Long Term Balance Transfer Approval Requirements

When it comes down to long term balance transfers, also known as ‘for life’ or ‘permanent’ balance transfer offers, approval comes down to more than a positive credit history.

Over the past month, we have received a few comments on these category of balance transfers and how difficult it can be for approval:

Patricia wrote: “The whole for life balance transfer and the offer for 4.9% is a joke.
They didn’t give it to me even though I qualified. It’s better for them to give that money as a loan and get more profit rather than accepting applications for balance transfer credit cards. Or maybe they don’t even have the money to support their product.”

Kim wrote: “I applied for a 7.9 balance for life and was declined for no apparent reason, They did not even do a employment and salary check with payroll. This is a huge time waster,they will take days to give you a response and the customer service number is overseas. You do not get to talk to anyone ever in Australia. It looks to good too be true cause it is.”

What are Possible Reasons these Users are Being Rejected?

• Ultimately, credit card providers willing to enter a ‘for life’ balance transfer deal will want to restrict their offers to customers who will potentially bring them the most revenue.
• They’ll be seeking to accept people with the specific features:
• Australian citizens on high-earning salaries.
• A history of consistent debt repayment.
• A large balance to transfer over – this will increase the chance that you will make purchases on top of your transferred balance, prolonging the life of your balance repayment.

What if I want a long-term balance transfer and I don’t qualify for these?

There are plenty of 2.9% for 12 month offers in Australia available for online application. These cards also have lower annual fees than permanent balance transfer offer cards, not to mention easier approval. You can view the 2.9% p.a. BT offers here. Credit Card Finder’s recommended long-term balance transfer card

Credit Card Finder Recommendation: Citibank Emirates

• 3.9% p.a. for 9 months on balance transfers – consolidate personal loans, store cards & credit cards into one low rate.
• A modest $199 annual fee – the best annual fee: balance transfer rate value for lifetime offers.
• A ‘Skywards’ reward program from Citibank with special benefits such as concierge airport taxi service.
• 20.49% on purchases and cash advances and 55 days interest free on purchases.
• See here for more details.
• Click here for the official Citibank Emirates offer with access to product terms and conditions.

Related posts:

1. Term Deposit Comparison: Compare Term Deposit Accounts & Apply Online
2. Best Balance Transfer Credit Card Deals
3. Term Deposits Comparison: Compare & Apply For Term Deposit Account Online
4. How Do Life Of Balance Transfer Credit Cards Work?
5. How Long Is The Longest Balance Transfer Credit Card Deal?
6. Apply For An Instant Online Approval Credit Card
7. What Does A Life Of Balance Transfer Really Mean?

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
St George Vertigo	Editor's Choice: Low Interest Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.	2.99% for 6 months (reverts to 11.99%)	20.74%	2.99% for 6 months	$55	55
Coles Group Source MasterCard	The Coles Group Source MasterCard has no annual fee, a 0% p.a. balance transfer offer for 6 months, with a rewards program including savings on fuel and FlyBuys Points	19.74%	21.99%	0% for 6 months	$0	62
Bankwest Zero Platinum MasterCard	Editor's Choice: No Annual Fee Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 9 months on balance transfers	16.99%	16.99%	1.99% for 9 months	$0	55