Can I transfer my credit card debt to another bank?

You can transfer your unpaid credit card balance to a new credit with a new bank. This is called a balance transfer. Here's how it works.

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By

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Updated

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Key takeaways

  • You cannot transfer balances within the same financial institution or its associated brands (with the exception of Westpac, which does accept balance transfers from St.George and its other banks).
  • Confirm bank transfer criteria before applying; applying with your current bank may impact your credit score.
  • Seek offers with 0% interest for up to 26 months.
There's a simple way to transfer credit card debt to another bank: a credit card with a balance transfer offer.

What is a balance transfer?

A balance transfer allows you to move your existing card balance to the new credit card and start paying it off. Most balance transfer credit card offers give you some time to pay the balance off with no interest, making it much easier to get your debt under control.

  • You can't do a balance transfer with your current bank or credit card company. You need to switch to a new one.

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 26 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.

You can't do a balance transfer with the same bank

If you had a NAB Rewards credit card with an unpaid balance, you couldn't take out a NAB Low Rate credit card and take advantage of the balance transfer offer. You'd need to find a new bank.

This rule also applies to banks with ties to each other. You can't do a balance transfer from a St.George credit card to a Bank of Melbourne card. They're both part of Westpac Group.

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 store, charge or 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 store, charge or 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.
ColesYou can't request a balance transfer between 2 Coles 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.
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.

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

      • 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 the new card approved without the balance transfer. Balance transfers are offers attached to certain credit cards. You can get a new card approved but not get the balance transfer offer approved. That means you have an extra card but the balance is stuck on the old one.

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 and be issued by larger financial institutions that have the required Australian Financial Services Licence (AFSL) and Australian credit licence.

You can get a Coles credit card but the actual financial service provider will be NAB, for example.

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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Balance Transfer offer only available to new customers approved by 31 Jan 2027. Balance Transfer must be submitted by 31 Mar 2027. T&Cs apply.
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9.7 Excellent
Balance transfer rate p.a.
0% for 24 months
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0% for 27 months
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28.99%
$143.40
Finder exclusive: Save with 0% p.a. for 27 months on Balance Transfers (with 3% balance transfer fee). Balance Transfer offer only available to new customers approved by 26 Feb 2027. Balance Transfer must be submitted by 31 Mar 2027. T&Cs apply.
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9.7 Excellent
Latitude GO Mastercard
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9.7 Excellent
Balance transfer rate p.a.
0% for 26 months
with 3% balance transfer fee, then 29.99%
28.99%
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Latitude 28° Global Platinum Mastercard image
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9 Excellent
Latitude 28° Global Platinum Mastercard
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0% for 12 months
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$0 first year ($96 after)
Offers $0 annual credit card fee in the first year (normally $96), plus $0 foreign exchange fee on purchases online or overseas. New and approved customers only. T&Cs apply.
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To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.
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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. See full bio

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19 Responses

    Alex's avatar
    AlexAugust 7, 2016

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

      May's 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

    Jo's avatar
    JoMarch 5, 2016

    Hi

    I have a Go Mastercard. As I understand it and please correct me if i am wrong. Is it not possible to transfer any balance to another Bank on an interest free balance transfer. Sorry if this is a dumb question.
    Regards Jo

      Sally McMullen's headshotFinder
      SallyMarch 7, 2016Finder

      Hi Jo,

      Thanks for your question.

      There are many promotional 0% balance transfer offers available. You can compare some of these Balance Transfer Credit Cards.

      The terms and conditions of the balance transfer will depend on the card you have, the debt you carry, and the card you’re looking to transfer to.

      So long as the balance doesn’t exceed the balance transfer amount (which is usually a percentage of the approved credit limit) and you meet the eligibility requirements, you should have no trouble transferring a balance from your Go MasterCard to a new card.

      I hope this helps.

      Cheers,

      Sally

      Jonathan's headshotFinder
      JonathanMarch 7, 2016Finder

      Hi Jo, thanks for your inquiry!

      You can transfer your balance to another bank/ credit card, excluding Latitude Financial Services credit cards since GO is a product of Latitude.

      Cheers,

      Jonathan

    Christine's avatar
    ChristineDecember 4, 2015

    Are there any 0% rates for the self-employed? And is it possible to obtain a $19,000 credit limit

      Sally McMullen's headshotFinder
      SallyDecember 4, 2015Finder

      Hi Christine,

      Thanks for your question.

      Are you referring to 0% balance transfer rates? As long as you meet the eligibility requirements, such as the annual income, credit history and residential status, you should have no problem applying for a credit card. If you’re self-employed, you may be asked to provide your accountant’s contact details as proof of your employment.

      If you’re unsure, it’s best to contact your preferred provider to discuss your likelihood of approval before applying.

      I hope this has helped.

      Cheers,

      Sally

      Ken's avatar
      KenFebruary 20, 2016

      Hi Sally ,

      I am wanting to apply for a $0% balance transfer as I have 2 large debts on both credit cards but I got declined should I wait a bit or try other banks. …

      And my personal loan got declined too as I didn’t realize much cheaper for balance transfer than Loan….

      Because I don’t want to mass my credit history more in case I apply and get declined again… so just want to get some tips before going again !!!

      Kind regards

      Ken tmTse

      Sally McMullen's headshotFinder
      SallyFebruary 22, 2016Finder

      Hi Ken,

      Thanks for your question and we are sorry to hear about your rejected credit card applications.

      Multiple rejected applications will have a negative impact on your credit history, you may want to wait a while before applying for your next card. Exactly how long you will need to wait will depend on the state of your credit history, so it’s difficult to provide precise advice. However, you might like to wait a few months before applying for your next card.

      In the meantime, you can work on improving your credit history by making timely repayments and demonstrating your ability to repay. Create a budget and do your best to pay more than the minimum repayment each month and pay off as much as you can. For more tips on how to improve your credit history, please see our ways to improve your credit score guide. You might also be interested in more information on denied application.

      You may also refer to our tips on increasing your chances of balance transfer approval.

      Before you apply for your next card, make sure you carefully read over the eligibility requirements and ensure you’ve organised the necessary documents before beginning the application.

      I hope this helps.

      Cheers,

      Sally

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