Want to save money and clear your credit card debt with a St.George balance transfer? Here's what you need to know.
St.George offers a number of balance transfer credit cards that come with low or 0% interest for a promotional period. If you transfer your existing debt, or debts, to one of these cards, you can save money on interest charges and pay off what you owe faster. If you're considering a balance transfer with St.George, you can use this guide to compare current offers and learn the steps you need to take to complete your balance transfer.
Compare balance transfer credit cards from St.George
What you'll find in this guide
What are the benefits of doing a balance transfer with St.George?
Some of the benefits you could enjoy from a St.George balance transfer include the following:
- Save on interest costs. Low or 0% introductory interest rates available with St.George balance transfer credit cards allow you to save money on interest charges while you pay off your debt. Interest-free offers can sometimes last up to 26 months. You can compare the current balance transfer offers from St.George in the table above.
- Consolidate multiple debts. If you have more than one credit card debt, you can consolidate up to three debts under one account when you transfer them to your new St.George card. Then you can manage both debts in the one account and pay them both off with a low or 0% interest rate.
- Pay off debt faster. With low or no interest charges during the introductory period, you should be able to clear your debt faster. The low rate will only apply for a promotional period, so it's important to clear your debt before it ends and the revert rate is applied.
- Simple application process. The application process for a St.George balance transfer credit card is relatively simple and shouldn’t take more than 15 minutes online. You can view a step-by-step guide to the application process below.
What are the risks of organising a balance transfer with St.George?
Like any other credit card, there are some risks attached to transferring your balance to a St.George card.
Revert interest rate
If you’re unable to repay the entire debt during the 0% promotional period, any leftover debt will collect the variable cash advance interest rate. While the introductory rate is usually 0%, the St.George revert cash advance rate can be as high as 20.49% p.a. This is why it’s so important to aim to pay your balance in full before the revert rate kicks in, as your debt could quickly grow with an interest rate this high.
Impact on your credit score
As with any new card application, a balance transfer could harm your credit score if your application is rejected. It could also have a negative impact on your credit score if you’re unable to pay it off in full, start collecting interest and grow your debt. However, if you pay off your balance transfer in full during the promotional period, this could also have a positive impact on your credit score.
What rates and features should I consider when choosing an offer?
- Introductory interest rate and offer length. A 0% balance transfer from St.George can last for 12 to 26 months. You can enter your debt amount and the current rate you’re paying in the table above, and compare it against St.George credit cards that offer the biggest savings.
- The revert rate. All St.George credit cards revert to the cash advance rate at the end of the introductory period. The St.George Vertigo Visa revert to 19.49% p.a. The St.George No Annual Fee reverts to 20.49% p.a. at the end of the interest-free period.
- Balance transfer fee. When you first move your balance to a new St.George card, a one-time balance transfer fee of 1-2% is charged for some cards.
- Annual fee. A few St.George cards boast a $0 annual fee for the first year or for the life of the card, but others have annual fees as high as $99. You should make sure the annual fee doesn’t outbalance the savings you’ll get the interest-free offer.
- Eligible debts to transfer. You can transfer debts from up to three non-St.George issued credit, charge or store cards to a new St.George credit card. You usually can’t transfer balances between cards from the same bank. As they’re all under the Westpac Group, this means you can’t transfer debts from BankSA and Bank of Melbourne to St.George. However, you can transfer balances from Westpac. You can compare which cards you can and can’t transfer for more information.
- How much you can transfer. You can transfer up to 80% of your approved credit limit. So if you’re approved for a $20,000 credit limit, you can move up to $16,000. If you try to transfer more than the 80% limit, the remaining debt will stay in your old account and continue to collect interest. Read our guide to balance transfer limits for more information.
Can I transfer my debt to an existing St.George credit card?
If you already have a St.George credit card, you can transfer up to two non-St.George Australian issued credit, charge or store cards to your existing card. If you do this, you can take advantage of a promotional interest rate of 2.99% p.a. for 12 months. The cash advance interest rate will apply after this. You can compare other card issuers that offer balance transfers to existing cards on finder.
What else do I need to know?
As well as the rates and major features, here are some terms and conditions you should also consider before you apply:
- Eligibility requirements. As with all credit products, you’ll need to meet eligibility requirements, such as credit history, residential status and minimum annual income, to receive approval for a St.George credit card. A rejected credit card application negatively impacts your credit score, so it’s important to check the card’s specific requirements before you apply.
- Closing your old account. If you apply for a card and are approved, it can take up to a week for your balance transfer to process. Once completed, it’s your responsibility to contact your old bank and close your account. If you don’t, you’ll continue to be charged any account maintenance fees, such as annual fees, that are attached to your old card.
- Making repayments. You’re required to pay a minimum repayment of 2% of the closing balance or $10, whichever is higher, each month. If you want to clear your debt before the end of the introductory period, it’s wise to pay more than the minimum each month. If you divide the size of your balance by the number of months in the 0% promotional period, you’ll get an idea of how much you need to pay each month to clear your balance before the revert rate applies.
- Repayment allocation. The bank is obligated to put your repayments towards the highest-interest debt first. If you use your card to make a purchase while you’re also paying off your balance transfer, your repayments will automatically go to paying off your purchase first because it collects a higher interest rate. If you want to make the most of your balance transfer offer, you should avoid making purchases and put your money towards paying off your original debt.
- Interest-free days. If you are using your card to make purchases, you can’t take advantage of interest-free days while you’re paying off debt from your balance transfer. This is because you can’t only make use of interest-free days if you’ve paid your balance in full by the statement due date.
St.George offers a bunch of competitive 0% balance transfer credit cards. As it isn’t the only card issuer with interest-free balance transfers, you should make sure to compare other options before you apply.
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