How to conduct a balance transfer with Westpac

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

0% p.a. for 20 months on balance transfers
with a one-time 2% balance transfer fee

Offer ends 31 January 2018

Eligibility criteria, terms and conditions, fees and charges apply

Westpac Credit Card Offer

The Westpac Low Rate is an option to consider if you are looking for a no-frills credit card that will help you get in control of your finances. It features a balance transfer rate of 0% p.a. for 20 months plus a low annual fee.

  • $59 p.a. annual fee.
  • 13.49% p.a. on purchases
  • 0.00% p.a. for 20 months with 2% BT fee 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.
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Rates last updated November 20th, 2017
$
% 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 20 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Receive up to 55 days interest-free on purchases if you pay your balance in full. Plus, the convenience of the Westpac mobile banking app.
Westpac 55 Day Platinum Credit Card
0% p.a. for 20 months with 2% balance transfer fee
19.84% p.a.
$0 p.a. annual fee for the first year ($90 p.a. thereafter)
Receive up to 55 days interest-free on purchases, platinum concierge service and extended complimentary insurance cover.

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Rates last updated November 20th, 2017
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 13 December 2017.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% balance transfer fee when you apply online by 31 January 2018.
NAB Premium Card
0% p.a. for 20 months with 2% balance transfer fee
19.74% p.a.
$90 p.a.
Benefit from premium perks including travel insurance, Platinum Concierge Service plus 0% p.a. for 20 months on balance transfers.
Citi Platinum Credit Card - 100k Bonus Points
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, take advantage of a long-term balance transfer offer and receive complimentary travel insurance.
ANZ Platinum Credit Card - Exclusive Offer
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)
Exclusive to finder, receive 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months with no balance transfer fee.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
Bankwest Breeze Classic Mastercard
0% p.a. for 13 months with 2% balance transfer fee
0% p.a. for 13 months (reverts to 12.99% p.a.)
$79 p.a.
Receive up to 55 days interest-free on purchases and free worldwide emergency card replacement.
St.George Vertigo Visa - Online Offer
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Take advantage of 0% p.a. for 18 months on balance transfers (with no BT fee). Plus, $0 annual fee in the first year. Ends 13 December 2017.
Bank of Melbourne Vertigo Platinum
0% p.a. for 24 months with 2% balance transfer fee
12.74% p.a.
$99 p.a.
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 44 days interest-free on purchases.
BankSA Vertigo Visa
0% p.a. for 18 months with 2% balance transfer fee
13.24% p.a.
$55 p.a.
Get up to 55 days interest-free on purchases and be protected by a 24/7 fraud monitoring service.
NAB Low Rate Platinum Card
4.99% p.a. for 6 months
0% p.a. for 9 months (reverts to 13.99% p.a.)
$100 p.a.
A platinum card that offers 0% p.a. for 9 months on purchases. Plus 4.99% p.a. on balance transfers for 6 months.
Citi Rewards Platinum Credit Card
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)
Offers a long-term balance transfer. Earn extra points on eligible international spend, plus complimentary travel insurance.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you apply by 31 January 2018 and make an eligible purchase by 28 February 2018.
American Express Essential Credit Card
0% p.a. for 12 months with 3% balance transfer fee
14.99% p.a.
$0 p.a.
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with your Essential Credit Card.
American Express Explorer Credit Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$395 p.a.
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.
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 Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.
Qantas Premier Platinum
0% p.a. for 15 months
19.99% p.a.
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Fly further with 75,000 bonus Qantas points, up to 2 Qantas Points per $1 spent and 2 yearly complimentary Qantas Club lounge invitations.
Australian Military Bank Low Rate Visa Credit Card
0% p.a. for 12 months
10.99% p.a.
$49 p.a.
Enjoy up to 55 interest-free days on purchases, add an additional cardholder for $0 and enjoy the convenience of Visa payWave.
McGrath Pink Visa
4.99% p.a. for 8 months
4.99% p.a. for 8 months (reverts to 8.99% p.a.)
$40 p.a.
A basic, no-frills credit card with up to 55 days interest-free that donates half of the card's annual fee to the McGrath Foundation.

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A balance transfer guide with Westpac

A balance transfer with Westpac allows you to transfer an existing balance on a non-Westpac issued credit card to new a card charging a lower rate of interest for a promotional period. Periods of lower interest rates give you a chance to make a bigger dent in your debt and start getting back on track.

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.
  • Balance transfer application. You can apply for balance transfers when you apply for a Westpac credit card. The application generally only takes 10 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 standard purchase 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 transfer? With 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? Yes, some Westpac credit card may attract a balance transfer fee.
  • Where can I balance transfer from? You can transfer balances from up to three non-Westpac Australian issued credit, charge or store 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

  1. Default Gravatar
    MyViaCeNovember 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
      MayNovember 28, 2016Staff

      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
      JeremyNovember 9, 2011Staff

      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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