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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 July 25th, 2017
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Exclusive Offer
Apply by 31 July 2017 to earn bonus Velocity Points for the first three months and a $129 Virgin Australia Gift Voucher each year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
St.George Vertigo Platinum
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
Citi Rewards Platinum Credit Card
Offers a long-term balance transfer. Earn extra points on eligible international spend, plus complimentary travel insurance.
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) Go to site More info
St.George Vertigo Visa
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
0% p.a. for 14 months 13.24% p.a. $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
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) Go to site More info
HSBC Platinum Credit Card
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
0% p.a. for 22 months with 2% balance transfer fee 19.99% p.a. $99 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
BankSA Vertigo Visa
Get up to 55 days interest-free on purchases and be protected by 24/7 Falcon® Fraud service.
0% p.a. for 18 months 13.24% p.a. $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
NAB Low Fee Card
Receive complimentary purchase protection insurance, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
0% p.a. for 16 months with 2% balance transfer fee 19.74% p.a. $30 p.a. Go to site More info
HSBC Low Rate Credit Card
Receive up to 55 days interest-free on purchases. Also enjoy exclusive offers with the home&Away Privilege Program.
0% p.a. for 15 months with 2% balance transfer fee 13.25% p.a. $55 p.a. Go to site More info
Virgin Money Low Rate Credit Card
Receive up to 44 days interest-free on purchases and the optional insurance coverage of CreditShield Edge.
0% p.a. for 12 months 11.99% p.a. $99 p.a. Go to site More info
Westpac Low Rate Card - Online Only Balance Transfer Offer
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% BT fee. Plus, the convenience of the Westpac mobile banking app.
0% p.a. for 24 months with 2% balance transfer fee 13.49% p.a. $59 p.a. Go to site More info
NAB Low Rate Platinum Card
Enjoy the protection of 7 complimentary insurances including overseas travel and purchase protection insurance.
0% p.a. for 16 months with 2% balance transfer fee 13.99% p.a. $100 p.a. Go to site More info
ANZ Low Rate Platinum
Enjoy platinum benefits with exclusive discounts, complimentary travel and purchase insurances and a 24/7 personal concierge.
0% p.a. for 16 months with 2% balance transfer fee 11.49% p.a. $99 p.a. Go to site More info
American Express Essential®  Credit Card
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with your Essential Credit Card.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Woolworths Everyday Platinum Credit Card
Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.
0% p.a. for 14 months 19.99% p.a. $0 p.a. annual fee for the first year ($49 p.a. thereafter) Go to site More info
American Express Explorer® Credit Card
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $395 p.a. Go to site More info
Rates last updated July 25th, 2017
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
NAB Premium Card - Exclusive Offer
Exclusive to finder.com.au, enjoy a no fee, long-term balance transfer offer with platinum privileges.
0% p.a. for 24 months 19.74% p.a. $90 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Exclusive Offer
Apply by 31 July 2017 to earn bonus Velocity Points for the first three months and a $129 Virgin Australia Gift Voucher each year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
St.George Vertigo Platinum
A low rate Platinum card with up to 55 interest-free days on purchases and access to Visa's Platinum Concierge service.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
Citi Rewards Platinum Credit Card
Earn Citi Reward Points on everyday spend and receive complimentary travel insurance.
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) Go to site More info
St.George Vertigo Visa
Save with a low variable purchase rate and up to 55 interest-free days.
0% p.a. for 14 months 13.24% p.a. $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
ANZ Low Rate
Receive up to 55 days interest-free on purchases, up to 3 additional cardholders at no cost and Mastercard PayPass.
0% p.a. for 16 months with 2% balance transfer fee 12.49% p.a. $58 p.a. Go to site More info
HSBC Platinum Credit Card
Offers an annual fee refund with a yearly minimum spend of $6,000.
0% p.a. for 22 months with 2% balance transfer fee 19.99% p.a. $99 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
An exclusive credit card offer through finder.com.au that includes complimentary insurance covers.
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) Go to site More info
Bank of Melbourne Vertigo Platinum
Receive a range of complimentary insurances and access to a 24/7 Visa Platinum Concierge.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
NAB Low Fee Card
Receive up to 44 interest-free days on purchases and complimentary Purchase Protection Insurance.
0% p.a. for 16 months with 2% balance transfer fee 19.74% p.a. $30 p.a. Go to site More info
HSBC Low Rate Credit Card
Enjoy the benefits of the home&Away Privilege Program and the ability to pay using Apple Pay.
