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Is it possible to do a second balance transfer?

What you need to know before you apply for a second balance transfer credit card to get your debt in control.

If your current balance transfer promotion has come to an end but you haven't repaid your entire debt, you do have the option to move it to another card with 0% interest on balance transfers. While there’s technically no restriction on the number of times you can transfer your credit card balance, there are conditions you need to be aware of before doing so. For example, each application will be listed on your credit file and you can’t transfer your debt to a credit card within the same financial institution. There are also balance transfer limits you need to consider before doing a second balance transfer.

This guide covers the terms and conditions you need to be aware of so that you can get another break on your credit card interest repayments.

How to conduct a second balance transfer

If you have an active balance transfer promotion that is about to finish, you can transfer the balance again to another credit card before the revert interest rate kicks in. Follow these steps to transfer your credit card debt to a second balance transfer credit card.

  1. Make sure you’ve paid off as much as you can before the end of the introductory period.
  2. Compare balance transfer credit cards on the market and look at the length of the promotional 0% balance transfer offer and any fees on the card to determine whether it’ll benefit you.
  3. Double check the eligibility requirements by reading our balance transfer credit card review and application pages.
  4. Apply for a balance transfer credit card and enter your current credit card details when prompted by the online application.

Keep in mind that your second balance transfer will be subject to the credit card provider’s lending criteria. This includes a credit check that will show your previous applications and current credit accounts (so they will be able to see when you applied for your first balance transfer card). If your application does not meet a lender’s specific requirements, you won’t be approved.

Five factors to consider before applying for a second balance transfer

  1. Is the bank eligible? To be eligible for a balance transfer promotion, you must transfer your debt to a credit card from a different bank. For example, if your debt is on a Westpac card you could transfer it to another card with a bank such as Citi or ANZ, but not to another Westpac credit card. There are also restrictions if the financial institution is part of a banking group. For example, you’re ineligible to transfer a balance from a BankSA credit card to a St.George credit card because both banks are part of the Westpac Group.
  2. Do you meet the credit card eligibility requirements? Credit card application requirements include Australian residency, minimum age and minimum income requirements. Generally, if you’re eligible for a credit card, you’re also eligible for a balance transfer to that card. See our guide on how to ensure your balance transfer application is successful for more tips on the information you'll need to improve your likelihood of approval.
  3. Is there a balance transfer limit? There is a minimum and maximum amount you can balance transfer. The minimum amount is usually around $500 and the maximum balance transfer amount varies and is expressed as a percentage of your credit limit. For example, some cards allow you to transfer up to 100% of your approved credit limit, while others may only allow you to transfer up to 80%. Balance transfer limits are important when you’re looking at a second balance transfer. If you accepted the maximum credit limit available when you applied for your first credit card and your financial situation hasn’t changed, the credit limit on your second credit card could be lower than the first. If that’s the case, you won’t be able to transfer the full amount and will need to continue to pay off the remaining amount left on your old card.
  4. How will this impact your credit rating? Every application for credit is recorded on your credit report. A healthy credit report can help improve your chances of getting approved for credit in the future. Too many applications for credit in a short space of time is a red flag to potential lenders. What’s more is that applying for multiple balance transfer offers – sometimes known as “credit card churning” – is frowned upon by most issuers.
  5. Are there balance transfer fees? Some financial institutions charge a balance transfer fee for specific credit card offers. This fee could be 1-4% of the total amount you wish to transfer and is deducted from your remaining credit limit. It's also important to consider other fees such as the annual fee and interest rates. If these costs outweigh the savings you'll earn from your paying off your debt without interest, you might want to look for a card with lower costs.

