Find out how long it takes to get a credit card balance transfer and what you can do to speed up the process here.
If you're paying interest on credit card debt, a balance transfer can be a useful way to move it to a card that offers 0% p.a. for a promotional period. Applying for a balance transfer is a relatively simple process, but it can take up to a few weeks for process to be complete. Use this guide to find out how long a balance transfer takes with each of Australia's major banks and how you can plan your repayments accordingly.
How long does the balance transfer application process take?
It takes around 10 – 15 minutes to apply for new balance transfer credit card online and you can expect a response almost immediately. Once your application has been approved, you usually need to activate the new card to begin the balance transfer process. It may then take another one or two weeks for the balance transfer to be added to your new account.
As the processing times can vary between banks, we've summarised how Australian card issuers manage balance transfers and the processing times you can expect below.
How long will it take for my new bank to process my balance transfer?
| Institution | Number of days to process | Balance transfer guides |
|---|---|---|
| American Express | Up to 13 business days | American Express credit card balance transfer guide |
| ANZ | Up to 15 business days | ANZ credit card balance transfer guide |
| Bankwest | Up to 5 business days | Bankwest credit card balance transfer guide |
| Citi | Up to 10 business days | Citi credit card balance transfer guide |
| CommBank | Up to 10 business days | Commonwealth Bank credit card balance transfer guide |
| HSBC | Up to 10 business days | HSBC credit card balance transfer guide |
| NAB | Up to 10 business days | NAB credit card balance transfer guide |
| St.George | Up to 14 days | St.George Bank credit card balance transfer guide |
| Virgin | Up to 10 business days | Virgin Money credit card balance transfer guide |
| Westpac | Up to 7 days | Westpac credit card balance transfer guide |
If you've applied for a balance transfer and it's taken longer than two weeks to appear in your account, you can contact your new bank to find out when the balance will appear in your account. Once the balance is transferred to your card, you can start making repayments to pay it off before the promotional period ends.
Back to topTips to speed up the balance transfer process
Being organised is the key to avoiding any speed bumps during the balance transfer process. Know what details the bank needs and ensure that your accounts are in order so your balance transfer can be completed as quickly as possible. Use the following steps as a guide:
- Do your research. Every bank and credit card has different interest rates, one-off fees, balance transfer limits and introductory offer time periods. Compare your options to discover which one works for your situation.
- Meet the eligibility requirements. You need to meet eligibility requirements such as minimum income and good credit history to be approved for a balance transfer. Make sure you meet these conditions before applying. There are also some banks that only accept balance transfers from certain institutions. Check which banks you’re eligible to transfer your balance from.
- Collect the required information. Each bank has a different application process and will require you to provide specific information and documents. To avoid stalling the application process, research what you will need and prepare the relevant paperwork before applying.
Some commonly required information includes:- Existing account name and type
- Card/account number
- Balance transfer amount
- Issuing bank’s name
- Biller code and reference number
- Have your accounts in order. Having large debts or cash advances owing on your credit cards won’t look good to the bank. Ensure your accounts are all in order to increase your chances of approval and show that you have been making repayments regularly and managing your debts well.
Balance transfer information, tips and comparison
Balance transfers to a new credit card can help you consolidate debts, save on interest charges and pay down debt faster. While applying for a balance transfer is simple, remember to compare your options and organise the necessary information beforehand to speed up the application process and improve your chances of approval.
Compare balance transfer credit cards
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How long does a balance transfer take once the card is activated?
Hi Dan. Thanks for the question. Typically, it takes two days. Watch this video for information on this topic. Jacob.