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Balance transfers for existing customers

Most balance transfer offers are only available to new customers, but you can sometimes transfer debts onto a card you already have. Here's what you need to know.

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By

Sarah Megginson

&

Amy Bradney-George

Updated

Fact checked
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1 - 14 of 14
Updated regularly
Name Purchase rate p.a. Annual fee Balance transfer rate p.a. Amount Saved
Westpac Low Rate Card
Purchase rate p.a.
13.74%
Annual fee
$59
Balance transfer rate p.a.
0% for 28 months, then 21.49%
Amount Saved
$1,768.59 over 28 months
Go to siteMore Info
 Save with a 0% p.a. interest rate on balance transfers for 28 months. Plus, a low 13.74% p.a. purchase interest rate.
NAB Low Rate Credit Card
Purchase rate p.a.
12.49%
Annual fee
$0 first year ($59 after)
Balance transfer rate p.a.
0% for 28 months with 2% balance transfer fee, then 21.74%
Amount Saved
$1,768.59 over 28 months
Go to siteMore Info
 Get a 0% p.a. interest rate on balance transfers for the first 28 months (with a 2% BT fee). Plus, save with a $0 first-year annual fee.
Bankwest Breeze Classic Mastercard
Purchase rate p.a.
0% for 12 months, then 12.99%
Annual fee
$49
Balance transfer rate p.a.
0% for 12 months with 2% balance transfer fee, then 12.99%
Amount Saved
$878.32 over 12 months
Go to siteMore Info
 Save with 0% p.a. on purchases and balance transfers for 12 months (with a 2% BT fee).
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Velocity Frequent Flyer
Purchase rate p.a.
20.74%
Annual fee
$0 first year ($129 after)
Balance transfer rate p.a.
0% for 24 months, then 20.99%
Amount Saved
$1,453.89 over 24 months
Go to siteMore Info
 Get 0% p.a. on balance transfers for 24 months (with no BT fee) and a $0 annual fee in the first year.
Kogan Money Card – Exclusive Offer
ExclusiveKogan Rewards Program
Purchase rate p.a.
20.99%
Annual fee
$0
Balance transfer rate p.a.
0% for 18 months with 1% balance transfer fee, then 21.74%
Amount Saved
$1,335.99 over 18 months
Go to siteMore Info
 Get 0% p.a. on balance transfers for 18 months with a 1% balance transfer fee. Plus an ongoing $0 annual fee.
Bankwest Breeze Platinum Mastercard
Purchase rate p.a.
0% for 12 months, then 12.99%
Annual fee
$69
Balance transfer rate p.a.
0% for 12 months with 2% balance transfer fee, then 12.99%
Amount Saved
$858.32 over 12 months
Go to siteMore Info
 Get 0% p.a. interest on purchases and balance transfers for 12 months (with a 2% BT fee). Plus 0% foreign fees and complimentary overseas travel insurance.
Virgin Money No Annual Fee Credit Card
Purchase rate p.a.
0% for 12 months, then 18.99%
Annual fee
$0
Balance transfer rate p.a.
0% for 12 months, then 20.99%
Amount Saved
$927.32 over 12 months
Go to siteMore Info
 Save with a $0 annual fee and 0% p.a. on balance transfers and purchases for 12 months.
Qantas Premier Everyday
Qantas Frequent Flyer
Purchase rate p.a.
19.99%
Annual fee
$49
Balance transfer rate p.a.
0% for 12 months, then 21.99%
Amount Saved
$878.32 over 12 months
Go to siteMore Info
 Get 2 bonus Qantas Points per $1 spent on eligible purchases in the first 4 months (up to 8,000 points), plus complimentary insurance.
St.George Amplify Signature
Amplify Rewards
Purchase rate p.a.
19.49%
Annual fee
$199 first year ($295 after)
Balance transfer rate p.a.
0% for 24 months with 1% balance transfer fee, then 21.49%
Amount Saved
$1,217.89 over 24 months
Go to siteMore Info
 150,000 bonus Amplify Points (worth $675 in gift cards) when you spend $12,000 in the first 12 months. Plus, a first-year annual fee discount.
Qantas Premier Platinum
Qantas Frequent Flyer
Purchase rate p.a.
19.99%
Annual fee
$349 first year ($399 after)
Balance transfer rate p.a.
0% for 12 months, then 21.99%
Amount Saved
$578.32 over 12 months
Go to siteMore Info
 Earn up to 80,000 bonus Qantas Points. Plus, save with a reduced first-year annual fee and 0% p.a. for 12 months on balance transfers.
St.George Vertigo Card - Cashback Offer
Purchase rate p.a.
13.99%
Annual fee
$55
Balance transfer rate p.a.
6.99% for 12 months, then 21.49%
Amount Saved
$562.66 over 12 months
Go to siteMore Info
 Get up to $400 cashback at eligible supermarkets and petrol stations in the first 180 days. Plus, a low interest rate for purchases.
Virgin Money Low Rate Credit Card
Purchase rate p.a.
11.99%
Annual fee
$99
Balance transfer rate p.a.
0% for 15 months, then 21.69%
Amount Saved
$937.92 over 15 months
Go to siteMore Info
 Offers 0% p.a. for 15 months on balance transfers, with no balance transfer fee.
Citi Rewards Card - Purchase and Balance Transfer Offer
Citi Rewards Program
Purchase rate p.a.
0% for 12 months, then 21.49%
Annual fee
$199
Balance transfer rate p.a.
0% for 12 months, then 22.24%
Amount Saved
$728.32 over 12 months
More Info
 Save with 0% p.a. on purchases and balance transfers for 12 months with no balance transfer fee.
Credit Union SA Education Community Credit Card
Purchase rate p.a.
0% for 6 months, then 11.49%
Annual fee
$0
Balance transfer rate p.a.
0% for 6 months, then 11.49%
Amount Saved
$483.02 over 6 months
More Info
 Save with an ongoing $0 annual fee and 0% p.a. interest on purchases, balance transfers and cash advances.
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The balance transfer offers you see when you compare credit cards are typically available for new customers, not existing ones. This is because banks want to attract new customers, and introductory offers can encourage people to switch.

