Which credit cards allow a personal loan balance transfer?
A balance transfer is when you move existing credit card debt onto a new card, with a low or 0% interest rate for a limited time. This helps you pay off the debt.
But most Australian credit cards only let you transfer a credit card balance, not other debts like personal loans. But a handful of card providers let you balance transfer personal loan debt to a credit card:
Citi
Coles
Kogan Money
Qantas Money
Virgin Money
⚠️ NAB issues the credit cards for the brands mentioned above, which accept personal loan balance transfers. But NAB's own credit cards don't offer this.
You can't transfer balances between credit cards with the same bank. There may be restrictions if you try to transfer a balance between one of the brands above and another. Check the fine print before you apply for a balance transfer card.
Pros and cons of transferring a personal loan balance to a credit card
Pros
Save money. Balance transfer credit cards give you a chance to save money on interest charges by offering a low or 0% introductory interest rate for up to 30 months. If you had a $3,000 personal loan debt with a 9% interest rate, then paying 0% would be a big saving.
Pay off personal loan debt faster. Paying low or no interest on a balance transfer card means that more of your repayments go directly towards the principal debt (rather than on interest).
Pay off all your debts at once. You may be able to consolidate debt on one credit card so that you only need to make one repayment each month. Plus, you’ll only have to deal with one interest rate for all of your debt.
Cons
Balance transfer limits. Credit cards typically let you transfer between 70% to 100% of your approved credit limit. Depending on the card, you may not be able to transfer your entire loan amount.
Balance transfer fee. Some credit cards have a one-time fee worth around 1% to 3% of the balance transfer.
Higher rates at the end of the introductory period. If you don't pay off the balance during the introductory period, you'll be charged interest on what's left. With some credit cards charging as much as 25% p.a., this could be higher than the rate you have on your personal loan.
Is transferring a personal loan debt to a credit card a good idea?
A balance transfer credit card can help you get your debt under control. But debt consolidation is complicated. It's worth sitting down and crunching the numbers to work out how much you can save.
Work out your costs. How much is your personal loan costing you each month? How much can you save with a balance transfer? Don't forget to factor in the cost of fees.
Take a look at all your debt consolidation options first. There are more debt consolidation options than a credit card.
Make sure you have a plan to pay your card off fast. A 0% balance transfer only works if you actually pay the debt off during the introductory period. Once that ends, any unpaid debt gets charged a very high interest rate. Higher than a personal loan interest rate.
Don't keep your old account open. Once the debt is transferred to your new credit card, make sure you close the personal loan account to avoid any additional fees or charges.
Avoid making purchases on the card while you're paying off the balance. Any new spending you do on your card is not interest free like the balance transfer. Spend carefully and make sure you don't end up paying interest on your new spending while you're also trying to pay off the balance you transferred.
How to request a balance transfer from a personal loan to a credit card
When you apply for your balance transfer credit card, there will be a section asking for details of the debt or debts you want to move on to the card.
Here, you'll need to provide details of the personal loan debt you want to transfer, including the amount, the name on the account, plus the account number.
If your application is approved, you can close your old account and start paying off the debt on your new credit card.
Alternatives to balance transferring a personal loan
If you can't balance transfer a personal loan to a credit card, here are some other solutions that could help pay off the loan faster.
Debt consolidation loans. Even if you're only paying off one balance, comparing loans and other debt consolidation options could help you find a lower interest rate and lower fees than what you're currently paying.
Financial support. If the balance of your personal loan is causing financial stress, you can speak to a financial counsellor for free by calling 1800 007 007 or using the chat service on the National Debt Helpline website.
Talk to your lender. Ask about hardship options if your circumstances have changed, so that you can find a way to repay the loan that's manageable for you.
Frequently asked questions
This depends on how much debt you have and what you're eligible for. Balance transfer credit cards typically allow you to transfer a smaller amount than a debt consolidation loan. But most balance transfer cards also offer an introductory 0% interest rate that can help you save on charges for a set period of time before interest applies.
In comparison, debt consolidation loans typically offer more flexibility in the types of debts you can consolidate and charge an interest rate applied the time the loan is approved. So it's often helpful to consider both options for debt consolidation, then choose the one that's most suited to your situation.
There are still some requirements to transfer a personal loan balance. You need to have all the requested balance transfer account details, such as the account name, number and BPAY biller details when available. The account also needs to be from another Australian financial institution and usually needs to be in your name.
Any balance transfer has the potential to affect your credit score. This is because details from the application will be added to your credit report.
If you have a number of accounts and applications in a short period of time, it could lower your credit score. But if the balance transfer means you're able to make repayments more regularly, and on time, your credit score could improve over time. Check out Finder's guide to credit scores for more details – and to get a free copy of your credit score and report each month.
Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024.
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Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University.
