Looking for a way out of debt? Consider a balance transfer with Woolworths.
If you feel as though you are buried in debt with no way out, then it might be worth looking into a Woolworths balance transfer. With a promotional low rate period, a balance transfer could help you repay your debt faster.
Compare some of the features, benefits and conditions and improve your chances of approval with our step-by-step guide to the application process.
What is a balance transfer?
A balance transfer involves transferring an outstanding debt on a high interest credit card to a credit card offering a promotional low interest period. The promotional period gives you a set amount of time to make a dent in your debt or clear your debt completely. The low rate will then revert to a higher rate once the promotional offer ends.
What are the benefits of completing a balance transfer with Woolworths?
- Save time and money. By completing a balance transfer with Woolworths, you can repay your debt faster and pay less interest than you would have if you stayed on the high interest card.
- Repay your debt. The aim of the balance transfer is to have your debt paid before the promotional period ends. By knowing the time period you have available as well as the amount you need to repay, you can create a realistic budget you can stick to.
- Easy to apply. The application form will typically take you no more than 10-15 minutes to complete. If approved, you should have your credit card and be ready to consolidate your debt within two weeks.
Before going ahead, what are other things to consider?
- Credit card limit. When applying for your credit limit, keep in mind that you must have $500 remaining in your available credit limit after your debt has been transferred.
- Credit card. Woolworths offers two balance transfer credit cards: an Everyday Platinum card and a Qantas Card. As you shouldn’t be using your card for purchases and you points cannot be earned on balance transfers, this is something you’ll want to consider when comparing your options.
- Where can I balance transfer from? You can transfer your balance from any non-Woolworths or non-Macquarie credit card.
How to apply for a Woolworths balance transfer
Before you start the application process, have a pay slip, a bank statement and your driver’s licence number handy and take note of the following eligibility requirements:
- Be a permanent Australian resident
- Be at least 18 years of age
- Earn a minimum annual taxable income of $20,000
- Have a good credit history
The application process
- Select the card you wish to apply for and begin the application process. Once you’ve compared your options and decided on a credit card, you can begin your application. Click the green ‘Go to site’ button to be redirected to the Woolworths credit card application process.
- Credit card. Provide your name and choose your preferred credit limit or apply for the maximum credit limit.
- About you. In this section, you will need to provide a detailed outline of your personal circumstances.
- Preferred name. Specify what name you prefer to use.
- Date of birth. You must be over the age of 18 to apply.
- Gender. Specify your gender as stated on your birth certificate or driver’s licence.
- Mother’s maiden name. You may be asked this as a security question.
- Driver’s licence number. If you have a driver’s licence, you will be asked to supply the number.
- Marital status. Specify whether you’re married, single or other.
- Number or dependents. List the number of people who rely on you financially (such as your children).
- Name of a friend or relative not living with you. This person may be contacted to verify your details.
- Their contact number. Enter best contact number for the named friend or relative.
- Your contact number. Enter the best number you can be reached on.
- Email address. Ensure this is entered correctly as you may be contacted via email.
- Current residential address. Enter your current residential address.
- Residential status. Specify whether you’re renting, boarding, mortgaged or other.
- Move in date. Provide the date you moved into your current residential address.
- Woolworths rewards number. If you are a member of the Woolworths rewards program, enter your membership number.
- Financial details. A recent pay slip and bank statement will help you answer the following questions.
- Employment. On what basis are you employed? Full time, part time or casual.
- Occupation. Enter your current job title.
- Name of employer. Enter the name of the company you work for.
- Employer address. Enter the address of your place of employment.
- Employment commencement date. Specify the date you started working for your employer.
- Employer contact details. Provide your employer’s contact details.
- Income. Enter your gross annual income (before tax).
- Other incomes. Specify any income from other assets, such as rental property.
- Monthly rent or mortgage repayments. Enter how much you pay each month in rent or mortgage repayments.
- Minimum monthly debt repayments. What is your share of monthly repayments excluding credit cards?
- Monthly living expenses. How much do you spend monthly on general expenses such as food, transport and utility bills?
- Are your expenses shared. Do you share expenses with a partner or roommate?
- Credit limits on other cards. Enter the credit limits you have on existing credit cards.
- Balance transfer. To apply for a balance transfer, you’ll need to provide your credit card number, transfer amount and the name of the credit card issuer.
- Additional cardholder. You can nominate an additional cardholder by selecting yes and providing their details.
- Review and confirm. Ensure all the details you’ve provided are correct. Read the terms and conditions before submitting your application.
- Application submitted. Congratulations, you’ve submitted your application! You’ll need to upload a file verifying your income before your application can be processed.
- Consolidate your debt. If your application is successful, you’ll receive your credit card in 1-2weeks. Once you’ve activated your card, you can consolidate your debt and start your journey towards freedom from credit card debt.