0% p.a. for 15 months with 2% balance transfer fee 13.25% p.a. $55 p.a. Go to site More info
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
Earn Suncorp Rewards Points per $1 spent and enjoy complimentary international travel insurances.
0% p.a. for 18 months 20.74% p.a. $99 p.a. annual fee for the first year ($169 p.a. thereafter) Go to site More info
Virgin Money Low Rate Credit Card
Enjoy a low ongoing purchase rate and the optional protection of CreditShield Edge.
0% p.a. for 12 months 11.99% p.a. $99 p.a. Go to site More info
Westpac Low Rate Card - Online Only Balance Transfer Offer
Offers a low introductory rate on purchases and up to 55 interest-free days.
0% p.a. for 24 months with 2% balance transfer fee 13.49% p.a. $59 p.a. Go to site More info
NAB Low Rate Credit Card
Receive up to 55 days interest-free on purchases and access to Visa Global Customer Assistance Services.
0% p.a. for 16 months with 2% balance transfer fee 13.99% p.a. $59 p.a. Go to site More info
NAB Low Rate Platinum Card
Enjoy the protection of 7 complimentary insurances including overseas travel and purchase protection insurance.
0% p.a. for 16 months with 2% balance transfer fee 13.99% p.a. $100 p.a. Go to site More info
ANZ Low Rate Platinum
A platinum card with a competitive low rate and a range of complimentary insurances.
0% p.a. for 16 months with 2% balance transfer fee 11.49% p.a. $99 p.a. Go to site More info
American Express Essential®  Credit Card
Earn 1.00 Membership Rewards point per $1 spent on eligible purchases.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Woolworths Everyday Platinum Credit Card
Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.
0% p.a. for 14 months 19.99% p.a. $0 p.a. annual fee for the first year ($49 p.a. thereafter) Go to site More info
BankSA Vertigo Visa
Save with a low ongoing purchase rate and enjoy up to 55 days interest-free.
0% p.a. for 18 months 13.24% p.a. $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
Rates last updated July 25th, 2017
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
NAB Velocity Rewards Card
This dual Amex and Visa card offers up to 0.75 Velocity Points per $1 spent on eligible purchases and special Visa Entertainment offers.
0% p.a. for 6 months 19.99% p.a. $95 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Save with 0% p.a. on purchases for 12 months. Plus, up to 0.66 Velocity Points per $1 spent.
0% p.a. for 6 months 0% p.a. for 12 months (reverts to 20.74% p.a.) $129 p.a. Go to site More info
Citi Qantas Signature Credit Card
Earn from 0.5 Qantas Points per $1 spent on selected purchases and get a 2 airport lounge visits per year.
0% p.a. for 6 months 20.99% p.a. $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Citi Rewards Signature Credit Card
Receive 75,000 bonus Reward Points on eligible spend, plus a range of complimentary insurances and 1 Reward Points per $1 spent on eligible domestic and international spend.
0% p.a. for 6 months 20.99% p.a. $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Citi Prestige Card
Earn from 1 Point per $1 spent on selected purchases and enjoy unlimited airport lounge access with a complimentary Priority Pass.
0% p.a. for 6 months 20.99% p.a. $700 p.a. Go to site More info
NAB Rewards Classic Card
Earn 0.75 NAB Rewards Points per $1 spent and receive complimentary purchase protection insurance.
0% p.a. for 6 months 19.99% p.a. $95 p.a. Go to site More info
NAB Rewards Platinum Card
Collect 50,000 bonus points when you spend $2,500 on everyday purchases within 60 days of account opening.
0% p.a. for 6 months 19.99% p.a. $195 p.a. Go to site More info
NAB Qantas Rewards Card
A dual Amex and Visa card that allows you to earn up to 0.75 Qantas Points per $1 spent, plus complimentary purchase protection insurance.
0% p.a. for 6 months 19.99% p.a. $95 p.a. Go to site More info
NAB flybuys Rewards Card
Earn 1 flybuys point per $1 spent on everyday purchases and receive 7 complimentary insurance covers.
0% p.a. for 6 months 19.99% p.a. $95 p.a. Go to site More info
NAB Qantas Rewards Premium Card
A dual Amex and Visa card that earns up to 1 Qantas Point per $1 spent on eligible purchases, plus a 24/7 personal concierge.
0% p.a. for 6 months 19.99% p.a. $250 p.a. Go to site More info

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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