Get instantly approved for a balance transfer credit card today and start saving money. Compare the offers below and find out how much you can save.
A balance transfer credit card can lead to noticeable savings in the form of interest, especially if you opt for a card that comes with a promotional balance transfer offer. Just how long the approval of your balance transfer request takes and how long the actual transfer takes can vary from one credit card to the next, though some offer instant approval.
Instant Approval Balance Transfer Credit Cards Comparison
What is an instant balance transfer credit card?
A number of credit card providers give new credit card applicants the ability to find out about the status of their balance transfer request instantly. Instantly, in this case, means you can expect a response soon after you hit the ‘submit’ button on your online application.
Credit cards with balance transfer offers charge little to no interest on transferred balances for a given time period, which commonly varies in between six and 12 months. Some cards that don’t come with promotional balance transfer offers still allow you to transfer balances from other cards, and you can benefit through such a card if the new card’s interest is noticeably lower than that of your existing cards.
What can I expect when applying for an instant approval balance transfer credit card?
Since you find out about your balance transfer application’s status immediately, you might not get much time to go through the nitty-gritty of your new card and its balance transfer offer. As a result, it is important that you consider the following from the get-go.
Is the decision really instant?
Don’t expect instant to mean split-second. The decision, though, is rather quick, and you can expect a response in less than a minute. Bear in mind that while approval is instant, the actual transfer takes longer.
What can I do to increase my chances of approval?
Make sure you meet all the eligibility requirements for the new card, and pay particular attention to its minimum income requirement. Prepare to part with all the required documentation to support your credit card application, and provide all relevant details of the accounts from which you wish to transfer balances.
As the decision is instant, does that mean I can apply for multiple cards?
Applying for multiple credit cards at around the same time is never a good idea, as this reflects poorly on your credit file, and might result in problems when it comes to getting credit in the future. If multiple card providers approve your applications, you might end up giving into the temptation of spending more than you can afford to repay, which can lead to hard-to-repay debt.
Are instant approval balance transfer credit cards suited to me?
If you’re looking for a quick response, applying for such a card can work well for you. Remember, though, that not all balance transfer credit cards offer instant approval, so you end up limiting your choices.
How long until everything is finalised?
While you can expect to find out about your credit card and balance transfer application straightaway, transferring balances from your existing cards to the new card can sometimes take up to two weeks. This is because of the required formalities the process entails.
What else should I consider when applying for an instant approval balance transfer credit card?
Before you apply for an instant approval balance transfer card make sure you consider the following as well:
- Is there a promotional offer? A number of credit cards come with promotional balances transfer offers, and while some such cards charge low interest on balance transfers, some others charge 0% p.a. Don’t forget that these promotional periods expire after a given period of time, after which any outstanding balance starts attracting interest.
- What is the revert rate? At the end of the promotional period, outstanding balances from balance transfers can start attracting the card’s cash advance rate or its purchase rate. In most instances, the cash advance rate is considerably higher than the purchase rate.
- How much can I transfer? Just how much you can transfer onto your new credit card depends on the card you get. While some cards allow you to transfer up to 80% of your card’s credit limit, some others limit this to 50% of your card’s limit.
You can look forward to noticeable savings in a relatively short span of time by getting an instant approval balance transfer credit card, but given the alternatives on offer, you’ll want to compare a few before deciding which one to choose.
Frequently asked questions
How quickly can I apply for an instant approval balance transfer credit card?
If you have all the required information close at hand, you should be able to complete the application in around 10 to 15 minutes.
I have a credit card and a store card - can I transfer balances from both onto my new balances transfer card?
Yes, you can, provided you don’t exceed the balance transfer limit set forth by your new card.
Can I use such cards to transfer balances from personal loans?
Most credit card providers in Australia don’t allows balances transfers from personal loans, and ones that do include Citibank and Virgin Money.