another bank” to get started.
A balance transfer can be a useful way to pay off your credit card debt while avoiding interest costs. As there are many balance transfer options on the market, make sure to compare your options to find the right card for you. You can use the balance transfer comparison tables on finder to narrow down your options and apply.
Images: Shutterstock
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