High credit limit balance transfer credit cards

Need to consolidate a large debt or multiple credit card debts?Consolidate all your credit card debt with a high credit limit balance transfer credit card. Compare offers here.

Balance transfer offers let you move your existing credit card debt to a new card with a low or 0% introductory interest rate, giving you a chance to save money and pay off the balance faster. But what happens if you have more than one credit card balance to deal with?

That’s where high credit limit balance transfer credit cards come in. These cards give you more available credit, which also means you can consolidate more debts onto the one card. Here, we look at everything you need to know about low and 0% balance transfer credit cards with high credit limits so that you can decide if this is an option that will work for you.

Compare high credit limit balance transfer credit cards

Rates last updated July 20th, 2018
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
Citi Clear Platinum - Exclusive Offer
0% p.a. for 24 months with 1.5% balance transfer fee
14.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
finder Exclusive: Receive 0% p.a. for 24 months on balance transfers and a discounted annual fee in the first year. Plus, access to Citi World Privileges.
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months with 1% balance transfer fee
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits including complimentary insurance, plus first year annual fee waiver and 0% p.a. for 24 months on balance transfers.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months and enjoy a discounted annual fee of $64 for the first year.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Offers a $49 annual fee, up to $100 cashback when you make a purchase within 3 months and 0% p.a. for 14 months on balance transfers.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 6 months
0% p.a. for 14 months (reverts to 20.74% p.a.)
$129 p.a.
Buy now and pay later with 0% p.a. interest on purchases for 14 months. Plus, 0% p.a. on balance transfers for up to 6 months.
Citi Rewards Platinum Credit Card
0% p.a. for 26 months with 2.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 26 month balance transfer offer, plus complimentary international travel insurance.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Take advantage of 0% p.a. on balance transfers for up to 18 months. $64 in the first year ($129 p.a. thereafter), plus, bonus Velocity Points.
Citi Platinum Credit Card - 100k Bonus Points
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.
Bank of Melbourne Vertigo Platinum
0% p.a. for 24 months with 1% balance transfer fee
12.74% p.a.
$99 p.a.
Offers a long-term balance transfer, low ongoing purchase rate, complimentary travel insurance and access to a 24/7 personal concierge service.

Compare up to 4 providers

Why does the credit limit matter on a balance transfer credit card?

Credit card providers use your credit limit to determine how much debt you can transfer to a new card. While some cards will let you transfer up to 100% or 95% of your credit limit, others may cap it at 75%.

For example, if you had $10,000 worth of credit card debt and got a balance transfer card with a $10,000 credit limit, you might not be able to transfer all of the balance to the new card. A balance transfer card with a higher credit limit of $12,000, on the other hand, is more likely to allow you to move the whole debt across. So the higher your credit limit, the more likely you are to meet these requirements and get your balance transfer approved.

How much can you balance transfer if the approved credit limit is insufficient?

If the approved credit limit is lower than your total amount of debt, your new bank will transfer up to the maximum balance transfer limit. The remaining debt will be left in their respective accounts.

How to compare high credit limit balance transfer cards

As well as looking at the minimum and maximum credit limits, consider the following factors when comparing high credit limit balance transfer credit cards to make sure you get the right option for your needs.

  • Available credit limit. As mentioned above, be sure to check the credit limit and the balance transfer cap to ensure the card can support your debt. If you’re unable to transfer your entire debt, the remaining amount will continue to collect interest in your old account.
  • Balance transfer fees. Some high credit limit balance transfer cards charge a one-off processing fee worth 1–3% of the total debt you move to the new card. Make sure you check for this cost and factor it in before you apply so that you know exactly how much you will pay for the card you choose.
  • The annual fee. Annual fees for high credit limit balance transfer cards range from $55 to $450, so you’ll need to factor this cost in when choosing your balance transfer offer. Keep in mind that some cards waive or halve the annual fee for the first year, while other high credit limit options may have no annual fee for life, so it’s important to shop around.
  • The standard balance transfer interest rate. At the end of the introductory period, the balance transfer interest rate will revert to a higher standard rate. Checking this interest rate before you choose a card and factoring it into your repayment plan can help you avoid hefty interest costs down the track.
  • The standard purchase rate. Unless you get a balance transfer credit card with an introductory purchase offer, the standard purchase rate will be applied to any new transactions you make while you are paying off your debt. The standard purchase rates for high credit limit balance transfer cards can range from 11% to 22% p.a., depending on the card and market competition, and even a small change can make all the difference when it comes to affordability.
  • Complimentary extras. High credit limit balance transfer credit cards often come with a range of perks, including international travel insurance, extended warranties and concierge services. These complimentary benefits can add a lot of value if you plan to use the card long term, so make sure you factor them in when weighing up your options.
  • Reward programs. A number of high credit limit balance transfer credit cards also come with reward programs that offer you points for every $1 you spend. While these programs are not ideal when you want to pay down credit card debt, the potential to earn points may be a factor if you plan to use the card after the balance is cleared.
  • Other fees. High credit limit balance transfer cards could also come with a range of other charges including late payment and over-limit fees and foreign transaction charges. Check for these fees in the product details so that you have a clear understanding of when you may be charged more for the credit card you choose.

