Get the Finder app 🥳

Track your credit score

Free

How long does a balance transfer take?

Find out how long it takes to get a credit card balance transfer and what you can do to speed up the process here.

Updated

Fact checked

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

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 a 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?

InstitutionNumber of days to processBalance transfer notes and guides
American ExpressNormally within 10 business daysOnce approved, American Express balance transfers are normally completed within 10 working days. During this time, you'll need to continue making any payments that are due on your existing accounts.
Bank of MelbourneUp to 14 daysIf you apply for a Bank of Melbourne card and are approved, it can take up to a week for your balance transfer to go through. Once it's complete, it's your responsibility to contact your old bank to close your account. If you don't, then you'll continue to be charged any account maintenance fees (like annual fees) that come with your card.
BankSAUp to 14 daysBankSA balance transfer guide
Bendigo BankVariesOnce your application is approved, Bendigo Bank staff will contact you to request the details needed for the balance transfer. Once they have them, the balance transfer will be processed. Depending on your existing provider's processes, it could take up to 48 hours for the balance to be moved once Bendigo Bank has paid out your old card.
CitiUp to 10 business daysBalance Transfers can take up to 10 business days to process. Within that period, you need to continue making payments until there is no outstanding balance on your existing accounts.
ColesUp to 10 daysAs Coles credit cards are issued by Citigroup, you won't be able to transfer balances from other Citigroup accounts. This includes cards from Citi, Suncorp Bank, IMB, Qantas Money and Virgin Money.
CommBankGenerally up to 5 business daysThe balance transfer processing time may vary depending how long it takes the other bank to organise it from their end.
HSBCUp to 7 business daysWith HSBC, the balance transfer process is started once your application is approved. However, you should still allow around 7 working days for the balance to be added to your new account. During this time, you'll still need to make any payments that are due on your existing accounts.
Macquarie BankUp to 5 daysNote that balance transfers are not allowed from any account issued by Macquarie Bank. This includes other Macquarie or Card Services accounts.
NAB5 to 10 business daysNAB will begin the balance transfer process around five days after your card is approved, even if you have not yet used the card. When this happens and the balance transfer is processed, NAB will consider it as your agreement to the card's terms and conditions.
VirginUp to 10 business daysMost Virgin Money balance transfers are processed within 10 working days from when you activate your card, although you should allow more time if Virgin Money sends a cheque to your old provider. So make sure you check the balance of your old and new accounts to see when the transfer is completed – and remember to make any required payments during this time.
WestpacUp to 10 days

If you've applied and been approved 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 show up in your new 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 top

Tips 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:

  1. 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.
  2. 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 providers that only accept balance transfers from certain institutions. Check which banks you’re eligible to transfer your balance from.
  3. Collect the information you need to apply. Each credit card provider has a different application process and will ask you for 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
  4. 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 and tips

