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Can I transfer my credit card debt to another bank?

It's usually simple to transfer your credit card balance to another bank, unless it’s the same lender – here’s what you need to know.

Balance transfer credit cards let you move debt from one card to another to save money on interest and fees. You typically won't be able to get a balance transfer between cards from the same bank or lender.

For example, if you had a NAB Rewards credit card, you couldn't get a balance transfer to a NAB Low Rate card. This also affects transfers between credit card brands with financial ties to one another. For example, a balance transfer from St.George to Bank of Melbourne is not allowed because both brands are part of the St.George Banking Group.

How to transfer a credit card balance to another bank or lender

    1. Choose a new credit card. You can get 0% interest on balance transfers for up to 32 months with some credit card offers on the market, which can help you save on charges when you switch.
    2. Check the eligibility requirements. As well as any income and residency requirements, check what details are needed for the balance transfer. For example, it usually needs to be from an account in your name with a different bank.
    3. Apply and provide the balance transfer request details. When you apply for a balance transfer, some financial institutions will ask for the account number and BSB. Others may ask for the card number, BPAY biller code or a cheque mailing address so that they can process the balance transfer.
    4. Activate the new card. If you're approved, you'll typically need to activate the new card to complete the balance transfer process.

If a repayment is due on your existing account before the process is complete, make sure you pay it by the due date. When the balance transfer is finalised, you'll see details on your new account and can cancel the old card.

Credit card balance transfer restrictions

If you want to transfer card debt to another bank or brand, you can use this table to see when it is and isn't possible with major Australian banks and lenders.

Credit card brandBalance transfer brand restrictions
American ExpressBalance transfers are not currently available on new American Express cards.
ANZYou can't balance transfer between 2 accounts issued by ANZ. You can transfer debts from other Australian store or credit card issuers, as long as they accept BPAY or cheque payments. The transferred balance must be between $100 and up to 95% of your available credit limit.
Bank of MelbourneBalance transfer requests will not be accepted from another Bank of Melbourne, St.George or BankSA credit card. But you can transfer balances from Westpac cards, even though Bank of Melbourne is a division of the Westpac Banking Corporation.
BOQYou can't transfer balances between 2 BOQ branded accounts.
BankSABalance transfers are not allowed from BankSA, St.George or Bank of Melbourne credit cards, which are all part of Westpac Banking Corporation. But you can transfer balances from Westpac cards.
BankwestBalance transfers are not allowed from an existing Bankwest account to a new Bankwest account.
CitiYou can't transfer balances from other Citi accounts.
ColesYou can't request a balance transfer between 2 Coles credit cards.
IMBBalance transfers are not allowed between IMB accounts, Card Services accounts or other NAB accounts. (NAB is the issuer and credit provider of Card Services Cards, including IMB credit cards).
Kogan MoneyBalance transfers are not allowed between Kogan Money accounts. Kogan Money credit cards are issued by NAB, and you can request a balance transfer from accounts with other financial institutions and stores.
Latitude FinancialBalance transfers will not be accepted from other Latitude Financial credit or loan accounts.
Macquarie BankBalance transfers are not allowed from any account issued by Macquarie Bank. This includes other Macquarie or Card Services accounts.
NABYou can't transfer a balance from one NAB account to another.
Qantas MoneyBalance transfers are not allowed between Qantas Money cards.
St.GeorgeYou can only transfer balances from non-St.George, Bank of Melbourne and BankSA Australian credit, charge or store cards. You can request a balance transfer from Westpac cards, even though St.George is a division of the Westpac Banking Corporation.
Suncorp BankIf you have a Suncorp credit card, you can't request a balance transfer from Suncorp or other Citigroup accounts (issued by NAB since 1 June 2022). This includes cards from Citi, IMB and Virgin Money.
Virgin MoneyVirgin Money may refuse to process a balance transfer request when it is from another Virgin Money account. Virgin Money credit cards are issued by NAB. You can request a balance transfer from accounts with other financial institutions and stores.
WestpacBalance transfers are only allowed from non-Westpac Australian issued credit, charge or store cards. While Westpac is affiliated with St.George, Bank of Melbourne and BankSA, you can request balance transfers from any of these brands to Westpac.

Finder survey: How much did Australians transfer to their current balance transfer credit card?

Response
500014.01%
200012.1%
5008.28%
10007.64%
16.37%
30004.46%
1003.18%
100003.18%
25003.18%
102.55%
40002.55%
15001.91%
21.91%
501.91%
70001.91%
1201.27%
13001.27%
200001.27%
2501.27%
3001.27%
4001.27%
51.27%
6001.27%
60001.27%
80001.27%
90001.27%
111110.64%
120000.64%
150000.64%
160.64%
18090.64%
210000.64%
23000.64%
240000.64%
24540.64%
250000.64%
25700.64%
350.64%
36000.64%
45670.64%
49990.64%
5500.64%
8000.64%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023

What happens if I apply for a balance transfer with the same credit card issuer?

