Couple smiling debt

How do I consolidate my credit card to a personal loan?

Transferring your credit card balance can save you thousands in interest. Find out what's involved and compare your options.

Credit cards offer you a convenient way to spend, but they can leave you with a hefty bill at the end of the month. If you're looking for a way to get control of your credit card debt, a personal loan is an option to consider.

Why should you consider consolidating your credit card debt to a personal loan?

Here are the main benefits to keep in mind:

  • Reduce the interest you're paying. Interest rates differ, but personal loan interest rates are typically lower than credit card interest rates.
  • Have a fixed repayment period. Credit cards are ongoing lines of credit, while personal loans give you a fixed date to repay your debt.
  • Access finance for other purposes. You can also use the personal loan to make other large purchases or to finance any other purpose you need.

Unsecured personal loans that could help you consolidate

Rates last updated May 26th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Product Description Monthly Repayment
Citi Personal Loan Plus
From 8.99% (variable)
9.67%
$5,000
3 to 5 years
$0 ($199 establishment fee waived)
$10
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: The establishment fee will be waived if you apply before 30 June 2019.
NAB Personal Loan Unsecured Fixed
Headline rate 12.69% (fixed)
13.56%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$250
$12
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$495 (Based on $10,000)
$13
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required. Note: You can win a $2,000 gift card if you apply before June 30.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$500 (Upfront fee)
$0
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
RateSetter Unsecured Personal Loan - 3yr Variable
From 6.35% (variable)
8.34%
$2,001
0.5 to 5 years
$299
$0
You'll receive a variable rate from 6.35% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
$13
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
ANZ Fixed Rate Personal Loan
12.45% (fixed)
13.32%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
3% (of loan amount)
$0
You'll receive a fixed rate between 7.5% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$250
$13
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$195
$12
You'll receive a fixed rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$200
$0
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
CUA Unsecured Fixed Rate Personal Loan
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
13.56%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate based on your risk profile. The headline rate is 12.69% p.a.
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility.
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
St.George Unsecured Personal Loan - Variable Rate
From 12.99% (variable)
14.06%
$2,000
1 to 7 years
$195
$12
You'll receive a variable rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 plus the convenience to make extra repayments and redraw them if you need them.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
CUA Discount Variable Personal Loan (Loans over $30,000)
10.89% (variable)
11.15%
$30,000
1 to 7 years
$175
$0
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.
MyState Bank Unsecured Personal Loan
12.99% (variable)
16.42%
$3,000
1 to 7 years
$200
$10
You'll receive a variable rate of 12.99% p.a.
Apply for up to $50,000 and benefit from features such as fast approval, free online redraws and no penalties for early repayment.

Compare up to 4 providers

How to compare your personal loan options

If you're considering a credit card consolidation loan, you have a few options available. Here's what to keep in mind when you're comparing:

  • What is the interest rate?
    You need to check how competitive the rate is and whether it's fixed or variable. A fixed rate means your repayments will remain the same for the duration of the loan, while a variable rate may fluctuate.
  • What fees will I be charged?
    Look out for upfront fees, such as establishment fees, and ongoing fees, such as monthly or annual fees. Other fees should also be checked, such as late or missed repayment fees or redraw fees.
  • How much can I borrow?
    Ensure the loan amounts on offer will be sufficient to cover your credit card debt. Unsecured personal loans typically offer between $5,000 and $80,000, but some offer lower and higher amounts. Keep in mind that you will need to meet the lender's criteria if you want to be approved for a higher amount.
  • Am I eligible?
    The minimum eligibility criteria will be listed on the finder.com.au review pages. Once you click "Go to Site", you can also confirm these criteria before submitting your application. It's only worth comparing loans that you are eligible for. Remember that meeting the minimum criteria does not guarantee you will be approved; each application is judged on a case-by-case basis and your approval depends on your ability to afford the loan repayments.

debt relief holding hands

Consolidating your credit card debt: Personal loan vs balance transfer

There are a few different ways you can pay down credit card debt. You could continue making repayments on your current credit card or you could apply for a new product to save interest, such as a personal loan or a balance transfer credit card. We compare the two latter options below to help you decide.

Personal loan

  • Have a set repayment period to pay off your entire debt
  • Enjoy a low interest rate
  • Personal loans may come with more upfront fees than credit cards
  • Your interest rate will be higher than on a balance transfer credit card

Balance transfer credit card

  • Have a promotional period where you will pay 0% p.a. interest
  • Credit cards can offer rewards points, no annual fees and other perks
  • If you don't pay off the balance in the promotional period, the revert rate will likely be over 20% p.a.
  • Balance transfer restrictions may apply. For example, you may not be able to transfer more than 80% of your credit limit on some cards.

What to keep in mind before you transfer your credit card debt

Applying for any form of credit is not a decision that should be taken lightly. Make sure you've compared all of your personal loan options so you are applying for the loan that best meets your needs. You can use a personal loan calculator to get an idea of what your repayments will be and see if it will be manageable on your budget.


Consolidating your credit card debt can save you money, but you should only apply after comparing your options and deciding it's the right debt management option for you to take on.

Was this content helpful to you? No  Yes

Related Posts

Personal Loan Offers

Important Information*
Logo for Citi Personal Loan Plus
Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: The establishment fee will be waived if you apply before 30 June 2019.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years.

Logo for Westpac Unsecured Personal Loan
Westpac Unsecured Personal Loan

You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

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.
Ask a question
Go to site