Can you transfer multiple credit cards with a balance transfer?

Information verified correct on September 28th, 2016
hand holding multiple cards

How many credit cards can you move to a balance transfer credit card? Read on to discover whether you can consolidate all of your debts under one account

The average Australian has more than $3,000 of credit card debt. This makes us one of the biggest borrowers in the world. This debt is typically spread between 2.2 credit cards, which means most of us carry more than one card at a time. If you’re looking to consolidate your debts under one account, a balance transfer credit card could be the answer.

Your ‘credit limit’ determines how much debt you can transfer over

Most providers allow you to transfer debts from multiple credit cards, though the total transfer must not exceed the balance transfer limit. In most cases, lenders will only let you transfer a percentage of the credit limit (between 70% and 100%). For example if you are approved for a credit limit of $5,000 and the maximum balance transfer limit is 85% of the credit limit, then the bank will allow you to use $4,250 for balance transfers. Most providers allow you to transfer between 2-5 balances to the one account, though this will vary from provider to provider. As long as your total transfer balance doesn’t exceed the balance transfer limit, you should have no issue transferring debts from multiple credit cards.

Why get a balance transfer?

There are several advantages to consolidating your credit card debt, the most obvious of which is the low interest rate. If your card comes with a promotional balance transfer rate, you can expect a low or no interest rate on balance transfers for six to 24 months. This allows you to pay the debt off faster without the cost of high interest. If you were paying 15% on a $5,000 debt, transferring it to a 0% card will save you $750. Rolling your debts into one account also makes it easier to manage, meaning you only have one set of repayments to make and balances to track.

Read our balance transfer guide and compare balance transfer offers

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How to use the Balance Transfer Calculator below in 4 easy steps and learn how much you can save today

Step 1. Enter the total debt/outstanding amount you would like to transfer
Step 2. Provide the interest rate that you are paying on your existing debt (if you don’t have your interest rate on you, the average is around 18-20%)
Step 3. See the ‘Interest Saved’ column to find out which credit cards will save you the most money. Click on the ‘Interest Saved’ title to sort the cards in ascending or descending order of money saved
Step 4. Compare the credit cards available in the table provided to find the card that suits your needs. If you still want to find out more about a particular credit card, click the ‘More info’ link for a full review on the features and benefits.

BT calculator steps

Balance Transfer Calculator and Comparison

Rates last updated September 28th, 2016
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% 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
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 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
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 20 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 20 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
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
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 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
Rates last updated September 28th, 2016
$
% 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
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 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 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
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. Earn bonus Velocity Points in the first 3 months, offer ends 31 October 2016.
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
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 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 20 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Virgin No Annual Fee Credit Card
No annual fee credit card with $100 cashback and a long term balance transfer offer of 0% p.a. for 18 months with 2% balance transfer fee.
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 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
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
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
Westpac 55 Day Platinum Credit Card
Get a balance transfer offer of 0% p.a. for 16 months, platinum card benefits including complimentary insurances and 24/7 concierge with $0 annual fee for the first year.
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 ($90 p.a. thereafter) Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
A low rate card from Bank of Melbourne with a long term balance transfer offer 0% for 18 months and a short term introductory rate 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
Citi Rewards Credit Card - Platinum Card
Take advantage of the introductory long term balance transfer offer and reduced annual fee in the first year.
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 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
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy 0% p.a. for 12 months on balance transfers and receive a complimentary Virgin Australia domestic economy return flight every year.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $195 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer and an introductory offer of 1% p.a. for 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 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
Rates last updated September 28th, 2016
$
% 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
Citi Qantas Signature Credit Card
Earn up to 70,000 bonus Qantas Points on eligible spend, plus enjoy a 0% p.a. for 6 months offer on balance transfers.
0% p.a. for 6 months 20.99% p.a. $99 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Receive 0% p.a. for 12 months on purchases, 0% p.a. for 6 months balance transfers and an exclusive $129 Virgin Australia Gift Voucher every year.
0% p.a. for 6 months 0% p.a. for 12 months (reverts to 20.74% p.a.) $129 p.a. Go to site More info
Citi Rewards Credit Card - Signature
Receive 75,000 bonus Reward Points on eligible spend, plus a range of complimentary insurances and 1.5 Reward Points per $1 spent.
0% p.a. for 6 months 20.99% p.a. $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info

How to conduct multiple balance transfers

Most balance transfer applications will provide more than one section in the application for you to fill out the details of multiple balances. If the application only has the option list two accounts, for example, contact the provider to confirm whether you can request an additional account to be added to the application. Here you’ll need to provide your account details and the amount you’re transferring from each account.

You’ll need to contact your banks to get a total You’ll need to organise the closure of your accounts once you’ve completed the balance transfer. If you don’t close your accounts, you’ll still have to pay the maintenance fees (such as the annual fee).

Depending on the card, you may also be charged a balance transfer fee (usually of 2-3% of the balance amount) when completing the transfer.

Start repaying immediately

Because the low introductory rate lasts six to 24 months, you have a limited time to repay your balance in full. Once the promotional period ends, your remaining balance will begin collecting the revert rate (usually the standard interest or cash advance rate) which can exceed 20%.

If you’re sure you can pay off your transferred debt before that happens, you don’t have to worry about the revert rate. Taking our $5,000 example, you will have to pay $416.67 per month if you have a 0% rate for one year, or $833.33 if it’s a six-month deal. If you are only able to pay back half, the other $2,500 will be subject to, say, a 20% rate, or an extra $500.

