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How to ensure your balance transfer application is successful
Follow these 7 steps to improve your chances of approval when you apply for a balance transfer credit card.
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A balance transfer can help you take control of your debt by allowing you to move it to a card with a 0% p.a. interest rate during the introductory period. When your application is approved, this introductory rate can help you save on interest and help you pay off the balance faster.
While applying for a balance transfer credit card isn’t a difficult process, you need to meet card's application requirements (and the credit card provider's lending criteria) to get approved. Since every declined application has a negative impact on your credit score, it's wise to prepare beforehand to increase your chances of approval. Here, we'll go through the steps you can take to help get your balance transfer approved on a new credit card.
Learn how a balance transfer can affect your credit rating
Steps to help you get your balance transfer approved
1. Check your credit score
Credit defaults, late payments, court writs and bankruptcy can negatively impact your balance transfer application. Sometimes there can be mistakes in your report that also affect your applications for new credit. You can see exactly what's on your credit history by requesting your free credit report and a copy of your credit score each year. If you have a bad credit score, you can then spend some time improving it to help increase your chances of getting approved for a balance transfer application.
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2. Check your credit card balance
When you apply for a balance transfer, you'll need to provide details of how much debt you want to move onto the new card. This amount is subject to approval based on the credit limit you're approved for. While you can't tell what credit limit you'll get, knowing exactly how much you already owe can help you put as much detail as possible on the application. It could also help if you want to request a particular credit limit by allowing you to make sure it fits with the cards maximum balance transfer amount (usually somewhere between 70% to 100% of the approved credit limit).
3. Compare a range of cards
As well as helping you find a competitive balance transfer offer, looking at a few credit cards will help you choose one that fits your circumstances. Check the eligibility criteria for each card and consider the size of your debt to decide if you would be able to pay off the entire balance before the promotional offer ends. You’ll also want to consider other features such as the annual fee, balance transfer fee and other features to make sure that the cost of the card doesn’t outweigh the savings you’ll earn from your balance transfer.
Compare balance transfer credit cards
4. Confirm that the new card could support your debt
As well as the credit limit details, make sure you check what type of debts can be moved onto the balance transfer card. This is especially important for the following types of debts:
- Personal loan debt. While you can usually transfer debt from a personal Australian credit card, charge card or store card, only a small selection of credit cards allow you to balance transfer a personal loan debt.
- A joint debt or your partner's debt. Most providers won’t allow you to transfer balances from an account that's not held in your name. There are also restrictions around transferring joint-account debts. You can learn more and compare which banks allow joint cardholders and couples to conduct a balance transfer in this detailed guide.
5. Make sure you can transfer between providers
Credit card companies don’t accept balance transfers from other brands that they are financially associated with. This means you can’t balance transfer debts between banks in the same institutional group. An example of this is Citi, which issues credit cards for several smaller banks including Suncorp, IMB and Virgin Money. Make sure you check which banks you can transfer your balance to and from to avoid default rejection.
6. Check the other balance transfer requirements
Be sure to do thorough research, read the fine print and find out exactly what's required for you to get your chosen balance transfer card. For example, you usually need to request the balance transfer at the time of your application to get the introductory interest rate.
7. Provide as much detail as possible on your application
Before you apply, double-check the eligibility criteria and get all the relevant documents and details ready for the application. This includes information about the debt you want to balance transfer transfer, so you'll need to provide the account name and number, the BSB and how much debt you want to move onto the new card. Aim to be as thorough as possible with the application, and respond to requests for supporting documentation (such as recent payslips) as quickly as possible.
If you're unsure of anything before you apply for a balance transfer credit card, it's a good idea to call the credit card company and ask them directly. That way you can get the most accurate information based on your circumstances.
What if I didn't include the balance transfer details on my application?
While you do usually need to request the balance transfer when you apply for a new credit card, there are some credit card companies that let you request a balance transfer after you have already applied for a card. But there may be time limits or other restrictions involved once you have activated the card.
The table has details of major credit card companies that accept balance transfers after you've applied for a card, and the different requirements you need to meet to transfer your balance.
Credit card companies that offer promotional balance transfers after application
​
| Card issuer | Terms and conditions |
|---|---|
 | If you have applied for a Bankwest credit card that has a balance transfer offer available, you can request a balance transfer during the application or after the card is approved. But the introductory period for the balance transfer will begin from when you activate the card. So if the card offered 0% p.a. for 12 months and you requested a balance transfer 1 month after activating the card, you'd only get the promotional rate for 11 months. |
 | You can only take advantage of 0% balance transfer promotions if you request the transfer at the time of application. If you request a balance transfer after you've been approved, you'll receive a different promotional offer, such as 2.99% p.a. for 12 months. This reverts to the cash advance rate after the introductory period. Make sure to confirm the differences between the promotional offers with BoM before you apply. |
 | Similar to BoM, you can also request a promotional low rate of 2.99% p.a. for 12 months if you've already applied for your card. Again, the cash advance rate will apply at the end of the introductory period. If you want to take advantage of a promotional 0% deal, you'll need request the balance transfer during the application. |
 | You can transfer a balance at the promotional rate of interest for a period of up to 90 days after you're approved for the card. The interest-free period will begin from when your balance transfer is approved. |
 | You usually need to request the balance transfer at the time of application to take advantage of the 0% p.a. offer. However, NAB does sometimes offer other interest-free or low rate balance transfer deals to existing customers. If you've already applied for the card, contact NAB to see what interest-free balance transfer offers are currently available to existing cardholders. |
 | You can take advantage of 0% p.a. promotional balance transfer offers as long as you request a balance transfer within 90 days of card approval. The interest-free period commences once the balance transfer is processed. |
 | You can only apply for 0% balance transfer promotions if you request the transfer at the time of application. If you request a balance transfer after you've been approved, you'll receive a different promotional offer such as 2.99% p.a. for 12 months. This reverts to the cash advance rate after this. |
 | If you've already applied for a Westpac credit card, you can transfer a debt to your existing card with 2.99% p.a. on balance transfers for 12 months. You'll need to use the promotional code 'WABM4' in your application to take advantage of this offer. |
While there are a handful of banks that offer 0% balance transfer requests after approval, usually you still need to do so within a certain time period. Otherwise, you may have to settle with a different low rate balance transfer offer instead.
If you want to get your debt under control and cut your interest costs, it's wise to compare your options and request the transfer at the time of application to make the most of it. To compare your options and understand how they work, check out our guide to balance transfer credit cards.
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