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Once I transfer my personal loan to the credit card with Citibank, would this new credit debt, would it be considered a personal loan or a credit card debt? if it considered a credit card debt, after the 24 months period end, can I balance transfer this remaining amount to another credit card with another bank institution, to still keep going with the balance transfer with no interest?
Finder
MayJune 1, 2016Finder
Hi Moe,
Thanks for your inquiry.
Yes, once you have successfully transferred your personal loans to a balance transfer credit card with Citibank, that debt will be considered as a credit card debt. So if you want to transfer the remaining balance to another credit card from a different card issuer after 24 months, you may do so.
Cheers,
May
MibbiesMay 29, 2016
I have a personal loan and credit card with ANZ. Is it possible to do a balance transfer to Citibank or Virgin?
Finder
MayMay 31, 2016Finder
Hi Mibbies, thanks for your inquiry!
Yes, you can. It would be best to contact Citibank or Virgin before you apply for the balance transfer so you can discuss your options and chances of approval. Make sure to read the eligibility criteria and requirements as well before applying.
Cheers,
May
KatieMarch 9, 2016
I have a personal loan with Citi, can I do a balance transfer to a Virgin card?
Finder
YsaMarch 9, 2016Finder
Hi Katie,
Thanks for your question.
Generally, with Citi and Virgin, you are allowed to balance transfer a personal loan to a credit card.
However, you may wish to speak directly with Virgin, to confirm if you are able to transfer a Citi balance over to a Virgin credit card.
I’ve emailed you the link of their contact information for your convenience.
Cheers,
Ysa
LeeFebruary 28, 2016
Can I use this balance transfer option to pay off an existing car loan?
Finder
SallyFebruary 29, 2016Finder
Hi Lee,
Thanks for your question.
Whether you can balance transfer a personal loan on to a credit card will depend on the card.
Did you have a particular card in mind? If so, we could do some research and confirm that for you.
Cheers,
Sally
DanFebruary 25, 2016
Hello, I have a $210k home loan through commonwealth bank at which i pay a normal home loan interest rate of 4.9%. I am wondering there is a way i can balance transfer from a credit card into a home loan offset account for 18 months? Any ideas and suggestions would be great.
Finder
JonathanFebruary 26, 2016Finder
Hi Dan, thanks for your inquiry!
Unfortunately balance transferring to offset accounts are not possible since you can only deposit funds in this type of account. You may like to compare balance transfer credit cards if you are looking to consolidate your debt.
Balance transfers are not allowed between certain credit card brands. Read on for a list of lenders that do and don’t allow a balance transfers between them.
Learn about the concept of making money from credit cards with stoozing and the downfalls you should look out for.
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Hi,
Once I transfer my personal loan to the credit card with Citibank, would this new credit debt, would it be considered a personal loan or a credit card debt? if it considered a credit card debt, after the 24 months period end, can I balance transfer this remaining amount to another credit card with another bank institution, to still keep going with the balance transfer with no interest?
Hi Moe,
Thanks for your inquiry.
Yes, once you have successfully transferred your personal loans to a balance transfer credit card with Citibank, that debt will be considered as a credit card debt. So if you want to transfer the remaining balance to another credit card from a different card issuer after 24 months, you may do so.
Cheers,
May
I have a personal loan and credit card with ANZ. Is it possible to do a balance transfer to Citibank or Virgin?
Hi Mibbies, thanks for your inquiry!
Yes, you can. It would be best to contact Citibank or Virgin before you apply for the balance transfer so you can discuss your options and chances of approval. Make sure to read the eligibility criteria and requirements as well before applying.
Cheers,
May
I have a personal loan with Citi, can I do a balance transfer to a Virgin card?
Hi Katie,
Thanks for your question.
Generally, with Citi and Virgin, you are allowed to balance transfer a personal loan to a credit card.
However, you may wish to speak directly with Virgin, to confirm if you are able to transfer a Citi balance over to a Virgin credit card.
I’ve emailed you the link of their contact information for your convenience.
Cheers,
Ysa
Can I use this balance transfer option to pay off an existing car loan?
Hi Lee,
Thanks for your question.
Whether you can balance transfer a personal loan on to a credit card will depend on the card.
Did you have a particular card in mind? If so, we could do some research and confirm that for you.
Cheers,
Sally
Hello, I have a $210k home loan through commonwealth bank at which i pay a normal home loan interest rate of 4.9%. I am wondering there is a way i can balance transfer from a credit card into a home loan offset account for 18 months? Any ideas and suggestions would be great.
Hi Dan, thanks for your inquiry!
Unfortunately balance transferring to offset accounts are not possible since you can only deposit funds in this type of account. You may like to compare balance transfer credit cards if you are looking to consolidate your debt.
Cheers,
Jonathan