Don’t use your balance transfer card for purchases

There are many reasons you shouldn’t be using your balance transfer credit card for anything but debt consolidation. Your purchases will be paid off before your existing debt as the purchase amounts will be collecting a higher standard rate than the promotional balance transfer rate. Interest-free days on purchases are also not awarded when you have an outstanding balance.

Just remember, the clock is ticking and you have to use every day you get with a balance transfer promotional rate of interest to reduce your credit card debt.

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10 Responses to Can you transfer multiple credit cards with a balance transfer?

  1. Default Gravatar
    mark | August 15, 2015

    can i transfer more than 1 balance from the same credit card

    • Staff
      Jonathan | August 17, 2015

      Hi Mark, thanks for your inquiry!

      The balance of one credit card can be transferred to multiple cards providing you meet the application requirements for each.

      Cheers,

      Jonathan

  2. Default Gravatar
    Sam | October 5, 2013

    I currently have two credit cards, a St George Vertigo MasterCard and Members Equity card totalling just over $5000.
    My monthly minimum repayments for both are approx $120. Although I find myself paying $200 I still feel like I am getting nowhere!
    I will be honest and say I get very confused when looking to consolidate my cards trying to find a better options, that is rate, balance transfer for a 12 month or more period, etc.

    Any suggestions.

    Regards
    Sam

    • Staff
      Jacob | October 5, 2013

      Hi Sam.

      Have a look at our balance transfer comparison page. You can use the balance transfer savings calculator at the top of the comparison table to find out the approximate savings for each balance transfer promotional offer too. There are a number of offers on this page, use the check boxes on the left of the table and then click compare to get a one on one comparison between cards.

      You can transfer from multiple cards, the thing to note is that you can only transfer up to a percentage of credit limit on your new credit card. If you go with a lender that allows you to use 80% of your credit limit for a balance transfer, and you’re approved for a credit limit of $10,000, you could transfer up to $8,000 from your old cards to your new card. This page has more information on this topic.

      If you haven’t transferred a balance before, there’s space to enter the details of a couple of cards when you elect to transfer a balance during an online credit card application. You select the name of the bank from a drop down list of institutions, enter the card number(s) and type in how much you want to transfer from that card.

      Thanks for your question.

  3. Default Gravatar
    Rachel | April 8, 2013

    I currently have a credit card balance of $15000 due to unforeseen family circumstances etc. I have applied for a balance transfer with another credit card which was only approved for a limit of $5000. Whilst I understand that it can be quite tricky juggling several credit cards to your benefit, Is it legal to apply for another balance transfer to another credit card to make up the current outstanding balance?

    • Staff
      Jacob | April 8, 2013

      Hi Rachel. Yes. it’s completely legal; however, applying for multiple credit cards in a short space of time will have negative ramifications for your credit file. If a lender can see that you have had a series of credit enquiries in a short space of time, it will raise red flags with their credit department. They will want to know why you have tried to apply for multiple credit cards, and it may be a reason for rejecting an application. Having said that, what you’re suggesting has been done before and its success rest on the financial strength of the applicant. Jacob.

  4. Default Gravatar
    Leigh | February 5, 2013

    My partner has two credit cards, one is 12.25% ($6,500) the other is 20.5% on purchases and 20.74% on cash advances ($13,500) therefore the debt is $20,000. currently we are paying approx $800 per month to get this down, but with little or no interest we could have this settled in close to 16 months, this would allow for other financial commitments.Could you recommend a credit card with the best transfer rate, or do you think it would be better to see if he could get the higher added to the lesser interest charged card?

    • Staff
      Jacob | February 5, 2013

      Hi Leigh. You can transfers multiple balances to one credit card taking advantage of a low promotional balance transfer rate of interest – provided that the new card you open to transfer to has a higher credit limit that than the amount you wish to transfer. Please check our balance transfer comparison page for a comparison of the balance transfer credit cards in the market – use this page to find the balance transfer card that’s right for you. If you wish to bring the debt that is accruing the higher rate of interest to the card with the lesser interest charges, you will have to check that the lower interest cards lets customers transfer a balance after the account has been opened. Hope this helps.

  5. Default Gravatar
    Howard | October 19, 2012

    I have approx $40,000 in 5 credit cards which I currently can pay the minimums each month but then reuse again never reducing the balance. What is my best option?

    • Staff
      Jacob | October 19, 2012

      Hi Howard. Thanks for your question. If have multiple credit cards it makes sense to consolidate your debt through a balance transfer with a low interest rate. Please refer to our balance transfer comparison page for information about balance transfer offers on the market. The card that’s right for you will depend on your personal circumstances. A few things you should know about balance transfers: the amount you can transfer will depend on your approved credit limit – generally lenders will allow somewhere between 80% and 95% of your approved limit to be used for a balance transfer. Also, you can not transfer the balance between related credit cards, for example, between a NAB and a NAB credit card, or a CUA and Citibank credit card (Citibank is the credit issuer for CUA, Virgin and a number of other institutions) – for more information on this, check this page. And finally, after the balance transfer period, the interest rate will revert to the cash advance or purchase rates of interest. Cheers.

Credit Cards Comparison

Rates last updated September 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
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.

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