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

Data indicated here is updated regularly
$
% p.a.
Name Product Balance transfer rate Purchase rate Annual fee Amount saved
ANZ Low Rate
0% p.a. for 25 months with 1.5% balance transfer fee
12.49% p.a.
$0 annual fee for the first year ($58 p.a. thereafter)
Save with 0% p.a on balance transfers for 25 months (with a 1.5% BT fee) and $0 first year annual fee. Plus a 12.49% p.a. purchase interest rate.
Coles No Annual Fee Mastercard - Exclusive Offer
0% p.a. for 12 months
0% for 12 months, reverts to 19.99% p.a.
$0
Finder Exclusive. Ends 29 October 2020
Save on new and existing interest charges with 0% interest on both balance transfers and purchases for the first 12 months.
Citi Rewards Card - Balance Transfer Offer
0% p.a. for 30 months with 1.5% balance transfer fee
21.49% p.a.
$0 annual fee for the first year ($199 p.a. thereafter)
Save with 0% interest on balance transfers for the first 30 months (with a 1.5% BT fee) and a $0 annual fee for the first year.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 22 months
20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Get 0% p.a. for 22 months on balance transfers and a reduced first-year annual fee. Plus, earn up to 30,000 bonus Velocity Points.
HSBC Platinum Credit Card - Balance Transfer Offer
0% p.a. for 22 months
19.99% p.a.
$129
Enjoy a 22-month balance transfer offer, travel insurance and an annual fee refund when you spend an eligible $6k/year.
Westpac Low Rate Card
0% p.a. for 20 months with 1% balance transfer fee
13.74% p.a.
$59
A low rate card offering 0% p.a. interest on balance transfers for the first 20 months and a $200 cashback offer.
Citi Rewards Card - Flybuys Offer
0% p.a. for 15 months with 1% balance transfer fee
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Receive 75,000 bonus Flybuys points and a $100 Kmart eGift Card when you meet the spend requirement. Plus, a reduced first-year annual fee.
St.George Vertigo Classic
0% p.a. for 22 months with 1.5% balance transfer fee
0% for 7 months, reverts to 13.99% p.a.
$0 annual fee for the first year ($55 p.a. thereafter)
Get 0% p.a. promotional purchase and balance transfer rates and save with a first-year annual fee waiver.
Coles Low Rate Mastercard - Exclusive Offer
0% p.a. for 6 months
12.99% p.a.
$58
Finder Exclusive. Ends 29 October 2020
Receive $100 off a Coles Supermarket shop when you make an eligible purchase within the first 30 days. Plus, a 0% balance transfer offer.
Citi Clear Card
0.9% p.a. for 15 months
0.9% for 15 months, reverts to 14.99% p.a.
$99
Save with 0.9% p.a. for 15 months on purchases and balance transfers. Plus, complimentary purchase insurance cover.
HSBC Platinum Qantas Credit Card
0% p.a. for 12 months
19.99% p.a.
$99
Receive 20,000 bonus Qantas Points and a long-term balance transfer offer. Plus, complimentary travel insurance.
Bank of Melbourne Vertigo Classic
0% p.a. for 22 months with 1.5% balance transfer fee
0% for 7 months, reverts to 13.99% p.a.
$0 annual fee for the first year ($55 p.a. thereafter)
Save with 0% p.a. for 7 months on purchases, 0% p.a. interest for 22 months on balance transfers and a $0 first-year annual fee.
BankSA Vertigo
0% p.a. for 22 months with 1.5% balance transfer fee
0% for 7 months, reverts to 13.99% p.a.
$0 annual fee for the first year ($55 p.a. thereafter)
Enjoy a 0% p.a. for up to 22 months on balance transfers and up to 7 months on purchases. Plus, $0 first-year annual fee.
NAB Low Rate Credit Card
0% p.a. for 20 months with 2% balance transfer fee
12.99% p.a.
$59
Get a 0% p.a. interest rate for 20 months on balance transfers, Visa Offers + Perks and a competitive $59 ongoing annual fee.
St.George Vertigo Classic Rainbow
0% p.a. for 22 months with 1.5% balance transfer fee
0% for 7 months, reverts to 13.99% p.a.
$0 annual fee for the first year ($55 p.a. thereafter)
All the great low cost features of the Vertigo Visa with a rainbow design in support of the LGBT community.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 6 months
0% for 14 months, reverts to 20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Enjoy 0% p.a. interest on purchases for 14 months, a reduced first-year annual fee and Velocity Points per $1 spent.
St.George Amplify Platinum - Qantas
0% p.a. for 15 months with 1% balance transfer fee
19.74% p.a.
$99
Earn 70,000 bonus Qantas Points, plus enjoy 0% p.a. on balance transfers for 15 months and complimentary insurance covers.
St.George Amplify Platinum
0% p.a. for 22 months with 1.5% balance transfer fee
0% for 7 months, reverts to 19.74% p.a.
$0 annual fee for the first year ($99 p.a. thereafter)
Save with 0% p.a. interest rates on purchases and balance transfers. Plus a $0 first-year annual fee.
Westpac Altitude Platinum Qantas
0% p.a. for 18 months with 1% balance transfer fee
20.49% p.a.
$99 annual fee for the first year ($200 p.a. thereafter)
Get 60,000 bonus Qantas Points when you spend $3,000 within 90 days. Plus, a first-year annual fee discount and a long-term balance transfer offer.
Westpac Altitude Platinum Card
0% p.a. for 18 months with 1% balance transfer fee
20.49% p.a.
$99 annual fee for the first year ($150 p.a. thereafter)
Earn 80,000 bonus Altitude Points when you spend $3,000 within 90 days. Plus, a first-year annual fee discount and a long-term balance transfer offer.
Bank of Melbourne Amplify Platinum
0% p.a. for 22 months with 1.5% balance transfer fee
0% for 7 months, reverts to 19.74% p.a.
$0 annual fee for the first year ($99 p.a. thereafter)
Enjoy 0% p.a. on purchases and balance transfers along with a $0 first year annual fee waiver.
loading

Compare up to 4 providers

Image: Shutterstock

Back to top

More guides on Finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

2 Responses

  1. Default Gravatar
    DanApril 23, 2013

    How long does a balance transfer take once the card is activated?

    • Avatarfinder Customer Care
      JacobApril 23, 2013Staff

      Hi Dan. Thanks for the question. Typically, it takes two days. Watch this video for information on this topic. Jacob.

Credit Cards Comparison

Data indicated here is updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
Coles No Annual Fee Mastercard - Exclusive Offer
0% for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
$0
Finder Exclusive. Ends 29 October 2020
Save on new and existing interest charges with 0% interest on both balance transfers and purchases for the first 12 months.
ANZ Low Rate
12.49% p.a.
0% p.a. for 25 months with 1.5% balance transfer fee
$0 annual fee for the first year ($58 p.a. thereafter)
Save with 0% p.a on balance transfers for 25 months (with a 1.5% BT fee) and $0 first year annual fee. Plus a 12.49% p.a. purchase interest rate.
Qantas American Express Premium Card
20.74% p.a.
$249
Enjoy 100,000 bonus Qantas Points, 50 bonus Status Credits and 2 complimentary Qantas Club lounge invitations per year.
Citi Rewards Card - $500 Voucher Offer
21.49% p.a.
0% p.a. for 12 months
$99 annual fee for the first year ($199 p.a. thereafter)
Get a $500 e-voucher to spend at Myer, JB Hi-Fi or Coles when you spend $3,000 in the first 90 days. Plus, earn points with the Citi Rewards Program.
loading

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Go to site