hand holding multiple cards

Can you transfer multiple credit cards with a balance transfer?

How many credit cards can you move to a balance transfer credit card? Read on to discover whether you can consolidate all of your debts under one account

The average Australian has more than $3,000 of credit card debt. This makes us one of the biggest borrowers in the world. This debt is typically spread between 2.2 credit cards, which means most of us carry more than one card at a time. If you're looking to consolidate your debts under one account, a balance transfer credit card could be the answer.

Your 'credit limit' determines how much debt you can transfer over

Most providers allow you to transfer debts from multiple credit cards, though the total transfer must not exceed the balance transfer limit. In most cases, lenders will only let you transfer a percentage of the credit limit (between 70% and 100%). For example if you are approved for a credit limit of $5,000 and the maximum balance transfer limit is 85% of the credit limit, then the bank will allow you to use $4,250 for balance transfers. Most providers allow you to transfer between 2-5 balances to the one account, though this will vary from provider to provider. As long as your total transfer balance doesn't exceed the balance transfer limit, you should have no issue transferring debts from multiple credit cards.

Why get a balance transfer?

There are several advantages to consolidating your credit card debt, the most obvious of which is the low interest rate. If your card comes with a promotional balance transfer rate, you can expect a low or no interest rate on balance transfers for six to 24 months. This allows you to pay the debt off faster without the cost of high interest. If you were paying 15% on a $5,000 debt, transferring it to a 0% card will save you $750. Rolling your debts into one account also makes it easier to manage, meaning you only have one set of repayments to make and balances to track.

How to conduct multiple balance transfers

Most balance transfer applications will provide more than one section in the application for you to fill out the details of multiple balances. If the application only has the option list two accounts, for example, contact the provider to confirm whether you can request an additional account to be added to the application. Here you'll need to provide your account details and the amount you're transferring from each account.

You'll need to contact your banks to get a total You'll need to organise the closure of your accounts once you've completed the balance transfer. If you don't close your accounts, you'll still have to pay the maintenance fees (such as the annual fee).

Depending on the card, you may also be charged a balance transfer fee (usually of 2-3% of the balance amount) when completing the transfer.

How to use the Balance Transfer Calculator below in 4 easy steps and learn how much you can save today

Step 1. Enter the total debt/outstanding amount you would like to transfer
Step 2. Provide the interest rate that you are paying on your existing debt (if you don't have your interest rate on you, the average is around 18-20%)
Step 3. See the 'Interest Saved' column to find out which credit cards will save you the most money. Click on the 'Interest Saved' title to sort the cards in ascending or descending order of money saved
Step 4. Compare the credit cards available in the table provided to find the card that suits your needs. If you still want to find out more about a particular credit card, click the ‘More info’ link for a full review on the features and benefits.

