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What happens when my balance transfer offer expires?
Here's what happens when your low rate or interest-free balance transfer period ends and how to avoid the revert rate.
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If you're carrying a debt that's collecting high interest, a balance transfer credit card with a promotional offer can be a great way to repay your debt without the cost of interest. But what happens when the balance transfer offer expires on your card? If you still have debt from your balance transfer, it will be charged interest at a higher, revert rate.
What will my balance transfer rate revert to?
Depending on your card issuer, your promotional balance transfer rate will revert to one of the following: the standard balance transfer rate, the purchase rate or the cash advance rate. You can see which revert rate your card issuer applies to balance transfers in the table below.
| Credit card issuers | Reverts back to | Maximum balance transfer amount | Minimum Balance Transfer Amount |
|---|---|---|---|
| ANZ | Standard balance transfer rate | 95% of the approved credit limit | $100 |
| Bank of Melbourne | Cash advance rate | 80% of the available credit limit | $200 |
| Bank of Queensland | Cash advance rate | 80% of your credit limit | $500 |
| BankSA | Cash advance rate | 80% of the available credit limit on your new BankSA credit card | $200 |
| Bankwest | Standard balance transfer rate | 95% of the approved credit limit | $500 |
| CBA | Cash advance rate | Up to remaining credit limit | $500 |
| Citi | Cash advance rate | You can transfer up to 80% of your approved credit limit | $500 |
| Coles | Cash advance rate | 80% of your approved credit limit | $500 |
| Community First | Standard balance transfer rate | All or part of the outstanding balance and/or limit of your existing credit card | $500 |
| CUA | Cash advance rate | 80% of your credit limit | $250 |
| HSBC | Cash advance rate | 90% | $500 |
| Macquarie Bank | Standard variable interest rate for purchases | Subject to your available credit limit | $500 |
| NAB | Cash advance rate | Maximum balance transfer of 90% of the approved credit limit | $200 |
| St.George | Cash advance rate | 80% of the approved credit limit | $200 |
| Suncorp | Cash advance rate | 80% of your credit limit | $500 |
| Virgin | Cash advance rate | 80% of the approved credit limit | $500 |
| Westpac | Cash advance rate | 80% of the approved credit limit | $200 |
When will I have to pay the revert rate?
The revert rate applies to your balance transfer debt at the end of the introductory period – which is usually between 6 and 26 months, depending on the balance transfer offer. Any unpaid debt left at the end of this period will accrue interest at the revert rate straight away. The interest charges will then be added to your account at the end of the statement period.
If you still have a lot of debt remaining after the 0% p.a. balance transfer period, this interest could quickly add to your card's balance. At this point you could make a lump sum payment to clear the balance or compare other credit cards to transfer the debt again.
Compare balance transfer credit cards
What if I've paid off the entire balance transfer amount?
If you've paid off the entire balance transfer, the credit card works like it normally would. You can make purchases, make cash advances, earn rewards and take advantage of any perks the card offers. If it no longer serves you and you're looking for something new, you can compare Finder's best credit cards for your next offer.
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Ask an Expert
can i receive an international transfer from overseas into my credit card
Hi Maria, thanks for your inquiry!
Generally money transfers to credit card accounts are permitted. It would be best to double check with your card issuer in case so the transfer does not bounce back.
Cheers,
Jonathan
Are there any cards out there with no credit checks with over drafts or cash advances that people on Centrelink can apply for instant approval?
Hi, Samantha.
Thanks for your question.
Everybody who applies for a credit card must undergo a credit check as part of the application process. It’s also a requirement that the applicant has a good credit rating.
Have a look at our page on your credit file for information about ordering a copy of your credit report.
Having said this, people on Centrelink benefits can still apply for a credit card, the important thing is that the applicant meets the minimum eligibility requirements, you can find these criteria set out at the bottom of our review and application pages.
I hope this helps.
I noted that with an ANZ balance transfer you are only able to transfer 95% of the approved credit limit of you old card. What happens if your balance on that card is just over 95%? Can it still be approved for transfer of 95% of it? Or does the balance need to be less than that so the old card/account can be closed after the balance transfer has been processed?
Hi Renee. Thanks for your question. Yes, ANZ will only allow you to transfer up to 95% of your approved credit limit. If you still have funds on your old card, that’s O.K. You don’t need to close your old account to carry out a balance transfer. I hope this helps. Jacob.
Thanks Jacob. Would it assist my application if I was to elect to close my old card account though?
Hi Renee. I’m unaware whether electing to close your old credit card will have any bearing on your application. I am inclined to say no as most credit card applications do not ask for this information. I hope this helps. Jacob.
Why are cash advance rates and balance transfer rates different to normal rates?
Hi Josh. Thanks for your question. There are number of different interest rates you will get charged when you use a credit card. The first and most common is the annual rate of interest on purchases. This is how much you will be charged when you use the card to make a purchase. Then there is the cash advance rate, this is the annual rate of interest you’re charged when you make a cash withdrawal or other cash related transaction. There’s also the annual interest rate for balances transfer to the card. This is usually a low rate for a set period of time, after which, any unpaid balance bought to the card under a balance transfer promotion will be charged at the cash advance or purchase rate of interest (depending on the card). Let us know if there’s anything else you would like to know about this. Jacob.