Looking to repay credit card debt? A balance transfer with Bankwest could be your answer.
If you’re struggling to balance debt repayments and high interest costs, a balance transfer with Bankwest could be a solution to repaying your debt faster without the cost of high interest.
Here you can compare the features, benefits and restrictions of a balance transfer with Bankwest. We've also included a step-by-step balance transfer application guide so you can complete your application with ease.
A balance transfer guide with Bankwest
A balance transfer allows you to transfer your outstanding balance from a high interest credit card to a new credit card offering a lower rate for a promotional period. The low rate means you have time to start making repayments towards your debt without the accumulating fees and high interest charges that would normally be piling up.
What are the benefits of completing a balance transfer with Bankwest?
Some of the perks you can expect from completing a balance transfer with Bankwest include:
- Save on interest costs. The low rate period means your money isn’t being used to pay interest but is instead going straight to reducing your outstanding balance.
- Repay your debt. Consolidating your debts onto the one credit card can help you take control of your finances. The low rate period allows you to clear your debt faster as you repay your debt without the burden of interest.
- Quick and easy to apply. The application should only take up to fifteen minutes to complete and you should hear a response from Bankwest moments after submitting your application.
What else should I consider?
- Know what the interest rate will be once the promotional period ends. Each of the Bankwest cards have different promotional offers so it is important to know how long your promotion period is for. Once this period ends, and if you haven’t repaid your debt than the interest rate will revert back to a much higher purchase rate.
- How much debt can I transfer? You can only transfer up to 95% of your credit limit. When applying for your credit limit it is important to request a limit that is going to support your debt. For example, a credit limit of $10,000 can only support a transfer amount of $9,500.
- Which credit card should I apply for? With a wide range of Bankwest credit cards available you might be unsure which card is right for you. Each person has a different financial situation so it’s important to choose the card that is going to be most beneficial for you. You can compare your options and decide what’s right for you here.
- Will I incur a transfer fee? If you decide to complete a balance transfer with the Bankwest Breeze Classic and Bankwest Breeze Platinum Mastercard, a 2% charge applies. The other Bankwest credit cards do not charge a balance transfer fee.
- Where can I balance transfer from? Bankwest only accepts transfers from Australian issued non-Bankwest credit/store cards. You cannot complete a balance transfer from an existing Bankwest credit card. You can confirm if your banking provider is eligible to transfer to Bankwest through our Bankwest credit card comparison.
Applying for a Bankwest balance transfer
There are some basic eligibility requirements you need to meet to apply for a Bankwest credit card:
- Be over the age of 18
- Be a permanent Australian resident
- Earn a regular income and have a good credit rating
Having the following documents handy will assist you throughout the application process:
- Basic personal information. You need to provide some basic information about yourself, including your residential address, date of birth and contact details.
- Identification. New Bankwest accounts holders will need to provide at least two of the following forms of identification: Driver’s licence, Medicare card, passport or birth certificate.
- Financial details. If you work for an employer, you may have to provide your two most recent payslips. If you’re a new Bankwest customer, you can show bank statements for the last three months. If you’re self-employed you have to show your two most recent Notice of Assessments from the tax office. You’re also required to provide information about your other income, assets, ongoing expenses and liabilities.Back to top
Step-by-step on how to apply for a balance transfer application with Bankwest
Step 1: Select the card you wish to apply for and start the application
Once you’ve compared your options and are ready to apply, you can click the green ‘Go to site’ button on our comparison table. This will direct you to the secure Bankwest form where you will begin your application.
Step 2: Agree to the conditions
Before you begin you will need to agree to a list of requirements before entering the security code and continuing. The conditions you need to agree to include:
- I am over 18 years of age
- I am a permanent Australian resident
- I have read and accept the Privacy Statement and Consent
- Any identification document details provided during electronic identification will be verified with the document issuer
Step 3. Personal details
You will need to complete questions concerning your:
- Name. Your full name and what you would like to appear on your credit card.
- Address. Your main residential address.
- Residential status. Confirm whether you own your residence or if you’re renting or paying board.
- Time at address. Indicate the length of time you have been living at your residential address.
- Postal address. If different to your residential address, list your preferred mailing address.
- Gender. This will need to be the same as what’s on your driver’s licence.
- Marital status. This could include married, single, de-facto relationship and more.
- Driver’s licence number. If you hold a current driver’s licence you will find the number at the top right.
- Date of birth. You must be over the age of 18 to apply.
- Contact number/s. Provide the appropriate day time and after-work hours contact details.
- Email address. You may receive confirmation emails and important alerts, so make sure to list your main email address.
Step 4. Residency, citizenship and tax
You will need your tax details to assist you with these questions:
- Countries you’re a resident in
- Countries you’re a citizen of
- Countries you’re required to pay tax or submit a tax return
- Your tax file number
Step 5. Employee details
A pay slip from your employee will help you answer the following questions:
- Employment status. This could be full time, part time or casual.
- Occupation. What field is your job classified under? This could include options like hospitality or management.
- Employer. What is the name of the company you’re employed by?
- Employer contact details. List which is the best form and time to contact your employer. You may also like to advise your employer that a bank representative might call for confirmation.
- Time you have been working at this employer. How long have you been working for the company?
Step 6. Password and additional cardholders
If you are an existing Bankwest customer you will need to enter our customer pin or new Bankwest customers are required to create a new password. You will also be asked to indicate whether you would like to apply for an additional cardholder.
Step 7. Financial details
You may need a previous pay slip and bank statement to assist you with questions concerning your finances. You will need to answer the following questions:
- Employment income
- Your partner's employment income if applicable
- Number of dependants.:This is the number of children or relatives you care for
- The worth of any assets you may have such as a house or car
- A guideline of how much your monthly payments for rent or mortgage are
- Balance owed on any existing credit cards you have
- Total amount of monthly payments including costs such as groceries and phone bills.
Step 8. Application assessment
Review the details you entered are correct. Ensure you understand the terms and conditions before submitting your application.
Step 9. Credit card options
If you are successful, the next step is to advise your credit card requirements. You will need to provide your preferred credit card limit as well as advice that you are wanting to complete a balance transfer. You will need the account details of your old card.
Step 10. Pending decision
Once the online application has been completed you will receive an instant online response with the outcome of your application. If you are conditionally approved, you will be contacted by Bankwest, within 10 working days, via email to request documents to support your application such as: proof of income and financial statements. When speaking with the Bankwest consultant, ensure they have received your balance transfer details and will begin the process.
Step 11. Card activation
Once you have received your credit card you will need to activate it straight away. The balance transfer process will not begin until the card has been activated. After this it may take up to five days to go through.
Step 12. Repay your debt
Congratulations! You’ve completed your balance transfer. Now that you’re all set up, it’s time to start making a dent in that debt.Back to top