Save on interest charges as you pay off your credit card debt with a low or 0% p.a. balance transfer offer from Bankwest.
If you’re struggling to pay off your credit card, moving the balance to a Bankwest card with a low or 0% p.a. introductory rate can give you temporary relief from the high interest charges that this type of debt usually attracts. This can also help you pay off the balance faster. If you have debt on a few credit cards, you can also use a balance transfer to consolidate it onto a single Bankwest card so that you only have to make one repayment each month.
After the introductory period ends, any debt remaining from the balance transfer will be charged interest at the standard rate for your Bankwest card. This rate could be much higher than the introductory rate, so it’s important to carefully think about whether a balance transfer fits with your circumstances. Use this guide to learn more about balance transfers with Bankwest and weigh up the benefits and risks so you can decide if this option will help you pay off your debt.
Compare balance transfer credit cards from Bankwest
What you'll find in this guide?
What are the benefits of getting a balance transfer with Bankwest?
These are the main ways you can get value from a balance transfer with Bankwest:
- Save on interest. You can use the comparison table above to get an idea of how much you could save through the introductory low or 0% p.a. balance transfer rate. Just enter the amount of debt you want to transfer and your current interest rate, then hit “Calculate” and check out the “Amount saved” column for each card.
- Consolidate debts. If you’re juggling balances on a few credit cards, moving them all to a Bankwest credit card means you’ll only have to make one monthly payment, with one set of rates and fees. This can also make it easier to see your progress towards clearing the debt.
- Pay off debt faster. During the introductory period, all or most of your repayments will go straight towards the debt (instead of on interest charges), which can help you pay down the balance faster. You can also use a repayment calculator to find out how long it will take to pay off – or how much you need to pay each month to clear the debt before higher interest rates apply to the balance transfer.
Are there any risks to getting a balance transfer with Bankwest?
All credit card balance transfers come with some potential risks, including:
- High standard interest rates. If you don’t pay off the debt during the introductory period, you’ll be charged a higher, standard interest rate that could quickly add to your balance.
- Temptation to spend. If you use your Bankwest credit card for new purchases, they will be charged interest at the card’s standard purchase rate. As well as adding to your balance, this makes it harder to pay off your balance transfer debt before the low or 0% p.a. introductory period ends.
- Impact on credit score. While paying off debt can improve your credit score, there are several ways a balance transfer can harm it. This includes applying for a new card and keeping your old accounts open. Learn more about the potential impact a balance transfer can have on your credit score to help you decide if it’s the right option for you.
What rates and features should I look at when choosing an offer?
- The introductory interest rate and length of the offer. In general, balance transfers with a 0% p.a. interest rate and a long introductory period provide the greatest potential savings. But it’s also important to look at the amount of debt you want to transfer, along with other potential costs and features.
- The revert rate. This is the interest rate that applies if you’re still paying off your balance transfer debt at the end of the introductory period. While many credit card companies revert to the cash advance interest rate, Bankwest has a separate, ongoing balance transfer rate for each card. For example, the Bankwest Breeze credit card’s ongoing balance transfer rate after the introductory period is 12.99% p.a., while the Bankwest Zero Platinum Mastercard’s revert rate is 17.99% p.a.
- The balance transfer fee. Depending on the offer, you may be charged a one-time balance transfer fee when you move your debt onto a Bankwest credit card. This is typically between 1–2% of the balance transferred, although it can be higher with some other credit cards.
- The annual fee. If you get a Bankwest credit card that charges an annual fee, it will be added to your balance when you first open the account, then each year after that on the anniversary.
- Eligible debts. You can request a balance transfer from credit cards or store cards held with another Australian issuer (not Bankwest).
- Balance transfer limits. Your balance transfer request must be for a minimum of $500 and a maximum of 95% of your approved credit limit. If your approved credit limit is lower than the debt you want to transfer, you could consider a partial balance transfer or look at other options.
Other details to keep in mind
- How long the balance transfer takes. Your balance transfer with Bankwest will be processed within five working days from when you activate your card. During this time, you’ll need to keep making any required payments on your existing accounts.
- Minimum repayments. Even if you’re not charged interest on your balance, you’ll need to pay at least the minimum amount listed on each statement by the due date. Paying more than this amount each month will also help you make the most of the introductory period so you can clear your debt faster.
- No interest-free days. Any new purchases you make while you’re paying off your balance transfer won’t be eligible for interest-free days. This means they will be charged interest from the day they are made. So, if you need to make a purchase when you’re paying down your balance transfer, make sure you have a strategy to help you manage the extra charges.
- Closing your old account. Once your balance transfer has been processed, you can close your old credit card account or accounts. Note that this is something you have to do on your own, rather than through Bankwest.
- Reward points. If you get a Bankwest credit card that offers rewards, keep in mind that you won’t earn any points from the balance transfer. This is because points are only earned on eligible, new purchases made with the card.
- Payment allocation. Your credit card repayments will be put towards the part of your balance that is charged the highest interest rate first. This means if you have a balance from new purchases during the introductory balance transfer period, they will be paid off before any of your money goes towards the balance transfer debt.
What if I already have a Bankwest credit card? Can existing customers still balance transfer?
If you already have a Bankwest credit card, you can request a balance transfer from Australian credit cards or store cards held with other issuers. You can check for offers available to existing customers through online or mobile banking by going to the “Manage” section and clicking on the “Balance transfers option”. If you can’t see any offers available, call Bankwest on 13 17 19 to discuss your options.
If you want to pay off a balance on your existing Bankwest credit card, start by comparing offers from other issuers so you can find an option that works for you.Back to top