BT calculator steps

Balance Transfer Calculator and Comparison

Rates last updated December 12th, 2017
$
% 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
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 13 December 2017.
NAB Premium Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with 0% p.a. for 18 months on balance transfers, earn 3 bonus Velocity Points per $1 for the first 3 months and get a yearly $129 Gift Voucher.
Citi Platinum Credit Card - 100k Bonus Points
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 12 months
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Exclusive to finder, get 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Ends 17 December 2017.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Receive a 0% p.a. for 22 months balance transfer offer and earn 1 Reward Point per $1 of eligible spend. Plus, complimentary travel insurance.
St.George Vertigo Visa - Online Offer
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Take advantage of 0% p.a. for 18 months on balance transfers (with no BT fee). Plus, $0 annual fee in the first year. Ends 13 December 2017.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% balance transfer fee when you apply online by 31 January 2018.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 14 months interest-free on balance transfers.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 16 month balance transfer offer and special offers from Visa Entertainment.
Bankwest Breeze Classic Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$79 p.a.
Receive a long-term balance transfer offer of 0% p.a. for 24 months, a low ongoing purchase rate and up to 55 interest-free days on purchases.
Bank of Melbourne Vertigo Platinum
0% p.a. for 24 months with 1% balance transfer fee
12.74% p.a.
$99 p.a.
Offers a long-term balance transfer, low ongoing purchase rate, complimentary travel insurance and access to a 24/7 personal concierge service.
NAB Low Rate Platinum Card
4.99% p.a. for 6 months
0% p.a. for 9 months (reverts to 13.99% p.a.)
$100 p.a.
A platinum card that offers 0% p.a. for 9 months on purchases. Plus 4.99% p.a. on balance transfers for 6 months.
Citi Rewards Platinum Credit Card
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)
Offers a long-term balance transfer. Earn extra points on eligible international spend, plus complimentary travel insurance.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Bankwest Breeze Platinum Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$99 p.a.
Receive a 0% p.a. interest rate on balance transfers for 24 months, complimentary travel insurance and 0% foreign transaction fees.
BankSA Vertigo Visa
0% p.a. for 18 months with 1% balance transfer fee
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Save with a $0 first year annual fee and a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free on purchases.
American Express Essential Credit Card
0% p.a. for 12 months with 3% balance transfer fee
14.99% p.a.
$0 p.a.
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with this card. Plus, a $0 annual fee for life.
American Express Explorer Credit Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$395 p.a.
Receive a yearly $400 Travel Credit, 50,000 bonus points and up to 2 entries per year to the American Express Lounge at Sydney International Airport.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 6 months
0% p.a. for 14 months (reverts to 20.74% p.a.)
$129 p.a.
Save with 0% p.a. on purchases for 14 months and 0% p.a. on balance transfers for 6 months. Plus, earn up to 0.66 Velocity Points per $1 spent.

Compare up to 4 providers

Rates last updated December 12th, 2017
$
% 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
Bankwest Breeze Platinum Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$99 p.a.
Receive a 0% p.a. interest rate on balance transfers for 24 months, complimentary travel insurance and 0% foreign transaction fees.
NAB Premium Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 13 December 2017.
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 Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Citi Rewards Platinum Credit Card
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)
Receive a long-term BT offer, earn Citi Reward Points and receive complimentary travel insurance.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Receive a 0% p.a. for 22 months balance transfer offer and earn 1 Reward Point per $1 of eligible spend. Plus, complimentary travel insurance.
St.George Vertigo Visa - Online Offer
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Take advantage of 0% p.a. for 18 months on balance transfers (with no BT fee). Plus, $0 annual fee in the first year. Ends 13 December 2017.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 12 months
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Exclusive to finder, get 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Ends 17 December 2017.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% balance transfer fee when you apply online by 31 January 2018.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 14 months interest-free on balance transfers.
Bankwest Breeze Classic Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$79 p.a.
Receive a long-term balance transfer offer of 0% p.a. for 24 months, a low ongoing purchase rate and up to 55 interest-free days on purchases.
St.George Amplify Card
3% p.a. for 36 months
19.49% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Take advantage of a 3% p.a. interest rate on balance transfers for 36 months. Plus, a $0 first year annual fee and 1.00 Amplify Point per $1 spent.
BankSA Vertigo Visa
0% p.a. for 18 months with 1% balance transfer fee
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Save with a $0 first year annual fee and a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free on purchases.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 16 month balance transfer offer and special offers from Visa Entertainment.
Qantas American Express Ultimate Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$450 p.a.
Take advantage of 55,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 yearly complimentary Qantas Club lounge invitations.
Citi Signature Credit Card
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn 1 Point per $1 spent on selected purchases plus receive a complimentary Priority Pass membership and two airport lounge visits per year.
Australian Military Bank Low Rate Visa Credit Card
0% p.a. for 12 months
10.99% p.a.
$49 p.a.
Enjoy a 0% p.a. for 12 month balance transfer offer with no BT fee, up to 55 interest-free days on purchases, add an additional cardholder for $0.
Bank of Melbourne Amplify Card
0% p.a. for 18 months with 1% balance transfer fee
19.49% p.a.
$79 p.a.
Take advantage of a 0% p.a. for 18 months balance transfer offer, earn 1 Amplify point per $1 spent and get up to 55 days interest-free on purchases.

