Instant approval balance transfer credit cards
Compare balance transfer credit cards that offer approval within 60 seconds of applying online.
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If you have existing debt, you can apply for a balance transfer credit card that offers 0% p.a. interest during the introductory period. When you apply for a balance transfer online, you could also receive a response within 60 seconds of completing the application. While this is as close to "instant" as you can get with a credit card, you will need to meet the eligibility requirements to get approved. It could also take around 1-2 weeks from when you're approved for the balance transfer to be processed.
Use this guide to compare your options and learn more about what to consider before you get a 0% balance transfer credit card.
Instant Approval Balance Transfer Credit Cards Comparison
How do instant approval balance transfer credit cards work?
If you have all of the required information and documents ready – including account details for the debt you want to transfer – you can usually complete the application within 10-20 minutes. You can then expect a response within 60 seconds of submitting the online application.
In some cases, you may be asked for more information or supporting documentation after submitting the initial application. When that happens, you will need to provide the requested details before getting an outcome.
If you’re approved, you can often expect your card to arrive in the mail within 5-10 business days. It can also take between 1 or 2 weeks for the balance transfer to be processed and appear in your new account.
What if my application is unsuccessful?
Credit card applications can be declined for a wide range of reasons, from not providing enough information to having bad credit history. Unfortunately, credit card providers are not required to give you a feedback on an application, so you may not know the reason straight away. When that's the case, you could call the provider to see if you can get more information, or check your credit history and credit score to see if that may have had an impact.
How to improve my chances of approval when applying for a balance transfer
Before you apply for a credit card, ask yourself these questions:
- Am I eligible? Even with instant approval cards, you still need to meet the eligibility requirements. This usually includes a minimum annual income, good credit history and permanent Australian residency or citizenship.
- Can I transfer from my current bank? You can’t transfer debts between products from the same financial issuer. If you’re unsure, you can compare the institutions you can and can’t transfer between to help narrow down your options.
- How much can I transfer? While some cards allow you to transfer up to 100% of your approved credit limit, others accept transfers of a percentage of the limit (such as 80% or 90%). Make sure that your new card has a credit limit high enough to support the debt you're moving across.
You should also consider the other costs that come with the card before you apply. You won’t pay any interest on your balance transfer for the introductory period, but there could be a balance transfer fee or annual fee for the account. And when the promotional offer ends, any remaining balance transfer debt will also collect the higher revert rate.
As long as you meet the eligibility requirements and prepare the necessary information, you can apply for a balance transfer credit card and receive an outcome in minutes. But to find the right card for you and improve your chances of success, make sure to do your research and compare your options before you apply.
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