Some banks also let you transfer a balance to your existing card. Usually, the balance transfer interest rate will be different to the one a new customer would get. The balance that you transfer also typically needs to be from a different bank.

Example

If you had 2 different Westpac cards, you couldn't transfer the balance from 1 card to another.

But if you had a Westpac card and a NAB card, you could transfer balance from your NAB card over to the Westpac card.

Keep in mind that every bank has a different approach to balance transfers. And it can get trickier if you wish to balance transfer from 1 bank to another and they're owned by the same parent company.

What are the benefits of doing a balance transfer with your existing bank?

For some people, keeping a card they already use may be enough of an incentive to get a balance transfer to it – even if it's not the most competitive offer.

A low credit score could also be another factor, because it can make it harder to get approved for a new card. If you're in this position, it might be worth calling your credit card provider and letting them know you're not happy. Occasionally, your provider will offer you an annual fee discount or extra perks to encourage you to stay.

Overall, if you're keen to get access to bonus points or better perks, you'll be better off transferring your balance to a new card with a different bank, so you can take advantage of the discounts and offers as a new customer.

What perks can I get as an existing cardholder?

  • Bonus points offers. Occasionally, card providers will allow you to earn bonus points on specific spending. For example, American Express often awards bonus points when you spend with a partnered retailer during a promotional period and Qantas lets you earn triple bonus points on certain promotional flights or hotel bookings.
  • Cashback offers. Some banks offer a promotional cashback offer instead of bonus points. For example, you might be able to receive 2% back on all eligible spending within a specific period.
  • Network perks. Card payment networks provide a host of exclusive travel, lifestyle, shopping, dining and entertainment offers to existing cardholders. For example, Visa Entertainment, Mastercard Priceless Cities and American Express Offers all offer cardholders entertainment perks such as presale concert tickets, event discounts and access to private lounges.
  1. Westpac balance transfer application form for existing customers accessed 5 January 2023
  2. St.George balance transfer details accessed 5 January 2023
  3. NAB balance transfer details accessed 5 January 2023
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11 Responses

    Default Gravatar
    frankJuly 25, 2017

    I want to transfer balances from existing cards to capitalise on best offers

    Reply
      Default Gravatar
      JonathanJuly 25, 2017

      Hi Frank,

      Thank you for sending your enquiry today.

      You can check the list of balance transfer credit card offers and explore your options.

      Please take note of their minimum requirements to have higher chances of approval for the new card. Also, most cards would only allow up to 80% transfer to the approved limit, the balance transferred is not eligible for rewards, and is not possible for the same credit card issuer (for example from Virgin to Citibank, as they are both issued by Citibank PTY LTD).

      You can check the T&Cs of these cards on their individual cards page and talk to the card specialist if needed as some rules vary per lender.

      Hope this helps.

      Cheers,
      Jonathan

      Reply
    Default Gravatar
    KKOctober 25, 2016

    Hi,
    I am existing NAB Credit Card holder.
    Can I apply for 0% balance transfer on my existing credit card?

    Thanks

    Reply
    Default Gravatar
    gerySeptember 22, 2014

    I am trying to locate the web page for Nab,that leads to the application for Balance transfer for the existing premium card holders.The offer is 0% for 15 months.
    I was able to locate the page about 4-5 days ago.But I do not remember the web link on it. If a call Nab it takes over 30 minutes before you can get someone on the other side.

    Reply
      AvatarFinder
      ShirleySeptember 23, 2014Finder

      Hi Gery,

      Thanks for your question.

      You may consider applying for the NAB Low Fee Platinum Card. I think this may be the offer you’re looking for.

      Cheers,
      Shirley

      Reply
      Default Gravatar
      AzzMarch 28, 2016

      That looks like a page that you can apply for if your not a customer or you want to apply for a new card. What about a link to transfer a debt for a credit card to an existing credit card NAB credit card?

      Reply
      AvatarFinder
      DebbieMarch 31, 2016Finder

      Hi Azz,

      Thanks for your inquiry.

      It is helpful to know that you cannot do a balance transfer between credit cards under the same bank, but you also can’t transfer debts with different credit card companies that have financial ties to one another.

      You will find a guide on which financial institutions you can and can’t transfer your balance between.I suggest you to read the balance transfer terms and conditions to ensure your eligibility before you apply.

      I hope this helps.

      Cheers,
      Debbie

      Reply
    Default Gravatar
    ShaneAugust 9, 2014

    Why can I not get credit approval with a bank that I have been with for years but pre approved with other banks.?. Do I have to change banks because the bank I’m with don’t look after me.?.

    Reply
      Default Gravatar
      ShaneAugust 11, 2014

      So much for looking after loyal customers,

      Reply
      AvatarFinder
      ShirleyAugust 11, 2014Finder

      Hi Shane,

      Thanks for your question.

      The decision is completely up to you. If you feel as though you’re getting a better deal or service from another bank, there is no harm in switching.

      All the best,
      Shirley

      Reply
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