Applying for a Balance transfer promotion after application & receiving the card

Information verified correct on October 28th, 2016

Which banks will let you transfer a balance at the promotional rate of interest after you’ve applied for the card?

A balance transfer is one of the most popular ways of reducing credit card interest repayments. Thousands of Australians transfer a balance to another credit card every month.

It’s a feature included with most credit cards designed to get you to switch card providers. You transfer your credit card debit to a credit card with a different banking institution, and in return for your business, the new card provider offers a promotional interest rate for a set period of time. You can use this time to pay down your credit card balance.

Because this is a feature aimed at attracting new customers to a bank, some lenders will only allow you to elect to transfer a balance at the promotional rate of interest when you first sign up for the card.

Some offer a grace period after applying—say a month—where you apply for the balance transfer and still get the promotional rate, and others give you the entire promotional period to transfer a balance.

But not everybody wants to transfer a balance when they apply for a credit card. Impending purchases may mean that you need to transfer a balance weeks or months after you apply for a credit card.

The following institutions will allow you to transfer a balance at the promotional rate of interest after you’ve applied for the card:

Cards that offer the promotional balance transfer after application:

Virgin Money

Any balance transfer promotional interest rates are available for a period of up to 30 days after you apply for the card and are approved for the card.


Citibank will allow you to transfer a balance at the promotional rate of interest for a period of up to three months after you’re approved for the card.

The Bank of Melbourne (BoM)

BoM allows you to transfer a balance at the promotional rate of interest provided that you transfer the balance within ten to fourteen days after you apply.


NAB allows you to transfer a balance to a NAB credit card under the promotional rate of interest provided that it is within a 30 day period of activating the card. If you elect to transfer a balance after this 30 period, you will receive NAB’s standard rate for balance transfer for existing customers, which is 4.99% for 6 months.


Bankwest are a little different. The balance transfer introductory period starts from when you activate the card. Say if you had an introductory rate of 12 months, if you waited for a month after you activated the card before you transferred a balance, you would then only have 11 months at the introductory rate of interest. The introductory balance transfer period begins when you’re approved for the account.


Coles are the same as Bankwest when it comes to transferring a balance after the account has been opened—the balance transfer period starts at the time you’re approved for the account.


If you apply for the balance transfer at the time of application, you will get the advertised promotional rate of interest for balance transfers. If you apply for a balance transfer after you’re approved for the account, the balance transfer will be subject to the rate ANZ offer to existing customers for that particular product. The balance transfer period begins when you’ve received and activated the card.

Compare other balance transfer credit cards

What is a balance transfer? Michelle Hutchison –

If you’re looking at transferring a balance, money expert at, Michelle Hutchison, explains what a balance transfer is, and some of the traps to look out when transferring a balance.

If you would like to read more about some of the common balance transfer traps, have a look at our page on some of the key considerations you need to be aware of when you’re transferring a balance.

What you need to know when transferring a balance 
If you’re looking to cut down on interest repayments through a balance transfer facility, it pays to know the product’s terms and conditions. If you have any questions about balance transfers, please let us know by asking a question below, and we will get back to you with an answer.

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4 Responses to Applying for a Balance transfer promotion after application & receiving the card

  1. Default Gravatar
    Terry | May 15, 2015

    Can I transfer my debt to a new interest free card for 20 months with no interest and then after say after seventeen months transfer the remaining balance to another interest free card and so on until my debt is gone.

    • Staff
      Jonathan | May 16, 2015

      Hi Terry, thanks for your inquiry!

      Balance transfer requests are eligible as long as you meet the application/ lending criteria for each bank.



  2. Default Gravatar
    Carolyn | July 7, 2014

    I currently have a DJ’s AMEX card with $700 left on an interest free purchase, plus an additional debt of around $4k, which is incurring interest.

    Am I able to transfer the total amount owed or just the $4k?


    • Staff
      Shirley | July 8, 2014

      Hi Carolyn,

      Thanks for your question.

      The amount you can balance transfer depends on the credit limit of your new card.

      You can find a list of them here.


Credit Cards Comparison

Rates last updated October 28th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. 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.
19.99% p.a. 0% p.a. for 15 months $149 p.a. 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 (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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