How to conduct a balance transfer with Westpac

Information verified correct on December 10th, 2016

High-interest credit card debt? Use our step-by-step guide on how to complete a Westpac balance transfer and save with 0% promotional offers.

High-interest rates can be a burden on anyone with debt. Meeting minimum repayments on a credit card can be difficult enough without the added costs of interest. A balance transfer could be just what you need to help you get out of the red and start seeing the plus sign beside your account balances.

If you’re looking to consolidate your debt with a balance transfer to Westpac, here’s a walkthrough of the steps you can follow to complete a balance transfer application while we also cover some of the benefits, features and conditions you’ll want to consider.

Westpac Low Rate Card

Westpac Credit Card Offer

The Westpac Low Rate credit card is a great option to consider if you are looking for a no-frills credit card from Westpac that will help you get in control of your finances. It features a balance transfer rate of 0% p.a. for 16 months plus a low annual fee.

  • $59 p.a. annual fee
  • 1% p.a. for 12 months (reverts to 13.49% p.a.) on purchases
  • 0% p.a. for 16 months on balance transfers
  • Cash Advance Rate of 21.49% p.a.
  • Up to 55 days interest free
  • Minimum Income Requirement of $15,000 p.a.
Rates last updated December 10th, 2016
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 16 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
Westpac 55 Day Platinum Credit Card
Enjoy platinum benefits offering complimentary insurances, 24/7 concierge, balance transfer offer of 0% p.a. for 16 months, purchase rate offer of 1% p.a. for 12 months with $0 annual fee for the first year if applied by 30 January 2017.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 19.84% p.a.) $0 p.a. annual fee for the first year ($90 p.a. thereafter) Go to site More info
Westpac Altitude Platinum Card
Receive 50,000 bonus points (Altitude or Qantas Points) on eligible spend and a low balance transfer offer of 0% p.a. for 16 months. Also enjoy a low purchase offer of 1% p.a. for 12 months.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 20.24% p.a.) $150 p.a. Go to site More info
Westpac Altitude Black - Exclusive Offer
Earn 100,000 bonus points when you spend $5,000 on eligible purchases, choose between two reward programs offering Altitude or Qantas Rewards and receive premium cardholder benefits.
20.24% p.a. $395 p.a. Go to site More info
Westpac Altitude Black
Earn 50,000 bonus points when you spend $2,500 on eligible purchases, choose between two reward programs offering Altitude or Qantas Rewards and receive premium cardholder benefits and enjoy introductory offer for balance transfers and purchases.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 20.24% p.a.) $395 p.a. Go to site More info
Westpac 55 Day credit card
Enjoy a balance transfer offer of 0% p.a. for 16 months, an introductory purchase rate of 1% p.a. for up to 12 months, plus a waived annual fee for the first year if you apply by 30 January 2017.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 19.84% p.a.) $0 p.a. annual fee for the first year ($30 p.a. thereafter) More info
Westpac Altitude Card
Enjoy a balance transfer rate offer of 0% p.a. for 16 months and 1% p.a. on purchases for 12 months.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 20.24% p.a.) $100 p.a. More info
Westpac Altitude Business Platinum Credit Card
A platinum business card with a long term purchase rate offer of 0% p.a. for 12 months, with uncapped reward points earnings per dollar spent on eligible purchases.
4.99% p.a. for 12 months 0% p.a. for 12 months (reverts to 20.24% p.a.) $0 p.a. annual fee for the first year ($295 p.a. thereafter) More info
Westpac Altitude Business Gold Credit Card
Earn up to 2 reward points for every $1 spent on eligible purchases with $0 annual fee for the first year and receive complimentary insurances.
4.99% p.a. for 12 months 0% p.a. for 12 months (reverts to 20.24% p.a.) $0 p.a. annual fee for the first year ($150 p.a. thereafter) More info
Westpac Business Choice Rewards Card
A rewards credit card for business transactions which lets you earn uncapped Acquire Points for every dollar spent on eligible purchases and get up to 10 cards on one account.
18.99% p.a. $150 p.a. More info
Westpac Business Choice Rewards Card - Qantas Frequent Flyer
A rewards credit card for business transactions which allows you to earn Acquire Points for every dollar spent on eligible purchases.
18.99% p.a. $150 p.a. More info
Rates last updated December 10th, 2016
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance with a reduced annual fee in the first year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Virgin No Annual Fee Credit Card
Enjoy a long term balance transfer plus a $100 cashback offer (spend criteria applies) and never pay an annual fee for this card.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 16 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 1% p.a. for up to 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer of 0% p.a. for 18 months and an introductory offer of 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 9 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cashback on retail purchases.
0% p.a. for 9 months 19.99% p.a. $0 p.a. Go to site More info

