Applying for a balance transfer? Discover how long your balance transfer can take and learn how you can speed up the process.
A balance transfer allows customers with an outstanding balance on a credit card charged at a higher interest rate to transfer their debt to a new credit card with a promotional rate of interest. Here are a few tips to ensure that the process runs smoothly and your balance transfer is approved as quickly as possible.
How long does it take for the bank to process my balance transfer application?
Processing times vary from bank to bank. To help you compare the balance transfer application process, we’ve summarised how Australian banks deal with balance transfers and the processing times you can expect.
Processing time for popular Australian banks
|Bank||Approx. Days to Process||Balance transfer process|
|ANZ||3-15 business days||ANZ Debt Consolidation|
|Commbank||Up to 10 business days||Commonwealth bank balance transfer process|
|St.George||Up to 14 days||-|
|NAB||Up to 5 days||NAB balance transfer process|
|Westpac||Up to 7 days||Westpac balance transfer process|
If you are doing a transfer balance with a St.George Credit Card you can expect it to take approximately 14 days to be completed once they have received your request. Some cards may have different time periods although in general that is the usual time to do a balance transfer. Any new customer that is requesting a transfer will have it processed after the card has been activated and the identification check has been completed at a St.George branch, if necessary. Cardholders that are currently with St.George can put in a request for a transfer balance, as long as all of the minimum requirements are met for making a transfer, and you are allowed to make as many balance transfers as you would like.
Existing customers with St.George only have to complete a request form for a balance transfer and mail it in. It can also be done using online banking. Once you have logged into your St.George account you need to select ‘Transfer & Payments’ and then click on ‘Payout a Credit Card held with another Bank’.
Requires you to complete a balance transfer application form with details about your previous account and the amount you’re transferring, so make sure to have these handy. Once your application is approved, a new ANZ credit card will be sent to you for activation. Once the card has been activated, the balance transfer will be done automatically within 3-15 business days, depending on which bank you transferred from.
You can apply for a balance transfer at the same time as applying for a new Commonwealth Bank credit card. You’ll also be required to provide details regarding the transfer, so make sure to have these on hand before beginning the application. Once your application is approved, it can take up to 10 business days for the card to be delivered. If you didn’t have the option to apply for your balance transfer during the application, once your card is activated, you can either visit your local branch or call 132 221 to request your balance transfer, which could take a further 28 days.
You can apply for a balance transfer when you apply for a new credit card or if you already have a NAB credit card. Any of NAB’s credit cards allow you to process a balance transfer, so ensure you choose the right credit card for you http://www.nab.com.au/personal/banking/credit-cards. Once your application is approved, it will take five days for your credit card to be processed. If you already have a NAB credit card, you’ll need to contact NAB and complete a balance transfer form.
You can apply for balance transfers when you apply for a Westpac credit card. Once your application is approved, it can take up to six days for the card to arrive and an extra two days for the balance transfer to be finalised.
How to ensure your application is processed quicker
4 steps to speeding up the process
The key to ensuring your balance transfer is processed quickly is to be organised. This can help you avoid any speed bumps that could slow down the process and ensure your balance transfer is issued as quickly as possible. Know what the bank needs in order to process your balance transfer request and ensure your accounts are in order. Use the following steps as a guide:
- Do your research. Each of the banks and credit cards have different interest rates, one-off fees, balance transfer limits and introductory offer time periods. Compare your options to discover which one works best for your situation.
- Meet the eligibility requirements. You’ll be required to meet eligibility requirements to be approved, such as minimum income and good credit history. Make sure you meet these requirements before applying. Some banks also only accept balance transfers from certain institutions. Check which banks you’re eligible to transfer your balance from.
- Collect the required documents. Each bank has a different application process and will require you to provide specific information and documents. To avoid stalling the application process, have the paperwork prepared before applying. You don’t want to prolong the period by having to chase down pay slips and scan them through a week later.
- Have your accounts in order. Having any debts or cash advances owing on your credit cards won’t look good to the banks. Ensure your accounts are all in order to increase your chances of approval, and show that you have been making repayments regularly rather than having your debts outweigh your credits.
Balance transfers to a new credit card can minimise the amount of interest you pay and get your savings back on track. Applying for a balance transfer is simple, but you should do your research, compare your options and organise the necessary documents to speed up the application process and increase your chances of approval.