What to watch out for with a high credit limit balance transfer card

Avoid these pitfalls to get the most out of a high credit limit balance transfer credit card.

  • Not paying off the balance before the end of the introductory offer. If you still have credit card debt at the end of the introductory period, you will be charged the higher standard rate of interest on the balance, which could make it a lot harder to pay down.
  • Making purchases on the new card. New purchases will attract interest at the standard purchase rate, and you won’t have access to any interest-free days. This also means that any payments you make on the card will go towards the new purchase balance before your transferred debt, so it could take longer and cost more to pay off the card in full.
  • Not factoring in fees. Balance transfer fees, annual fees and other charges will all add to your credit card debt, and if you don’t factor them into your budget it could make it harder to pay off the balance before the end of the introductory period.
  • Minimum payments. Credit cards have minimum payments of between 2% and 3% of the total balance, and you will need to meet this requirement each month to keep the account in good standing. Even with a high credit limit 0% balance transfer credit card, minimum payments may not be enough to pay off the total debt before the end of the introductory period, so aim to pay more than this amount each month to avoid higher interest charges.
  • Declined applications. High credit limit balance transfer cards usually have higherapplication requirements such as good to excellent credit history and high minimum incomes. If you don’t meet the eligibility conditions for one of these cards, your application could be declined and impact on your credit score.
  • Cancelling cards. Once the balance transfer is complete, you will be responsible for managing or cancelling any of the old cards.

How to apply for a high balance transfer credit limit credit card

Follow these steps to apply for a high balance transfer credit limit credit card today.

  • Compare cards. Compare a range of balance transfer credit cards with high credit limits to find one that suits your needs.
  • Fill out the application. Hit the “Go to site” button, which will take you to a secure application. You will be asked to provide a range of details including your full name, residential address, driver’s licence or passport number and employment details.
  • Include supporting documentation. Credit card providers will require a range of supporting documents to complete your application, such as copies of your driver’s licence, birth certificate, passport, employment contract and payslips. Keep these handy and submit them when they are requested.
  • Provide details for the balance transfer. During your application, you will be asked to provide details of any accounts that you wish to transfer balances from, including the account name and number, financial institution and the total debt you wish to move to the new card.
  • Submit the application. You should get a response within a few minutes, either on the webpage or via email.

If your application is successful, the credit card company will contact you to finalise the application and issue your card. After that, you should get the card within five to 10 working days, although it could beup to 21 days depending on the issuer.

When you get the card and activate it, the issuer will then be able to complete the balance transfer process. Keep in mind that this could take an additional two weeks to complete, and you will need to continue to make any required payments on your existing accounts during this time. After that, you can take advantage of the low or 0% balance transfer rate as you pay down all your credit card debt.

Consolidating your debt with a high credit limit balance transfer credit card can make it easier and faster to clear the balance because you get the benefit of a lower interest rate and only have to make one monthly payment. Now that you know more about these types of cards, you can compare offers and find an option that suits your needs.

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Important Information*
Citi Clear Platinum - Exclusive Offer
Citi Clear Platinum - Exclusive Offer

Interest rate

14.99

Annual fee

99
Qantas Premier Everyday
Qantas Premier Everyday

Interest rate

19.99

Annual fee

49

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