Compare balance transfer credit cards

Rates last updated December 18th, 2018
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
Westpac Low Rate Card
0% p.a. for 24 months with 1% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Citi Rewards Platinum Credit Card - Online Offer
0% p.a. for 24 months with 1.5% 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 24 month balance transfer offer, plus complimentary international travel insurance.
ANZ Low Rate
0% p.a. for 15 months
12.49% p.a.
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
St.George Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
ANZ First Visa Credit Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Get up to 18 months interest-free on balance transfers and save with a low $30 annual fee. Plus, up to 44 days interest-free on purchases.
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 points in the first 3 months and save with a $64 first year annual fee. Plus, a long-term balance transfer offer.
NAB Low Fee Platinum Card
0% p.a. for 24 months with 2% balance transfer fee
19.74% p.a.
$90 p.a.
Offers 7 complimentary insurance covers, a 0% p.a. for 24 month balance transfer and access to a 24/7 concierge service for a $90 p.a. annual fee.
Citi Clear Platinum Credit Card
0% p.a. for 14 months
12.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and 0% p.a. for 14 months on balance transfers.
Citi Simplicity Card
0% p.a. for 6 months
19.99% p.a.
$0 p.a.
Get 0% p.a. interest for up to 6 months on balance transfers with no balance transfer fee. Plus, a $0 annual fee for life.
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 6 months
0% p.a. for 14 months (reverts to 20.74% p.a.)
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Save on credit card costs with half the annual fee for the first year and a 0% p.a. interest rate on purchases for 14 months.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
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)
Save with a $64 first year annual fee and 0% p.a. balance transfer offer. Plus, receive a $129 Virgin Australia Gift Voucher each year.
NAB Low Fee Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 18 month balance transfer offer and special offers from Visa Entertainment.
Suncorp Clear Options Standard Credit Card
0% p.a. for 14 months
12.74% p.a.
$55 p.a.
Receive up to $150 cashback on eligible purchases in the first 6 months and a 0% p.a. for 14 months balance transfer offer.
Bank of Melbourne Vertigo Platinum
0% p.a. for 26 months with 2% balance transfer fee
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers 26-month balance transfer, $0 annual fee for the first year, complimentary travel insurance and access to a 24/7 personal concierge service.
BankSA Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Enjoy a 0% p.a. interest rate for up to 16 months on balance transfers with no balance transfer fee. Plus, a low variable purchase rate.
American Express Velocity Escape Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$0 p.a.
Earn uncapped Velocity Points on purchases, pay $0 annual fee for life and take advantage of a 0% p.a. for 12 months balance transfer offer.

Compare up to 4 providers

If a balance transfer promotional period is finished and you still have debt to pay off, you may want to transfer the balance again to avoid interest charges. As there are some risks with doing a second balance transfer. make sure you weigh up all of the factors above. Remember that any balance transfer card you apply for will be subject to approval and recorded on your credit file, so it'll pay to do your research first.

Images: Shutterstock

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Sally McMullen

Sally McMullen is an editor at finder.com.au who is a credit cards and frequent flyer expert by day and music maven by night.

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Important Information*
Citi Clear Platinum Credit Card

Interest rate

12.99

Annual fee

0*

*$99 p.a. after first year

ANZ Low Rate

Interest rate

12.49

Annual fee

58
Suncorp Clear Options Platinum Credit...

Interest rate

20.74

Annual fee

49*

*$129 p.a. after first year

NAB Low Fee Platinum Card

Interest rate

19.74

Annual fee

90

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4 Responses

  1. Default Gravatar
    PamJuly 17, 2013

    I have an equity account owing $30,000. If I transferred $9,000 to my credit card then transferred to 0% transfer x 3 transfers would that work?

    • finder Customer Care
      JacobJuly 17, 2013Staff

      Hi Pam. Probably not. There are a couple of reasons why. At the time of writing, with the exception of Citibank and Virgin, all other credit card issuers allow you to transfer from a credit card, store card or charge card only. Citibank and Virgin do allow you to transfer from a line of credit or a personal loan – you will have to double check with them first as to whether they will accept a balance transfer from an equity account. Furthermore, most card issuers (but not all) will only allow you to transfer at the promotional rate of interest if you apply for the transfer at the time of applying for the card. I hope this has helped, let us know if you have any more questions on balance transfers. Jacob.

  2. Default Gravatar
    DianneMarch 20, 2013

    I have just been informed that Citibank Australia is not accepting any balance transfers from other banks. Why is this?

    • finder Customer Care
      JacobMarch 21, 2013Staff

      Hi Dianne. This is news to us. Can you tell us exactly what the Citibank representative told you? We have double checked with Citibank and this is not the case. Thanks.

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