Compare up to 4 providers

Rates last updated December 12th, 2017
$
% 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 Velocity Rewards Card
4.99% p.a. for 6 months
19.99% p.a.
$95 p.a.
This Visa card offers 0.5 Velocity Points per $1 spent on eligible purchases, up to 44 interest-free days on purchases and Visa Entertainment offers.
Citi Qantas Signature Credit Card
0% p.a. for 6 months
20.99% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn from 0.5 Qantas Points per $1 spent on selected purchases and get 2 airport lounge visits per year. Plus, a discounted first year annual fee.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 6 months
0% p.a. for 14 months (reverts to 20.74% p.a.)
$129 p.a.
Save with 0% p.a. on purchases for 14 months and 0% p.a. on balance transfers for 6 months. Plus, earn up to 0.66 Velocity Points per $1 spent.
Citi Prestige Card
0% p.a. for 6 months
20.99% p.a.
$700 p.a.
Earn 150,000 bonus Points and 1 Point per $1 spent on selected purchases and enjoy unlimited airport lounge access with Priority Pass.
NAB Rewards Classic Card
0% p.a. for 6 months
19.99% p.a.
$95 p.a.
Receive 0.75 NAB Rewards Points per $1 spent and complimentary purchase protection insurance. Plus, a 0% p.a. for 6 months balance transfer offer.
NAB Rewards Platinum Card
0% p.a. for 6 months
19.99% p.a.
$195 p.a.
Collect 60,000 bonus points when you spend $2,500 within 60 days of account opening. Plus, receive complimentary travel and purchase insurances.
NAB Qantas Rewards Card
4.99% p.a. for 6 months
19.99% p.a.
$95 p.a.
A Visa card that offers 0.5 Qantas points per $1 spent, complimentary purchase protection insurance and up to 44 days interest-free on purchases.
NAB Qantas Rewards Premium Card
4.99% p.a. for 6 months
19.99% p.a.
$250 p.a.
Offers 25,000 bonus points when you meet the spend requirements and Qantas Points for your everyday spending. Plus a 24/7 personal concierge.
NAB Velocity Rewards Premium Card
4.99% p.a. for 6 months
19.99% p.a.
$150 p.a.
Offers up to 0.66 Velocity Points per $1 spent on purchases, combined with complimentary insurance covers and a concierge service.
NAB Low Rate Credit Card
4.99% p.a. for 6 months
0% p.a. for 6 months (reverts to 13.99% p.a.)
$59 p.a.
Receive an introductory 0% p.a. interest rate for 6 months on purchases, Visa Entertainment offers and a competitive $59 ongoing annual fee.

Compare up to 4 providers

Other balance transfer tips

Start repaying immediately

Because the low introductory rate lasts six to 24 months, you have a limited time to repay your balance in full. Once the promotional period ends, your remaining balance will begin collecting the revert rate (usually the standard interest or cash advance rate) which can exceed 20%.

If you're sure you can pay off your transferred debt before that happens, you don't have to worry about the revert rate. Taking our $5,000 example, you will have to pay $416.67 per month if you have a 0% rate for one year, or $833.33 if it's a six-month deal. If you are only able to pay back half, the other $2,500 will be subject to, say, a 20% rate, or an extra $500.

Don't use your balance transfer card for purchases

There are many reasons you shouldn't be using your balance transfer credit card for anything but debt consolidation. Your purchases will be paid off before your existing debt as the purchase amounts will be collecting a higher standard rate than the promotional balance transfer rate. Interest-free days on purchases are also not awarded when you have an outstanding balance.

Just remember, the clock is ticking and you have to use every day you get with a balance transfer promotional rate of interest to reduce your credit card debt.

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10 Responses

  1. Default Gravatar
    markAugust 15, 2015

    can i transfer more than 1 balance from the same credit card

    • Staff
      JonathanAugust 17, 2015Staff

      Hi Mark, thanks for your inquiry!

      The balance of one credit card can be transferred to multiple cards providing you meet the application requirements for each.

      Cheers,

      Jonathan

  2. Default Gravatar
    SamOctober 5, 2013

    I currently have two credit cards, a St George Vertigo MasterCard and Members Equity card totalling just over $5000.
    My monthly minimum repayments for both are approx $120. Although I find myself paying $200 I still feel like I am getting nowhere!
    I will be honest and say I get very confused when looking to consolidate my cards trying to find a better options, that is rate, balance transfer for a 12 month or more period, etc.