It varies between cards and different situations, but here are some of the most common outcomes:

      • Your application may be declined. The reason your application gets denied usually has more to do with other factors, including your credit score and credit history. Even if a balance transfer isn't possible, you could still be approved for the card.
      • It could lower your credit score. If you apply for a lot of balance transfer credit cards in a small amount of time, your credit score might temporarily drop. See Finder's guide to good and bad credit ratings for more details.
      • You could get an offer for the new card without the balance transfer. If everything else in your application meets the lender's criteria, you could be approved for the card with a note that your balance transfer request can't be processed.

Tip: Check the balance transfer terms and conditions or ask the credit card brand about the balance you want to transfer before applying. This can help you avoid the scenarios we've mentioned here.

credit card with tick mark iconCan I get a balance transfer to my existing card?

Some banks and brands let you consolidate existing debts onto a card you already have, as long as the balances are held with a different issuer. For example, both NAB and Westpac let you request a balance transfer to an existing card through their mobile banking apps.

Just keep in mind that balance transfer offers for existing accounts usually aren't as competitive as the 0% introductory offers available to new cardholders.

What’s the difference between a credit card issuer and a credit card brand?

A credit card issuer is legally the financial service provider for the account, while a credit card brand is the main point of contact for customers.

In really simple terms, this means credit cards could have branding for a supermarket or airline (e.g. Coles or Qantas Money) and be issued by larger financial institutions that have the required Australian Financial Services Licence (AFSL) and Australian credit licence.

Changes between credit card brands and issuers

Sometimes, credit card brands change card issuers. This makes it important to check the current card issuer when you’re about to request a balance transfer. In some cases, the previous issuer may still be affiliated with your account, which could affect your ability to balance transfer your debt to other associated credit card brands.

two credit cards and arrows pointing at themWhy are balance transfers not allowed between cards by the same issuer?

This comes down to the structure of a balance transfer. This process lets you shift debt from one creditor to another with the aim of refinancing your debt at a lower interest rate.

Since balance transfer offers are typically promotions to entice new customers, card issuers rarely allow existing customers the opportunity to refinance within their own umbrella of issued cards.

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17 Responses

    Default Gravatar
    SandraMarch 17, 2023

    Which credit cards will accept a balance transfer from a Latitude GEM Visa Card? It does not have a BSB or account number.

      AvatarFinder
      AmyMarch 20, 2023Finder

      Hi Sandra,

      It varies between providers but there are some options. For example, some credit cards that accept balance transfers from personal loans require BPAY details rather than a BSB and account number. It also varies depending on the financial institution. In comparison, ANZ credit cards only accept balance transfers from Australia store or credit cards not issued by ANZ – and the bank’s website says “ANZ will only be able to facilitate a Balance Transfer if your bank or financial institution accepts BPAY or cheque payment.”

      Before applying for a balance transfer, you may want to call the financial institution to check what account details are required to make sure the Latitude GEM details will be sufficient. I hope that helps.

    Default Gravatar
    PaulMay 2, 2017

    How does know how much credit I can qualify or be approved for

      AvatarFinder
      DeeMay 3, 2017Finder

      Hi Paul,

      Thanks for your question.

      There is no definite way to determine what your credit limit might be, as credit card brands often follow their own unique policies when deciding your credit limit. There are certain factors that can affect our credit limit including your monthly income and your creditworthiness among others. You can refer to our credit card limit calculator to learn more.

      In addition, if you are making a balance transfer, the maximum amount that you can move to your new card depends on your approved and available credit limit.

      Cheers,
      Anndy

    Default Gravatar
    PVOJanuary 30, 2017

    If I do a balance transfer, is the old credit card closed? Can I keep the old card but not use it?

      AvatarFinder
      DeeJanuary 30, 2017Finder

      Hi PVO,

      Thanks for your question.

      When you transfer your balance from the old card to the new one, you have the option to retain or cancel the old card. Generally, it will be your personal choice.

      Cheers,
      Anndy

    Default Gravatar
    rdrDecember 29, 2016

    I would like a personal advice how I can get my credit card payments down as the way things are with my Bank I seem to be paying more interest charges than getting my total amount
    down not getting anywhere I have also stopped using any credit that I may have after paying the credit card that has been closed so no further credit usage allowed.
    Please advice as this will go on for ever.

    Thanking You,

      AvatarFinder
      DeeDecember 29, 2016Finder

      Hi RDR,

      Thanks for reaching out.

      You may want to read our guide on dealing credit card debts. It listed down the possible options for your situation.

      Cheers,
      Anndy

    Default Gravatar
    AlexAugust 7, 2016

    Who issues NAB cards and where does NAB sit, with regards who you can transfer between?

      AvatarFinder
      MayAugust 7, 2016Finder

      Hi Alex,

      Thanks for your question.

      NAB is one of Australia’s largest financial institutions and they issue the NAB credit cards.

      As for conducting a balance transfer, generally, you cannot transfer a balance from a credit card that is issued by the same institution. So, you are not able to transfer a balance between NAB credit cards, but you can do a balance transfer from a NAB card to any other credit card and vice versa, provided you meet the criteria and requirements of the card.

      I hope this has helped.

      Cheers,
      May

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