A balance transfer guide with Westpac

A balance transfer with Westpac allows you to transfer an existing balance on a credit card to new credit card charging a lower rate of interest with a promotional rate. Periods of lower interest rates gives you a chance to make a dent in your debt and start getting back on track. The Process can take up to 10 days to complete.

What are the benefits of completing a balance transfer with Westpac?

Westpac offers competitive rates to customers with outstanding debt and looking to complete a balance transfer. Here’s a summary of some of the benefits you can compare:

  • Save on interest costs. Lower interest rates on an existing balance for a period of time means you can repay your debt without the additional cost of interest, meaning you can consolidate your financial burden quicker.
  • Transfer your balance in 10 days. You can apply for balance transfers when you apply for a Westpac credit card. The application generally only takes 10-15 minutes to complete. Once your application is approved, it can take up to six days for the card to arrive and an extra two days for the balance transfer to be finalised.
  • Bank on the go with Westpac mobile banking. Check your balance or transfer funds anywhere, anytime, with Westpac mobile banking.

What else should I consider?

  • Know what the interest rate will be once the promotional period ends. Your low or 0% balance transfer rate will only last for the length of the promotion, after which it’ll revert to the much cash advance rate. Any remaining balance will immediately start collecting these higher rates, so check your product disclosure statement (PDS) to confirm what they are before applying.
  • How much debt can I transferWith Westpac you can transfer up to 95% of your credit limit. How much you can transfer is determined by how much your credit card is approved for. For example, if you are approved for $10,000, you can do a balance transfer of up to $9,500. When applying for the credit card, select an amount that is going to support your transferred balance so you don’t leave a sum behind to collect high interest on your old account.
  • Will I incur a transfer fee? Westpac doesn’t charge a balance transfer fee.
  • Where can I balance transfer from? You can transfer balances from up to three non-Westpac cards. Confirm which banks and providers you can transfer from to Westpac.

Eligibility requirements

If you are 18+ years of age and an Australian resident currently residing in Australia, you are eligible to apply. Before starting, you will need to have identification, payslips or a bank statement and employment details on hand. It’s also a good idea to have your accounts in order before applying.

Step-by-step on how to apply for a balance transfer application with Westpac

Step 1: Select the card you wish to apply for and start the application

Once you’ve compared your options and are ready to apply, you can click the green “Go to site” button from our comparison table and start your application. You will be directed to the Westpac application form and where we will begin the application process.

Step 2: Are you are a Westpac customer already?

If you are a Westpac customer already you can sign in with your Online Banking account to draw any existing details about you. If you're not yet registered for online banking or not yet a customer you can continue with the process.
Having the following information ready.

  • Income. Your income details, earnings figure before and after tax would be helpful.
  • Employment. Your profession title, how many years, work/office contact number.
  • Financial commitment details. Any existing expenses, financial commitments and to
  • Australian drivers licence (Optional). Your licence will be useful to have but it isn't mandatory.

westpac-balance-transfer-guide-step-2

Step 3.  Fill in the “About you” details, including your name and address

Here you will provide the details about you with an option to verify your ID online.

The details you'll need will be:

  • Mobile number. Add your personal mobile contact number. Please note that this number will also be used to verify your application for when you submit the online form at the end of these steps, so be sure you have your mobile on hand and can receive sms for when you're ready to submit.
  • Email. Your email address to where you're going to send.
  • Title. Add your title here.
  • Full name. Add your full name the way it exactly matches your passport or drivers licence.
  • Residential address. Your main place of residence.
  • Length of time at address. How long have you been living at your address?
  • Your preferred branch. Select a branch that is closest to you. A drop down menu will allow you to select a branch based on the address you put in for your application, alternatively, you can find a branch that's most convenient for you.
  • Providing ID. If you can, have the following handy: Australian driver's licence, Medicare Card and Australian passport. Providing at least two forms is recommended by Westpac (not mandatory).

