Looking for a way out of debt? Consider a balance transfer with Woolworths.
If you feel as though you are buried in debt with no way out, then it might be worth looking into a Woolworths balance transfer. With a promotional low rate period, a balance transfer could help you repay your debt faster.
Compare some of the features, benefits and conditions and improve your chances of approval with our step-by-step guide to the application process.
$0 annual fee for the first year
Offer ends 31 January 2018
Eligibility criteria, terms and conditions, fees and charges apply
Woolworths Credit Card Offer
Enjoy a long-term balance transfer offer of 0% p.a. for 14 months. Plus, benefit from a $50 Woolworths eGift Card when you apply by 31 January 2018 and make an eligible purchase by 28 February 2018.
- $0 p.a. annual fee for the first year ($49 p.a. thereafter).
- 19.99% p.a. on purchases
- Cash advance rate of 21.99% p.a.
- Up to 55 days interest free
- Minimum income requirement of $30,000 p.a.
What is a balance transfer?
A balance transfer involves transferring an outstanding debt on a high interest credit card to a credit card offering a promotional low interest period. The promotional period gives you a set amount of time to make a dent in your debt or clear your debt completely. The low rate will then revert to a higher rate once the promotional offer ends.
What are the benefits of completing a balance transfer with Woolworths?
- Save time and money. By completing a balance transfer with Woolworths, you can repay your debt faster and pay less interest than you would have if you stayed on the high interest card.
- Repay your debt. The aim of the balance transfer is to have your debt paid before the promotional period ends. By knowing the time period you have available as well as the amount you need to repay, you can create a realistic budget you can stick to.
- Easy to apply. The application form will typically take you no more than 10-15 minutes to complete. If approved, you should have your credit card and be ready to consolidate your debt within two weeks.
Before going ahead, what are other things to consider?
- Credit card limit. When applying for your credit limit, keep in mind that you must have $500 remaining in your available credit limit after your debt has been transferred.
- Credit card. Woolworths offers two balance transfer credit cards: an Everyday Platinum Card and a Qantas Platinum Card. As you shouldn’t be using your card for purchases and you points cannot be earned on balance transfers, this is something you’ll want to consider when comparing your options.
- Where can I balance transfer from? You can transfer your balance from any non-Woolworths or non-Macquarie credit card.
How to apply for a Woolworths balance transfer
Before you start the application process, have a pay slip, a bank statement and your driver’s licence number handy and take note of the following eligibility requirements:
- Be a permanent Australian resident
- Be at least 18 years of age
- Earn a minimum annual taxable income of $20,000
- Have a good credit history
The application process
- Select the card you wish to apply for and begin the application process. Once you’ve compared your options and decided on a credit card, you can begin your application. Click the green ‘Go to site’ button to be redirected to the Woolworths credit card application process.
- Credit card. Provide your name and choose your preferred credit limit or apply for the maximum credit limit.
- About you. In this section, you will need to provide a detailed outline of your personal circumstances.
- Financial details. A recent pay slip and bank statement will help you answer the following questions.
- Balance transfer. To apply for a balance transfer, you’ll need to provide your credit card number, transfer amount and the name of the credit card issuer.
- Additional cardholder. You can nominate an additional cardholder by selecting yes and providing their details.
- Review and confirm. Ensure all the details you’ve provided are correct. Read the terms and conditions before submitting your application.
- Application submitted. Congratulations, you’ve submitted your application! You’ll need to upload a file verifying your income before your application can be processed.
- Consolidate your debt. If your application is successful, you’ll receive your credit card in 1-2weeks. Once you’ve activated your card, you can consolidate your debt and start your journey towards freedom from credit card debt.