Are you struggling with credit card debt? You are not alone. A balance transfer is a simple and effective way to streamline your credit card payments while enjoying a period of low or no interest to take control of your finances.
This article will provide a guide to those looking to transfer a credit card balance to another bank and the benefits this can provide when it comes to managing your debt.
Compare what credit card balance transfers are available before applying.
In this guide
Help choosing an ANZ card
Balance transfers to ANZ
If you have debt on non-ANZ credit cards and store cards, transferring it to ANZ using an ANZ balance transfer card can help simplify your finances — and save a lot of money. Other benefits include:
- Low interest rates on balance transfers. ANZ has a strong track record for long interest-free balance transfers.
- Reduced fees. Stop paying fees to multiple lenders for multiple cards. Cards like the ANZ Low Rate have traditionally had a low annual fee in addition to a good balance transfer offer.
| Accepts balance transfers from | American Express, BankSA, Bankwest, Bank of Melbourne, Bank of Queensland, Bendigo Bank, Citi, Commonwealth Bank, NAB, Qantas Money, St.George, Suncorp, Virgin Money, Westpac (and others) |
|---|---|
| Does not accept balance transfers from | ANZ, any overseas credit card |
| Maximum balance transfer limit | Up to 95% of credit limit |
How to transfer to another bank
Balance transfers from ANZ
There are a few essential things to look for when transferring your credit card balance.
Promotional interest rates on balance transfers are widely available as low as 0% p.a., which is much lower than the average interest rate charged on balances. A minimum monthly repayment will still be required, which is typically around 2% of the balance.
Step 1: Find a suitable balance transfer card
Things to look for include:
- Promotional balance transfer rate. Look for interest-free offers, which are widely available.
- Balance transfer period. How long the promotional balance transfer rate lasts is the main differentiating factor now that 0% is de facto standard. Ideally you can use the interest-free period to repay your balance in full.
- Balance transfer fee. A one-off fee to process the balance transfer is commonplace. The fee is typically a percentage of the amount being transferred.
- Balance transfer limit. How much you can transfer is a function of the credit limit on your new balance transfer card. It may not be possible to transfer all the debt you have.
Step 2: Check your eligibility
Things that will be considered in your application include:
- Taxable income. The amount required varies for each card.
- Credit score. The bank will pull your credit report. This is called a hard check. Recent missed payments, bad credit, defaults, etc. may mean your application gets declined.
- Residency status. Australian citizens, permanent residents, and temporary residents with the correct visa may apply.
- Age. 18+ only.
Step 3: Apply online
Completing a credit card application form doesn’t take very long. You may need to provide details on things like:
- proof of identity;
- income source;
- details of the debt you want to transfer, e.g. type of debt, account number, amount to transfer,
- etc.
Can you balance transfer without changing bank?
Balance transfers for existing ANZ customers
ANZ does not offer promotional balance transfers for existing customers since these deals are reserved for and used to attract new customers.
If you are carrying a balance on your ANZ credit card and want to use a balance transfer to save money, you will have to apply for a balance transfer with another bank.
Alternative options
- Use a debt consolidation loan. While you will not be able to get an interest-free debt consolidation loan — these just do not exist — you may be able to get a loan at a reasonably low rate. One benefit is that loans can be taken out for longer.
Want some help?
FAQs
How long does it take to transfer a balance from ANZ to a credit card with another bank?
Most banks will probably give you a decision on your application within minutes. If approved, you’ll get your card around one week later. The balance transfer can take up to two weeks to process.
Do you have to close your ANZ credit card account after the balance has been transferred?
You do not have to close your ANZ credit card once you have transferred the balance from it. ANZ won’t do it automatically. If you have a small balance left on your ANZ card, you won’t be able to close your account until that has been paid in full.
Can you transfer a balance from an ANZ credit card to an ANZ credit card?
No. ANZ does not permit promotional balance transfers from one ANZ credit card to another ANZ credit card.
Can you transfer a balance from a personal loan to an ANZ credit card?
No. It is not possible to balance transfer from a personal loan to an ANZ credit card.
Can you transfer a balance from a buy now pay later account to an ANZ credit card?
No. It is not possible to balance transfer from a buy now pay later account, e.g. Afterpay, Zip, Klarna, to an ANZ credit card.
Can you transfer a balance from a store card to an ANZ credit card?
Yes. You can transfer a balance from a store card such as those from Coles and David Jones to an ANZ credit card.
Can you transfer a balance from a charge card to an ANZ credit card?
Yes. You can transfer a balance from a charge card such as those from American Express to an ANZ credit card.
Can you transfer a balance from an overseas card to an ANZ credit card?
No. It is not possible to transfer a balance from an overseas card to an ANZ credit card.
How long does it take ANZ to process a balance transfer?
It takes ANZ up to 15 business days to process a balance transfer after card activation.
