Balance transfer criteria: Which banks am I able to transfer my balance to and from?

Information verified correct on September 30th, 2016
balance-transfer-250x250

Why some banks won’t accept your balance transfer application, and why some debts will never meet the criteria for a balance transfer

Have you ever been rejected for a balance transfer? Or are you looking to do a balance transfer and are wondering which banks will let you do it? We’ve got the lowdown on which banks to look out for and why.

  • Credit provider: This is the institution that provides the funds for other institutions to launch a product.
  • Credit card issuer: This is the institution that provides the card to the credit card brand – usually with its logo somewhere on the product.
  • Credit card brand: This is the institution that physically provides the card to the consumer.

Which banks provide credit to other banks?

Ever wondered where the smaller institutions like credit unions and building societies get their money from? It’s probably no surprise that it comes from the larger lenders like Citibank and HSBC. These companies control billions of dollars and they are the guys other banks and lenders turn to when they want to finance a new credit card or other credit product.

The implications of such an arrangement are that for one, an institution that turns to the bigger guys for money is limited in how progressive the terms of the product can be, but in more concrete terms, it determines the places where you can or can’t move your debt to through a balance transfer. Think of it this way. When you apply for a balance transfer, institution A is buying the debt from institution B in order to secure your business. If both institution A and B are getting their money from institution C, there’s nothing in it for institution C and they subsequently put a stop to the deal going through.

Banks and the credit cards issued by them

Credit Card IssuerCredit Card Product
HSBCHSBC, Woolworths
CitibankCitibank, IMBSuncorpCUAVirginBOQ
MacquarieMacquarie, Jetstar
ANZANZ
CBACBA, BankwestAussie
WestpacWestpac, St.GeorgeBank of Melbourne, BankSA

Here’s the inside tip on whether your application for a balance transfer is going to be rejected because of a bank’s credit structure.

Who you can and can’t transfer between based on the provider

Funding BankCredit Card BrandBank Transfer AllowedConditions and Other Tips.
HSBCWoolworthsNo
CitibankIMBNo
SuncorpNo
CUANo
Bank of QueenslandNo
VirginNo
MacquarieJetstarNo
CBABankwest, AussieYes
WestpacSt.George, Bank of Melbourne, BankSAYesBalance transfers not allowed between St.George, Bank of Melbourne and BankSA.
Latitude Financial ServicesColes, 28 DegreesNo

From the table above, you can see that we found five credit cards out of the eight we contacted who allow balance transfers from the same credit card provider. We also had a look at the different institutions that are underwritten by Citibank to see whether balance transfers are allowed between them.

You may not transfer a balance between any card offered or underwritten by Latitude Financial Services.

You are free to perform a balance transfer between all other non-related lending institutions.

Balance transfer credit cards comparison

Rates last updated September 30th, 2016.

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

Balance transfer offer has been extended until 31 October 2016.

September 26th, 2016

Bank of Melbourne Vertigo Visa Credit Card

Intro APR of 1% for 12 months and BT offer of 0% for 18 months extended until 4 January 2017.

September 30th, 2016

St.George Vertigo Platinum

Balance transfer period changed from 20 to 18 months and is valid until 4 January 2017.

September 30th, 2016

View latest updates

Jonathan Choi Jonathan
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
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
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 applied by 11 October 2016.
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) 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 First Visa Credit Card - Exclusive Offer
Take advantage of this exclusive offer and enjoy 0% p.a. for the first 12 months on balance transfers and 0% p.a. for the first 3 months on purchases.
0% p.a. for 12 months 0% p.a. for 3 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
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 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
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 2% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 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
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 2% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 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
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
Citi Rewards Credit Card - Platinum Card
A long term balance transfer offer with the Citi Rewards Platinum Card. Earn extra points on overseas spend and includes travel insurance.
0% p.a. for 24 months with 1.5% balance transfer fee 20.99% p.a. $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
American Express Explorer Credit Card
Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 2 months of Card Membership. Also enjoy a $400 travel voucher and two complimentary airline passes per year.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $395 p.a. Go to site More info
Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

9 Responses to Balance transfer criteria: Which banks am I able to transfer my balance to and from?

  1. Default Gravatar
    Alex | August 7, 2016

    Who issues NAB cards and where does NAB sit, with regards who you can transfer between?

