Commonwealth Bank Balance Transfer

Information verified correct on September 30th, 2016

Got an existing credit card debt? Repay your balance faster and save money today with a low rate Commonwealth Bank balance transfer.

High interest rates can make it feel like your monthly payments aren’t making a dent in your credit card debt. With balance transfer offers from Commonwealth Bank, you can lower the interest rate and reduce your credit card balance with every payment you make. Transferring your balance is easy, and you could be looking at debt-free days in no time.

Balance transfers with Commonwealth Bank

A balance transfer refers to the process of moving a balance that’s collecting a high interest from an existing account to one that charges low interest, resulting in faster debt repayment and significant savings in interest.

Key facts about completing a balance transfer with Commonwealth Bank

  • You must transfer a minimum balance of $500.
  • You can request a balance transfer in one of three ways: Applying through Netbank, calling 13 2221 or completing the credit card balance transfer form available on Commonwealth Bank’s website.
  • Balance transfer requests are processed in five to 10 working days.

What are the benefits of completing a balance transfer with the Commonwealth Bank?

Some of the benefits you could enjoy from a Commonwealth Bank balance transfer include:

  • Significant savings. The major drawcard of a low interest balance transfer with Commonwealth Bank are the significant savings you can expect. Without the burden of interest, you’ll be able to repay your balance without large additional costs.
  • Free yourself of debt. Debt isn’t an easy weight to carry, so consolidating your debt with a balance transfer can be a straightforward way to take control of your finances and peace of mind.
  • It’s fast and easy. Whether you want to apply for a balance transfer in-store or online, the process is relatively simple and shouldn’t take more than 15 minutes. From here, it should only take 5-10 business days for Commonwealth Bank to complete your request and transfer your balances.

Before going ahead, what else do I need to know?

You can use a number of Commonwealth Bank credit cards for balance transfers. Here are some questions you can ask to find the right one for you:

  • How much can I transfer? Commonwealth Bank allows you to transfer up to 100% of the available credit limit, although how much you’re approved for will depend on your income and financial history. Make sure the credit limit you’re applying for can support your transferred balance or you’ll have to leave a portion behind to keep collecting high interest in your old account.
  • Is there a promotional offer? What’s the revert rate? Look out for Commonwealth Bank credit cards that have a promotional balance transfer offer. This offer is usually much lower than the standard balance transfer rate and is in place for an allotted period (usually from 6 to 20 months). At the end of the promotional period, the low rate will revert to the much higher standard cash advance rate.
  • Where can I transfer my balance from? Balance transfers can be made from any bank or store issued credit card as long as it’s not with Commonwealth Bank.
  • Are there any transfer fees? Commonwealth Bank won’t charge you a balance transfer fee for the transaction.

How to apply for a Commonwealth Bank balance transfer

Applying for a Commonwealth Bank balance transfer isn’t difficult, but there are some requirements you’ll need to meet before applying.

Make sure you meet the eligibility requirements.

When comparing balance transfer credit cards, you’ll notice that most require you to meet a set of eligibility requirements. For a Commonwealth Bank credit card, you’ll need to meet the following eligibility requirements to apply:

  • Age. Applicants must be at least 18 years of age.
  • Credit history. Cardholders not be an undischarged bankrupt.
  • Residency. Applicants must have the right to work in Australia.
  • Income. You’ll need a regular form of income to receive approval. Depending on the card, Commonwealth Bank might list a specific minimum income that you have to meet to apply.

Starting the application process

Existing Commonwealth Bank customers can apply for balance transfers credit cards via NetBank. If you’re not already with the bank, you can apply by clicking the green ‘Go to Site’ button on our comparison tables to apply for a card you’ve seen on

Once you do, you’ll be redirected to the secure online application. If you’ve prepared your documents beforehand, it should only take you 15 minutes to complete the application. There are four sections to complete and five steps, including your details, a review of your details, card options and documents check. Each section is estimated to take up to 5 minutes to complete.


Step 1: Your details

First, you’ll be required to provide some personal details. This will include information about you, your current living situation, your employment status and your expenses. Having the following information ready will help you along the way.apply-commbank-balance-transfer

  • Your full name.
  • Contact details. Enter your email address, mobile number, home number and work number.
  • Date of birth.
  • Residential. Provide details on whether you rent, own your home with or without a mortgage, or live at home with your parents.
  • NetBank password. You’ll be asked to create a NetBank password so that you can save your application and log in to NetBank to continue your application. You’ll also need to confirm where you’d like your credit card and mail sent to.
  • Citizenship.
  • Driver’s licence.
  • Additional cardholder. Choose whether or not you would like to add an additional cardholder to the account.
  • Full-time student. Are you partaking in tertiary studies?
  • Employment details. Provide details regarding your employment including the name and address of your employer, the length of your employment and how much you earn per year. You’ll also be required to detail your employment type (your job title and the field you’re working in).
  • Expenses. Enter your day-to-day and monthly outgoings such as your share of the rent, how many adults or children you financially support and also a list of your credit cards and loans.
  • Balance transfer requests. Select whether you’d like to do a balance transfer.

Step 2: Review your answers

You’ll be asked to quickly review the information you’ve entered to ensure there aren’t any errors before continuing. If you do come across errors, you can go back to correct it.


Step 3: Choose your card options and balance transfer

Next, you’ll be asked about your card options. You’ll be asked to confirm the maximum credit limit you’d like to apply for, whether you’d like to receive paperless statements or buy optional complimentary insurance.

This is also where you’ll be asked to nominate the account you’d like to transfer from.