If you skip providing your ID?

Providing and verifying your ID online will save you from visiting the branch. So having these details ready before you apply will save you time and potentially, a trip later.
westpac-balance-transfer-guide-v3

Step 4. Complete the “Finances” section

This is where you will need your pay slips or bank statements. You will need to be able to answer questions relating to your income, residential situation, outward costs and any other financial responsibilities you may have.

  • Employment and income. Specify your employment status, occupation and how long. You will also be asked to disclose your income and other sources of income.
Types of income accepted on applicationsTypes of income not accepted on credit cards
Interest receivedGovernment childcare
DividendsPharmaceutical and telephone allowances
Rental incomeYouth allowance
Widow's allowanceUnemployment benefits
Family tax benefit part A and B
Rental payment
  • Proof of income documents. Here you may upload your documents as files or images. Note that if you upload your documents here it may save you from visiting a branch to having them verified.
  • Savings and expenses. Include any total savings you have and also the expenses including any non-Westpac cards - this is not the balance transfer section, you can input the total credit limit on the cards and the owing amount.

westpac-balance-transfer-guide-4

Step 5. Select “Yes” to applying for a balance transfer.

If you're opting for a balance transfer, select 'Yes' to reveal the options to add in your existing card information to your application. You can add more than one card to the application.

  • Card institution. Select the institution from where the card is held.
  • Card number. Provide the number of the credit card from which you wish to transfer.
  • Amount to transfer. Provide the amount you're looking to balance transfer.

westpac-balance-transfer-guide-5

Step 6. Review and submit.

Check that all your details are entered correctly before submitting your application. Before submitting you will be asked to provide an sms verification code. This will send a code over to the mobile number you input at the start of your application. Add that code into the field and submit when ready.

westpac-balance-transfer-guide-6

Once submitted, you will receive a reference number. Westpac will contact you to let you know whether or not your application was successful.

Step 8. Application submitted!

Congratulations, you've submitted an application. If the application is approved, it can take up to six days for the card to arrive and an extra two days for the balance transfer to be finalised.

Applying for a balance transfer is a quick and easy process that could be your answer to clearing debt. Refraining from using the card to make any purchases will increase your chances of having the debt paid off within the promotional period.

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Sally McMullen

Sally McMullen is a journalist at finder.com.au who is a credit cards, frequent flyer and travel money expert by day and music maven by night.

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4 Responses to How to conduct a balance transfer with Westpac

  1. Default Gravatar
    MyViaCe | November 28, 2016

    Hi, which westpac credit card that offers 100.000 bonus points when we transfer the balance from other bank?

    What is the annual fee? Can we use these points for qantas frequent flyer?

    • Staff
      May | November 28, 2016

      Hi MyViaCe,

      Thanks for your question.

      Upon checking, the Westpac Altitude Black offers 100,000 bonus points, but this card does not allow you to earn 100,000 bonus points for conducting a balance transfer. Actually, credit card balance transfers are not considered as eligible purchases, so you will not really earn bonus or rewards points for that transaction.

      Moreover, with the Westpac Altitude Black, the 100,000 bonus Qantas or Altitude Points can only be earned if you apply online and are approved by 5 January 2017 and spend $5,000 within the first 90 days from approval.

      The annual fee for this card is $395 p.a. You will also have the option to whether choosing the Qantas points which go straight to your Qantas FF account (to redeem for flight tickets, hotel accommodations and shopping items) or Altitude Points that are credited to your Westpac Altitude rewards account where you’re able to choose a wide range of redeemable items and travel awards.

      Hope this has answered your questions.

      Cheers,
      May

  2. Default Gravatar
    | November 9, 2011

    How much interest have i accumulated so far

    • Staff
      Jeremy | November 9, 2011

      Hi Tamala

      This will depend on the current outstanding balance on your card. I’d suggest you speak to the Westpac Customer Service team and ask for your past statements. Perhaps they could give you an idea over the phone as to how much interest you have paid also

      Cheers

      Jeremy

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