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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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Name Purchase rate p.a. Annual fee Balance transfer rate p.a. Amount Saved
St.George Vertigo Card
Purchase rate p.a.
13.99%
Annual fee
$55
Balance transfer rate p.a.
0% for 28 months with 1% balance transfer fee, then 21.49%
$1,780.59 over 28 months
Go to siteMore Info
Get a 0% p.a. interest rate on balance transfers for 28 months (with a 1% balance transfer fee).
Westpac Low Rate Card
Purchase rate p.a.
13.74%
Annual fee
$59
Balance transfer rate p.a.
0% for 28 months with 2% balance transfer fee, then 21.49%
$1,768.59 over 28 months
Go to siteMore Info
Save with a 0% p.a. interest rate on balance transfers for 28 months (with a 2% BT fee). Plus, a low 13.74% p.a. purchase interest rate.
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 with 2% balance transfer fee, then 21.99%
$578.32 over 12 months
Go to siteMore Info
Earn up to 100,000 bonus Qantas Points. Plus, save with a reduced first-year annual fee and 0% p.a. for 12 months on balance transfers.
St.George 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%
$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.
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%
$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.
Kogan Money Card – Exclusive Offer
Exclusive
Kogan Rewards Program
Purchase rate p.a.
9.99% for 18 months, then 20.99%
Annual fee
$0
Balance transfer rate p.a.
0% for 18 months with 2% balance transfer fee, then 21.74%
$1,335.99 over 18 months
Go to siteMore Info
Save with 0% p.a. interest on balance transfers (with a 2% BT fee) and 9.99% p.a. on purchases, both for 18 months, plus, an ongoing $0 annual fee.
Citi Premier Card - Cashback Offer
Citi Rewards Program
Purchase rate p.a.
21.49%
Annual fee
$300
Balance transfer rate p.a.
0% for 6 months, then 22.24%
$183.02 over 6 months
More Info
Receive $600 cashback when you spend $2,000 through Apple Pay, Google Pay or Samsung Pay in the first 3 months.
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%
$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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Showing 8 of 8 results

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.

Do balance transfers hurt your credit score?

According to Money Smart, when you apply for a new credit card or do a balance transfer, it's added to your credit report. If you apply several times in a short period of time, it can harm your credit score.

However, this same reporting mechanism doesn't happen if you're simply transferring debt from one existing credit facility to another. In this scenario, you're simply moving around your existing debt, you're not opening any new accounts or adding to your overall debt.

So when transferring a balance from one existing credit card to another, you shouldn't notice an impact on your credit score.

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11 Responses

    Default Gravatar
    frankJuly 25, 2017

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

      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

    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

      AvatarFinder
      JasonOctober 25, 2016Finder

      Hi KK.

      Thank you for your inquiry.

      Please read our page about NAB launching balance transfer offer and learn more.

      Cheers,
      Jason

    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.

      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

      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?

      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

    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.?.

      Default Gravatar
      ShaneAugust 11, 2014

      So much for looking after loyal customers,

      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

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