Want to save money and pay of credit card debt with a St.George balance transfer? Here’s what you need to know.
St.George has a range of balance transfer credit cards that offer low or 0% introductory interest rates for debts you move from existing accounts. These offers can help you save money on interest charges and consolidate card debts so that you can pay off your balance faster. If you’re looking to complete a balance transfer with St.George, this guide will walk you through the application process step-by-step.
Balance transfers with St.George
A balance transfer with St.George allows cardholders with an outstanding balance on a high interest rate credit card to transfer their debt (or debts) to a new St.George credit card. Balance transfer credit cards offer promotional periods of low or 0% interest to help you consolidate your debts without paying the price that comes from high interest rates.
What are the benefits of completing a balance transfer with St.George?
Some of the benefits you could enjoy from a St.George balance transfer include:
- Significant savings. The low introductory interest rates available with St.George balance transfer credit cards allow you to save money on interest charges while you pay off your debt.
- Debt consolidation. If you have more than one credit card debt, transferring your outstanding balances onto one credit card can help you manage your repayments more easily. As well as savings on interest, you could also improve your credit score through this process.
- Pay off debt faster. With low or no interest charges during the introductory period, you should be able to put more money towards paying off your debt on a new St.George balance transfer card. Note that the aim of a balance transfer is to make the most of the low interest period and have your debt repaid before the card reverts to a higher standard variable interest rate.
- Simple application process. The application process for a St.George balance transfer credit card is relatively simple and shouldn’t take more than 15 minutes online. Make sure you’ve met the eligibility requirements and have all of the required documents before applying to speed up the process. Approval is subject to St.George’s lending criteria, and you should get a response soon after you submit your application. Once your card is approved and activated, your balance transfer will take up to 14 days to complete.
What else should I consider?
- Transfer limit. A minimum of $200 applies per transfer request. You can transfer as much of the other credit or store card balance as you would like, up to 95% of the available credit limit of your new St.George credit card. When applying for your card, make sure the credit limit will be enough to support your debt.
- Eligibility requirements. Remember to check the eligibility requirements for your chosen St.George balance transfer credit card before you apply. This will ensure you choose a card that suits your financial circumstances and needs, and can also help increase your chances of approval.
- Closing your old account. You’ll need to contact your previous credit card provider to close your old account if you want to avoid paying ongoing fees.
- Are there any transfer fees? St.George will not charge you a balance transfer fee for the transaction.
- Will St.George accept a balance transfer from my current bank? St.George has some restrictions on who you can balance transfer between. Balance transfers will not be accepted from another St.George, Bank of Melbourne or BankSA credit card. You can double check if your bank is eligible here.
Tips on how to apply for a balance transfer with St. George
Before you apply for a St.George balance transfer credit card make sure that you fulfill the eligibility requirements and have your relevant details on hand for the application.
The eligibility requirements you’ll need to meet include:
- Age. You must be at least 18 years old.
- Residency. You need to be a permanent Australian resident.
- Credit rating. You’ll need a good credit rating to receive approval.
The details you’ll need to provide include:
- Your driver’s licence number, if you have one
- Your net (after-tax) weekly income
- Details of your income, assets, savings and investments
- Any repayment liabilities you have, such as credit card and store card debts, or personal loans
- Your most recent tax details if you are self-employed
Steps to complete a St.George balance transfer
1. Choose a credit card. Once you’ve compared your options, you can select the card you wish to apply for by clicking on the “Go to Site” button.
Here you’ll also need to provide the credit limit you wish to apply for. Keep in mind that your balance transfer can only be up to 95% of your credit limit, so factor this in when entering the limit you want to apply for.
2. About you. You will need to complete your name, contact number and address in this section. Make sure to have proof of identification, such as your driver’s license, handy before completing this part of the application.
- First name
- Name to appear on your card
- Date of birth
- Marital status
- Drivers license details (if you have one)
- Mobile number
- Confirm email
Address (not a PO box)
- Residential status
- Address line 1
- City, town or suburb
- Length of time at address (years and months)
- Do you have a different mailing address?
3. Employment. This section asks you to provide your job description and income. Make sure to have any recent invoices, payslips and bank statements ready for this section. You’ll also need to provide the contact details of your employer, so organise these before applying.
4. Assets and liabilities. If you have any assets, liabilities or other expenses you will need to declare them here.
5. Request your balance transfer. Press “Yes” to the question “Do you have any credit cards/ store cards?”. You will be required to fill in the details of your credit card or cards in this section.
6. Review and submit. Before you submit your application, it is important you double check the information you’ve provided is correct and ensure that you have a thorough understanding of the terms and conditions.
7. Application submitted. Your application will be reviewed immediately and you will be updated of the progress after 60 seconds. Your application will be approved, pending or declined. If it has been declined, you might need to repair your credit score before applying for another card.
After submitting your application
8. Tracking your application. You can continue to track your application by logging onto St.George internet banking, or by requesting updates via email or SMS once each stage of the process is completed.
9. Identity check. If you aren’t an existing St.George customer, you might be required to provide further information before your application is approved.. You’ll be asked to provide additional documents or further proof to validate the information you’ve already provided. St. George may also issue a credit rating check to assess you as a lending risk.
10. Existing St.George credit card holders. If you’re already a St.George customer, you won’t have to provide as much information as the bank should already have access to most of your personal details. To apply to transfer a balance to your existing St.George credit card, simply complete the balance transfer request form available on the website. You won’t need to provide as many details as a new St.George customer, but remember that you won’t be able to transfer balances from existing St.George accounts.
11. Successful applicants. Successful applicants can expect to have their card within five to ten working days. If you are a new customer, the balance transfer request will only be processed after you complete the identification check at a St.George branch and activate your card. Once this has been completed, allow up to 14 days for St.George to complete the balance transfer request.
A balance transfer with St.George could help you pay down existing debt faster. But it’s also important to compare St.George balance transfer cards with a wide range of other optoins so that you can choose a card that really suits your needs.Back to top