You’ll need to include:

  • Your existing card number
  • The credit card provider
  • The amount you’d like to transfer

Note: Commonwealth Bank allows balance transfers of up to 100% of your credit limit. How much you’re approved for will depend on your income and financial

Once you’re happy with the information you’ve entered, you can confirm the details and continue on to the next step.

Step 4: Documents check. Keep them handy (and safe).

You’ll be required to provide:

  • ID documents (such as your driver’s licence, passport or birth certificate)
  • Bank statements
  • Two recent payslips

Once you’ve attached this information, you can submit the application. Commonwealth Bank will then review your application. If approved, it could take up to 10 business days for your card to arrive in the mail. During this time, your balance should also be transferred to your new account. Note that it’s your responsibility to close your old account if you don’t intend to use it and want to avoid the costs that come with its maintenance, such as annual fees.

Step 5: Start your savings path and chip away at your debt

Once you have your card, it’s time to start consolidating! If you haven’t already, create a budget that you can follow during the promotional period. Avoid using this card for purchases and always remember that your goal is to repay the entire balance before the introductory offer expires. Good luck!

Frequently asked questions

What happens if I am unable to pay off the balance transfer before the end of the five months?

Any unpaid balance at the end of the promotion period will be subject to the revert rate that applies when you make a cash advance.

How can I be sure that my payments are being directed to the balance transfer and not on my recent purchases?

According to Commonwealth Bank’s credit card conditions of use, payments are first applied to any interest or fees from an earlier statement period. After you pay those in full, the remainder of your payment balance will be applied to the balance transfer.

After the five-month period ends, could I transfer the balance to another bank credit card?

In theory, yes. You are able to transfer balances from one bank to another whenever you are approved for the card. However, keep in mind that multiple enquiries into your credit history can negatively impact your credit rating.

Back to top

Sally McMullen

Sally McMullen is a journalist at who is a credit cards and travel money expert by day and music maven by night.

Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • 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 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 privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

12 Responses to Commonwealth Bank Balance Transfer

  1. Default Gravatar
    Janet | March 7, 2015

    Jonathon my question was – what is the rate of interest charge on a balance transfer to my existing Commonwealth credit card. It is usually around 5% – what is it at the moment. I am not asking about a new card.



    • Staff
      Jonathan | March 9, 2015

      Hi Janet, thanks for your response.

      To allow me to assist you further may I ask which Commonwealth Credit Card you are using? You can also contact CBA directly to inquire about your current account.



  2. Default Gravatar
    Janet | March 6, 2015

    What is the interest rate to transfer a balance from another credit card to your Commonwealth card.

    • Staff
      Jonathan | March 6, 2015

      Hi Janet, thanks for your inquiry!

      The balance transfer rate depends on the specific credit card you are applying for. We have provided the balance transfer rates in the comparison table available on this page.



  3. Default Gravatar
    MCB | February 1, 2015

    I’ve had my Commonwealth credit card since September 2011. To date, I have an available balance of $22,172.52 (credit limit is $22,500). I am avoiding interest charges as it is very high, 19.74% p.a.
    Six (6) months ago, I took a 12-month 0% balance transfer from ANZ to pay off my debts. I’ve been paying a lot more than the required repayments. ANZ must’ve recognized that and just this January, offered me to use my credit with them to take another balance transfer to any credit card I’d like to pay off at 0% interest for 18 months. I find that very useful.
    The best offer I get from CBA is a personal loan for 13.90%.
    Can CBA offer me what I have been offered by ANZ or any offer close to what ANZ is offering? I wish CBA would.

    • Staff
      Jonathan | February 3, 2015

      Hi MCB, thanks for your inquiry!

      In terms of matching a competitive offer the best approach would be to contact the bank directly.

      I hope this helps!



  4. Default Gravatar
    Jarred | November 27, 2014

    I currently have two bank accounts one with st george and one with commonwealth. Looking to balance transfer from st george to commonwealth is that possible ?

    • Staff
      Elizabeth | November 27, 2014

      Hi Jarred,

      Thanks for your question.

      Yes, this is possible. You can apply for a balance transfer directly through Netbank, by calling Commonwealth Bank or by filling out the downloadable balance transfer form.

      I hope this has helped.



  5. Default Gravatar
    Lyle | March 3, 2014

    I am a current Commonwealth Bank credit card holder. Can I transfer balances from my other cards to the Commonwealth Bank card? What is the interest rate? Other banks are offering zero percent for 12 months.

    • Staff
      Jacob | March 3, 2014

      Hi, Lyle.

      Thanks for your question.

      If you’re looking to transfer a balance to an existing credit card account, you will need to contact your financial provider directly. Banks and lenders do make balance transfer offers available to their existing customers from time to time, however, generally speaking, the really competitive offers are reserved for new customers. To be eligible for a balance transfer, you must transfer from a from a non-Commonwealth bank credit card, store card or charge card.

      You can compare balance transfer credit cards on this page.

      I hope this helps. Please let us know if you have any further questions.

  6. Default Gravatar
    Iasc | July 9, 2013

    My credit balance is $14570. I want to get this and transfer this money. I want to know how much I have to pay for monthly and after 5 months, how much will I have to pay? I have no idea.

    • Staff
      Jacob | July 10, 2013

      Hi Iasc. Thanks for your question. Have a look at this page for information on what interest rate you will get charged after the balance transfer promotional period. Please check the table at the top of the card’s review page for information on the minimum monthly repayment. You must pay a certain percentage of balance each month to stop your account from going into arrears. I hope this has helped. Email us again if you need more information on repayments. Jacob.

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 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