    Any suggestions.

    Regards
    Sam

    • Staff
      JacobOctober 5, 2013Staff

      Hi Sam.

      Have a look at our balance transfer comparison page. You can use the balance transfer savings calculator at the top of the comparison table to find out the approximate savings for each balance transfer promotional offer too. There are a number of offers on this page, use the check boxes on the left of the table and then click compare to get a one on one comparison between cards.

      You can transfer from multiple cards, the thing to note is that you can only transfer up to a percentage of credit limit on your new credit card. If you go with a lender that allows you to use 80% of your credit limit for a balance transfer, and you’re approved for a credit limit of $10,000, you could transfer up to $8,000 from your old cards to your new card. This page has more information on this topic.

      If you haven’t transferred a balance before, there’s space to enter the details of a couple of cards when you elect to transfer a balance during an online credit card application. You select the name of the bank from a drop down list of institutions, enter the card number(s) and type in how much you want to transfer from that card.

      Thanks for your question.

  3. Default Gravatar
    RachelApril 8, 2013

    I currently have a credit card balance of $15000 due to unforeseen family circumstances etc. I have applied for a balance transfer with another credit card which was only approved for a limit of $5000. Whilst I understand that it can be quite tricky juggling several credit cards to your benefit, Is it legal to apply for another balance transfer to another credit card to make up the current outstanding balance?

    • Staff
      JacobApril 8, 2013Staff

      Hi Rachel. Yes. it’s completely legal; however, applying for multiple credit cards in a short space of time will have negative ramifications for your credit file. If a lender can see that you have had a series of credit enquiries in a short space of time, it will raise red flags with their credit department. They will want to know why you have tried to apply for multiple credit cards, and it may be a reason for rejecting an application. Having said that, what you’re suggesting has been done before and its success rest on the financial strength of the applicant. Jacob.

  4. Default Gravatar
    LeighFebruary 5, 2013

    My partner has two credit cards, one is 12.25% ($6,500) the other is 20.5% on purchases and 20.74% on cash advances ($13,500) therefore the debt is $20,000. currently we are paying approx $800 per month to get this down, but with little or no interest we could have this settled in close to 16 months, this would allow for other financial commitments.Could you recommend a credit card with the best transfer rate, or do you think it would be better to see if he could get the higher added to the lesser interest charged card?

    • Staff
      JacobFebruary 5, 2013Staff

      Hi Leigh. You can transfers multiple balances to one credit card taking advantage of a low promotional balance transfer rate of interest – provided that the new card you open to transfer to has a higher credit limit that than the amount you wish to transfer. Please check our balance transfer comparison page for a comparison of the balance transfer credit cards in the market – use this page to find the balance transfer card that’s right for you. If you wish to bring the debt that is accruing the higher rate of interest to the card with the lesser interest charges, you will have to check that the lower interest cards lets customers transfer a balance after the account has been opened. Hope this helps.

  5. Default Gravatar
    HowardOctober 19, 2012

    I have approx $40,000 in 5 credit cards which I currently can pay the minimums each month but then reuse again never reducing the balance. What is my best option?

    • Staff
      JacobOctober 19, 2012Staff

      Hi Howard. Thanks for your question. If have multiple credit cards it makes sense to consolidate your debt through a balance transfer with a low interest rate. Please refer to our balance transfer comparison page for information about balance transfer offers on the market. The card that’s right for you will depend on your personal circumstances. A few things you should know about balance transfers: the amount you can transfer will depend on your approved credit limit – generally lenders will allow somewhere between 80% and 95% of your approved limit to be used for a balance transfer. Also, you can not transfer the balance between related credit cards, for example, between a NAB and a NAB credit card, or a CUA and Citibank credit card (Citibank is the credit issuer for CUA, Virgin and a number of other institutions) – for more information on this, check this page. And finally, after the balance transfer period, the interest rate will revert to the cash advance or purchase rates of interest. Cheers.

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