Commonwealth Bank Balance Transfer

Information verified correct on August 28th, 2015

Struggling with high interest credit card debt? Commonwealth Bank makes it easy to consolidate your debt with a lower rate for an extended time

With high interest rate cards, it can feel like your monthly payments don’t make a dent in your debt. With balance transfer offers from Commonwealth Bank you can lower the interest rate and allow your payments to start making a difference. It’s easy to transfer your balances, and with the bank’s help you’ll be looking at debt free days in no time.


What is a balance transfer?

Balance transfers, which are sometimes referred to as debt consolidation, can be helpful in cutting down on the total amount of money you owe. The money you owe on one or more cards can be moved to another at a lower interest rate, cutting down on the amount of your monthly payments. Balance transfers also help in managing your debt by having it all in one place.


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

Commonwealth Bank has a number of credit cards that allow for a balance transfer. As you go through the process you will find a number of benefits to their offers:

  • It’s easy. You can use Commonwealth Bank’s NetBank to quickly transfer balances from any other bank or store credit card. You can also call or complete a credit card balance transfer form and mail or hand it into any branch.
  • It’s fast. It will only take five to ten working days for Commonwealth Bank to complete your request and transfer your balances.
  • It saves you money. Having high interest accruing balances switched over to a lower rate card will help save you money and decrease your debt quickly.
  • It helps you manage your money. Instead of looking at various credit card bills, and trying to determine how much you owe, a balance transfer puts all of your credit card debt onto one statement.

What balance transfer options does the Commonwealth Bank offer?

Commonwealth Bank Gold Awards card

The Commonwealth Bank Gold Awards Card is a part of a prestigious program allowing you to earn points with your purchases. With every dollar that you spend, you will receive two points into your rewards account, which can later be redeemed for merchandise, flights and more. Plus you get the added benefit of a 5.99% p.a. interest rate on any balance transfers for five months. After that period, the unpaid portion of your transfer will revert to the cash advance rate.

Commonwealth Bank Low Fee cards

The low fee cards from Commonwealth Bank enable you to shop and spend freely, without having to pay a high annual fee for the privilege. There is also no fee applied when you make a balance transfer, but you will begin accruing interest immediately at a rate of 5.99% p.a. Five months after you make the transfer, the rate will revert to what is charged with a cash advance.


What else should I consider?

There are variations in balance transfer deals that you should look over carefully before deciding if it is right for you.

  • How much can I transfer? Typically you are going to find that there is a minimum amount allowed for a transfer, as well as a certain percentage of your available balance that can be used towards them.
  • Is there a promotional offer and what’s the revert rate? The 5.99% p.a. interest for five months is a standard offer from Commonwealth Bank. At the end of the five-month period that rate increases to the cash advance rate currently at 21.24% p.a.
  • Where can I transfer my balance from? Balance transfers can be made from any bank or store issued credit card so long as it is not with Commonwealth Bank.
  • Are there any transfer fees? Commonwealth Bank will not charge you a balance transfer fee for the transaction.

Debt consolidation through balance transfers can be a wonderful method of freeing you from debt, if you make payments towards them while at the low rate. There are a number of points to consider with these promotions, and you should take care to compare them carefully before choosing the one for you.


Frequently asked questions

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

With any unpaid balance, the rate will revert to what you pay 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. You should keep in mind however that multiple enquiries into your credit history does negatively impact your credit rating.

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13 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.

    Thanks,

    Janet

    • 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.

      Cheers,

      Jonathan

  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.

      Cheers,

      Jonathan

    • 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.

      Cheers,

      Jonathan

  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!

      Cheers,

      Jonathan

  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.

      Thanks,

      Elizabeth

  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.
    Regards,
    Lyle.

    • 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.
    Thanks.

    • 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 August 28th, 2015
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
St.George Vertigo Platinum
A platinum card with a low interest rate on balance transfers and purchases with a low annual fee.
0% p.a. for 3 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. 21.49% p.a. Go to site More info
NAB Low Rate Credit Card
Low ongoing interest rate on purchases and balance transfers.
0% p.a. for 12 months (reverts to 13.99% p.a.) 4.99% p.a. for 6 months $59 p.a. 21.74% p.a. Go to site More info
American Express Velocity Escape Card
Enjoy 7,500 bonus Velocity Points when you spend $300 within the first 3 months and up to 2.00 points for every dollar you spend, together with a $0 annual fee. Offer ends on 30 September 2015.
20.74% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $0 p.a. Go to site More info
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to Platinum benefits including a personal concierge service and VISA Platinum reward program.
19.99% p.a. 0% p.a. for 8 months $0 p.a. 21.99% 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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