    • Staff
      May | August 7, 2016

      Hi Alex,

      Thanks for your question.

      NAB is one of Australia’s largest financial institutions and they issue the NAB credit cards.

      As for conducting a balance transfer, generally, you cannot transfer a balance from a credit card that is issued by the same institution. So, you are not able to transfer a balance between NAB credit cards, but you can do a balance transfer from NAB card to any other credit card and vice versa, provided you meet the criteria and requirements of the card.

      I hope this has helped.

      Cheers,
      May

  2. Default Gravatar
    Jo | March 5, 2016

    Hi

    I have a Go Mastercard. As I understand it and please correct me if i am wrong. Is it not possible to transfer any balance to another Bank on an interest free balance transfer. Sorry if this is a dumb question.
    Regards Jo

    • Staff
      Sally | March 7, 2016

      Hi Jo,

      Thanks for your question.

      There are many promotional 0% balance transfer offers available. You can compare some of these balance transfer offers here.

      The terms and conditions of the balance transfer will depend on the card you have, the debt you carry and the card you’re looking to transfer to.

      So long as the balance doesn’t exceed the balance transfer amount (which is usually a percentage of the approved credit limit) and you meet the eligibility requirements, you should have no trouble transferring a balance from your Go MasterCard to a new card.

      I hope this has helped.

      Cheers,

      Sally

    • Staff
      Jonathan | March 7, 2016

      Hi Jo, thanks for your inquiry!

      You can transfer your balance to another bank/ credit card, excluding Latitude Financial Services credit cards since GO is a product of Latitude.

      Cheers,

      Jonathan

  3. Default Gravatar
    Christine | December 4, 2015

    Are there any 0% rates for the self-employed? And is it possible to obtain a $19,000 credit limit

    • Staff
      Sally | December 4, 2015

      Hi Christine,

      Thanks for your question.

      Are you referring to 0% balance transfer rates? As long as you meet the eligibility requirements, such as the annual income, credit history and residential status, you should have no problem applying for a credit card. If you’re self-employed, you may be asked to provide your accountant’s contact details as proof of your employment.

      If you’re unsure, it’s best to contact your preferred provider to discuss your likelihood of approval before applying.

      I hope this has helped.

      Cheers,

      Sally

    • Default Gravatar
      Ken | February 20, 2016

      Hi Sally ,

      I am wanting to apply for a $0% balance transfer as I have 2 large debts on both credit cards but I got declined should I wait a bit or try other banks. …

      And my personal loan got declined too as I didn’t realize much cheaper for balance transfer than Loan….

      Because I don’t want to mass my credit history more in case I apply and get declined again… so just want to get some tips before going again !!!

      Kind regards

      Ken tmTse

    • Staff
      Sally | February 22, 2016

      Hi Ken,

      Thanks for your question and we’re sorry to hear about your rejected credit card applications.

      Unfortunately, multiple rejected applications will have a negative impact on your credit history, so you’ll want to wait a while before applying for your next card. Exactly how long you’ll need to wait will depend on the state of your credit history, so it’s difficult to provide precise advice. However, you might like to wait a few months before applying for your next card.

      In the meantime, you can work on improving your credit history by making timely repayments and demonstrating your ability to repay. Create a budget and do your best to pay more than the minimum repayment each month and pay off as much as you can. For more tips on how to improve your credit history, please see our credit repair guide. You might also be interested in more information on what to do if your credit card application has been rejected.

      Before you apply for your next card, make sure you carefully read over the eligibility requirements and ensure you’ve organised the necessary documents before beginning the application. For tips on increasing your chances of balance transfer approval, please see this guide.

      I hope this has helped.

      Cheers,

      Sally

Credit Cards Comparison

Rates last updated September 30th, 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
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.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 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

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au 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.

Ask a question
feedback