Want to save money and pay of credit card debt with a St.George balance transfer? Here's what you need to know.
St.George offers a range 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 your debt faster. If you're considering doing 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.
0% p.a. for 25 months on balance transfers
Offer ends 2 October 2018
Eligibility criteria, terms and conditions, fees and charges apply
St.George Credit Card Online Offer
The St.George Vertigo Platinum credit card offers a long-term 0% balance transfer with no balance transfer fee when you apply online, combined with a low interest rate on purchases.
- $99 p.a. annual fee.
- 12.74% p.a. on purchases
- Cash advance rate of 19.49% p.a.
- Up to 55 days interest free
What are the benefits of completing a balance transfer with St.George?
Some of the benefits you could enjoy from a St.George balance transfer include:
- Save on interest costs. The low 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. Depending on the card, these interest-free offers can sometimes last up to 25 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 two debts under one account when you transfer them to your new St.George credit card. Then you can manage your debts under one account and pay them all 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 or 0% interest rate will only apply for a promotional period, so it's important to clear your debt before it ends and the revert rate applies.
- 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 see a step-by-step guide to the application process below.
What else should I consider?
- Is there a transfer limit? You can transfer a minimum of $200 up to 80% of the approved credit limit to your new St.George credit card. So if you have a card with a credit limit of $10,000, you could only transfer a debt of up to $8,000. If you try to transfer more than 80% of the limit, the leftover debt will remain in your old account and continue to collect interest.
- What are the eligibility requirements? Remember to check the eligibility requirements for your chosen St.George balance transfer credit card before you apply. This could include a minimum annual income, residential status and good credit history.
- Will St.George accept a balance transfer from my current bank? St.George doesn't accept balance transfers from other St.George, Bank of Melbourne or BankSA credit cards. You can double check if your bank is eligible here.
- Are there any transfer fees? Some St.George credit cards charge a one-time balance transfer fee when you first move your balance, but others don't. You'll find a full list of the relevant fees and charges in the product reviews on finder.
- Do I need to close my old account? Once your balance transfer is complete, you’ll need to contact your previous credit card provider to close your old account if you want to avoid paying ongoing fees.
How to apply for a balance transfer with St. George
Before you apply for a St.George balance transfer credit card, you'll need to make sure that you meet the eligibility requirements and have the necessary information to complete the application.
The eligibility requirements you’ll need to meet include:
- Age. You must be at least 18 years old.
- Residency. You need to be a permanent Australian resident.
- Credit rating. You’ll need a good credit rating to receive approval.
The details you'll need to provide include:
- Your driver’s licence number, if you have one
- Your net (after-tax) weekly income
- Details of your income, assets, savings and investments
- Any repayment liabilities you have, such as credit card and store card debts, or personal loans
- Your most recent tax details if you are self-employed
Steps to complete a St.George balance transfer
1. Choose a credit card. Once you’ve compared your options, you can select the card you wish to apply for by clicking on the "Go to Site" button.
Here you’ll also need to provide the credit limit you wish to apply for. Keep in mind that your balance transfer can only be up to 80% of your credit limit, so factor this in when entering the limit you want to apply for.
2. About you. You will need to complete your name, contact number and address in this section. Make sure to have proof of identification, such as your driver’s license, handy before completing this part of the application.
3. Employment. This section asks you to provide your job description and income. Make sure to have any recent invoices, payslips and bank statements ready for this section. You’ll also need to provide the contact details of your employer, so organise these before applying.
4. Assets and liabilities. If you have any assets, liabilities or other expenses you will need to declare them here.
5. Request your balance transfer. Press "Yes" to the question "Do you have any credit cards/ store cards?". You will be required to fill in the details of your credit card or cards in this section.
6. Review and submit. Before you submit your application, it is important you double check the information you’ve provided is correct and ensure that you have a thorough understanding of the terms and conditions.
7. Application submitted. Your application will be reviewed immediately and you will be updated of the progress after 60 seconds. Your application will be approved, pending or declined. If it has been declined, you might need to repair your credit score before applying for another card.
After submitting your application
8. Tracking your application. You can continue to track your application by logging onto St.George internet banking, or by requesting updates via email or SMS once each stage of the process is completed.
9. Identity check. If you aren’t an existing St.George customer, you might be required to provide further information before your application is approved.. You’ll be asked to provide additional documents or further proof to validate the information you’ve already provided. St. George may also issue a credit rating check to assess you as a lending risk.
10. Existing St.George credit card holders. If you’re already a St.George customer, you won’t have to provide as much information as the bank should already have access to most of your personal details. To apply to transfer a balance to your existing St.George credit card, simply complete the balance transfer request form available on the website. You won’t need to provide as many details as a new St.George customer, but remember that you won’t be able to transfer balances from existing St.George accounts.
11. Successful applicants. Successful applicants can expect to receive their card within five to ten working days. If you are a new customer, the balance transfer request will only be processed after you complete the identification check at a St.George branch and activate your card. Once this has been completed, allow up to 14 days for St.George to complete the balance transfer request.
A balance transfer with St.George could help you pay down existing debt faster. But it's also important to compare St.George balance transfer cards with a wide range of other options so that you can choose a card that really suits your needs.Back to top