cheerful man talking on mobile phone

BankSA Balance Transfer guide

Looking to balance transfer your existing debt onto a BankSA credit card? Here’s everything you need to know.

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 26 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.

BankSA Credit Card Offer

BankSA Vertigo Platinum

0% p.a. for 26 months
on balance transfers
2% balance transfer fee
$0 first year annual fee

Offer ends 23 January 2019

Eligibility criteria, terms and conditions, fees and charges apply

BankSA Credit Card Offer

A platinum credit card with complimentary insurance covers, combined with a long-term balance transfer offer and a low ongoing interest rate on purchases.

  • $0 p.a. annual fee for the first year ($99 p.a. thereafter).
  • 12.74% p.a. on purchases
  • 0% p.a. for 26 months with 2% BT fee on balance transfers
  • Cash advance rate of 19.49% p.a.
  • Up to 55 days interest free
Go to site
Promoted

Comparison of balance transfer credit cards

Rates last updated November 15th, 2018
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
BankSA Vertigo Platinum
0% p.a. for 26 months with 2% balance transfer fee
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer, $0 first year annual fee, complimentary travel insurance and access to a 24/7 personal concierge service.
BankSA Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Enjoy a 0% p.a. interest rate for up to 16 months on balance transfers with no balance transfer fee. Plus, a low variable purchase rate.
BankSA No Annual Fee Visa
0% p.a. for 12 months with 1% balance transfer fee
20.49% p.a.
$0 p.a.
Take advantage of a 0% p.a. for 12 months balance transfer, get up to 55 days interest-free on purchases and pay no annual fee for the life of the card.

Compare up to 4 providers

Rates last updated November 15th, 2018
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
NAB Low Fee Platinum Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
finder Exclusive: Take advantage of 0% p.a. interest for 25 months on balance transfers with no balance transfer fee.
Citi Clear Platinum Credit Card
0% p.a. for 14 months
12.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
ANZ Low Rate
0% p.a. for 15 months
12.49% p.a.
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus points in the first 3 months and save with a $64 first year annual fee. Plus, a long-term balance transfer offer.
Citi Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months
0% p.a. for 13 months (reverts to 20.99% p.a.)
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
Suncorp Clear Options Platinum Credit Card - Online Offer
0% p.a. for 18 months
20.74% p.a.
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% balance transfer offer and earn up to 60,000 Bonus Rewards Points. Plus, a discounted first year annual fee when you apply online.
Westpac Low Rate Card
0% p.a. for 24 months with 1% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 6 months
0% p.a. for 14 months (reverts to 20.74% p.a.)
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Save on credit card costs with half the annual fee for the first year and a 0% p.a. interest rate on purchases for 14 months.
Citi Simplicity Card
0% p.a. for 6 months
19.99% p.a.
$0 p.a.
Get 0% p.a. interest for up to 6 months on balance transfers with no BT fee. Plus, a $0 annual fee for life.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and 0% p.a. for 14 months on balance transfers.
ANZ First Visa Credit Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Get up to 18 months interest-free on balance transfers and save with a low $30 annual fee. Plus, up to 44 days interest-free on purchases.
Citi Rewards Platinum Credit Card - Online Offer
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 24 month balance transfer offer, plus complimentary international travel insurance.
St.George Vertigo Platinum
0% p.a. for 26 months with 2% balance transfer fee
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer, $0 first year annual fee, complimentary travel insurance and access to a 24/7 personal concierge service.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
NAB Low Fee Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 18 month balance transfer offer and special offers from Visa Entertainment.
Qantas Premier Platinum
0% p.a. for 15 months
19.99% p.a.
$299 p.a.
Get 60,000 bonus Qantas Points and a $300 Qantas Flight Voucher when you spend $4,000 within the first 90 days.
Citi Platinum Credit Card
0% p.a. for 12 months
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 10,000 monthly bonus reward Points for 20 months (200,000 total), enjoy a 0% p.a. balance transfer offer, plus, a $49 first year annual fee.
St.George Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
Bank of Melbourne Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Enjoy 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
CUA Low Rate Credit Card
0% p.a. for 13 months
11.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Take advantage of a 0% p.a. balance transfer rate for 13 months, $0 first year annual fee, and a low ongoing 11.99% p.a. interest rate on purchases.

Compare up to 4 providers

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 20.49% 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 three 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 26 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. For the BankSA Vertigo Visa and the BankSA Vertigo Platinum Visa, this revert rate is the 19.49% p.a. cash advance rate. Meanwhile the BankSA No Annual Fee card has higher revert rate of 20.49% p.a. These are all high interest rates 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 and BankSA Vertigo Platinum Visa both charge a one-off 1% and 2% balance transfer fees respectively, when you first move your balance. Meanwhile, the BankSA Vertigo Visa card currently does 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 $99 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 2.99% p.a. 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. See our guide to requesting a balance transfer after application for more tips.

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

Back to top

Sally McMullen

Sally McMullen is an editor at finder.com.au who is a credit cards, frequent flyer and travel money expert by day and music maven by night.

Was this content helpful to you? No  Yes

Related Posts

Credit Card Offers

Important Information*
Citi Platinum Credit Card - Exclusive...

Interest rate

20.99

Annual fee

49*

*$149 p.a. after first year

Virgin Australia Velocity Flyer Card ...

Interest rate

20.74

Annual fee

64*

*$129 p.a. after first year

American Express Westpac Altitude Pla...

Interest rate

20.24

Annual fee

50*

*$249 p.a. after first year

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.
Ask a question
Go to site